Have you ever daydreamed about how an abundant lifestyle would change your personal circumstances? If so, you’re like millions of other human beings who frequently ponder various strategies for increasing their financial resources. Apart from unrealistic dreams, what are some of the most effective approaches?
One of the oldest strategies is called paying yourself first, or prioritizing saving overspending. Likewise, working adults who have educational debt can add to their immediate wealth by refinancing those loans. Others discover significant monetary resources when they choose to sell unwanted and unneeded personal items. Equally effective approaches include paying down credit card balances as soon as possible and taking on a few extra hours of work per week. The good news is that one or another of the following methods can improve your quality of life and bring financial abundance along the way.
Pay Yourself First
The principle is as old as the hills: pay yourself first. The suggestion means to set aside some fixed percentage of your pay or a fixed amount of money out of every check before spending any of your income on anything else. If money is tight, it’s easier said than done. Consider starting with a very low amount, like $25 per check, to get the ball rolling.
Reduce Monthly Cash Outflow
For nearly every working person, the concept of an abundant lifestyle is directly connected to income and expenses. When you take concrete steps to cut the outflow of cash in the monthly budget, you begin a long-term financial transformation. One of the most efficient ways to chop a big chunk from expenses is to refinance several student loans into a single obligation. When you use the services of a private lender, you gain the benefit of potentially better terms and lower interest rates as well. A typical Earnest student loan refinance arrangement can eliminate several hundred dollars in expenses month after month. That’s what abundance is all about.
Sell What You Don’t Need
There’s money in attics, garages, basements, spare bedrooms, storage lockers, and other nooks and crannies where you stash old stuff. If you haven’t used something in the past year, consider selling it in an online auction or direct sale. For larger items, yard sales are the way to go.
Work 10 Extra Hours Per Week
Pick up a micro job. By adding five or ten hours per week of paid work to your schedule, you can build up a nice supply of extra cash in a short period of time. Even at a modest wage, most people can accumulate about $5,000 in a year’s time, just from a 10-hours-per-week job.
Pay Card Balances off ASAP
Credit card interest charges, as well as late and annual fees, can add up faster than you think. This is especially true for people who carry balances on more than one card. What’s the ideal solution? Strive to reduce plastic induced debt to zero every month. If you need more time to eliminate balances, make a plan to pay them off as soon as possible. Once you achieve that goal, pay every card down to zero by the end of each pay cycle to avoid accumulating interest.