Unless they already make a lot of money, most people can't squeeze out that much more from their budget by cutting expenses to survive the difficult financial times.
Additionally, cutting back on your spending could also lead to a lowering of your quality of life.
Here are eight investment options for people at all levels of experience that you can use to cushion yourself from the impact of inflation, make that extra money and live a comfortable life.
Buy and Hold property.
This is one way of investing in real estate that involves finding properties that are below market value and sprucing them up to make them more valuable.
You can buy a property and hold it for an extended period of time until it appreciates. Your profit will depend on how much your property appreciates and the period of time you hold it for.
What is critical about buying and holding is finding a property in an up-and-coming neighborhood, particularly one undergoing redevelopment.
Use high-yield savings accounts instead of banks.
A high-yield savings account is a type of savings account that normally pays 20 to 25 times the national average for a savings account.
People have traditionally kept their savings at the same bank where they keep their checking account, making transfers between the two simple and quick.
However, with the introduction of internet-only banks, as well as traditional banks that have opened their doors to customers across the country through online account opening, savings rate competition has skyrocketed, resulting in the creation of a new category of high-yield savings accounts.
According to Forbes Advisor,” You deposit money into the account, and, in return, the bank pays you interest. You can make withdrawals as needed.”
Becoming a Tutor
You can monetize your expertise by teaching people with less experience or knowledge than you in that subject area, whether for high school students or adults.
Utilizing digital platforms by recording a series of video lectures where you teach a class, workshop, or an online course to beginners is another great way of using your niche expertise in a field to make more money.
“This may be especially valuable if you have experience or credentials in your field, as these may boost your credibility with potential students,” Stated a career guide by Indeed.
Rent out a room.
If you live in a big or spacious apartment, consider renting out some or part of your house for extra income.
Even renting your space for a weekend occasionally might be enough to get you enough money for rent and other necessities.
It is important however to be cautious about the websites or companies you use to rent out your space to avoid getting duped.
Get paid to run errands
There are many people willing to give out money to have someone help them out with errands like shopping for household items and groceries.
If you’re handy and generally available to run errands, you can start by approaching families from high-end neighbourhoods, or the elderly who generally don't have the energy to move around too much.
The more you do, the more recommendations you will get to expand your service areas.
This could also work for taxi drivers and those working in delivery.
Freelance
Freelancing is the next best thing to being paid more for your full-time work because it allows you to take on many clients at the same time and charge according to your personal market research.
Additionally, freelancers have the flexibility to work on a typical 9-to-5 shift, or they could choose to work only on nights and weekends.
Having the freedom to choose your schedule, hours, and location is a huge benefit to consider.
To find opportunities, let former colleagues or other personal connections know that you’re available for freelance gigs.
Use social media to make passive income
Passive income can increase your earnings without having to go through training or pursue higher education.
Not only is social media its own legitimate side gig, but using it to build your reputation in an industry related to your main job can raise your profile, making it easier for you to secure a raise.
You can also earn money directly by partnering with brands to use and review specific products or simply let a brand pay to place sponsored content on your profile.
How much you'll make per blog or social media post depends on your following.
Ask for a Raise or Promotion.
Another way to potentially increase your current income is to request a raise or promotion.
If you have been in your position for more than a year and are performing well on the job, it might be time to ask your current employer for a raise.
Supplementing your income will work well if you find something that matches your ability because working a second job that you have o interest in may be rather difficult.
