Looking to “make” more money? Doing so will undoubtedly free up more funds for luxury vacations, that dream house or car you’ve been eyeing, college tuition for your kids and just an overall better lifestyle.
But how do you “make” more money if ends are barely meeting right now? When it comes to your money, there are 7 simple things you can do to “make” more.
Way #1: Refinance Your Mortgage
If you’re a homeowner and have a mortgage, contact your bank to discuss refinancing your mortgage. As of May 2020, the average rate for a 30-year mortgage is hovering around 3.5%. Having a lower interest rate can decrease your monthly mortgage, thus, leaving you with more disposable income.
But there are a lot of factors that go into the decision to refinance a mortgage so be sure to contact your lender to determine if now is the right time to refinance and to explore all of your options in doing so.
Way #2: Consolidate Credit Card
Americans owe more than $1 trillion in credit card debt. And credit card interest rates are often higher than those for car loans, mortgage debt and student loans combined.
If you have high credit card debt, consider a personal loan to pay off the debt faster and with fewer fees. Consolidating your debt into one payment with a lower interest rate can free up more money for you to use toward other things.
Way #3: Repair Your Credit
Before you side-eye this one, please know that a better credit score opens all types of doors when it comes to “making” more money. For example, having a better credit score will allow you to call your existing creditors to request lower interest rates.
It will also allow you to get approved for credit without getting hit with extremely high rates. Look, when you qualify for lower interest rates, you pay less for your bills. And when you pay less for your debt, you “make” more money.
Way #4: Refinance Student Loans
Recent data on student loan debt shows that 45 million Americans collectively owe about $1.6 trillion in student loans. Refinancing your student loans could be a great way to keep hold of more of your hard-earned money.
For example, a $30,000 private student loan with an 8% interest rate will carry a monthly payment of $364 for a decade. Refinancing to a 10-year term with a 5% interest rate can save you $5,494 over the life of the loan or $46 per month.
Now, refinancing is not for everyone. But if you have good credit and a high interest rate on your student loans, then it’s certainly worth exploring.
Way #5: Sell Your Expertise
People are making millions from selling what’s inside their brains. Why? How? Because everybody has problems they want to solve, they will quickly pay for viable solutions to those problems.
Do you know how to do something better than most people? Package it and sell it online. Earn cash by becoming an affiliate marketer, selling ad space, developing courses, providing services and much more.
Way #6: Get Cash Back Rewards
You can get a nice financial kickback from creditors if you play your cards right. Credit cards often come with plenty of perks such as signup bonuses, cashback rewards and quarterly promotions throughout the year.
Use your cards on purchases, collect the rewards and then make sure you pay your balance off each month to profit from your creditors.
Way #7: Become a Freelancer
Long gone are the days when you need to clock into a job to make use of your office skills. Do you have a computer?
If so, you can use your talents online to become a virtual assistant, logo designer, writer, Facebook ads creator, proofreader, audio transcriber or any other profession you can do with your computer.
“Making” more money is a great way to secure your financial future. Want more money advice? Click here if you’re ready to get back on track in regards to healthy credit.