3 Ways To Increase Your Income To Meet Your Financial Goals

Everyone’s financial goals are slightly different, whether they’re focusing on paying off debt, saving towards an investment goal, paying for home renovations like a spa inspired bathroom or something completely different. However, one thing that most people have in common is that they want to feel comfortable financially, which is where we come in. We’re here with 3 ways to increase your income to meet your financial goals, and when this is combined with a focus on reducing your outgoings at the same time, you can completely change your finances for the better.

Declutter Your Home and Sell!

One of the most simple things you can do to make some money quickly is to declutter your home and sell your unwanted items. You might think you don’t have anything of value, but you’d be so surprised at what people buy, and small purchases can add up to make quite a big difference. So, go through your home room by room (this can be over a number of weeks or even months in your spare time, trying to do it all in a day will be quite overwhelming) and then decide what you want to get rid of. Then, start posting your items on local marketplaces or websites like Vinted and Depop. It’s worth just putting your items on there as you’ve got nothing to lose and someone might be looking for exactly what you have to offer!

This could be anything from an old set of coasters you forget about and never use, perhaps an unused eyeshadow palette, an old pair of jeans that no longer fit or some accessories you never wear. Kitchenware also tends to do well on local marketplaces as there will be plenty of people moving into their first place and wanting to find things cheap! This takes a bit of time, but you get the double benefit of having a good clear out and making some money. Anything that doesn’t sell after a few months you could take to a charity shop.

Utilize Skills and Become A Tutor

For people who have an existing skill, perhaps you’re very good at maths, play an instrument well or can speak multiple languages, then using spare hours for online tutoring can be great financially. Online tutors tend to make between £15 and £23 an hour depending on what it is they’re tutoring, so even if you do this for 4 hours a week when you have spare time, you could be making an additional £400 a month. This makes a huge difference, whether it’s an extra £400 for you to invest or by making additional debt repayments. If you’ve got the skills there then make the most of them and you can earn a really good amount of money doing something you enjoy.

Consider Investing

If you’re quite financially minded and are interested in the industry and its markets, then you could consider investing. As much as people on social media say it’s something you can start straight away and be good at, in order to have successful investments that are stable and make you good money, you need to do your research. Spend time looking at different investment options and markets, choose something you’re interested in and then get learning. When you have a good understanding of the chosen market, as well as a full awareness of the common investment and broker scams that are out there, you will make safer investments that can help you make money. There are plenty of resources out there to help you learn, and we’d recommend utilising a mixture of different ones, so you can get a well rounded overview of the industry, how it functions and the strategy you’ll choose for investing specifically.

About The Author

Daisy Moss is a freelance writer specializing in vintage jewelry. When she isn’t writing you will probably find her looking for her next investment in Hatton Garden.

 

Creative Ways to Create Cash Within Your Existing Budget

Earning money is pretty cut and dry. You likely have a firm handle on your personal income and budget, but what happens when that is not enough? You can always create cash for yourself by physically earning more, via a second job, or passive stream of income, but neither of these options are especially viable for when you need quick cash. The amount of money you can create from your existing budget will vary based on many factors, but you might be surprised to learn that when you need quick cash, you might already have it on hand.

 

Asset Reduction

If you find yourself in a situation where you need a decent sum of money, on a limited timeline, think about your assets and what you might be able to sell off, or downsize to create those funds for yourself. Picking up and selling your house in a hurry just to create cash is not a very well thought out plan, so consider less assets that have a lower immediate need, like your life insurance policy.

You might not realize that you can sell your life insurance policy for cash, because most people do not take out a policy of this type with the intent of ever dropping it. Many policy owners have the option however to surrender or sell their policy when the need for cash exceeds the need for the policy. You can quickly find out if you are eligible and what this decision would  mean for your budget without actually committing to the sale.

 

Simple Swaps

You might be shocked to find out how much money you spend annually on daily, or even weekly habits. Small expenses like buying lunch daily instead of meal prepping for the week can mean hundreds of dollars out of your budget each year. If you are looking to create small amounts of cash for yourself, consider swapping out some of your habitual spending. If you are not already, start tracking your spending down to the penny, and you will be able to easily identify with real-life figures, how much money you can create for yourself each month by simply cutting back on the nickels and dimes.

 

Challenge Yourself

If you are competitive in nature, creating a budget challenge for yourself is a great way to trick yourself into creating extra money. The best part of this type of opportunity is that you can follow an existing plan, or create one that is customized to your needs and habits. Timelines are also fluid, so you are in complete control of how much time you allow yourself to complete this challenge, depending upon when you need your cash by.

You can also challenge yourself by sacrificing some of your free time to your need for extra funds. Cleaning out your closet might seem daunting but if you can get it done and then post some of your removed items for sale to social media marketplaces you can kill two birds with one stone. Many of these opportunities have minimal demands for the seller. Once you post the item for sale, at the point of purchase you can simply communicate with the buyer regarding pick up and payment terms and it’s done.

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