Sunday, September 23, 2018

Easy Ways To Make Your Money Work Harder

We all have a million different dreams, but there’s still one we all share: to make our
money work that little bit harder and boost our income. That’s the universal hope right
there. It’s about trying to improve what you have coming in by 1000s each year
without having to slump over your office computer until the wee hours of the
morning, brain frazzled and fingertips fried.

The problem is, not many of us know how to do this. Instead, you let your hard-earned
cash languish about in poor bank accounts or tidbits that offer returns more rotten
than a month-old egg. That’s not the mindset of an aspiring millionaire.

What you need to do is shake off that lazy attitude and proactively find ways to
make your money work a dollop harder and look for other places where you might
find money. Trust us: you’ll kick yourself for not doing this sooner.

1. Get A Boost, Get A Better Deal
Research shows that the average household could get an extra $2600 to $5000 by
taking their own finances a little more seriously and shifting to the best deal on
everything they buy and use, whether that’s products or services or what.
That saving equates to a pretty decent pay rise.

2. Up Your Saving Rates Game
One of the best things you can do when it comes to the how “how can I make
my money work harder?” question is to take your money out of pitiful savings
accounts with rubbish interest rates and move them to an establishment that
is offering the best rates out there. There is nothing to stop you moving your
money in order to get the best returns, so do it.

3. Get Paid To Switch Account
The competition for banks is hotter than an angry volcano these days, which
is why so many banks will pay you to use their current account. We’re talking
about $150 with an added $50 for staying a year. Do that and then
move your money again to lap up another stack of free money.

4. Invest Your Cash
With interest rates lower than a limbo-bar at a world final, there’s no reason to
leave your money gathering dust in a bank vault. Instead, invest some of it.
Speak to a portfolio manager, research Australian Forex brokers, get into
collectables, find a business you really like, invest in your own education,
anything. With the chance to make huge returns (or an average of 7%), it’s
way better than doing nothing.

5. Pay Off Debt Faster

Nothing is going to keep you on that uphill treadmill longer than paying off
your debts at the minimum rate of payback, especially if you are trying to
save at the same time. To put it simply: the amount you pay in interest
when borrowing money is way more than you’ll ever earn on your savings
account, so focus on paying off your debts with your savings and then
you’ll be well on your way to millionairehood.

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