Tag: financial-investing

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.

 

Financial Planning Tips for Women to Build a Future Nest Egg

Whether you are married or single, managing your finances can be challenging. You may wonder if you’ll have enough to take care of yourself and any family members. Or managing your finances better might be another thing you are planning on doing “someday”. Luckily, with a few simple tips, you can prepare for the future and have peace of mind that you are secure.

Prepare for the Unexpected

Many women fail to plan for the unexpected, but unforeseen events could derail your financial planning. That might include terminal illnesses, sudden death, or disability. For instance, if your budget requires a significant other’s financial contributions, what would you do if they passed away or were no longer able to work? Consider getting a life insurance policy, which can protect you and your loved ones.

If you have a family, life insurance can replace your income. That way, the remaining spouse can have someone take care of the household work. Even if you’re single, you should still consider life insurance, especially if you have debt with a cosigner. If you own more assets, there is more at stake if you face an unanticipated event. Before choosing a policy, it’s best to research how life settlements work. That involves getting an estimate from the top brokers and providers of life settlement companies to get a cash payout for your policy. So, if you no longer need the policy, you’ll have options open and will not be blindsided.

Start Investing  

Women often live longer than men, but they might not be as likely to save for the future. Start preparing for retirement by investing. Begin by making at least the minimum contributions, so your employer matches them. If you don’t, you’re not taking advantage of free money. If you can, consider contributing more than the minimum. Some employers offer a Roth 403(b) or Roth 401(k). That will give you a tax-free source of income once you retire and withdraw funds. If you can fit them in your budget, consider Health Savings Accounts (HSA) or Roth IRAs. With an HSA, you can save funds for specific health-related expenses.

If you have discretionary income, consider putting that toward other investments. You should do your research on other investment opportunities. If you have never invested before, consider investing in a Certificate of Deposit (CD), which is an easy way to get started. The amount you get from your investments might not seem like much, but the interest you earn will start to earn interest over time. That’s the benefit of compound interest and the earlier you start setting funds aside, the more wealth you will build for the future.

Grow Your Financial Knowledge

Now is the time to grow your financial knowledge. There are many free resources to do that, so you don’t have any excuse not to. Just set aside some time each week to learn something new. Ask yourself what would be most beneficial to know. If you aren’t familiar with financial terminology, read relevant online encyclopedias. By becoming more informed, you can make better decisions for your future.

Exit mobile version