The year 2019 is a great chapter for everyone – global technology is booming, opportunities are everywhere, and there are near-endless ways to make money. Aside from these remarkable things, you should remember about your personal savings account. The person who can save efficiently is well-armed for the future.
So if you are eager to raise your savings by as much as 150%, here are some strategies that you can follow:
Start a Side Hustle
Nowadays, it’s rather easy to start a side hustle. The real challenge is how you can keep the hustle going on. Before you do this, you need to assess your skills and capabilities. Perhaps you know how to write or edit videos effectively. Or perhaps you can create infographics in a fast and precise manner. The best side hustle is to offer services based on your skills. At first, your progress might be slow – especially if you’re just penetrating the market. Over time, your reputation will grow and you will gain the chance to find high-paying clients.
What if you don’t want to offer a skill-based service? Then it’s time to put on your salesperson’s hat and start selling! With hundreds of small businesses popping here and there, it’s possible to secure partnerships. Contact a small business and ask if you can be a sales representative. It won’t be easy, but you will always get a shot at success.
A caveat: do not leave your job once you’ve started a side hustle. You don’t wanna lower your income barrier at all. Balance your time wisely so that your main job won’t be affected and your side hustle can grow simultaneously.
Search for Rebate Programs
One of the advantages of modernism is the amount of earning opportunities that you can find. Rebate programs are actually great for boosting your savings because they tend to pile up and mitigate financial damage over time. While they won’t make you rich, rebate programs are flexible and designed to fit your lifestyle.
Some popular rebate programs:
Credit card rebates
Merchandise/third party product rebates
Consider popular grocery rebate options. Once you’ve received twice rebate options per month, you can use these amounts to pump your savings account or boost any side hustle. The possibilities are endless! Just remember that rebates are “psychological hooks.” They are used by merchants to turn you into a loyal buyer or consumer. There’s nothing wrong with this, but you have to be careful not to over-consume.
Create Something Valuable
You’ve probably heard about the old cliché: offer something valuable. One reason why this statement rings true is its effectiveness. Entrepreneurs have become rich because they created something valuable and helpful to people. This could be a product or a service demanded by a specific niche. If you want to save more, then you have to create more. After creating a value-filled product, you should introduce it to your target market as soon as possible.
Creating a product is not easy. First, you have to acquire capital – such as the one provided by a cash mart licensed money lender. Make sure that you read the sites about money lender review to know where to borrow best.
Second, you have to check and re-check your product plan to see if it fits the spectrum of your target market. But don’t linger for too long! Otherwise, your great plan will be hampered by analysis paralysis.
Cut Your Fancy Expenses
Do you like drinking fancy Frappucino at your local café? Are you planning to buy a new laptop even if your old one is still fully functional? If you answered yes, then you should re-evaluate your spending habits. Maybe you can find a cheaper alternative to your fancy coffee, or you can find a way to eat healthily instead of ordering food. Every now and then, you can reward yourself with a fancy meal. After all, you deserve a little something for your hard work.
Through continuous “expense-trimming,” you will gain better financial leverage. Sooner or later, you will have the right amount of money to fund a hustle or increase your savings account. This personal journey will also improve your sense of discipline and help you become a better financial strategist.
Assess Your 2019 Financial Goal
Here’s a cold truth: your journey to save will amount to nothing if you don’t have a goal. In fact, you won’t be consistent without a goal to guide you. Think of the goal as your north star that will keep you away from financial distractions. If you already have a goal, examine it clearly. Is it connected to your grand vision in life? Do you need specific adjustments to make this goal possible? What are the lessons from 2018 that you need to be wary of? Does your goal make you happy?
Once your life is properly synchronized with your 2019 goal, you will realize that saving is 10x more fun. That is the smart way to save!
Boosting your savings account is no longer a timely privilege – it’s a necessity. If you want to have a better future, you should mind your savings. The aforementioned strategies are a great start. So, get busy and start building your 2019 savings stash.