Budget a little tight this month? Or maybe you want to earn some extra money for the holidays. Whatever the case, making money is a necessary skill that everyone should continually develop.
And because it’s not always easy to know where or how to get started, I’ve compiled a list of a few helpful tips on how you can increase your cash flow in the short and long term.
Start a Side Hustle
Secure multiple flows of income is a top rule of good finance. It ensures that you’re never too reliant on one single source. So even if, you have a steady job starting a side hustle is always a good idea.
When deciding on a business idea, don’t over think it or fall into the trap of ‘it has to be a certain way’. Is there anything you do well? I’m willing to bet there is someone out there who is willing to pay for it.
Sometimes, it can be difficult to see what’s right in front of our eyes. So what if you’re not good at web design? You might know a lot about music, pop culture, fashion, decorating or making crafts. These days there are so many online and real platforms where you can hawk your wares and make money, there really is no excuse.
Invest in Yourself
Okay, realistically there are quite a few excuses. But that’s why I’m here to help you tear them down. For instance, a common excuse is ” I don’t have what it takes. There’s too much competition” . Well, I have news. That doesn’t matter. Everyone who is great at something today used to be terrible at it when they first started. But they practiced and studied until they developed themselves up to a point where they could compete.
That’s why investing in yourself is a smart money-making move. Don’t hesitate to take that class, read those books, study people who are doing what you’re trying to do. It won’t always be easy, but it’ll be worth it.
Sell Your Stuff
If you’re looking to make some extra cash on the side, consider selling clothes, old electronics, and kitchen appliances online. You can even go to thrift stores and yard sales to find high-quality items that can be refurbished and flipped to make a profit.
Flip Real Estate Contracts
Material things aren’t the only things that can be flipped. Real estate contracts can also be procured and sold for money. The best part is that you can get started doing this with very little startup capital and labor. You don’t have to take possession of the actual property—just the contract. Contracts go for as little as 200 hundred dollars and there are a lot of resources and courses that teach you how to sell them.
Plan to Save
If you don’t have some type of saving fund, you’re doing it all wrong. Most Americans are one unexpected bill away from financial disaster. You can curb your risk of being in that category by starting a savings account, retirement account (IRA) or certificate of deposit.
Many people feel that they don’t have enough disposable income to put anything away, but it’s often the case that they’re just not willing to make sacrifices. In order to save money, you must suspend instant gratification and live below your means. Stow away 20-30 dollars for every 100 you get, and you’ll be on your way to securing a stable future.
Track Your Expenses
To save effectively you need to know exactly where your money is going. Use a spreadsheet, app or good old-fashioned pen and paper to record your spending habits. Then create categories like food, entertainment, bills, to total everything. Once you do this, it will be easy to see where you can afford to cut back.