Modern life is so expensive, especially if you like going out, shopping, and socializing as much as we do. Rent, food, transport, even the basics are costly, and your job might not leave you with much disposable income after you’ve paid your bills.
So here are our favorite money-making tips from successful women who’ve been through it, and definitely come out the other side! Follow these tips and you’ll be making money in no time!
1. Have multiple streams of income
One of the most repeated pieces of advice we received is to diversify your business interests and have a few plates spinning at any one time so that if you lose one source of income, you have other options to back you up. It’s also a great way to produce some extra income to add to your savings.
Whether it be as big as investing in some small businesses or shares, or starting an Etsy shop in your spare time, or even as small as taking part in surveys or secret-shopping in your spare time, diversifying is a great way to develop skills, earn some extra money and open up options.
2. Do your research and invest
Investing is a great option when interest rates are low like at the moment, but nothing is more important than spending time doing your homework and understanding the risks and potential rewards of the investment you’re choosing. Alexa Van Tobel, the founder and CEO of LearnVest.com says that automating your finances is incredibly convenient, and something everyone should consider. When investing, especially if you use a service or an app, it’s easy to forget to check on your money.
She says automate some of your finances, but not everything in order to stay on top of your money. “Automating everything makes it too easy to go on autopilot and forget to pay attention to your personal finances.”
3. Know the value of your time
Sure, help a friend or family member at the weekend, or look after your neighbor’s dog occasionally, but always know the value of your time. Kim Garst, the founder and CEO of Boom! Social says that we should stop giving away our time, if you want to make money you should “value what you know and start charging for it.”
Don’t waste your time working out of hours, or always helping that one cheeky friend doing something for free. If you have a skill that people always come to you for, why not consider doing it freelance and making money from it, you might be amazed.
4. If you need to borrow, do it sensibly
Sometimes you need to borrow money – to buy a house, to fund a business, but NOT to buy new shoes. An emergency credit card is fine, but one thing successful people agree on is not to borrow unless necessary.
Sophia Amoruso knows that the key to making money is saving money, so you might not even have to borrow. She believes that the more time you spend saving, the more money you’ll make. “Here’s a tip: Treat your savings account like just another bill. It has to be paid every month, or there are consequences. If you have direct deposit, have a portion of your paycheck automatically diverted into a savings account. Once it’s in there, forget about it. You never saw it anyway. It’s an emergency fund only (and vacations are not emergencies).”