Hearing the phrase “Money doesn’t grow on trees” sure makes our blood boil. It seems the more money hits our bank accounts, the quicker it seems to vanish.
For those of you who are raising their eyebrows at the word “vanish,” we mean adulting and taking care of responsibilities. Paying bills is annoying!
However, it is so important to keep tabs on your spending because otherwise debt could pile up – and that would be no good.
To help bring in more dinero, check out these 5 simple money moves to make right now to get more cash in your pocket.
#1 Invest Your Money
When you make wise financial investments, you increase your ability to add to your rainy day fund instead of dipping into it because you’re low on cash.
There are so many apps you can turn to that will help you get started with investing! Some of them will round up to the nearest dollar when you spend and invest the difference; otherwise will analyze your spending patterns and invest small amounts over time.
We encourage you to do your research and find which apps—and investment styles—work for you. Never jump into an investment because of a fad!
Investing your money properly can provide you with major returns and lifelong wealth.
#2 Optimize For Your Future
Optimizing for your future requires you to take life by the horns. You might not have your dream life right now—but that doesn’t mean you’ll never have it.
Picking up side gigs to get some extra dough can be a great way to optimize for your future, especially if you use that new income to pay off debt, save, and invest.
As the world opens back up, there are many things people want to do—and a lot of them will be using ride-shares to do it. Sign up to be a driver and let the money roll in while you explore the city too!
#3 Live for Free
If you have the opportunity to live for free, do it! There’s no need to run yourself ragged trying to make ends meet if you have other options.
Living rent-free gives you the luxury to stack your bread while you try to get back on your feet and pay off debt. Living rent-free can lift a huge weight off your shoulders.
Paying monthly for a place to stay has its pros—but as we all know, one of the cons is that it can be pricey.
Be sure to communicate clearly with whoever is blessing you with a place to stay about how you will contribute to the household, whether that’s pitching in with chores, picking up groceries, or paying for utilities.
If you already own your own home and want to bring in extra money, you can always rent out some rooms! The roommates you find can pay the rent or mortgage while you build your nest egg.
#4 Refinance Your Loans
Refinancing your loans can result in major money back in your pocket. When you refinance your loan, the borrower replaces the debt obligation with one that has more favorable terms—usually in the form of a reduced interest rate.
During this process, the borrower takes out a new loan to pay off their existing debt, and the terms of the old loan are replaced by the updated agreement.
Refinancing means you can actually reduce your rate by 2% or more, which will save you a ton of money over the long haul. Some lenders say that even a 1% reduction is an incentive to refinance!
#5 Track Your Money
Don’t get caught letting your money slip through the cracks. Tracking your money is key to a healthy financial lifestyle.
When every penny is accounted for, you’ll sleep better at night and have a sense of financial security. Tracking your funds allows you to see if you are in debt or getting out of debt.
When you track your money, you’re easily able to see if another gig needs to be picked up or not. We totally encourage you to track your money—thank us later!
Related: 5 Creative Ways to Make More Money
Whether you are making some extra cash from sitting on your coach doing online trading or just picking up another gig, making more money is not a crime.
What ways have you found to be useful in getting extra cash?
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