Money And You: How To Make More For A Better Life

Michael Dinich
November 30th, 2020 | 8 min

Making money isn’t easy, especially if you need it for a particular situation. Coronavirus has taken its toll on a lot of people; so many Americans are struggling with their budgets in 2020.

There are always ways to increase your disposable income; you have to be consistent and disciplined. Everyone is different, and what works for one might not quite work for someone else.

The key is to assess your finances and work out what will be best for you and your money. Don’t just pick some advice or a tip and run with it without looking at how it will impact your life. Having more money doesn’t always equate to a better experience, but it just makes life easier to deal with. You need to be aware of making money quick schemes and be skeptical of things that ask for money before you make some—due diligence.

Interest is the enemy

Loans and credit cards are rarely the answers to outright financial problems. They can sometimes be an asset to properly maintained finances, but aside from that, they can be dangerous. One of the first things you need to do is look at the loans and credit cards you have and work out their interest.

You might want to get a consolidation loan, whereby you can pay them all off and have one slug of debt to pay off. For a start, it makes things a little easier to manage. But mainly, you’ll have longer to pay the debt off, and hopefully, with a lower interest rate.

By doing this, you might not save money on a month to month basis, but you will be saved simply on the fact that you’re paying more capital and less interest. Be clear around the interest rates on your loans and credit cards, and make sure that you pay them off before that interest becomes applicable.

Get rid of the unnecessary

It would help if you got rid of what’s not needed. The things you’re paying for but getting no use out of. When was the last time you used your Netflix subscription? Do you use cable instead? Or is it the other way around, and you’ve completely stopped using cable and only use streaming services.

Don’t pay for what you don’t use. The same applies to the gym. Do you know work from home? Maybe you get a lot of walking or a good run in during the day or week. Cancel it. Get rid of what you don’t use or need to save money every month properly.

People usually chase making more money when, in reality, they can slim down on what they spend. Again, you might not have anything unnecessary, but you might find something if you look deep into your finances. Think of a magazine subscription, or maybe a music subscription. They all add up.

Focus on utilities

Everyone pays for the essentials—gas, electricity, water, etc. But so many people overpay. If you’ve been on your current tariff for an extended period, it might be the right time for you to change and swap. Have a look at what other taxes offer. They might be able to get you a better deal if you switch all of them simultaneously. The longer you’ve been with a tariff, the more you’ll likely save for swapping.

Consider it and look into it just in case. The savings might not be huge, but when you couple it with a few other things on the list, it starts to add up. You can either look yourself on individual websites, or you can use a comparison website to find what you need and hope they pull out a cheaper tariff.

Remember, comparison sites might not access all providers, so if you want a true reflection of the market, you may have to look at yourself. These things can take time. If you wanted a quicker option, which probably won’t save you as much money, you can call your current provider and tell them you’re not happy with how much you pay.

Make sure you ask to go through to their cancellation department so that you can get a better deal. They will want you to stay and will offer you a better deal most of the time. Just be polite and respectful to ensure you get the best chance at getting a reduced price on the plan you have with the provider.

Understand your skills

You can market your skills for some extra money. Most people have something different that they can do. Maybe you can speak an additional language which you can teach to others for a fee. Or perhaps you can tutor students in a subject you’re proficient in.

Maybe you’ve got a degree of hands-on experience. If you’re fast at typing, you could consider transcription. There are transcription jobs out there which you can use for a little extra cash. Look at the skills you have and go from there. If you don’t think you have any, then you’re probably not thinking outside the box enough.

Most have something marketable they can find an angle on regarding turning into a bit of cash. If you’re struggling, then maybe you can think about a part-time job or at least something that can get you some guaranteed money to exchange your time over a short period.

Make your money work harder

If you’re not needing money right now and are thinking of the future, it’s time to make your money work a little harder. For a start, you want to look at your savings accounts. Interest rates are low at the moment, meaning you’re likely not making much off them. Because of this, you’ll want to consider investment instead. The word investment frightens a lot of people. But it doesn’t go hand in hand with losing money.

If you invest in the long term, the likelihood is that you’ll make money. You can’t keep pulling the money out when you need it. Instead, you have to invest and forget about it. You can access investment accounts from multiple brokers. You can usually do it through your bank too.

Making money work for you instead of just leaving it in an account is a must. You can invest in lots of different things, from stocks, forex, indices, and precious metals. If you don’t know anything about investing, you can invest in a fund managed by your bank or whichever provider you choose. The key is to invest what you don’t need and forget about it for at least five years.

Your budget is essential

Having a budget is a must if you’re starting to watch the money. Being able to entirely focus on what needs to be spent where means you’ll have cash for everything while being able to pay all the bills and maybe even save (or invest) some extra. Usually, budgets first take what you need for bills and food, the necessities, before breaking your funds down further for extra expenditure.

There are hundreds of plans and templates online for you to have a look at. You need to find one which will work for you. There are even some banks and cards which can split things into budgets for you. The best thing to do is do it yourself whenever you get paid.

Just don’t be too severe.

Everyone needs money for leisure and fun. Make sure you allow yourself something on the side to go out and enjoy life. Budgeting can get tiresome, so you need to decide whether you’re doing it for the long term or just the short term to save up for a purchase or get your finances in order, or to pay off some debt.

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