By: Nelson Smith - Wednesday, March 08, 2017 Remember, Frugality Can Only Go So Far Advertisment When most people start getting serious about upping their savings rate, they start with cutting costs. The average person easily has hundreds of dollars each month they can eliminate. They can eat at home rather than going out. Cable can be downgraded or even cut completely. Purchases can be put off. And so on. There is a plethora of ways to cut expenses. But cutting costs only goes so far. Most people don’t want to make huge changes. The average person wouldn’t move apartments to save $100 a month in rent, nor would they willingly turn the heat down to an uncomfortable level to save $20 in natural gas usage. Besides, everybody needs a little bit of luxury in their life. It’s hard to cheap out on everything. There’s a much better way to consistently up your savings rate. Just work more. The easiest way for hourly employees is to take all the overtime at work they can stand. Those hours are paid 1.5 times more than regular time, and there’s no learning curve needed to continue doing your existing job. Getting a side hustle is also a great way to make extra money. Side hustles can allow someone to monetize one of their hobbies, whether its refereeing sports, graphic design, or writing. There’s nothing better than getting paid to do something you’d do for free, and it’s far easier to stick with something you enjoy. It may even lead to a new career. The bottom line? Unless you have an extravagant lifestyle, earning more will make a bigger difference than frugality in the long run.