10 Ways To Make Your Money Grow
1. Save, Save, Save
I know this is the obvious and that is why I am getting it out of the way first. For me, I have a base I make every month and when there is a surplus at the end of the month I put that directly in to my savings account. To make a savings work, you have to pretend like it is NOT THERE! This is the hardest part because transferring money in to your savings is easy...leaving it there and spending it on things you don't need is the part people struggle with.2. Invest
There are many apps out there that help save too! I use Acorns. Acorns is an app that invests your money for you. You decide how much gets transferred every week/month and it also rounds up your change every purchase you make. It's easily controllable and the investments are little to absolutely no risks. You'll forget it's taking a few dollars here and there and next thing you know you have hundreds after a few months. I set my Acorns to take $5.00 a week and then all my round ups on all my debit and credit cards.3. Always Have An Emergency Fund
We all have to accept that sometimes life happens. You lose your job, get in an accident that insurance isn’t fully covering, car needs new tires, etc etc. And if you don’t have the money saved for these type of emergencies, you’re going to be totally screwed. The rule of thumb is to have at least 3 months of your income saved, but if you can you should have about 6 months.
4. Don’t Stop Searching For Opportunity
Even if you love your job to death, always keep at least one eye out for other job opportunities that may come your way. Even go on some interviews to get a sense of what positions are open in your field and how qualified you are for them. It helps you to know your worth. If you have Saturday off but someone offers a little gig for you to make hundred or so then do it and again put it in your savings and pretend like you never had it.
5. Take A Risk
If you’re in your 20s or 30s, this is the perfect time to take career risks. You’re still at such a young age that if you take a risk and it doesn’t pay off, your life won’t be ruined. But if it does pay off, then you just helped your future. Go back to school, change your major, take that new job that you are unsure about. These things can really open up some doors for you in the future. For me I started blogging as a hobby and taking cool photos, then I realized people started liking them and following along. Now I do sponsored post and it's my little side hustle. ALWAYS have a side hustle.
6. A Side Hustle
One should always have a side hustle. For me it's this blog. For others its maybe investing in stocks, selling handmade goods, or even selling old clothes on Poshmark because they are a shopaholic.
7. Invest In Yourself
Just because you finished your four years in school and got a bachelors degree doesn’t mean you should stop learning. Education definitely cost money but in the long run knowledge is wealth. in many ways. Even if you didn't go to college like myself, always take the opportunity to learn something new. Continue to take classes to further yourself, there are plenty of online classes as well that will teach to advance in your career, life, etc.
8. Live Within Your Means
This is one of the most important lessons of all. The majority of people spend more money than they can *cough cough people of Los Angeles* and ultimately get into debt that they can barely get out of. If you can’t afford that Louis Vuitton wallet, don’t get it! If you’re making sixty thousands dollars a year but spending seventy, you’re in big trouble. I cannot stress this enough.
9. Start Thinking About Retirement
The sooner you start putting money away for retirement, the better off you will be when you do retire. Because of compound interest, a little chunk of change can grow into a mound of cash if you start retiring in your 20s. You don’t want to be in your 60s and have to start stressing about money, you should be relaxing on the beach wondering what your next drink should be.
10. Treat Yourself
Don’t spend your life stressing about money all the time, remember to take some time to spend on yourself because you deserve it. Go get a beer with your friends or buy that shirt you’ve been eyeing for a while, you are allowed to treat yourself every now and then. For me I go out and have a day once a month where I go buy something for my closet, go out to dinner with friends, maybe hit the bars after.
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