Whether you’re saving for your first post-COVID vacation or for a down payment, learning new ways to effectively manage your finances is always a good idea. In exploring and implementing a variety of money-saving and money-making techniques, you’ll ensure that your money is working for you. Nowadays, there are plenty of creative and unconventional ways to do exactly that. Here are four unexpected ways to make and save your money so you can ultimately put it toward the things you care about.
1. Prescription Discount Cards
Prescription drugs can be pretty costly, especially if you have a high deductible healthcare plan. So, if you can find ways to cut back on these expenses, why not do it? Prescription discount cards are a great way to lower these costs. They use free coupons and/or apps which allow people to pay a discounted cash rate instead of their copay.
A couple of the most prominent names in the prescription discount card industry are GoodRx and SingleCare. You can check out the Rx card reviews, the differences between the platforms, and their individual benefits to see which one is right for you. Once you do, you’ll be saving on prescription drug costs in no time.
2. Diversify Your Income
More than ever, people are taking on “side hustles” to supplement their incomes. This is a fantastic way to not only earn some extra cash but to also expand your skill sets, broaden your network, and develop your professional portfolio.
There are a number of ways you can diversify your income. Got a car and a licence? Join Uber, Lyft or another rideshare service. Got a bike? Sign up to deliver food with UberEats. Have a special skill you can teach or outsource to others? Start tutoring, writing, dog-walking, babysitting, coaching, etc. on a freelance basis. You can even create a profile on websites like Fiverr or Upwork to find and apply for various types of freelance jobs. You can also sell old items on Ebay or Craigslist, sell products on Etsy, or become a mystery shopper. In today’s economy, the opportunities to generate additional income are endless.
3. Choose and Use Your Credit Cards Wisely
This tip may seem a bit counterintuitive; after all, credit cards are how you spend money, not how you make or save money, right? Well, not always.
The key word to remember when it comes to this particular tip is ‘wisely.’ In carefully choosing and using your credit cards, you can not only boost your credit, which improves your overall financial standing, but you can sometimes save and make a little bit of cash. Many credit cards offer rewards programs, including cash back bonuses or airline miles with every purchase made. Do your research into the offerings of various credit cards across multiple banks to get a sense of which ones match your needs and can save you money.
Do you travel a lot, particularly with one airline? Research which credit cards offer airline miles with this company; in doing so, you’ll accrue points over time that you can put toward the cost of a flight, which can save you hundreds if not thousands in the long run.
Do you mainly use your credit card for everyday purchases and would like to make a percentage back on those purchases? In that case, a cash back credit card is likely the better option for you. These types of credit cards often provide the biggest benefit per dollar spent, sometimes providing a rate of up to 5% cash back on purchases.
4. Explore the Forex Currency Market
Currency trading as a way to make money isn’t exactly a novel concept, but that doesn’t mean it isn’t worth exploring. Trading in the Forex Currency Market offers excellent liquidity for participants and boasts a great sense of flexibility since it can be done from anywhere in the world. In as little as a few minutes per day, you can locate trading opportunities and adjust your trading positions accordingly.
There are some important things to keep in mind when delving into the world of forex trading. One of the most essential things to remember is that this particular method for making money is about the long game; it’s not a get rich quick opportunity. Additionally, this method requires a high degree of comfort in taking risks; generally, the amount you can earn is determined by the amount you’re willing to risk.
Saving and making money is often no easy feat, especially in an ever-challenging economy. However, there are many creative strategies you can use to earn and save some cash. Not only will you boost your financial wellbeing, but you’ll have the means to achieve your goals – whatever they may be.