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How to Make Money Work for You

Money can be a very slippery substance and if you don’t know what to do with it, someone else will. It takes decisive action to fight the urge to become a slave to money and eventually make money work for you. Here are some crucial steps to making money work for you.

Minimize Expenses

The old saying “a penny saved is a penny earned” is no less true today as it was back in Benjamin Franklin’s day. That means that if you really want to keep a hold of your finances, you really need to make sure that you are spending everything the second you get an extra dollar. It takes proper planning and good strategic thinking to really minimize your expenses. Resourcefulness is a major thing to think about because when we are talking about minimizing your expenses we aren’t suggesting that you go without completely, but that you are using what you have to supplement some of those additional expenses. This can be an affordable way to go about things.

Keep at least 10%

As a rule of thumb, make sure that you are keeping at least 10% of your earnings. There are so many people that just live for the here and the now. This is great if you want to be like the grasshopper that never saved up for the winter. If you are industrious and are willing to save a little here and there, you will be much better off in the end. Not only will you be better off, but you will also be in a better position to help the people that you love.

Passive income

When you have a steady cash flow and good savings it is time to start thinking about passive income. This is where money is generated from sources that may take a little capital to start but will continue to build up over time to create a stream of income in the long run. Stocks and Bonds are good examples and so are properties that you rent out. These will help you build on that income.

Increase your salary

Whether it means that you step up your game so you can get that raise, or just making adjustments so that you can have a side business to bring in a little extra money on the side, it is a good idea to increase your salary. When you go asking for a raise, make sure that you are adding value to the company overall. There are a lot of ways that can approach your boss to make sure that you secure that raise in the end, but one of the most effective is to come up with a game plan so you are progressing towards a goal and you can clearly state that there has been value added.

It is all about you in the end. It takes an individual who is ready to take responsibility and initiative in order to make money work for them. If you follow these simple steps, you will find that you are in a much better position to have money on your side!

3 Unique Tips that Could Save You Money

There’s so much more to saving money than simply transferring money from your paycheck into a saving’s bond or into your bank account. There are ways you can save money with every day things you may not ever think about. The following are just three ideas to get the ball rolling, extend each of these thoughts to everything you spend money on to see where you can make important financial changes that will help you keep the money you earn.

Share and Borrow Your Media

One, borrow your entertainment rather than purchase it. If you are connected to a lot of people, set up a mutually beneficial borrowing relationship. Some people have to have every movie that comes out. It’s buried somewhere in their DNA, and there’s nothing their spouse can do or say to stop them from doing that.

The only problem with this kind of thinking is that they buy a movie and never take it out of the shrink wrap. Or they do and then only watch it once. It’s probably the same in your home. You only pull it out once every year and a half, meaning it’s taking up more space than it’s getting its money’s worth.

Now that’s not to say you need to go watch them, it just might be a good indication that you don’t need to buy movies or other entertainment quite as much as you think you do, especially when you have the shrink wrap movie collection friend. When you want to watch a movie, don’t rent it, don’t pay-per-view it, and don’t pay for an account on the internet to stream it. Borrow it instead from the friend.

Access Free Music, Legally

The same holds true for media like music. Though you may not want to borrow an actual friend’s CD, you can set up a free account on Pandora, Grooveshark, or Spotify to stream music for free all day, every day. Just as long as you have an internet connection, you have access to every song ever made. Why do you need to buy your entertainment with an option like this?

Hire Students, Save Money

Two, choose a local school over an experienced professional. Dental and vet schools, for instance, are looking for real people and pets to get some real world experience with. Near the end of their educations, students are finally allowed to do some basic procedures on live people and pets. Dentists can do cleanings, deep cleanings, and some basic oral work. Vets can take a shot at performing the work of a professional.

Since they are still learning, the bill is much cheaper than it would be to visit a professional’s office. And quality wise, you are still in good hands. A dentist or vet generally supervises the procedures to ensure everything goes correctly, and they can even jump in if the going got rough.

Visiting a student may be a bit more painful/awkward, or take a bit longer than a professional, but this has potential to get your care at a much cheaper price.

Avoid Stupid Citations

Three, don’t text someone that is driving. If you know someone is driving and you hold a conversation with them anyway, you could be held liable if the driver got in an accident.

A New Jersey appeals court recently ruled that these people could be held liable should the driver cause a collision. The rule officially looks for “reason to think the recipient is driving or will read the text while driving.”*

So not only is the person making the choice to check the text message liable, but now the one egging them on to doing it is too, as they think “the text sender has a responsibility to the public much like a passenger in the car would.” So to avoid potentially becoming liable to an injury in a court case and possibly influencing an accident, protect the lives of your friends and the account balance in your bank by simply not texting those you know are driving.

The first option taught you how to borrow things for free rather than pay money at the theater or rental store for them. Friends are often more than happy to lend movies and media to you, just as long as you prove yourself able to return them.

Cheaper, quality services are abundant out there. Find the schools that are teaching their students how to perform their future responsibilities for a significantly reduced price (sometimes $10 for an oral cleaning). You don’t have to pay the high costs of healthcare when you have ready and able students that can perform the most basic of tasks.
Finally, avoid situations that would make you liable to pay something. Park smart to avoid a ticket. Drive the speed limit to avoid being pulled over. Promote safety amongst your friends so you are never held liable for the choices of another.

These are all fundamental ways to save money that can be applied to a variety of situations. Apply them to your own life and watch your money worries begin to reduce as you save more of what you earn every month. Just be sure you don’t spend that extra money because you suddenly feel free. You’ll never progress when you fall to that temptation.

Commonly Overlooked Money Wasters

As unemployment remains relatively high and the ups and downs of the economy continue to seem more down than up, more and more families and individuals are feeling the financial pinch encircle them. When this happens, it is completely natural and even more responsible for persons to try and find ways to save money on everyday things.

It Starts With a Budget

People usually start by creating or updating their personal budgets. This is a great initial step towards financial security.

Creating a budget, and then having the discipline to stick to it even through the harder times, is a great way for a family or an individual to begin saving money and becoming financially stable. Budgeting out one’s income to supply the necessities of live first then using the remaining money to purchase other items is financially responsible way in which people can survive monetarily while still living a comfortable life.

Budgeting money can be done in several ways, although the most basic and most effective way is to take an accounting of one’s monthly income and divide those earnings into payments of priorities such as mortgage or rent, utilities, insurance payments, paying off cash advances and short term loans, and food costs. After one’s income has been appropriated to these and any other high priority items, a large portion of the remaining money can be set aside for savings and the rest allocated for recreation or entertainment costs, which are important to keep the family in good spirits even through hard economic times.

But even with a quality budget, there are still other ways that a family can become smarter with their money. For example, a family can take note of some of the items that they spend money on regularly but do not actually need.

These items are called money wasters and their whole purpose is to get people to buy what they do not actually need. Even worse are the money wasters that are causing a family to spend money without even knowing it.

Ditch The Landline

One of the best examples of these unknown or overlooked money wasters is the antiquated landline. In an age when seemingly everyone owns a mobile phone, the land line persists somehow to suck monthly money from the pockets of hardworking families.

The landline in the home is irrelevant in almost every category and yet can still cost a family anywhere from twenty to close to fifty dollars a month. Even worse is that many contracts for land lines have the duration for a complete year but with a cost increase after only six months.

This means that after six months under one payment the service jumps in price, often by no less than fifteen dollars per month. Over the duration of a year the total amount it costs to keep an old and practically useless landline in the home can run anywhere from two to three hundred dollars per year.

All of that is money that could have been saved if the family would simply cancel their landline service. Another money waster that is typically in use by many people but that can somehow go unnoticed by them is purchasing bottled water.

Bottled Water

For some, clean and bottled water is a perceived necessity of life as their tap water is far less than desirable. But even for these individuals, the purchasing of bottle water has to be slowed if they wish to save money on this incessant money waster.

Bottle water can cost a single individual, meaning not an entire family but only one member of that family, an approximated six hundred dollars per year. Six hundred dollars per year per person on bottled water!

That is a cost that can be immediately cut from the family budget by simply investing in a quality home water purifying system. Often these purifiers are relatively inexpensive to purchase, highly effective at cleaning and purifying tap water, and cheap to maintain; which all translates into cutting drinking water costs from around six hundred dollars per person per year to around eighty dollars or less per year.

Coffee and Games

Other common money wasters that either go unseen or ignored by individuals and families are those that happen on a regular basis without thought, for example, the daily cup of coffee or upgraded whatever for the favorite gaming app on the smart phone. Daily habits or simply regular habits that include spending small amounts of money with consistency have a way of fooling people into spending vast amounts of money with time.

The daily cup of coffee, the dollar purchase on a mobile app, and the regular indulgence at the convince store (which is horrifically marked up in price, by the way) all conglomerate into a large yet unseen expense very month. A person and a family would be better able to save money if they would guard themselves from these and other commonly unseen money wasters.

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