When money is tight, it’s natural for you to look for ways to double your money. One way is to make cuts to your household expenses.
Of course, you can only cut a budget so much. Food, lodging, transportation, and other customary expenses are necessary to live a comfortable life.
However, that doesn’t mean you should give up.
You can also attack the problem from another direction by looking for ways to double your money instead. Here are some to consider.
1. Find Lost Money To Double Your Money
No, we’re not suggesting digging for spare change between your couch cushions. We’re talking about searching for unclaimed funds that belong to you, like undelivered refunds, uncashed paychecks, missing royalty payments, and forgotten bank accounts. In 2015, $3.235 billion was returned to consumers, according to the National Association of Unclaimed Property Administrators. Check out MissingMoney.com to find out if there are unclaimed assets you’re entitled to and you will double your money.
2. Educating Yourself Can Double Your Money
Furthering your education may also be a way to multiply your money. Now hear me out. It doesn’t necessarily mean you have to buy a backpack and go back to school. While that is one option, there are other ways to education yourself too.
For example, you could learn new skills from a friend, partner, or family member. Then use those skills to go into business for yourself and earn more money. 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.
3. Getting A Side Hustle Will Double Your Money
Driving for Uber or Lyft or renting your spare bedroom on Airbnb are popular ways to make extra cash, but they’re not the only players in the gig economy. Those with creative skills can pick up extra dough as a freelance writer, photographer, or designer, while people who love kids can look for babysitting gigs. Chegg Tutors pays online tutors $20 an hour, with top tutors earning $1,000 a month or more. Rover helps you set up shop as a pet sitter, where you might be able to earn up to $1,000 a month. Your will be surprised on how easy it is to double your money
4. Slash The Extras To Double Your Money
You can boost your savings total by slashing the fat in your budget, even temporarily. Pause monthly subscription services like Netflix and Hulu and funnel that cash into savings. Commit to not eating out at lunch for an entire month and stop spending money on new clothes or other non-essential purchases. If you’re a coffee addict, look for ways to save money at Starbucks. Walk or bike rather than taking an Uber. You may even find that you don’t really miss the extras you cut out, which can encourage you to permanently cut your spending and save more.
5 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
6. Work Overtime
If your job pays you overtime, take advantage of your boss’s requests to stay late or pick up an extra shift. Depending on your hourly wage, getting paid time-and-half could add up to an extra $1,000 fast. But working too much overtime can lead to burnout, so you need to balance you need for additional cash with your need to have a life outside of work.
7. Set Up An EMERGENCY Fund
Another way to multiply your money is to set up an emergency fund. Although on the surface it doesn’t seem like a way to increase your money, it actually can be.
Setting aside money for financial emergencies may eliminate the need to use your credit card as a costly substitute. Using your credit card causes you to pay more money due to high interest rates. It can also compound any financial woes you may have by giving you one more bill to pay each month.
But saving a little money each month and establishing an emergency fund can change that. It can help you to eliminate interest payments completely because the money is there when you need it.
Then all you have to do is replace the money used from the emergency fund. You can do it slowly over time with no penalties or interest to worry about. In fact it’s kind of like paying the interest to yourself instead.
8. Spending Within Your Means Can Double Your Money
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.
9. Become a guinea pig
Participating in a clinical research trial can be a quick way to earn money, providing you don’t mind being a human guinea pig. Research institutes are frequently looking for people willing to test new drugs or try out other treatments, and you may be paid anywhere from a few bucks to a few thousand dollars for your time, depending on the nature of the study.
Some trials are looking for people with certain medical conditions to participate, while others are open to healthy volunteers. If you live in an area with a major medical center or research hospital, you can contact them about any trials that are recruiting subjects, or check CenterWatch, which lists clinical trials around the country. One caveat: Don’t let the promise of easy money blind you to the risks of participating in a clinical trial. You should always consider your own health and weigh the pros and cons before agreeing to participate.
10. INVEST IN YOUR FUTURE
When you have the rest of these things under control, you can move on to investing.
Investing is a great way to multiply your money and build wealth. Plus, there are lots of different ways you can start investing.
If you are an experienced investor you could invest in stocks on your own as well. Another option is to invest in real estate, which is a whole other topic.
But, the point is, once you reach this part of multiplying your money, you’ll have lots of options at your fingertips. However you decide to invest, do it regularly to multiply your money and build wealth for your future needs.
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