Strategies for Earning and Saving Money

Strategies for Earning and Saving Money

It’s not very clear when money was invented but what’s clear is that it has been the subject of discussion for ages. There have been numerous quotes and sayings on the matter, and this precious “thing” remains elusive, keeping us on our toes in what sometimes seems like an endless goose chase. Sometimes we find it; other times, we yearn for it while at times lose it. However, that’s not the case. Economists define money as something that serves as a medium of exchange, a unit of accounting, and a store of value. To an ordinary citizen, money is simply a medium of exchange. That being said, getting and keeping it is where most people go wrong. Below are some of the strategies for earning and saving money.

Ways to earn money

When it comes to making money, what comes to our minds is either starting a business or getting a job. But, earning money requires ideas and the right strategy. Nowadays, there is a lot of information at our disposal, which sometimes leaves us more confused. The right approach stems deep down in us based on our uniqueness and our originality. Basically, there is no one-size-fits-all kind of blueprint on how to earn money and, with all due respect, avoid the idea of get-rich- schemes. Nevertheless, below are a few ways on how to go about it.

Selling your skills

Some of the skills acquired while young are valuable. Whether you used to play the piano or a guitar, you can start tutoring young kids in your neighborhood. If you understand fitness, you could become a personal trainer. People pay for personal trainers to keep them on track towards their fitness or health goals. You can add value whilst helping yourself financially.

The internet has made it easier to work remotely from any corner of the world. You’ll find that websites such as Craigslist have all sorts of jobs that primarily the only thing required is what you can do rather than what you studied in school. People are teaching languages, freelance writing, web designing, transcribing, you name it, and paid from the comfort of their homes.

Side hustle

A side business applies to someone who already has another source of income. Another business on the side will supplement your income. Selling stuff online through Amazon, eBay, Etsy, e.t.c works well for someone who doesn’t have enough time and/or money to open a brick-and-mortar store. Motivational speaking also doesn’t take much time and can be done on weekends or after work. Thanks to the internet, you can be paid to review music, or doing microtasks. You can sell photos on ShutterStock or iStockPhoto, among others, to generate a passive income from something you might be very passionate about.

Making your money work for you

The subheading above sounds good and fun. It sounds vague too. However, investing in passive income streams can see you earn while sleeping. Think about how YouTubers are making money. Simply by people watching their videos on YouTube, and in return, they are paid for the views. Still, outsourcing, which is usually common with big companies, is also applicable to individuals. Maybe you own a small business, and a client hires you for your services. Instead of keeping them in waiting, you can pay someone a lower fee to do the job.

Save

People with a habit of saving are more likely to get out of their comfort zone. They’ll look for more opportunities to make money to take care of things put off after saving. Chances are they will end up taking another job or giving thought ideas mentioned above.

Another angle to look at is saving is the saying “a penny saved is a penny earned”. Be it putting your money into a savings account or any other way that works for you, that’s your money, and you’ll be the one to use it when the right time comes.

Ways to save money

People tend to say that money can’t buy everything. Well, be that as it may, at least it buys financial freedom. Our relationship with money gets better when we embrace the most crucial part of money, and that’s saving. When we were kids, we used to have piggy banks, but growing up, it’s like we dropped the habit.

Thornton T. Munger said, “The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.

Let’s look into some of the ways that can help you save money.

Cutting down on unnecessary expenditure

A certain meme shows a person standing in front of a mirror saying that he needs to stop buying stuff he doesn’t need. Next, it’s a caption “me on payday” and shows a guy that has just bought a tiger. Sometimes when we have money, we buy junk, yet we know very well we don’t need it. Other times we order rounds in the bar for our friends as if we’ve won the lotto. Even though some of our behaviors when spending money looks like an indicator of our underlying issues, when saving money, it’s advisable to spend on what you need and do away with what you want.

Avoid debt

Every time you take debt or loan, you’re already spending what you haven’t earned. It’s better to look for an alternative way to make money than seek a loan. There are times when there is no other option. That’s understandable. Use a lender offering the lowest interest rate. However, loans to cater for things that can wait should not be a choice in the first place. Even if it’s asking a friend to lend you some cash, that can lead to a habit that’s hard to quit. Eventually, you might find yourself in tons of debt.

Set savings goals

Saving while trying to achieve a goal can keep you focused, and the hope of attaining your goal keeps you going. You could be desiring to own a home, buy a car, or go back to school. When the options of getting money to do so are almost nil, putting some money aside can help you achieve that one day. If you’re stable financially, you can set a goal to save for your retirement or kids fund.

 Finally, do not get into any type of betting

As we advance in technology, opportunities for making money have increased tremendously. Betting firms are everywhere. With that, I mean, they’ve come right into your life. You just need the internet and then you can access online casinos on your Smartphone. Sports betting is widespread nowadays, but they aren’t here to issue free money. People are winning, but the odds of that happening are very low, and there’s no guarantee that you’ll be able to win money. Whereas some people have the discipline to control themselves, betting can be addictive.

Image by 3D Animation Production Company from Pixabay