Three worthwhile ways to grow your money

Happy Millennial

One thing people tend to forget when they’re trying hard to save money is that it isn’t just about budgeting and cutting back your expenses. You can and should also explore ways to earn more money as well.

Finding ways to increase your income can help you grow your wealth and even hit financial goals faster. There are several ways you can earn a bit more money on the side, like asking for a raise or doing a bit of freelancing in your spare time.

However, the best forms of additional income are low maintenance and effort, because unlike money, you can’t grow your time.

Here are three ways to earn more money while keeping your day job.

Invest your savings

If you want your money to work for you over the longer term, investing in assets such as shares and bonds is key.

High interest savings accounts are “safe” — you won’t see your money decrease. But they present a different kind of risk — the risk of not taking advantage of excellent, historically-proven ways to grow your money.

The best way to invest is by having a diversified portfolio tailored to your risk profile. This ensures that you aren’t relying on a single stock to perform really well, and you don’t have your eggs in one basket. It also means the investments chosen for you are suited to how much volatility you’re willing to tolerate in the stock market.  

You can choose to manage your investments yourself, or delegate it to a company like Clover, who recommend a personalised portfolio to you, manage your investments and reinvest your dividends.

Read more: How compound interest works and how it can change your life

Rent out a space

If you’re a homeowner, another way you can earn some extra dough is by renting out parts of or an entire property.

This includes putting a spare room an AirBnb, renting out an empty car space at your house (you can list it at Parkhound.com.au) or even purchasing an investment property, however that often comes with a lot of extra work and costs, not to mention risks.

It’s also worth noting that you can basically rent out anything in your house. From bicycles and snowboards, to barbecues and lawn mowers. Sites like OpenShed.com.au allow you to list your items and earn some quick coin without much effort.

Write and share content online

Whether it’s a blog, an eBook, Instagram or YouTube, there are a myriad of ways that you can share your passions and earn income through monetising your content.

Plenty of businesses look to partner with influencers to gain access to their community, especially if your readers/viewers are people they’re looking to market to. It’s worth noting that this strategy requires time, effort and consistency for you to build up a large enough online following to monetise your work.

If you choose to become an influencer in something you are passionate about, this won’t just have the potential to generate income, it’s also a great platform personally and for future job opportunities.

Answer 5 simple questions in our free financial health check to find out how much you should save, spend and whether you’re ready to invest.

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Also published on Medium.