While not many people have had to deal with challenging financial times at this moment, we should always be prepared for contingency. There are four techniques that could be followed to have a stable financial future.
Side Hustle for Profit:
One technique that could be followed to add extra money to your account is to get a side hustle to make some extra money. There are many different jobs that you could get, which could bring in hundreds of extra dollars every month. When looking for a side job, one option would be to do dog sitting or dog walking. If you absolutely love pets, chances are this side job could generate extra $50 a month for you! What if you do not adore pets but do have another set of skills like photography? You could capture a ton of beautiful pictures and upload it to website like Fotolia and you could earn a 20% to 63% of royalty fee for each time your photo sells. Which you can earn quite a decent side income if you are diligent!
Amount you can earn: $10-$50
Sell Unused Belongings:
The second technique that could be followed to add extra money to your account is to sell unused personal belongings. Many people will starts to accumulate a lot of personal belongings over an extended period of time. Although those personal items may no longer be used at all, but could still be of value to other people. How do we know that it is time to sell it off? We can use a year as a guide. If you do not intend to wear the clothes that you have in the wardrobe in the next one year, sell it off. Be it exercise equipment, clothes or even golf equipments, by selling it off could fetch you a neat $60 to $100 a month. Not only could you get the cool extra pocket money, it will helps you to de-clutter your home
Another option would be to donate these items to charity, which in turn will provide you with a valuable experience as well.
Amount you can earn: $60-$100
Create a Budget:
The third technique that could be followed to add extra money to your account is to create a budget for you. If you want move into financial security, the most essential thing that you need to do is set up a budget and stick to it! It may be a boring process to most but it will helps you to know how much you are spending money on each month and then making expense cuts where you can. You might realise that you could be spending an extra of $120 a month on Starbucks! Not that coffee is bad for you but too much of a good stuff might unintentionally hurt your wallet.You will also need to evaluate the budget regularly and make changes where necessary.
Amount you can save: $90 if switch from Starbucks to Coffeeshop Kopi-O. Yes, taste will be different. But hey, tried and tested and it works.
Look for Savings and Discounts:
The last technique that could be followed to add extra money to your account is to look for savings and discounts on a regular basis. In order to attract customers, many businesses will offer discounts to increase their sales. Great example will be Watson or Guardian. Whereby they will introduce 1 for 1 or 3 at the price of 2 promotions almost simultaneously. If there are no discounts or promotions currently, you could always go for house brand products than branded products.
If you continue to look out for these discounts offers to buy your needs, not only could you save a lot of money, you will learn the virtue of delay gratification.
Amount you can save: By buying house branded bread, you can save 90 cents less than branded products. If you are buying bread twice a month, you can save $1.80 per month.
Total amount you can stand to gain per month: $160
In conclusion, the amount added may be little but these techniques could help you to pay down debt and could even save the extra money for ETF investment!