How To Have More Money In Your Bank Account By This Month End.
We all have some sort of hobbies and a bucket list we like to save up for. Who on earth lives just to pay the bills after all? Having a desire to make an extra few bucks is completely justified.
You don’t really need a motivation to hustle hard for the extra money. Money is a motivation in itself. In this story, I will talk about how you can save some extra money every month for your dream car or vacation.
At any given moment, there are just two straight forward ways to have more money.
· Save money by cutting unnecessary expenses.
· Start a side hustle.
Whether you develop a side income stream or smartly cut your expenses or do both, your efforts never go in vain. Now, let’s walk you through both points one by one.
Cut the unnecessary expenses:
Saving is an art. I did not know this until I tried it for myself. Cutting the non-essential expenses can lead to some surprisingly good results.
Only if you find a way to reduce your expenses by 15%, this will be a huge boost in your monthly saving.
- Prepare a list: The first step towards saving is preparing a list of your expenses. Write down every single expense and sort them into essential and non-essential categories. The most common non-essential expenses are:
· Partying
· Netflix
· Smoking
· Junk Food
· Expensive cellphones
I am not asking you to immediately and entirely get rid of such activities. You can’t. Nobody can (easily). Just see where you can cut and save some bucks. If not completely, at least:
· Limit the number of times you party in a month.
· Reduce the consumption of cigarettes
· Eat out very often.
· Downgrade to the cheapest Netflix plan.
2. Be a smart shopper: Always look for coupons and discounts before buying something. There are some websites and apps where you can get coupons for different eCommerce websites. It may take a bit of effort but is worth it. Here are some websites to find the best coupons for your next shopping:
· Swagbucks
· Wikibuy (browser extension)
· Amazon coupons
· Coupons.com
· Groupon
3. Save electricity: “Now this is too much. I don’t overuse electricity, man. Even if I do, what difference a few units would make?” Is that what you just said?
Well here, the main purpose is not to save some bucks but to bring discipline in your lifestyle. These tiny habits reprogram your subconscious mind to automatically build a lifestyle of your choice. Apart from that, the difference you make by saving electricity will be noticeable in a long run.
4. Take public transport whenever possible: Taking public transport for work may seem a little bit less convenient but this can be one of your biggest money-saving strategies you can apply.
It is easier to develop a habit of saving once you start taking it seriously. All these tips listed above are now a part of my routine. Things become easier when you get into them.
Now let’s talk about the second part of the story.
Start a side hustle:
The Internet is full of bits of advice, tips & tricks, to earn a good side income online. However, there are only a few trusted ways that work best for everyone.
Take a look.
- YouTube: This is the treasure for those who love to earn passively. YouTube is 2nd largest search engine in the world as of today which turns this giant into a goldmine.
You can create a YouTube channel and start uploading videos any day you want. But it’s not as much easier either. Content creation always comes with a fair share of challenges. So, if you choose to create a YouTube channel, be prepared to face a solid competition.
Investment: A good quality camera, speaker, & editing software.
Pro tip: Pick a niche you are good at or just want to learn more about. If you do not have money to invest in a camera, use your phone until you have enough money to invest.
2. Freelancing: Studies suggest that the freelancing industry will be worth 30 billion by 2025. Can you see an opportunity here?
If you have a skill, there are dozens of online platforms to help you earn some serious cash from the comfort of your home. Check out some of the highly demanding skills:
· Graphics designing
· Video editing
· Animation
· Content Writing
· Digital Marketing
· Web Development
· App Development
· Social Media Influencing
Investment: A laptop and internet connection.
Pro tip: Work for free in the beginning, build a portfolio. Get reviews for your work which will help you attract premium clients.
3. Blogging: Probably one of the most popular ways that are helping many people make millions. The only downside of blogging that it is now an overcrowded industry. However, It doesn’t mean you stand no chance to succeed. It still has scope for those who love writing and ready to out in some serious efforts. When you apply the right strategies and keep patience, you can’t help but get results.
Investment: Up to USD 100 to buy good hosting service, domain, themes, etc.
Pro tip: Pick a less crowded niche, write guest posts for other big blogs, use social media platforms to promote your articles.
4. Drop-shipping: Easiest to automate and has great earning potential. People nowadays earning in 5 figures with this model. One of my friends who is in this ‘side business’ for the last 6 months has explained to me how he does it all. Read the below points carefully.
· Choose a product to sell.
· Create a Shopify store.
· Order the pieces in bulk from Alibaba (a Chinese website) or any direct manufacturer.
· List your products on your Shopify store after adding a good margin.
· Market your products/store through Facebook/Instagram ads.
Investment: You must at least have 1k dollars to get started.
Pro tip: Facebook ads work best. But if you don’t want to waste money on ads, you need to have a good following on social media to promote your store.
Millions of people making in 4–5 figures per month with the above methods. Now it’s your turn to pick one and start exploring the world of possibilities.
Best of luck. And as always, thanks for reading until the end.
Read my detailed post on 3 best side hustles and tips on how to succeed.
