We all wish we had a little more cash to spare, but sometimes it feels like the money goes out as quickly as it comes in. However, finding ways to boost your finances and improve your financial stability doesn’t have to be difficult. Check out our list of five simple ways to boost your finances in 2021.
One of the easiest ways to boost your finances this year is via a high-interest savings account. Shop around for a high interest online checking account and start setting aside a portion of your monthly income to deposit every payday.
Even a small deposit such as 30 dollars a month will quickly stack up and grow without much effort, and the more you save the more it will build.
Another simple way to take control of your finances this year is to cut your monthly bill expenses.
Peruse price comparison websites to quickly compare hundreds of suppliers for your financial products.
Costs can vary hugely between the cheapest and most expensive suppliers, and most people have no idea if they are getting the best price for the services they require. A quick 15-minute browse on your phone or laptop could net you hundreds of dollars in savings on your household bills.
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These days it seems like everything requires a monthly subscription, and while Netflix is a mainstay for most of us, there are likely to be more lurking subscriptions diminishing your bank account each month that you are unaware of.
If you do not regularly check your bank statement, then it can be easy to miss subscriptions and direct debits that you have forgotten or simply not thought to cancel. Simply logging in to your bank account each month will make it much easier to spot unwanted subscriptions that are flying under the radar.
Most of us have an active income, we work for a living, but there are other ways to earn, and now is the time to start building yourself a passive income as wellby investing your money.
Investing a portion of your money in stocks, bonds, real estate, or other viable financial instruments is one of the best ways to earn some extra income on the side.
Investing does come with inherent risks, so make sure to do your research beforehand. Consider enrolling in a short course or talking to a financial advisor before diving in.
It is generally a good idea to spread your money across different avenues, as investing too heavily in one area can be disastrous if the market doesn’t go your way. So, take the time to create a diverse portfolio to maximise gains and minimise losses.
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If you have a particular talent or skill, whether it’s work-related or just a hobby then there is probably a way to make money from it.
Setting up a small side earner is a great way to boost your monthly income, so make a list of all the skills that you are proficient in that you believe could be marketable. These can be things such as copywriting, website building, or arts and crafts.
Narrow it down to what your best and think about how these skills could make you money, then once you have a direction and a plan of action it is a simple as setting up a platform for yourself.
For example, if you want to work as a freelancer then sites such as Fiverr are good places to find prospective clients. Or if you have a dab hand for crafts, then a site such as Etsy can be a great place to sell your goods.
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