Would you like more money in your pocket? Of course you would! Whether you’re planning a vacation or saving for the future, everybody loves extra money.
So, what if I told you that you don’t have to depend on your boss for a raise? It’s true! There are plenty of ways to make more money without having to beg somebody else. You can give yourself a raise by finding new streams of income or making better use of the money you have. Here are 7 great ways to pad your stash of cash.
1) Create a Monthly Money Plan
The most effective way to give yourself a raise is by making better use of the money you already have. A monthly money plan encourages you to become more intentional with your spending. By giving each dollar a purpose, it’s like a magical money tree appears!
2) Earn “Spending Money” with Online Surveys
Yep, you can actually get paid for taking surveys and surfing the internet. You aren’t going to make a living doing this, but it can certainly add some extra spending money to your travel fund. This list of survey sites names several companies that pay you in cash and gift cards. Personally, I prefer cash which is why sites like Survey Junkie are my favorites. Take surveys for cash. Create a FREE account here!
3) Refinance High-Interest Debt
Paying high-interest rates on credit cards or other personal debt is killing your savings. Credit cards have some of the highest rates around, so refinancing to a lower rate might save you thousands. Plus, you could even lower your monthly payment – which means more money in your pocket!
4) Create Multiple Streams of Income
Making more at your job is great, but if you really want to get ahead, try creating multiple streams of income. There are hundreds of ways to start making extra money on the side. Heck, you can even do it online. Try becoming a freelance writer or starting a blog. If the internet isn’t your thing, do some landscaping or try painting houses. Find something – anything – you can do to get paid extra. Then do it!
5) Destroy Your Debt
The math is simple, right? When you owe less to others, you have more money for yourself. It’s like giving yourself a virtual raise! Still, breaking the cycle of debt is difficult. With “free money” and easy credit floating around, we’re used to buying things now and paying for them later. But you don’t have to live like that. You can become debt free! It takes some effort, getting rid of those payments means you’ve given yourself a fat freakin’ raise each month.
6) Cut the Cord to Cable
Are you paying thousands of dollars a year for channels you don’t even watch? We were. Then, we cut the cord to cable and saved that money for things like travel, retirement, and college. It’s been almost 5 years, and we absolutely love it!
7) Refinance Your Mortgage
We’ve talked about refinancing high-interest debt, but you might also be able to save thousands by refinancing your mortgage. Just be sure you don’t take the easy way out by extending the terms of your payment. Instead, reduce your interest rate and shoot for a lower monthly payment. Pocket the money or dump that savings back into the loan to pay it off faster! We’ve used this option before, and it saved us a bundle on interest charges. Seriously though, don’t mess around. As expected, rates are on the rise so this option won’t be that attractive for much longer. Start shopping around now and compare up to 5 offers at LendingTree here!
Just Do It
Managing your money isn’t super complex. It’s all about spending less than you make and saving the rest. Try using just one of these tips, and your finances will see an immediate improvement. Better yet, use them all and supercharge your savings right away.