If you’re feeling a little short of cash after the financial effects of the COVID-19 pandemic, then it is time to turn your fortunes around – quite literally – in 2021. A lack of money can feel really daunting if you’re unsure how to make more of it. However, with the right money-making schemes in your head, you can soon transform your bank balance for the better. Here are five ways to make money, either by saving or generating new income entirely, that you may not have considered previously.
1. Setting Up A Side Hustle
If you’ve got the time to earn a second income, then be sure to consider starting up a second job or “side hustle” to earn additional cash. Now, this might not be something you have considered before if you’re not much of a self-starter and, while this does take hard work and dedication, it’s a lot more straightforward than some people might lead you to believe.
Worried about how to get clients? Fear not. If you market your business offering in the right way, then you’re bound to generate a substantial customer or client base. You just need to choose your niche, practice until you’re perfect, and then begin selling your products or services. Simple!
2. Downsizing Your Home
This might seem like a strange money-saving exercise and one that could be considered a backwards step in moving forward with your life. However, moving house might actually allow you to save more money by paying a lower rental cost each month than you do at the moment. If you’ve been in a long-term lease and your rent has been steadily increased by your landlord over the years, then you are more than likely paying far more than your property is actually worth.
With COVID-19 seeing fewer rentals taking place, landlords are keen to fill their properties with potential tenants and can be swayed on price if you negotiate fairly but firmly. With the cash you will then save on rent each month, this can be used as additional spending money or, if you have plans to buy a house, can be saved towards a deposit for a mortgage.
3. Trading Stocks & Shares
Now if you are really low on money, then this tip might prove a bit more difficult for you as an investment is required upfront. Plus, if you haven’t got the time or patience to wait a few months for a return on your investment, this might not be one for you either. However, if you’re a tolerant person and prepared to sit tight, then some serious cash can be made by trading stocks and shares.
Make sure to only use certified exchanges when trading online to ensure that you don’t become unstuck in the event of something going wrong. There are plenty of risks attached to trading stocks and shares, so it makes sense to do extensive research into the subject before getting underway. However, if you can uncover the next Bitcoin or popular cryptocurrency then you will be well on your way to financial freedom and making far more money than you did previously.
4. Start Blogging
Got a passion and feel like somebody needs to hear about it? Then got online and start blogging because there is a decent amount of money to be made through this process. Affiliate marketing services are a great little earner that can really supplement your income. What we mean by this is that bloggers can register with these services. These are typically run by large organizations like Amazon, and have advertisements placed on their respective blogs that when clicked can earn them a commission.
If your blog is very popular and attracts a fair number of readers, then this could actually prove to be a very lucrative money-making scheme for you. Plus, blogging about your hobby, family, or favorite subject can be a whole load of fun too!
5. Career Change
If starting up a second job or having the time for any of our other suggestions isn’t really an option for you due to your busy full-time career, then changing jobs could be the answer. In fact, a career change into a different sector might be exactly what you need to do to earn money and is likely something that you have never previously considered.
Why get caught up in a job that demands long hours and endless stresses if you aren’t able to pay the bills at the end of the month? A more rewarding career with fewer hours and a better paycheck could solve your problems almost instantly and is easier to find than you might think on job sites like Indeed.
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