60% of millennials don’t have enough money to cover a $1,000 emergency.
If you feel like you can’t afford anything, you’re not alone. It seems the cost of living is increasing and wages aren’t getting better, right?
If you feel like you’re stuck, there are ways to increase your cash flow.
And no, we’re not talking about getting a second job. There are small life changes that help create a passive stream of income. And finding these methods is easier with the internet (that’s how you ended up here, right?).
If you need to increase your income, these 5 methods will help you afford the good things in life (or just a $1,000 emergency).
1. Take Paid Surveys
Are you one of those customers who fill out every survey, especially if the company bribes you with a free product? Now you can get paid to take a survey! You can do a few surveys each month and some pay up to $50!
2. Increase Your Savings Account Interest Rate
Do you make it a point to keep money in your savings, even if it’s under a grand? Find a bank account that will reward you for saving by offering interest for the amount in your savings.
How does this work? Let’s say you have $1,000 in your savings account and your bank offers 1% savings interest. At the end of the year, you’ll have $1,010 in your account.
Do some research to find out how much interest certain banks offer and switch to the one that offers the highest.
3. Participate in the Gig Economy
57 million U.S. workers are part of the gig economy. Are you one of them? If not, participate in this awesome opportunity!
Do you have a phone and internet access? You can find a gig. And if you have a skill, there’s a gig somewhere for you.
You can drive Uber or Lyft part-time, rent out a book for Air BnB, and even sell a service on Fiverr.
4. Invest Your Extra Income
When you plan your monthly budget (you do this, right?) and see some extra dollars, what do you do? Spend that money? Instead, invest it.
If you’re one of those who don’t budget or don’t know how, it’s easy. Take a look at your pay stub (you can make one with this site if you don’t have one) and see how much earn each month.
Add up expenses (bills, groceries, gas, etc.) and figure out how much is left over.
Take the leftover amount (or some of it — you do have to treat yo’self!) and invest it in stocks or just keep it in your savings.
From Investing to Side Gigs: Increase Your Income Today!
Every dollar counts, right? If you always find yourself broke, you need to increase your income. Fortunately, there are several ways to get that steady cash flow going.
But does money really buy happiness? While money is nice, financial health doesn’t mean you’re truly happy. Continue reading our blog for advice and insight on living your happiest life.