Money worries are among the most common causes of stress. Many of us would like to have more money but we don’t have the time to take on more work. The good news is that there are other ways to earn funds and increase your savings balance. In this guide, we’ll offer some top tips to help you boost your income.
Start budgeting
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One of the simplest ways to increase the gap between your income and your outgoings is to start budgeting. Budgeting is a quick and easy way to manage your money, reduce spending and save more. Moms lead hectic lives and with direct debits, standing orders, online ordering and tap to pay options, it can be hard to keep track of where money goes. If you find that your balance is lower than anticipated when you check your accounts, budgeting is a brilliant solution.
To draw up a monthly budget, you can use apps, a spreadsheet or a notepad. Write down your regular income plus your monthly outgoings, for example, your rent or mortgage, utility bills, groceries and gas. Add a column for one-off expenses you expect to incur in the month ahead, for example, a payment on a vacation or your child’s birthday presents. Once you have all the figures, you can calculate how much disposable income you have. When noting down outgoings, look for costs that you could reduce or even eliminate. Perhaps you’re paying for a subscription or a membership you forgot to cancel or you’re spending too much on groceries or eating out most weeks. Set yourself limits and try to save more.
Investigate flexible ways to make money
Holding down a full-time job isn’t viable for all moms and more and more parents are looking for ways to boost their incomes using more flexible options. You could work part-time, go freelance, set up your own venture or look into avenues such as trading CFDs. Trading has become more accessible thanks to the rise of online trading sites and it enables more people to make money from trading alongside other commitments, such as working or raising kids. Whether you decide to start trading or you’re interested in exploring freelancing or even setting up your own venture, it’s essential to carry out research. Learn about trading, use trial programs to see how it works and consider working with an experienced trader. If you want to become your own boss, research the market, make sure there is a demand for the products or services you’re offering and figure out how you’re going to find clients or customers.
Saving
If you’re on a mission to save, it’s a good idea to set up a direct transfer to your savings account each month. Use your budget to work out how much you could save and try and top up your account as and when you can. You can set up an emergency fund, save for a rainy day or work towards savings goals for college, weddings or the trip of a lifetime.
Most moms would like to be able to banish money worries. It’s not always easy to balance the books and stay in the black when running a busy household. But there are ways to increase your income. Hopefully, these ideas will help you earn and save more.
until next time
xoxo
ANA