12 Signs You Should Focus on Making More Money

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If you’re like most people, you’re probably resolving to save more money in 2024. A new GOBankingRates survey of more than 1,000 adults found that one in four people — the largest group of any — are striving to grow their savings above all else this year.

But you can’t save if you earn so little that there’s simply nothing left over at the end of the month to put in the bank. This is probably why another 18% are resolving to earn more money as their primary goal in 2024.

So before you vow to cut out lattes, Netflix and all of life’s other little pleasures so you can sock away more money, look for these warning signs that you’re earning too little. If you spot any, concentrate instead on boosting your income so you can afford to enjoy life and save money at the same time.

You’re Living Paycheck to Paycheck

Most of America lives one pay period away from financial disaster. More than half the country spends some portion of every month counting the days until the next check arrives because the money from the last one has already run out. If that sounds familiar, you should concentrate on boosting your income in 2024 above all else.

“Approximately 60% of Americans are struggling to pay their bills and make ends meet each month,” said consumer finance and budgeting expert Andrea Woroch. “And this isn’t a problem just with lower income households. Even people in higher income brackets are impacted by inflation and high interest rates, which are causing them to live paycheck to paycheck on a six-figure salary. This financial struggle makes it hard to save for important purchases or meet various financial goals.”

You Have Little or No Emergency Savings

You should also concentrate on making more money this year if car repairs or any other inevitable emergency would force you to borrow and go into debt.

“If you don’t have any money in savings, you’re behind on retirement and struggling to put it away to reach your goals, it’s time to find ways to make more money so you can save more,” said Woroch. “At the bare minimum, you need to have cash set aside for emergencies in a separate account so it’s out of sight and out of mind, aiming to have three months of living expenses to help cover unexpected bills, emergency costs and potential job loss.”

You’re Relying on Credit Cards

Another warning sign is that you’re using credit cards, not strategically to gain points and rewards, but to pay for things you need but can’t cover with cash.

“If you can’t make ends meet without relying on a credit card, you may be drowning in debt thanks to high interest fees,” said Woroch. “Making more money would alleviate the stress of this.”

You’re Planning for a Big Purchase

If an expensive milestone is in your near future, saving alone might not be enough to get you there without creating financial instability in your life.

“If you need to save for a big purchase like a new home or car or wedding, making more money could help you stash more away so you don’t go into debt to cover the costs,” said Woroch.

Persistent Financial Stress Is Part of Your Daily Grind

When the little voice in your head keeps mentioning money, no matter how hard you try to get it to talk about something else, earning more should occupy your attention going forward.

“If financial stress becomes a constant companion, it’s a glaring signal that your current income might not be sufficient to meet your needs or financial goals,” said Harvard-trained behavioral economist and financial planner Keisha Blair, award-winning international bestselling author of the “Holistic Wealth” book series. “Recognizing stress as a behavioral cue can prompt proactive measures to enhance your financial situation.”

You’re Money Goals Are Always on Hold

It might also be time to focus on increasing your income if your financial ambitions are locked in a perpetual holding pattern.

“If your financial goals, whether short-term or long-term, are consistently delayed or seem unattainable, it’s time to evaluate whether your current income aligns with your aspirations,”  said Blair. “Behavioral cues related to goal achievement can act as powerful motivators for income enhancement.”

You Feel Undervalued at Work

Another indicator is the resentment you might feel if you think your salary doesn’t match the professional contributions you make to your employer.

“A sense of being undervalued in your professional or entrepreneurial pursuits can be a psychological sign that your current income doesn’t align with your perceived worth,” said Blair. “Recognizing this emotion can fuel proactive steps toward seeking fair compensation.”

If you feel like your paycheck doesn’t reflect your efforts, your dissatisfaction could also reveal itself as general professional apathy. “A notable decline in job satisfaction or a lack of enthusiasm for your work may indicate a misalignment between your compensation and the value you derive from your professional endeavors,” said Blair.

Your Salary Can’t Finance the Lifestyle You Want

If you can’t afford to live the life you envision for yourself, it’s time to turn your attention to padding your wages.

“If your current income doesn’t support the lifestyle you desire or feels insufficient to cover basic needs comfortably, it’s a clear behavioral sign that it’s time to reassess and focus on making more money,” said Blair.

You Have a Fear of Missing Out

Another red flag is a feeling that the world is passing you by and that your future is being written for you because you don’t have enough money to invest, pursue an education, start a business, etc.

“FOMO extends beyond social events,” said Blair. “It can also apply to financial opportunities. If you find yourself hesitating to invest in personal or professional growth due to financial constraints, it may be an indicator that additional income is needed to seize valuable opportunities.”

You Have Limited Financial Resilience

The concept of holistic wealth, which Blair pioneered, emphasizes the importance of financial resilience, which she describes as “the ability to withstand unexpected expenses or economic downturns.”

She speaks and writes about it often, and stresses that a lack of financial resilience is a key indicator that your salary is insufficient. “If your current income doesn’t provide a buffer against unforeseen challenges, it’s wise to consider avenues for increased earning,” she advised.

There’s Never Enough Time

If you’re constantly pressed for time to enjoy the things in your life that don’t involve making money, you need to earn more dollars so you can spend less time chasing them.

“Feeling persistently time-scarce, especially due to multiple jobs or side hustles, might indicate that your current income is not meeting your financial needs efficiently,” said Blair. “Recognizing this time-related behavioral cue can prompt a reassessment of income-generating activities and the ones that yield the best returns to focus your time and energies.”

‘Opportunity Cost of Inaction’ Says It Makes Sense To Try

Any effort to increase your income is certain to cost you time, effort, energy and stress. So, is the tradeoff worth it? According to Blair, the only way to know is to measure what she calls “the opportunity cost of inaction.”

“If the potential gains from taking on additional income-generating opportunities outweigh the costs, both financially and psychologically, it’s a behavioral nudge urging you to focus on making more money,” she said. “By recognizing these cues and proactively addressing them, individuals can navigate their financial journeys with greater mindfulness and resilience.”

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