We all know the rule, “Spend less than you earn”. This lesson has been shared over and over. The advice is not wrong, but life sometimes becomes more complicated than we would like. We eventually find that we need some better steps to improve our finances.
I recommend using these simple tips to bring more money your way:
#1 – Invest in yourself
One of the most important things you can do to create more money is to make your own saving a habit and priority. Regular and automatic savings will compound to grow. For example, if you save $100 a month for 15 years with 5% interest, you will have $26,798 in the bank.
If you’re like a lot of people, it’s been quite a while since you’ve asked for a raise. If you avoid asking out of discomfort, you are potentially giving up a significant amount of money. Your raise can help fund your saving habits.
#2 – Surround yourself with wealth reminders
Wealth reminders can be the books you read or the articles you surf on the internet. Reading and following thought leaders that can inspire and teach you to stay on track with your financial goals will help you remain focused.
I will share some reading suggestions with you later this summer.
#3 – Diversify your income
Just like the investing rule of diversification (not putting all your eggs in one basket), income should be diversified. What additional sources of income can you add to your growing nest egg?
Here are a few income diversification ideas:
- Sell items you no longer need on VarageSale
- Sell your handmade crafts on Etsy
- Become a virtual assistant that works from home
- List your extra space on Airbnb
- Become an expert on Fiverr (a freelance services marketplace)
- Start your dream business on the side!
These are simple but effective ways that you can grow your bank account. Let me know what things have worked for you!
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If you’d like some extra support in starting your intentional journey with money, you can sign up for my FREE 5-Day Heart of Your Money here.