Thriving in the overly inflated economy of the present can take a toll on your mental health. All you think about is how to improve your financial health, one way or the other. This is what compels people to take up extra jobs and work beyond their limits. Unfortunately, even then, many fail to meet the ends.
It was probably from the onset of the 21st century that public started to focus on earning extra bucks. A 2004 study by BLS shows that 25.6 percent of the people who worked extra said they needed extra money. And of course, the number has been increasing.
This brings us to discuss an essential routine we must get ourselves into. Lifestyle changes and sudden financial shocks make it a must for all of us to have sufficient balance in our accounts. The only question is, how to do that? Is there any secret of multiplying our bank balance within a particular time frame, say one year?
Let’s have a look at a few tips that will help you pull it off:
Pay Yourself First
The first thing that you must do when you receive your salary is to pay yourself first. Whether you term it as an emergency fund or a savings account, make sure you are investing a certain percentage in it, at the start of every month. There is always a chance of it being eaten away by other expenses if you decide to keep it at the month’s end.
There are several ways of doing that. For example, you can set up an online savings account and transfer money into it, as part of a habit. Or you can tell your employer to transfer a fixed portion of your paycheck to the savings account. The only key is to make it a routine. Add an extra category of monthly savings in your budget.
Manage Your Expenditure
The amount that you can save by making a few tweaks in your spending might take you by surprise. However, we guarantee that this is one of the most effective ways to upscale your bank account.
Indeed, it’s going to be quite painful initially, but you feel rewarded at the end of each month. Just get a handle on how you spend. Chuck out the cigs, ditch the take-outs and contract your grocery list to essential only. In case you have trouble keeping a record of your expenses, go for electronic payments. The numbers on your debit card may compel you to put off some spending.
A quick way of increasing your monthly earnings is to start working part-time. You can get a job at a local coffee house or the library. Apart from these conventional extra earning resources, you can go for some advanced ones too. Like work as a freelance content creator, software developer, etc.
It is going to be an absolute grind. You will have to cut on your leisure time and make changes in your sleep pattern. Nonetheless, the percentage of extra money that you have each month turns out to be a great motivator for many people.
Sign Up for Bonuses
Banks often offer bonuses to people who open accounts with them. You have to follow a certain process. It begins by opening an account, putting some amount in it, and retain the same or more amount for a while.
There is a false conception that sign-up bonuses are mere promotion tactics used by the banks. The modern version of these bonuses offers a mouth-opening amount of money. However, it varies from one bank to another. We suggest you complete your homework before you decide on opening an account in any bank.
Keep in mind; the bonus should not be the only appealing factor. You should figure out if the bank fulfills all your needs effectively. Go for the ones who meet your entire criterion.
Work on Self
Having a diverse skill set is going to bring in plenty of advantages. It might not be easy for some people as getting back into the education/training loop isn’t acceptable. However, we suggest that all our readers find a plausible field and get training in that. The course duration may vary, but your value in the market is going to increase. You will have a better resume and chances for promotion/better income will also increase.
Apart from these, there are many ways you can employ to upscale your bank account. Regular small contributions every month will surprise you by the end of the year. There is real psychological power in knowing that you have ample funds to face unexpected expenses anytime in the future. Make sure you follow one way or the other to do that.