Have you ever asked yourself: Where does my salary go every month?
The first step to doubling your income isn’t finding a new job, but rather doing a self-financial analysis to understand your money habits and then building a clear plan to grow your income within just one year.
1. Evaluate Your Current Financial Situation
- Gather all financial data (salary, expenses, debts, savings).
- Track everything in an Excel sheet or financial apps like Tamara, Mal’a, or Derayah.
- Calculate your net income = total income – total expenses.
2. Categorize Your Monthly Expenses
Split your spending into three main categories:
- Necessities: Rent, food, bills.
- Wants: Shopping, restaurants, entertainment.
- Savings/Investments: Any money saved or invested.
👉 Tip: Keep your wants under 25% of your total income.
3. Set SMART Financial Goals
- Define a clear goal like: I want to double my monthly income from 5,000 SAR to 10,000 SAR in one year.
- Make it measurable, realistic, and time-bound.
4. Invest in Yourself First
- Improve your skills through online courses or certifications.
- Better skills = better opportunities = higher income.
5. Create Multiple Income Streams
- Freelancing (graphic design, writing, programming).
- E-commerce through platforms like Amazon or Noon.
- Saudi stocks & investment funds.
- Passive income (real estate, affiliate marketing).
6. Track Your Progress Monthly
- Spend one hour at the end of each month reviewing your finances.
- Adjust your plan when needed to stay on track.
Conclusion
Self-financial analysis is not just about numbers; it’s a mirror of your financial lifestyle.
By analyzing your spending, setting clear goals, investing in yourself, and building multiple income streams, you can double your income in just 12 months.