Everyone wants to make money and everyone wants to save money, too. But striking the fine balance where you’re able to maintain your regular lifestyle while paying your bills on time can make that balance feel a bit off-kilter. As the year comes to a close and tax season approaches, you come face to face with your financial decisions throughout the course of the year.
Have you grown your savings account? Are you still in debt? There are so many questions that come to mind that are easier to avoid than face head-on.
Regardless of how you answer those dreaded financial questions, the past is in the past, and it’s time to look forward to a brighter, more fruitful future. In this article, we’re here to help you make things happen in 2020. With these clever ways to save and make money, we’ll guide you on your pathway toward financial success. Let’s dive in!
Save More: Maintain a Budget
Coming up with a budget is easy— it’s the sticking to it that’s hard. If you’re serious about becoming a true budgeter, it pays to write everything out and calculate how much money you have incoming and outgoing on a monthly basis. The leftover amount you have after all of your mandatory outgoing costs is the amount of disposable cash you have for the month. Instead of blowing it all on a night out on the town, be smart about it and put it toward things that you need or into a savings account.
Even breaking your disposable income down 50-50 will allow you to build your savings while still allowing you to spend on the things that simply make you happy. A total win-win situation!
Make More: Focus on the Future
If you’re the type of person who lives in the present rather than thinking about the future, putting money aside for future security may prove quite difficult. While you may consider putting a portion of your monthly disposable income into your savings as a first stop, there are a number of ways you can begin planning for the future, today. Consider these options:
- See if your employer offers a 401k match
- See if your employer offer employee equity
- Start an online savings account with a high APY
Bonus tip: As your parents grow older and enter their retirement years, it may become your responsibility to look after their expenses. You may even end up in a position where you’re using your own money to afford their care. Consider suggesting a reverse mortgage to your parents if they are homeowners.
These financial agreements allow them to take advantage of the equity in their home in exchange for incoming payments that typically supplement their retirement income. A reverse mortgage calculator is an excellent tool that gives insight into know how much money they could earn from signing on!
Save More: Use Coupons
You won’t need to be a certified extreme couponer to reap the benefits of using coupons wherever possible. Not only are coupons free to access and find, but they help you save money on the things you need and want. Whether it’s a new pair of running sneakers or a zipline excursion with friends, there’s a coupon for just about anything if you look in the right places.
New to the couponing scene? We recommended trying these excellent sites and applications:
- The Krazy Coupon Lady
Make More: Freelance Work
The 9-5 hustle wasn’t made for everyone. For those who prefer the freedom of remote work, freelance professions are perfect. For those looking to pad their wallet with a little extra cash in addition to your 9-5 grind cash flow, freelance work is a lucrative avenue to explore. So long as businesses exist, freelance work will be in demand, and the more digital our world becomes, the higher the demand. Listen to the call of your computer and turn to freelance work to make some extra dough.
From photography and graphic design to writing and transcribing, there are hundreds of niche employment opportunities on the freelance market. Not sure where to start? Check out these popular sites:
Take charge of your financial life in 2020. Set yourself up for another fantastic year with these outstanding money-making and money-saving tips!