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How to Get More Money Quickly, Part 1
So you have a trip coming up that you need cash for or maybe you just want to see a bit of a bigger number in your bank account. The following are five ways to easily save money by being more efficient financially. They are general so as to be applied by anyone.
1. Halt Purchasing Anything That Is Nonessential
This sounds easy but it takes discipline. Take a minute to stop and look at your last credit card statement, and ask yourself how many items on that list did you absolutely HAVE to have? I bet 90% of them could be taken away and you wouldn’t even notice a change to your lifestyle. Too often we spend money on things that add no value to our lives, which means we are essentially throwing money down the drain. Halting nonessential purchases means that you quit buying items like unnecessary clothes and shoes, useless toys/gadgets, and certainly expensive bar tabs. By doing this one simple step, you can reduce your monthly expenses by at least half.
2. Set Up an Automatic Savings Plan
A lot of times we tend to spend money just because we have it. By setting up an automatic savings plan you avoid this issue entirely. Most banks allow you to do this fairly easily so check with your institution to find out how. Basically how they work is that you automatically transfer a certain amount of money (which you designate) to a savings account (preferably high yield) either directly from your paycheck or from your primary checking account. Because it’s automatic, you won’t miss the money because you won’t even know it’s gone, plus you won’t have to keep up with the hassle of saving.
3. Get More Use Out of What You already Have
How many things such as subscription services do you already pay for that you don’t get full use out of either because they seem old or you just don’t think about it? Next time you think about going out to do something try to resist and use something that’s already been paid for instead. This includes activities like watching TV or a movie via Netflix, surfing the internet, going to the gym, reading a book, playing video games, or pursuing a hobby you have like painting, writing, etc. This exercise helps to save money while getting more value out of money you have already invested. Many times we go out and spend money just because we are bored when there are plenty of entertaining things to do already at our disposal.
4. Stop Eating Out
By far, most of my expenses come from going out to eat. Sometimes I eat out over a dozen times a week. Even the cheapest meal (at around 8 dollars) will add up quickly with that kind of volume. You can save a ton of money by grocery shopping wisely and preparing your own food. If you do it correctly, this can also help you eat healthier. Try to focus on buying foods that are cheap and will last, but that produce a lot of food like pastas, canned vegetables, and frozen meats.
5. Earn more
Saving money and becoming a more efficient spender will only help you to a certain point. The best way to get more money is to make more money. If you need quick money in the short term you can always sell stuff you don’t use anymore. This will also help to reduce the clutter in your life. Another way to earn extra money is pick up an extra shift at work. If you are allowed to work 40 hours and you aren’t then you should start. When you are at work, not only are you making money but, more importantly, you aren’t spending money. If you can’t pick up any extra shifts at work then ask your friends if they need any extra hourly help temporarily so you can earn some extra cash, chances are you know someone who can help you out.
There are other ways to earn extra cash, which you can read about in the follow up to this hub. For now though, try applying these five easy steps into your routine and see how well it works for you.