Multiplying money is an option that most people consider when facing financial constraints. They often consider cutting on costs and doing without some of the most basic wants like car insurance.
Although it’s a good option, it isn’t the way to go. Think about it. Cutting costs won’t make things better. It’s only a smart way of spending money. You can only budget to a certain extent and anything beyond the limits could be detrimental.
This doesn’t mean that you should stop managing finances wisely. On the contrary. It only means that you should look for other better ways to get more cash. Just look around you. When it comes to multiplying money, the options are endless. All you need is commitment and patience.
For some, it takes a short while to see the results. Yours may take longer and that’s okay. What matters is that you’re moving in the right direction. The best part is, you don’t need a high-profile job to get some extra cash.
If you’re looking for ideas on how to increase your money, this post explores some simple and doable methods of doing so and here are some of them.
Table of Contents
1. Learn Money-Making Skills
If you’ve been relying on that single job at the office, it’s time to do things a bit differently. You’ve got skills to do your work at the office and that’s a good thing, but can you use those same skills outside your workplace?
Often, the answer is no. That’s why you should take some time to learn new skills through Youtube. You may also have a friend or relative who’s made it in life financially.
Ask them how they did it. Let them teach you how to go about making more money. Then, put what you’ve learnt into practice.
You could decide to start your own business if you can handle two work two jobs the better. That doubles your chances of achieving your goal faster.
There are a couple of reasons why learning new stuff is important:
- You Become More Flexible: Learning always enables you to try something in another way. It might become difficult at first because you’re trying something new, but it pays off in the long run.
- You Learn About a Hidden Talent That You May Have: Most people have a one-sided view of life. They think that going to school and getting a job are the only things it offers. You may achieve that, but you may not discover your potential. Trying something new allows you to learn something new about yourself.
- You Become More Confident: The more knowledge you have, the more experienced you become. This leads you to believe in yourself more. Going against the norm of getting a job won’t be difficult for you.
- It opens the Door to More Chances: Learning allows you to find new ways of multiplying your money. Since you’ve got more skills, nothing is too complicated.
2. Have a Side Hustle
Side hustles are one of the simplest ways of making some extra bucks. What’s great about them is you can choose them according to your interest.
For example, if you love painting and have a part-time job, good for you! Use the rest of your day to engage in your passion and earn from it.
If you’ve got a full-time job, don’t rule yourself out. You’re probably busy during the week. How about the weekend? Those might be the days you get to relax.
Instead of wasting time in front of the tube, use that time to capitalize on your side gig. Perhaps you’ve never given a side hustle much thought. It’s beneficial to you because:
- You’ve Got Some More Cash to Live On: You won’t have to strain your budget or stress yourself out with loans. What’s more, it’s a quicker way for you to achieve any financial goals that you may have.
- Your Creativity is at Its Peak: Most jobs are boring. Yeap, I said it. They drain all your creativity and only add stress to you. With a side hustle, that isn’t the case. Your creativity isn’t limited, and you enjoy what you do.
Whether it’s writing music or making furniture, you enjoy doing it, and yes, you earn some money from it. Cool? I’d say so.
- It Pushes You to Leave Your Comfort Zone: We all want to live in our comfort zone where there’s no stress. As good as it may sound, it limits your potential. A side hustle puts you out there and helps you to grow yourself.
- It’s a Super Back-Up Plan: In case things don’t work out at the office, you can leave. You know that your side hustle is waiting for you. It’s ready to keep your income going.
3. Pay off Your Debts
No matter how much money you earn, you can’t fully enjoy it if you’re struggling with debt. Paying all your debts is a great way to multiply your money. That way, you have some money to set aside and use as you please.
It doesn’t matter where you start from on the debt-clearing journey. Depending on your finances and the number of debts you have, you could choose to clear one debt at a time.
A great way of increasing your determination is giving yourself a deadline. With a steady source of income, debts can be a thing of the past for you. Unless you would like to get yourself into that pit again.
If you’ve got many debts, why not try the debt snowball method? It’s a simple method of paying debts that involves clearing them from the smallest to the largest.
According to the method, the more progress you make, the more your momentum increases.
First, you make a list of all your debts from the smallest one to the largest one.
Next, you make minimum payments on each of those debts except the smallest one.
Third, focus your energy on the smallest one. Since you can clear it at once, strive to do so.
Lastly, do the same for the remaining debts. The one after the smallest debt becomes your centre of focus next. Keep it up until you’ve cleared all of them.
The good thing about this method is once you’re done with one debt, you don’t have to struggle so much with another. This is because you had already started paying for it.
Investing is something that most people avoid at all costs. It’s understandable because you never know if your cash will multiply or not. This is likely to happen if you decide to invest in a business or person. Anything could go wrong.
As much as this is true, guess what? Hanging on to your cash isn’t a smart idea either. It’s not likely to bring profit in an environment with a low-interest rate.
Let’s face the facts. Investing is risky, but it’s worth it. Its pros outweigh the cons. If you still doubt it, here are some reasons to invest that are sure to change your mind:
- It Leads to an Increase In Finances: How do the rich keep making more cash? By investing, of course. They spot a worthy venture and take the risk of investing in it. Nine out of ten times, the investment yields a profit.
- It Enables you to Meet Other Goals Faster: Whether it’s raising money for college or any other goal, grow your cash. It is the way to go. It’s also handy for those long-term financial goals since it helps you achieve them faster.
- It Could Lead to Early Retirement: By investing, the compound interest rate increases. This means that a small start could well lead you to retirement at an early age if you’re consistent.
- Inflation Won’t Affect your Money: One of the drawbacks of not investing is putting your money at risk due to inflation. You may have plenty of money, but with an increase in prices of commodities, you’ll lose more than what you make.
A sure way to beat this is to invest your cash and earn a return rate of approximately 7%.
5. Start an Emergency Fund
You’ve got the cash in hand, so why start an emergency fund? The answer is pretty simple: to help you in times of emergencies.
It may not be easy setting aside cash. Don’t worry, that’s a common feeling with anyone who’s got needs to meet. It could even be tempting at times to use it as soon as it’s in plenty.
Well, to avoid this, it’s advisable to put it in a place where you won’t easily reach it. Try opening an account and store it there. Or, give it to your trusted friend for safekeeping.
Also, be clear on the type of emergencies that you’d like to use it on. This helps to discipline you.
It’s not always that everything will work according to plan. You may encounter a situation that needs immediate attention. Examples are a sudden illness or the car breaking down.
With an emergency fund, you’re assured of a supply of cash in times of these and more emergencies. This way, you can save on the money that you earn. And, you won’t have to waste cash on paying for credit cards every time you use them.
The only catch is you should have a substantial amount for the fund to be of help to you. Try putting in as much as you can before you start using it.
And, be sure to replace any money that you take from it. It would be better if you return it with interest.
The awesome thing is you can pay at your own pace without having to worry about interest or penalties.
6. Give An Interest-Bearing Checking Account a Try
An interest-bearing checking account is a sweet way to get some fast cash. It’s a special checking account that’s ideal for short-term money.
It’s got features of savings and checking accounts, which make it simple to use and fast as well. You can use it as a standard checking account to carry out tasks. Some of these tasks are writing checks if need be and make use of your debit card anytime you buy something.
You do all this while gaining interest on your balance.
With it, you receive some interest from the bank based on the money in your account. As compared to savings accounts that limit your payment frequency, it’s a wonderful pick.
The only catch that chases people away about this account is you’ll need plenty of cash to enjoy this benefit. On the bright side, not every bank has this condition.
There are a couple of banks, like Radius Bank and Ally Bank, that offer customers a great offer. At Ally Bank, they don’t require you to have a certain amount to open this account.
Plus, they present a variable interest rate that’s highly competitive. Here’s the best part: you get a free bill pay, free standard checks as well as a zero-dollar debit card.
Radius Bank, on the other hand, allows you to open an affordable account. This account is known as a Radius Hybrid Checking account. You can begin with as little as $10. Also, you get an interest of 0.85% when your money reaches $2,500 and more.
7. Give your All to your Career
If you’re comfortable playing it safe with a single job, it’s alright. Make the most of it by investing your time and energy on it. It’s sure to multiply your money and give you satisfaction in the end.
Putting in some extra effort at the workplace comes with benefits. Some of them are raises and promotions. If need be, have some additional training at your job to polish on your skills.
It’s important to love what you do if you wish to see some results. Don’t hang on to a job because you’re afraid of staying unemployed.
If you don’t love it, ditch it. It’s so much easier to land a job these days anyway, with internet and passion. You could be self-employed if you want.
Working hard may be hard at first. Especially if you’re used to having things easy. But, one big step toward the right direction could land you that big break you’ve always wanted.
Apart from raking in some serious cash, giving your all has a couple of benefits for you.
First, you feel motivated to work harder. When you’re promoted, you get the desire to apply yourself more to your job.
Second, if you work hard, you stand out from the rest. Not only in the office, but out of it too. You can be a source of inspiration to others.
Third, hard work allows you to appreciate your money. It’s easier to be wise with the money you’ve earned than cash that someone has given to you. You know the sweat and struggle it took you to make it.
Lastly, with hard work, you discipline yourself. That’s the big difference between people who succeed and those who don’t.
8. Open a Savings Account
Multiplying money demands that you save a lot. If you don’t have a savings account, your chances of increasing your cash are slim. Some people have the same account for savings and spending.
One of the dangers of having a single account for two purposes is the temptation to overspend. You may be careful with how you spend your money, but hey, mistakes do happen.
The best thing to do is have an account dedicated to your savings. If you’ve got a job, try making use of an account that enables you to leave your cash at the workplace. This is a perfect way to keep your hands off your stash.
Besides, savings accounts do have their perks:
- You Don’t Lose your Money: No matter what happens, you’re assured that you’ll get your money. This is because the federal government insures your account.
- Your Money is in Safe Hands: Banks store money in fireproof safes. Plus, only you have access to your account since you’ve got the required details.
- You Earn Some Interest: Trusting a bank with your cash makes them provide you with interest on your money. Think of it as a thank you gift.
- There’s Money Available for Rainy Days: There’s a way to stay safe in times of emergencies. It’s having a stash of cash to roll back on. From losing your job to falling sick, there’s no telling how unpredictable life is.
- There’s the Automatic Transfer Option: Pass on transferring cash from one account to the other. Instead, activate the automatic transfer feature. It’ll do the work for you.
9. Spend Within your Means
It should be a no-brainer, but unfortunately, it isn’t. Many people throw all close their eyes to the danger of buying what they can’t afford. They let their eyes and emotions control them. The result? Debt.
Although having a budget seems to be a solution, it only works if you stick to it. That’s where the hard part is. Whenever you receive a raise, all of it goes to some expensive hotel or the mall or whatever you fancy.
Treating yourself is great, but exercising self-control is better. Go for what you can afford. If you can spare something to shove into your savings account, the better. You want to see your cash grow. Take the necessary steps to make it happen.
First, cut up your credit cards. That’s where most of the temptation lies. If you can, avoid going to the mall or eating out until you’ve got yourself under control.
Second, believe in yourself. If you intend to stop spending more than you make, believe that you can do it. Tell that to yourself in now tones if you have to. When the need to give up arises, remind yourself of all your past victories. How you held on to the end.
Third, learn and practice the power of NO. There’s nowhere you can go to hide from all the goodies that money can buy. But, you can learn to live with it. Train your body and mind to obey you. When you come across something that steals your attention, say no and walk away.
It may not be easy at first, but that’s the beauty of practice. Keep at these tips until they’re second nature to you.
10. Take Part in Clinical Research Studies
Do you like trying out new stuff? Clinical research studies provide you with this opportunity. The good thing is you’re not offering your services for free.
Plus, the studies are safe, and you don’t need any special experience. Whether you’re sick or healthy, you can find one that suits you.
Depending on the type of research, the least you can earn is a couple of dollars. The more studies you take part in, the more cash you can earn. Add these to your other earnings, and you’ve got more money.
The only thing you should do is think carefully before taking part in a study. Ask yourself questions such as; will it affect your health? Are you in perfect physical condition for it? If the odds are in your favor, go for it.
Don’t Just Think It. Live It.
You’ve dreamed about multiplying your money for so long. You probably tried it out, failed and gave up. The good things in life need commitment and patience.
The good life wasn’t meant for the rich alone. As a matter of fact, you don’t need so much money to change your financial status. Put the tips you’ve learned from this article into practice.
You’ll realize that a better life has been waiting for you all along, and you just needed a nudge to reach out to it.
The fact that you’ve got the skills and ability to earn some cash means that you can use it to your advantage. Identify your weak areas, work hard to fix them and focus on raising your financial status.
If others have made it, there’s no doubt that you have what it takes too. Realize that you’re bound to make mistakes along the way, but don’t let it kill your determination. Keep your head up. You’re destined for greatness.