If you are like me, you are probably searching for ways to boost your monthly income to help you reach those saving targets.
Perhaps you’re looking to pay off a loan or just put a bit more aside each month to make that dream come true a little bit sooner.
“Make easy money online”
“Ten easy steps to make fast cash”
“Make money with zero investment”
These are some of the most common searches for income generation and at least the first 3 pages of your search engine are going to be filed with clickbait articles which are littered with affiliate links and useless time sink holes.
I hope to make this post a little bit different. I’m not here to tell you about online surveys which harvest your personal data in exchange for a £2 McDonald’s coupon. Today you are going to learn how to make REAL money in 2019.
1. Control your spending
It’s quite simple, if you want to save more money, the best place to start is by spending less.
Regardless off how much you earn each month, if your spending is out of control or puts you at a net loss, you need to start here.
Even if you have a firm grip over your monthly outgoings, there is always a way for you to save a little bit more.
- Don’t buy named brands – supermarket brand equivalents are consistently 20-50% cheaper and can often be of equal quality. Always check the £/per quantity.
- Cancel unused memberships – take a look at your monthly direct debits and ask yourself if you really use that monthly subscription service which is trickling away at your bank account.
- Forecast your spending – the small monthly spending adds up. Take any frivolous spend and multiply it by 12. Seeing the annual cost might make you change your mind before you purchase.
Online surveys Value your time
If you have a skill or profession, put it to good use. Spend as much time as you can on the things which earn you the most money.
Don’t waste your time completing online surveys with low payouts. Skills sell and there is always someone looking to buy your time. If you can’t find them, you are simply not looking in enough places.
3. Take Opportunities
This is a difficult one, because it is very circumstantial. If an opportunity presents itself – which in some capacity, it always will – you need to be prepared to take it. The chances are, if you are looking for extra cash, you’re doing so because you’re not contempt with your current situation. Well the unfortunate truth is, nothing is free and if you want change, you need to initiate it.
You need to commit to opportunities if you seek the rewards. If that means getting up an hour early each day to seek out opportunities, work on your skill set or make time for other things later in the day, then this is what you need to commit to. If your daily life maintains a status quo, you can expect your monthly income to do the same.
Work hard and work effectively.
4. Realistic time scales
One of the most discouraging parts of earning extra money is setting out a strategy, outlining your monthly target and not earning a penny the following 3 months.
I have fallen victim to this scenario many times before and if I had followed the advice I am about to give, perhaps things would have been different for myself right now.
Plan realistic goals and make all conclusions based on the worse case scenario.
The best way to setup targets and income trackers is using a spreadsheet. Use charts and graphs to map out where you would like to be Vs where you currently are. Think about all possible outcomes to your endeavours and always subtract any potential outgoings from your income projections. This will help you realise if your actually going to turn a profit and if that profit is worth the hours it took to earn it.
Give yourself time
“Money does grow on trees” but if it did, trees don’t grow overnight. Don’t expect to be rich within 48 hours of reading this post. If you want to be wealthy then you are going to need to be extremely diligent and committed to your earning strategy for a number of years – 99% of income is not set and forget – you need to monitor, maintain and improve your money earning plan if you want it to be effective. The chances are, you didn’t foresee a particular problem when you were drawing exponential graphs to your monetary goal.
Don’t let money rule your life. It can be very easy to become obsessed with making and saving money. Just remember, you can’t take it with you, so don’t live a life of regret just because you were saving for a rainy day that never came.