Everybody wants to look at their bank balance and see lots of zeros, but as many of us aren’t taught money management and financial literacy early on, it can be difficult to make it happen. Luckily, there are so many things you can do in 2020 to boost your bank balance, no matter what your history with money is.
Of course, working on your money mindset is always going to be the first thing you should do before trying any of the below methods. If you have a negative money mindset, then chances are, your efforts to increase your bank balance will fall flat. How do you improve your money mindset? Figure out what your limiting beliefs are and where they came from, and then work on replacing them. Many of us were taught to view money negatively from a young age by our parents.
Now we have that out of the way – read on for 15 smart ways to boost your bank balance this year:
Table of Contents
Use Cashback Sites With Every Purchase
Buying things online isn’t the best way to improve your bank balance, unless you’re spending money on a course to improve your skills or materials to build a business. However, you can use cashback sites with every purchase to make a small percentage back whenever you spend money.
You shouldn’t use this as an excuse to spend, but make sure you remember to do it whenever you intend to buy something and you can let it build up. Over time, you will have a nice amount of pocket money saved in your account. You can then withdraw it in the form of a voucher for one of your favorite stores (usually with a bonus), or just have it sent straight to your bank account.
It takes a while for the money to clear, but if you just forget about it then it’ll build up.
Always Look For A Voucher Or Discount
Before buying anything online, look for a voucher or discount to reduce the amount you’re spending. The quickest way to do this is to install an app/add-on onto your browser and let that search through all of the codes out there for you. It’s super quick and you can usually save a little money!
Transfer Some Savings Into A High Interest Bank Account
If you have savings, see if you can open a high interest bank account and transfer them over. If you don’t have savings, now is a good time to start putting money aside. It’s never too early or too late to start saving, even if it’s just a small amount each week.
Pay off Your Debts As Quickly As You Can
If you have debts, before focusing on other ways of making or saving money, focus on paying them off. As the interest you accumulate on your debt rises, you’ll pay more money in the long run to pay off your cards or loans. There’s not much point putting a ton of money away in savings if you are paying a fortune in interest at the same time.
Pay off your debts as quickly as possible, even if you have to make some sacrifices. You can then focus on building wealth and creating a better life for yourself.
Make It Your Mission To Clear Out Your Junk
Go through your house, garage, and all of your storage with the intention to sell things you no longer want, use, or need. You’d be surprised at what some people will buy from you. eBay is so easy to use when you get used to it, but you could even use Facebook marketplace as a cheaper way to sell.
Not only will you make space in your home, you’ll have more money to put towards your goals. Try not to hoard things you haven’t used in 6 months or more. If it has been that long since you felt the need to use something, chances are, you won’t use it.
Try Affiliate Marketing
Affiliate marketing is a great technique to try if you have a following on social media, a blog, or YouTube. It doesn’t need to be a huge following, either. If you know your audience is engaged and interested in what you post, then it’ll benefit you to have even just a few thousand followers! Here are some tips:
- Only ever recommend things you believe in – don’t recommend things just to make money.
- Take your time building an audience and a reputation as a trustworthy affiliate.
- Aim to be transparent at all times.
- Attend events.
- Know who your audience is.
Write An eBook
If you have a fair amount of knowledge on a certain subject, it could be a great idea to write an eBook. eBooks are great because anybody can write and publish them, and all you need to do is market it afterwards. Building up a portfolio of quality eBooks could help you to make a substantial amount of passive income over time.
Schedule Your Day In Advance To Be As Productive As Possible
If you don’t run your day, your day will run you. Schedule the next day in advance, time block everything out, and you’ll have the most productive day you’ve had in a while. There are some really smart hacks you can use to make this work for you. For example:
- Set a timer and work for 30 minutes as hard as you can. Then take a 5-10 minute break. Repeat until you need a slightly longer break. The timer should help you to stay motivated, and the regular breaks will stop you from burning out. Many people find this easier than trying to stay focused for a whole hour or more – and this is why so many people procrastinate!
- Block everything out you’re doing for the day. For example, 20 minutes for breakfast, 10 minutes for your morning shower, 15 minutes reading a chapter of a book, 30 minutes work, etc. When you can see everything laid out like this, you’ll be more likely to stick to it.
You can also use software to help incorporate a flexible schedule into your business, if that’s what you’re looking for. Searching for the best resource scheduling software tool will ensure you’re not falling behind your competitors.
Sell Your Wares
If you don’t want to rely on one source of income, selling your wares via an Etsy store could be a great idea. A knack for crafting is great, and turning it into a business could be the next smart move to take if you want to remove yourself from the retrace. This isn’t for everybody, but it can be so much more satisfying than an office job.
Create An Online Course
An online course can work much the same way as an eBook. You create the content once, and then you can make money as long as the course continues to sell. You can also upload your content to various skillshare sites.
Use The Envelope Method
The envelope method is a great way to view your money objectively and think carefully about what you’re purchasing. For example, set a reasonable amount for food and entertainment, and then place the money into separate envelopes. Having physical money usually makes a buyer more conscious when handing over cash. Over the long term, you should find you save money.
Break Up With Fast Fashion
Fast fashion can give us a temporary high, but it massively contributes to the destruction of the planet, and you end up having to buy more clothes soon after because they quickly go out of style or fall apart. Investing in higher quality clothing can be scary, but you’ll end up with a wardrobe full of items you love that really stand the test of time. Plus, it forces you to think about matching up different pieces in your wardrobe, and you can get really creative.
Never Impulse Shop
Impulse shopping can feel nice sometimes, but it often means buying things we don’t really need. This results in money we could have saved being wasted, and space in our homes being taken up by something we won’t really use.
If you feel like you want something, do your best to wait a month. If you still want it, then you can buy it. If you don’t, you’ve saved money on a novelty item that you would never have used!
Make Your Savings Automatic
Saving is important, but it can be hard to actually transfer the money over. Instead, make your savings automatic and count it as a bill payment. Setting it and forgetting it is a very powerful method of saving money, and will work wonders over time.
Save Your Change
It helps to have money dotted all over the place, especially in physical form. The more you see your money, the more abundant you feel! Save your change, rather than spending it. Have a huge jar and commit to filling it, or buy one of those savings jars you have to smash to open and fill it with higher value coins.