Using Your Spare Personal Budget to Bulk up Your Savings

It’s no question that lack of money or savings can be a huge source of stress, and for the most of us it can be tough attempting to save whilst paying for the month to month necessities. We all know that savings are important not just for peace of mind but for any unplanned or unexpected expenses. However, for those with a spare personal budget this can be a great thing to utilise to start up something on the side and help bring in some extra cash to boost those savings. Whether it’s to boost that retirement fund, help clear debt or save up for that next trip, here are ideas to consider to help you get started.

1. Get creative!

For those lucky ones born creative, creativity can be a great thing to harness when looking to bring in some extra cash. From jewellery to soft furnishings to even wedding invitations, there are so many ways you can use your creativity to make money – providing you have the skillset and talent, of course! Look into any opportunities in your local community (such as craft fairs), or more effectively, research into selling online via sites such as Etsy.

2. Blogging

Despite what you may think, blogging can actually be incredibly time consuming, and so because of this it may not be for everyone. However, if you have part time or flexible work then blogging can be a great way to make money, providing you have the patience and budget to put just a little money behind it. Choose your niche, do your research into other successful blogs and having worked out your spare time, get blogging! You can even do an online blogging course for as little as $49. There are lots of hosting sites that are able to provide you with a template for a relatively small cost (even better, look for ones offering a free trial), and once people are familiar with your content, you can start hosting sponsored content or affiliate market links and make money.

3. Online trading

For those with a background (or even interest) in finance, online trading or investment can be a lucrative way to boost your savings. However, it’s imperative that you have an in depth understanding before considering this as an option. Access to the internet and a computer will be required, but once you understand the ropes you’re able to start trading with a minimal amount of capital. Look for companies that offer free trials and a ‘learn’ function (such as CMC Markets), as well as good starting rates and minimum commission. However, always remember to never invest more than you can afford to lose, otherwise this could end up jeopardizing your savings, not increasing them! This would be better to suited to someone with a larger spare personal budget.

4. Create a Vlog or YouTube Channel

If you have experience or knowledge of a particular industry that you feel would benefit others, you might consider starting a YouTube channel, with the foresight to monetise this content. If you like to share your experiences in a more visual way, then this could be a great venture for you, but bare in mind it’s important to establish whether or not your content is genuinely of relevance and interest to prospective viewers. All you have to do is be consistent in your content to get a good audience that will increase your income.

5. Become an amateur photographer

Some people take amazing photos, but would never consider monetising this talent. For good photographers, there are so many opportunities to make money, largely for stock photos. Utilise any upcoming trips and get together a portfolio of city scapes or scenery. You will, however, need to be in possession of a proper camera – not just an iPhone. Look into online markets (such as Shutterstock) that will pay you for a decent photo.

6. Freelance writing

If you’re a graduate of English or Journalism but have gone slightly off piste in your career you might want to consider freelance writing. This may be a little more time consuming that other options, so would be better suited to someone with either flexible or part time work. Start by deciding your niche and putting together a few solid samples to put out there. There aren’t may cost effective resources available to help you start out, so have a look online if any established writers offer any advice, or even free of charge courses to help you get started. Be warned though that you may have to do quite a bit of writing for free before you can start charging, so this may be more a long term option.

There are plenty other ways to make money from your spare budget, ranging from bake sales to renting your spare room to reviewing. Thinking of things to do on the side can be a great and really resourceful way to utilise your spare personal budget and boost your savings. You might even end up making more than you anticipated and save even faster than planned. If you’re living from paycheck to paycheck, then perhaps it’s time you considered other methods to help you get out of your current financial status. However, never invest too much into a side venture and be sure to do your research fully before getting started.

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