How to Make and Save More Money
Christmas and New Year’s is a hectic time but if you want 2020 to be great financially, now is also a good time to set aside a few minutes to sort your money. Even 10 minutes here and there will make a big difference when doing one of the following.
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1. Automate Savings
Set up a high-interest savings account and start an automatic deposit. It doesn’t need to be huge, even $10 a week will add up. The more you can save, the better. Compound interest is your friend and over time, if you continue with this habit, you can be a millionaire. Check out this post for more details or read and apply The Automatic Millionaire.
2. Compare Prices
Never, ever just pay the renewal on your insurance or other bills. The best deals go to new customers and there is no reward for loyalty anymore. Shop around, compare prices and make sure you are getting the best deal. Be sure to compare properly though.
Some insurance doesn’t cover everything and when looking at replacements, have a set price for them in your policy. If you just leave it as market value, you will get a very low valuation if you ever have to claim.
Take a few minutes to compare a bill or two and see how much you can save.
3. Cancel Subscriptions
How many subscriptions do you have that you don’t use or need? Go through your PayPal account, Apple account and bank accounts to find them and cancel them.
I once saved $330 on a subscription I meant to cancel and forgot. The payment went through, I cancelled, contacted them and they refunded me, which I did not expect but was happy about.
4. Set A Goal
What is your financial goal? When you have a clear goal to work towards it is much easier to save. Do you want to buy a house? Go on a holiday? Get a new car? Upgrade your electronics, furniture or whitegoods? Set a goal for it and start saving.
Or maybe you want to clear debt? Read 6 tips to easily reduce debt as well as how we cleared $90,000 debt in 12 months (starting off unemployed).
5. Find Another way to Make Money
Have a look at 43 ways for single mums to make money, 51 ways to make money from home, 10 ways to make $1,000 in a month and 10 ways to make $10,000 for ideas. I have a few streams of income and it is common among the wealthy to have multiple streams of income.
My preference is to look for things that can be done at the same time or which require little effort. For example, shares have been great as they tick over in the background without much input from me. Renting a room was easy as they paid their money weekly straight into my account and had their own space. Leasing out my garage was all automatic as well. Now I travel, my income streams are slightly different and more business-focused such as freelance writing, blogging, marketing consults and similar.
6. Choose a way to Save More
Check out 31 ways to make and save over $200 or my annual financial review or do the 5 day fast money challenge (it’s free). Pick a way to reduce your expenses and do it! You don’t have to do everything. Making one change and being consistent pays off.
7. Educate Yourself
Grab some books about finance and learn more. The Barefoot Investor is popular, I love Unleash Your Inner Money Babe (a 21-day challenge to manifest $1,000. I did over $20,000 last time I did it). Lucky Bitch by Denise Duffield-Thomas is a good read, You Are A Badass At Making Money is also popular.
Some classics I’ve enjoyed include The Richest Man In Babylon, Think And Grow Rich and The Millionaire Nextdoor. They’re old but have some useful tips. There are plenty of newer money books too.
The point is, read, learn, implement and grow.