10 Quick Ways to Raise Money
Probably one of the hardest but most important things to do with your personal finances is to start saving money. Having emergency money available to you at the drop of hat is vital if you plan to stay out of debt or to even reduce your debt issues.
Saving money can be a struggle when you are living paycheck to paycheck but it can be done and is completely possible. However, you have to know where and when to cut your spending and turn it into savings.
If you are already tight on money, there are some quick and simple ways for you to save money and start an emergency fund.
Ask For A Raise
A simple way of increasing your income is by asking your boss for an increase in pay. You might be nervous at first but if you explain to your boss your financial situation and how you deserve to be paid more, this should be a walk in the park.
A raise of a few dollars an hour will go a long way and can turn into a big stack of money over a little bit of time.
Get a Second Job
Having any extra amount of time is perfect for getting an extra job and will serve as a new source of income. You will be able to save all of this extra money from your second job to put towards your emergency fund.
Good second jobs are ones that are very flexible and work well with your schedule. Serving tables, or bar tending are great options. Or even side jobs, like baby or house sitting, walking dogs and doing small jobs can also give you some extra cash you can put away.
Sell Items
This can be a very helpful strategy for making money and also allows you to see all the frivolous things you bought and didn’t use or more importantly didn’t need. You will be able to get a good look at the consequences of your bad spending habits.
Not to mention, it’s a quick money maker and you can turn profits easily. You might be reluctant to sell items at first but it will get easier as you see the value of your efforts and how much money you’re making off your old, used or unused items.
Technological items are big draws so starting with those will immediately start you off with a good chuck of cash to jumpstart your fund.
Downsize
Instead of living in a two-bedroom apartment downsize to a one bedroom or studio to cut costs. Downsizing is a quick way to lower your monthly bills without sacrificing your needs.
It’s all about efficiency, getting the most for your money but this doesn’t mean being cheap either. Just being smart. Going from a SUV to a compact car is a great way to save. But you don’t have to get a used car with thousands of miles just because you’re trying to save.
Being more efficient and effective with your way of living is painless and obvious. Living outside your means is the quickest way to fall into debt but living under your means gives you more room for saving and spending.
Collect All Your Change
It’s time to start digging into your couches because there’s a lot of loose change that could be burning a hole in your savings. Gather up all the change in your house, including pennies, and start holding them in a jar or draw and soon you will see how quickly that money can add up.
This is especially lucrative if you are one of those people that doesn’t believe or hates carrying around change or is always leaving it in your pants pockets. Just every time you come home or have a couple of extra minutes to collect the change in your wallet, purse or the floor go ahead and do it.
Discount/Coupon Shopping
Think of it as free money just waiting to be used because that is the basic principle of a coupon. The point is for you to save money on products you already use so that you can buy more and have them last longer.
Using coupons will also make it easier to buy in bulk and take advantage of even bigger discounts. You can find coupons at grocery stores, online and in the daily paper that over the course of a month can save you hundreds of dollars.
Don’t Eat Out As Much/Cook At Home
This actually can serve as a dual benefit, making you spend less money on food while making you healthier. By preparing most of your meals at home you will spend less and save more. For example, some meals can run up upwards of $10 to $15 dollars which at the grocery store could get you a couple of pounds of meat, vegetables, fruits and a pint of juice.
You can stretch your money over more meals if you buy them at the grocery store and prepare them ahead of time. This can also be a great tip for budgeting because as you start becoming aware of the amount of food you need in a week you can better plan for your food expenses.
Cut Your Cable
One of the fastest ways to save money for your emergency fund. Cable is a luxury, not a need and can be easy cancelled. Just call you cable company and notify them that you only want basic cable which according to Consumerreport.com is less than $20 a month.
Most people don’t even have time to watch TV nowadays because there’s so much that a person has to do in a day. Also with all the inexpensive streaming websites like Netflix and Hulu you don’t have to spend tons of money to watch quality programming or for channels you don’t even watch.
Put away a couple of dollars a day
Every day just be diligent and put $5 to $10 dollars away into a savings account or into a cookie jar. This might not seem like not a lot of money at first but if you put a little away every single day in one week you will have anywhere from $35-$70!
This strategy will also not limit you or make you feel like you can’t spend any money because you will be spending as you regularly do just making sure you put a little away at the end of the day. Stay consistent and your emergency stash will turn into your emergency treasure in no time.
Make Yourself Live Off a Fixed Income
This is all about budgeting and making sure that you don’t over spend. Try to live off a weekly fixed income so that you become use to spending less. Slowly decrease your spending limit so that you use less of your available funds so that you can save more money.
Don’t immediately cut your budget in half because then that will cause you to stress and panic, do it by increments and slowly you will start to realize that you can live off a small income without any trouble.
Have a Goal
Having money saved is essential to staying out of debt and securing your personal finances. It’s okay if you start small because money can easily grow as long as you stay consistent and determined.
Setting a financial goal will also help to keep you focus but you should try to change that goal as soon as you reach it so that you don’t get complacent or stop saving money.