The question we all want an answer to, right? Luckily there are a few simple ways that we can start bringing in a little bit more money, without having to take on a second job.
Implementing a few of these measures will start to make a real difference over time.
Make your money work harder
If you have some money in the bank, it makes sense to make it work for you as much as you can. You can start making some money back by transferring your savings into a high-interest savings account, or one that offers rewards, so it’s a good idea to shop and around and see if you can find the best deal.
According to Bankrate, the best yielding savings account at the moment are:
- Live Oak Bank (0.60% APY)
- Comenity Direct (0.60% APY)
- Vio Bank (0.57% APY)
- Alliant Credit Union (0.55% APY)
- Popular Direct (0.55% APY)
It’s important that you do your own research and where necessary seek financial advice before opening a new bank account.
Pay off expensive debt
If you have any debt, this will probably be costing you more money than any savings account will bring in, so it’s important that you try and pay off your debts as soon as you can. Pay as much as you can towards them (not just the minimum payments) to clear them as quickly as possible.
If you have multiple debts, it can be a good idea to concentrate on paying off the one with the highest rate of interest, first, as this will be the one that is costing you the most money.
Another approach is known as snowballing, which means concentrating on your smallest debts first. This then frees up the minimum payment amount you would have had to allocate to that debt, meaning you can put it towards the next biggest one, which will then be cleared more quickly. This snowballs until all of your debts are clear.
Open your coupons
Not only are coupons a great way to save money on goods and services suchas groceries, clothing, and even auto repair, some coupon services actually give you the opportunity to win instant cash!
It’s definitely worth opening them up and seeing what’s inside because you never know what you might find.
Use credit card rewards
Provided that you never put more on a credit card than you can pay off in full each month, they can be a great way to earn some extra money and benefits. Searching for a credit card with a good reward scheme can certainly be worth the effort.
American Express, for example, offers a card that allows you to earn points, which you can then spend on groceries, meals out, and on flights.
Sell unwanted items on eBay
We all have piles of books that we will never read again, and wardrobes stuffed full of clothes we never wear, right?
Taking a little time sorting through the items that you don’t want and selling them on eBay can be a great way to earn yourself a little money and add a clutter-free home into the bargain!