This post was sponsored, and paid for, by Radius Bank. All opinions are my own.
When money is tight, it’s natural for people to look for ways to improve their finances. One way is to make cuts to their household expenses.
Of course, you can only cut a budget so much. Food, lodging, transportation, and other customary expenses are necessary to live a comfortable life.
However, that doesn’t mean you should give up.
You can also attack the problem from another direction by looking for ways to multiply your money instead. Here are some to consider.
1. Open an Interest-bearing Checking Account
One of the ways you can multiply your money is to open an interest-bearing checking account. However, this one thing many people write off if they don’t have a lot of money sitting around. This is because many banks require a high balance in order to open an interest-bearing checking account.
However, with Radius Bank you can open a Radius Hybrid Checking account with only $10! This account offers and earn 0.85% interest on your money at $2,500 or more.
2. Set up an Emergency Fund
Another way to multiply your money is to set up an emergency fund. Although on the surface it doesn’t seem like a way to increase your money, it actually can be.
Setting aside money for financial emergencies may eliminate the need to use your credit card as a costly substitute. Using your credit card causes you to pay more money due to high interest rates. It can also compound any financial woes you may have by giving you one more bill to pay each month.
But saving a little money each month and establishing an emergency fund can change that. It can help you to eliminate interest payments completely because the money is there when you need it.
Then all you have to do is replace the money used from the emergency fund. You can do it slowly over time with no penalties or interest to worry about. In fact it’s kind of like paying the interest to yourself instead.
3. Educate Yourself
Furthering your education may also be a way to multiply your money. Now hear me out. It doesn’t necessarily mean you have to buy a backpack and go back to school. While that is one option, there are other ways to education yourself too.
For example, you could learn new skills from a friend, partner, or family member. Then use those skills to go into business for yourself and earn more money.
Or, you might be able to get a better job if you have more education and skills.
Finally, you can use the Money Management Academy from Radius Bank to increase your financial education for free!
4. Concentrate on Your Career
You can concentrate on your career to multiply your money and improve your finances too. For example, take some extra training at your job. Or, improve your job performance and earn a promotion or a raise.
When you apply yourself toward being the best at what you do, promotions and raises are often the result. Strive daily for improvement and become an asset to the business you work for.
Still, it may take a career change or different employer to help you further your career and make more money. Just make sure whatever you do it is something you enjoy. When you like your job you will perform better, which should, in turn, result in a higher income.
5. Start a Side Hustle
If you want to make more money you could start a side hustle. You can choose to side hustle permanently or temporarily to help you get back on your feet financially.
If you choose to side hustle temporarily it can help you pay off debt and build an emergency fund. But that will only work if you are strict with your goals. Don’t use the money to supplement your regular income and budget.
6. Pay off Debt
When you want to multiply your money a good way to achieve that goal is to pay off your debt. When you have less debt, you can apply your income toward other things, like investing to build wealth.
Radius Bank has some Personal Financial Management tools built into their Online Banking. Click here to learn more.
To pay off your debt as fast as possible, avoid common mistakes and find a strategy that works for you.
One way to tackle your debt is with the debt snowball. With this method, you pay only the minimums on all debt but the smallest balance. On that debt, you’ll pay as much as possible to pay it off quickly.
Once the littlest debt is paid, start the process over. Because you’ve already eliminated one debt, you should be able to make a larger payment on the next smallest one.
After getting your debt under control you can use your money in other ways that help you build wealth.
7. Invest in Your Future
Finally, when you have the rest of these things under control, you can move on to investing.
Investing is a great way to multiply your money and build wealth. Plus, there are lots of different ways you can start investing.
For example, you can invest in a 401(k) through your employer if it is offered. Or, if you are a beginner you could try investing through a robo-advisor that will help you choose your investments based on your risk tolerance.
If you are an experienced investor you could invest in stocks on your own as well. Another option is to invest in real estate, which is a whole other topic.
But, the point is, once you reach this part of multiplying your money, you’ll have lots of options at your fingertips. However you decide to invest, do it regularly to multiply your money and build wealth for your future needs.
Have you done any of these things to multiply your money? How do you make your money work for you?