When it comes to saving money, there are a couple of things you need to look at. Most people only think of one – cutting back their expenses, which means they take longer to save the money they need. If you look at money-saving from an all-round point of view, you’ll have the best of both worlds.
Here are the factors we need to look at when money-saving…
1. Increasing the amount of money you earn
2. Reducing the outgoings you have
In this article, we’ll look at each of them and provide you with a series of options and ideas that can make you more profitable, more quickly.
Increasing the amount of money you earn
Strangely, when you look for money-saving advice, this tip never seems to come up, when actually we’d argue it’s the most important of the two. There’s a limit to how much you can cut from your daily expenditure, but there’s almost no limit to how much you can earn.
When it comes to making more money, there’s a huge range of things you can do. With a computer, a few basic skills and a good work ethic, you’ll be able to make some serious cash relatively quickly.
Step 1: Get a job, or a better one!
Step number one is to get a job. Now, assuming you already have a job, let’s look at the next stage – is there a way to earn extra money from it?
Step 2: Earn more from your job
There are a couple of options for earning extra money within the job you already have…
• Work overtime, especially if it’s unsociable hours where the pay can be increased.
• Seek out a promotion. In supermarkets, till staff are paid more than shop floor workers. Could you be promoted?
Step 3: Sell your unwanted stuff
The beauty of the internet is just how easy it is to make money. If you’ve got anything lying around that you don’t need or want any more, see if there is a market for it. Have a look around – we’ll be willing to bet you could sell a few things quickly and be paid within a few days.
Reducing your outgoings
It’s a well-known fact that one of the simplest ways to save money is to reduce your outgoings. But where and how can you do this?
1. Accommodation – If your rent is expensive, can you move somewhere cheaper?
2. Travel costs – Instead of driving or using public transport, could you ride-share, cycle or walk?
3. Cut subscriptions – Netflix, gym memberships etc., can you make these cheaper or cut them out altogether?
4. Food – Cut down on eating out, take your own lunch to work and make your own coffee.
5. Nights out – Try inviting friends round for drinks or a games night instead of heading out all of the time.
Increasing your income and reducing your expenditure are sure-fire ways to save money quickly! Use these tips and it’ll be even easier for you.