7 tips that will give you more money to invest
These 7 tips will give you more money to invest
If you want to see results when it comes to investing your cash, you might have to make sure you have as much money saved to play with as you can. Here are seven tips on how to save money in different areas - this can then be redirected into investing!
1. Take on extra work
If you've got extra time on your hands, there's nothing like good old-fashioned hard work to generate money to invest. Whether it's taking on a part-time job, freelancing online or doing chores for cash in hand, keep on working!
2. Start now
What are you waiting for? Even if you haven't got much disposable income at the moment, you can start investing with very little. If you're happy to wait you can go for long-term investments, or if you want a quick turnaround there are options available too. Here at Trading Education we provide tips on how to start investing now.
3. Cut back on non-essentials
It's so easy to spend money that sometimes you can lose track of just how much is going out. Look at your spending habits, and see where you can cut back. If you're buying a coffee every day on the way to work, make your own, buy a reusable mug and use the extra coffee money to invest, for example.
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4. Take advantage of incentives
The market for utilities and bank accounts is incredibly competitive at the moment, with everyone wanting you to choose them. Many providers offer bonuses for switching, so if your phone contract is up or your gas bill is high, look for a new provider offering a cash bonus. This is a great way to make savings on your bills and you can use the cash incentive to invest.
5. Shop smart
We all have essentials we need to spend money on, such as transport and food. Make sure you're using your money wisely and shop around to get the best prices on the goods you purchase.
6. Sell things you don't need
We've all got stuff lying around that we don't use or need, and there's no reason why these items can't make you money too. Trade in old books and DVDs online for cash; there are lots of different sites. If you've got something more valuable, put it up on eBay and see how much you can get for it. Turn things you don't use into cash for your investments.
7. Make money from your assets
If you've got a spare room in your house, rent it out on sites like Airbnb online and start generating income from that. If you've got a car parking space in the city that you don't use, you can rent that out online too on sites such as JustPark or Yourparkingspace. Take a closer look at what you've got and how you can earn from it.
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