Being financially stable is a worry that the majority of people in the world will have at some point in their lifetime or another. So many people find themselves in debt, or are working in a job that they don’t like, and they know they can do better.
But what can you do about it? How are you able to avoid debt, start saving and actually improve your financial situation? Here are 10 steps to quickly improve your financial position. And even though they’re not long term solutions to making you rich and wealthy, they’re great little things that you can easily do to take the edge off and make your money go a little further.
1) Sell Anything You Don’t Want or Need
We make so many purchases of things that we don’t actually really want that badly. I’m sure you’ve all been in that situation where you’ve purchased at least one thing that you’ve never used? Well why not sell those things on eBay?
You’d be surprised by how much money you can actually bring in just from your unwanted items alone. Alternatively, if there’s something you really want to buy, but you don’t want to spend all your hard earned cash on it, then just sell something less wanted or used in order to buy it.
2) Pay off Your Debts as Quickly as Possible
Debts can accrue very quickly if people are not careful. With the incredibly high interest rates, many people will find themselves taking out one loan, only to then have to take out another to pay the first back.
If you can avoid taking out loans in the first place then this is obviously the best way to go. But if not, then do your best to pay it back as quickly as possible to minimize that large stack of interest you have to pay.
3) Learn to Negotiate
The art of negotiation is something that everybody wanting to have more cash should learn. It’s a crucial skill that’s used in your everyday lifestyle, and being able to barter will save you a large pile of money.
Negotiation can save you money on any purchases you make, it can help you gain money on anything you sell and can also be very helpful for pushing forward in your career. Don’t be afraid to attempt to barter with people to get a better deal for yourself.
Most of the time people will be willing to negotiate with you, so when this time comes make sure you’re ready to haggle.
4) Eliminate Unnecessary Monthly Bills
Have you ever actually taken a look at every single recurring bill you have outstanding? Some people tend to forget about these even if it’s only a little payment each time.
Sit down and spend some time checking out the things you’re getting billed for monthly and be sharp to cancel anything you don’t need.
5) Every Little Bit Helps
Back before 50 Cent became a famous hip hop artist, he was a drug dealer. But the difference between 50 and the other drug dealers in his area, was that he would accept coins, not just notes. He would take anything people were willing to give him.
It just goes to show that every little helps and you shouldn’t be picky with things like this. Every coin adds up.
6) Put Money Into Your Savings at the Start of Each Month
It’s a lot easier to transfer money into a separate savings account at the start of the month, rather than at the end of month. If you put it away at the start, it gives you a smaller budget to live on, and so you’ll be less likely to make silly impulse purchases that waste away your money.
All those McDonald’s and Burger Kings will probably be cut down in half because you’ll have to be a lot wiser with your money, and it’ll teach you to be more careful with how you spend it.
7) Start Earning Some Passive Income
Passive income is an amazing way to earn some extra money on the side of your normal salary. Income that’s classed as passive is essentially earning money that is not directly related to the amount of time you put in. It can be earned whilst you’re asleep, on holiday and so on.
The best ways to start earning passive income, if you don’t have a lot to invest initially, would be to create your own website or blog, or to set up a YouTube channel. The money you earn here will be made through banner advertising. Any passion or hobby you have can be turned into income through these online outlets.
8) Invest in Yourself
This isn’t really a quick way of improving your financial income, but I think it’s definitely worth mentioning, because it’s all about improving yourself and developing your skills in order to better your career and move yourself through the ranks.
Spend time on yourself trying to improve your skills, don’t be afraid to invest money in learning courses, tools, smart attire and such to better yourself and show potential employers that you mean business.
9) Shop Around
There’s always this impulse to buy something as soon as you see it, without thinking about being able to get it any cheaper somewhere else. As soon as you see it, you have to have it right away.
I think it’s quite astonishing how much money can be saved if you’re willing to just hold fire on buying something for a little bit longer.
For example, if you were buying a video game, you could easily save yourself $10 if you went somewhere else. On the other end of the scale, if you were buying a car, just holding out until you see the right one could save you a hell of a lot of money. There’s no doubt about it.
10) Seize Every Opportunity
Take advantage of every opportunity that comes your way to either make money or save money. But not only that, go out and create these opportunities to achieve that dream job and income you’ve always had.
If you’re working as hard as you can for it, you deserve it!
Dan Western is the founder of Wealthy Gorilla, a website dedicated to giving advice for entrepreneurs, as well as success and motivation for living an amazing life. Dan has always had a passion for earning money on his own and loves to share his knowledge with others.