Is it better to focus on your income growth than cost savings?

[uptrendfinancialsignal]

It is always better to focus on income growth because that is how your business can grow. It has a significant effect on the overall financial health and success of the business. It also allow you to tap into investment opportunities and it will lead to a long term sustainability of the business as well.

 

[Stardom22]

For me l think almost all the business activities that we undertake focusses on the generation of good income.

 

[Sanjeev]

Both are equally important. If you're a salaried person, you cannot expect your salary to increase every month; there is a time frame for that. So if your expenditures increase as compared to your earnings, then you need to cut your expenses.

 

[nomad]

You can save online when your income grows, therefore, you need to focus on growing your income

 

[Sanjeev]

That's true, but we should also try to save money. It's a good habit to save money for the future. I have been saving money for many years, even when my salary was very low.