Maximize Your Money in Two Simple Steps
With the cost of EVERYTHING going up, most of us have been feeling the pain of our dollars disappearing to pay for the basics. Thankfully, at least where I live, gasoline and food have adjusted slightly back down, but we’ve been facing very high inflation since covid. For many of my clients and for myself, there is only so much you can do when it comes to cutting expenses. The good news is that there is absolutely no limit to how much money you can make. So, with a little creativity, research, and hard work, there are two very simple ways to maximize your money: make more and spend less.
Make more:
Sit down and think about three things you can do to bring in more cash. Here’s are some ideas to get your creative juices flowing:
Have you been doing an excellent job at work? Have you done a review in the last year? If you answer yes, then no, it’s time to have a discussion with your employer about a raise and a cost of living adjustment. Set some clear goals for next year to make the conversation easier a year from now.
Is it time to earn that promotion, degree, certificate? Would doing so help you to increase your income? If so, maybe you need to invest in yourself in order to improve your earning potential.
Are you capped out where you are now? Is it time to change careers? Is there a way to take your career to the next level, or is it time to pivot? Getting an online education is readily available, reasonable in costs, and allows you to go to school around your schedule.
Is there something you love doing that could be turned into a side hustle? How do you monetize your skill set? Are you an excellent writer, exercise guru, or handy at fixing things? All of these are great ways to bring in a little extra cash each month and set your schedule. Check out some sites like Fiverr, Care.com, Rover, Taskrabbit, or Upwork to see if you can bring in some extra money doing things you like to do.
Can you house hack? With affordable housing being a real problem everywhere, are you able/willing to rent a room in your home? What about listing your home for rent when you are away? Willing to go camping if you get a week-long rental request through Airbnb or VRBO? All of these options along with a bit of flexibility and creativity could put some real cash in your pocket.
Are you able to take a part-time job? Could you spend a couple nights a week working a part-time job? What about the weekends? I know this can empty all your saved up free time, but in a pinch, could you do this for a couple months to get ahead? Of course this is not a permanent solution, but it could be a great boost for a limited amount of time.
Are you ready to start a business? Have you dreamt of starting your own business? Many hugely successful companies were started in the garage and done on the side until enough funding and customers allowed it to grow. If you have a great idea, put a business plan together and see where it takes you. Try something you can start up on a shoestring without a lot of personal investment or loans.
Can you sell stuff you don’t need? One summer I gutted our house of all the crap and made $800. Facebook Marketplace is a great way to get rid of your stuff and make some money. One’s man’s junk is another’s treasure.
Do you have a high-yield savings account? Many of my clients are surprised how much extra cash they make every month just by closing down their local bank/credit union savings account and opening a high-yield savings account online. If you aren’t getting paid over 4%, you are in the wrong savings account.
Are you earning cash rewards on your credit card? There are plenty of no-annual-fee credit cards out there that will pay you cash. I put everything I can on my credit card and pay it off in full every month. This regularly brings in about $100 extra dollars per month that I can spend on whatever I like, which feels like a nice reward.
Spend less:
Unlike the option above, making more money, there is a cap as to how much spending we can cut. I like the idea of making more money better than spending less, but there are usually a few areas we could trim back and spend smarter. Here are some areas I recommend taking a look for possible spending waste.
When was the last time you shopped around for a cell phone carrier? Or, have you called your existing carrier to see if there are promotions available to you? My carrier bumped up our monthly fee a while back and I told them I was leaving if they wouldn’t adjust my monthly fee down. It worked.
Many clients forget to shop for their insurance policies. This is something you should do at least every-other year. How long has it been? I just helped a client save $1300 per year by shopping insurance. This is one area where loyalty doesn’t always pay.
Really get into smart shopping at the grocery store and with online shopping. Shop Use your coupons and weekly circular at the store. Meal plan around the items on sale. Sites or apps like Rakuten, Capital One Shopping, Retailmenot, and Honey can ensure you are getting best deal or earning cash back.
Lower your credit card rates. If you are in the unfortunate position of having credit card balances and paying interest on them, there are ways to get your credit card firm to reduce your rate. Fiona, Rate Chopper, or agencies like Accredited Debt Relief can be helpful in your efforts to reduce debt. Utilize 0% offers for big purchases and get an interest rate free loan, but make sure you pay off the balance before the end of the promotional period.
Monitor your spending for a couple months and see where you can cut back. The gym, subscriptions, restaurants, coffees, and any form of retail therapy are usual places where we tend to let our money slip out of our hands.
I hope all these helped you to think creatively about improving your finances. If you just employ three ideas, you are making progress. It matters not how slowly we go, only that we are making progress. So, try one idea at a time and see how it makes you feel and changes your outlook on your money. If you would like to have more individualized attention and coaching from me, schedule your free Q+A to get started today.