Investing is one of the best ways that you can build a financially secure future for yourself, but it can be hard to invest the amount of money that you need. Between paying bills, buying groceries, and saving for the future, it can be hard to find extra money that you can invest.
5 Ways to Find Extra Money So You Can Invest
For most people, they tend to put off investing because they are scared or don’t think that they have the money to spend, but that could be one of the biggest financial mistakes that you ever make. You don’t need to have thousands of dollars set aside to invest your money.
If you don’t know where your money is coming from or going to, you could be wasting thousands and thousands of dollars every year. The days of having to slave over a check book and spreadsheet to create a budget are long gone. Thanks to technology, it’s never been easier to create a budget and stick to it.
If you’re ready to finally take control and find extra money to invest, you should download the Mint app, which is one of the best ways to create a budget in a matter of minutes. With Mint, all you have to do is create an account and then link your bank accounts and credit cards. After that, Mint will show all of your purchases and deposits on one screen. They will also separate all of the spending into the appropriate categories, which makes it easy to see areas where you’re overspending.
Sticking to your budget is a great way to squeeze some money out of your current finances and invest that money that you’ve found.
2) Earn Money in Your Spare Time
If you want to find extra money, there are plenty of ways that you can earn some more money in your spare time. There are dozens of ways that you can make extra money in the time that you would normally be watching Netflix.
One way is to sell goods online. Websites like Etsy make it incredibly simple to start selling your homemade goods. Instead of wasting your time binge watching your favorite shows, find a way to sell some handmade goods.
Another way to earn extra investing money is to start driving for services like Uber. If you don’t mind driving around, you can make some serious investment money by giving rides around the city.
3) Look at Your Insurance Policies
Comparing insurance plans is not going to be the most fun task, but it can save you hundreds of dollars every year. More than likely, you’re drastically over paying for some of your insurance plans. It could be your homeowner’s insurance policy, your auto insurance plan, or your life insurance coverage. There are thousands and thousands of companies on the market that you can choose from, and all of them are going to give you different rates for your insurance needs. Thankfully, there are several websites that you can use that will help you compare dozens of plans to find the lowest rates on just about any insurance policy that you can think of.
4) Cut The Cable
One of the most recent trends in saving money is by ending your relationship with the cable company. The average family spends around $100 every month for their cable subscription. Instead of shelling out that money every month, cut the cord and switch to Netflix or Hulu. Those streaming services are a fraction of the cost and have thousands and thousands of movies and shows that you can watch. Switching will save you around $1,100 every year, and that’s an excellent source of investment money. Over several years, you can find yourself with thousands and thousands of extra investment dollars.
5) Pay off Your Debt
This is an odd way to save money, but spending money on your debts will save you money in the long run. If you have any credit card bills or high-interest debts, you should pay off those bills as soon as possible. Paying off those bills will save you money on interest, and you can use that extra money that you would spend on credit card bills to invest.
Note: If you absolutely need the money to advance your business, responsibly taking out a small same day business loan is okay (it’s the absolute only time I condone it actually). Always plan to pay it back as quickly as possible.
Investing Extra Money
These are only some of the ways that you can find extra money in your finances. Making a few simple changes can give you thousands and thousands of dollars to invest. Don’t let your finances keep you from starting the investment journey that will lead to a secure future.
How will you find extra money to invest?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.