We’d all like to increase our wealth. There are so many benefits to doing so—being able to afford the lifestyle you and your family would like, being able to handle unexpected situations and having overall financial security.
But how can you increase your wealth, besides winning the lottery or marrying rich? There are actually a few very simple ways to do so. In fact, some of them may be so simple that you’ll wonder why you aren’t already doing them. From ways to directly earn more income to ways to save wisely, here are 15 tips you need to start following now if you want those numbers in your bank account to start going up.
15. Start Using Coupons
One way to stay within your budget or save more than you had planned is to use coupons. Many of us seem to be too embarrassed to use coupons but they’re there to be used, so why not use them? Do you really want to pay full price for cereal when you have a coupon in your wallet to save $1.00 on it? To convince yourself that there’s no shame in using coupons, check out this list of (wealthy) celebrities who admit to using coupons.
There are a few things to remember when couponing, though. For example, don’t buy products that you don’t need just because you have a coupon for it. Also, be aware of the amount of time you spend couponing; you need to decide if the amount of time and effort you’re putting in is worth the savings. Of course, if your grocery store has a bulletin board of coupons or you receive coupons in emails from your favorite stores, you’re not really wasting your time because very little time went into searching for them. You can also use sites such as Groupon to save on products and your date nights! Think about it this way, if you use just one “Save $1.00” coupon every week, you’ll save $52.00 each year, that’s $520.00 over a decade. You get the point.
14. Turn Hobbies Into Income
What do the world’s wealthiest people have in common? They all love what they do. If they didn’t, they wouldn’t have lasted so long doing it. It’s much easier to get up every morning when you know that you’ll be working on something that you really have a passion for. So if you’re good at the thing that you love to do, you should try your best to make money off of it. A perfect example is famous musicians, who took their hobby of singing and playing instruments to the next level by recording albums and songs which could be sold. If you love to write, you can become a freelance writer. If you love creating art, you can sell yours by holding an art show. If you love to play sports, you can take up a job at a recreational center or work hard so that you can eventually play professionally. Pretty much any hobby that you can think of can be turned into a source of income somehow, even if it’s just by writing a blog or making YouTube videos about it.
13. Negotiate Your Salary And Bills
One thing that most books about saving money will stress is the art of negotiation. If you know how to negotiate properly, you can save money on bills and the things you buy and even get a salary raise. First, have a look at your monthly bills. Surely, you’re not paying the least that you can possibly be paying. This is especially true if the industry is competitive. In fact, we can almost guarantee that there are at least six bills you can negotiate down. You can save a ton of money by negotiating your monthly payments. Remember, it doesn’t hurt to ask because the worse that can happen is that they say no and you just continue on with the way things were.
One of the best ways to increase your wealth is to increase your income. Of course, you can do that by securing a better job or an additional job. But, this list is about how to increase wealth simply. So, just ask your boss for a raise! Well, first do some thinking and researching, then ask them for a raise. You want to make sure that you’re being realistic and fair. Also, be prepared to tell them why you think you deserve a raise (the amount of time you’ve been working there, your performance, etc.). You can find more tips on how to negotiate your salary here.
12. Price Match
Price matching is like the shortcut between couponing and driving around to 10 different stores just so you can buy the cheapest products at each store. We’ve all experienced it; we want to go to one grocery store to grab a cheap item on sale but another grocery store across town has another item we want on sale. So, we end up driving to both, wasting time and gas in the process, just to save a couple of dollars. The solution to this mess? Price matching. Not every store does price matching, so find the ones around you that do and shop there. When you come across items in flyers that are cheaper at other stores, simply show it to the cashiers and they’ll match the competitor’s price. Yes, it’s that simple and it will save you a lot of money (which you can invest) and time (which you can spend making more money). There are even apps, such as Flipp, that can assist you with this so that you don’t need to lug around a bunch of flyers.
11. Budget And Save Gradually
A budget basically puts a limit on how much money you spend each month. The first step to creating a budget is to know how much income you have. Once you know this amount, look at how much your expenses are. You can do this by simply having a look at where your money went in the last month or year. Then decide how much you will put towards each expense (bills, clothing, groceries etc.). You’ll notice that some expenses are fixed (for example, your monthly mortgage payments), though they may be negotiable. You’ll also notice that many expenses can be reduced and some aren’t even necessary (for example, entertainment). Be realistic about your budget; it’s best to go about it gradually. As Brian Tracy suggests, if you’re trying to save money, start off by saving 10% of your paycheck and living off the other 90%. You’ll find yourself adjusting your lifestyle to meet this goal. Once you’ve gotten used to it, start saving 15% off your paycheck and living off of 85% and so on. It’s also a good idea to open up a separate bank account for your savings that you never touch.
10. Invest In Your Education
Despite what many people seem to think these days, a post-secondary education is not useless. People with college degrees make significantly more than those without one, on average. In fact, according to the Bureau of Labor Statistics, in 2010, there was a difference in income of almost $17,000 over the course of a year between people with some college education and college graduates. There’s an even greater difference between those with no college at all and those with college degrees. Also, the unemployment rate for people with a college education is much lower than those without one. So, perhaps it’s wise to start saving up for a good education, if you don’t already have one. There are also plenty of bursaries and scholarships that you can apply for through your school and third parties that you shouldn’t miss out on.
9. Drink Water
Water is good for so many things: curing headaches, giving you clearer skin, giving you an energy boost and much more. If you committed to stop buying beverages other than water, you’ll find some surprising changes. First, you’ll notice that you’re directly saving a ton of money by not stopping at your local Starbucks and dishing out $5.00 per drink each morning or by not visiting your local bar every Friday night where you spend at least $10.00 on beer.
But, you’ll also notice that you’re indirectly saving money thanks to the wonders of water and cutting out crap like sugary beverages. Your health will likely improve, especially if you were an avid soda or alcohol drinker. This will save you money on medication and medical bills. Your skin will look clear, if it didn’t already, saving you money on cosmetics and skin remedies. Your energy will be higher since you’re not depending on sugary or caffeinated beverages to give you a temporary spike in energy and your body will be more dehydrated. This can lead to an increase in productivity (and perhaps more money). One writer outlines how his choice to stop buying beverages other than water saved him $67.00 per month.
8. Invest Your Money
Saving your money is great, but investing it is even better (if you do it right). At first, it may not seem totally simple to invest your money. And it isn’t—you need to know what the risks and benefits of your investment are. So, first you need to do some research and decide what type of investments you want. Once you get the hang of it, it will become simple and you’ll be earning passive income (i.e. you just need to sit back and watch the money flow to you). The richest of the rich are always very careful about investing and usually enlist the help of a professional advisor. They also favor the stock market, so that’s definitely something that you should look into doing, too.
7. Walk, Don’t Drive
If you need to grab a bag of milk from the convenience store down the block or a burger from the drive-through, do you walk or do you drive? Sometimes, we choose to drive just because we can (or because we don’t want to change our comfy pajama pants). But, it really is beneficial to walk whenever you can. Just like drinking water, walking has both direct and indirect benefits when it comes to saving money. Of course, you’ll save money on gas by walking (and we all know how expensive filling up the tank is). But, walking can also save you money in ways you may not have thought about. For example, if you choose to walk to school or work every day instead of driving, you won’t even need to pay for your monthly gym membership anymore because you’re getting your exercise by simply going about your regular routine. Walking also has countless health benefits, such as strengthening your bones and muscles, preventing diabetes and high blood pressure and more. So, you can save money on your medical bills if you start to walk more.
6. Use The Library
You may be wondering how the library can increase your wealth. Well, it’s actually quite simple. First, all materials at the library are free, so you’ll be saving your money where you may have spent it by purchasing these materials. More importantly, however, is that you can learn a great deal from those materials. If you pick up a personal finance book, you may learn some tips and tricks for increasing your income or saving more money. But, you may also learn a new skill which can be transferable to the work world, boosting your résumé and earning you more money. For example, in Canada, many employers will pay you more if you can speak both French and English. You can spend a fortune on French classes or you can skip over to the library and borrow some foreign language books and CDs.
5. Surround Yourself With Successful People
Having a strong network is one of the factors that make a millionaire. Even if you’re looking to increase your income by a few hundred dollars, you should make networking a priority, too. You can get started by attending more events or creating your own (Facebook makes this a lot easier for us to do these days). You can also join clubs or sports teams. Basically, you want to be social and have a large network so that you can help others and in turn, receive help when you need it. But, you need to be sure that the people you are hanging around are optimistic, successful and encouraging. Spending time with others who are like-minded, or are in a position that you would like to be in, also helps you to become more like them. You may pick up some of their good financial and work habits or be pointed in the right direction to help you to reach your goals faster.
It sounds rather odd: volunteering to increase wealth. How can you increase your wealth by doing something that’s unpaid? Well, volunteering is a great way to get some exercise and lift your spirits. It really makes you feel happier and more motivated when you’ve done something that has a positive impact. This can lead you to being more productive when it comes to working or entrepreneurship, therefore increasing your income. But, volunteering also gives you the opportunity to meet new people, gain new experiences and learn new skills (which, again, you can use to boost your résumé). This can open many doors for your career or may even lead you to a new career. In some cases, volunteering can even help to decrease your student loan debt.
3. Become A Minimalist
A minimalist is someone who likes to keep things very simple; they only have the minimal amount of what they need. Becoming a minimalist may not be the easiest thing to do, but the least you can do is try to simplify your life. Like, seriously, do you actually need 10 pairs of shoes? Probably not. The first step is to get rid of all the things that you don’t need. In doing so, whether you choose to sell them online or at a garage sale, you can earn some extra cash. Also, when you learn to enjoy what you have and stop being obsessed with material things, you’ll find that you’re saving a lot more money. People who are rich know that by trying to keep up with the Joneses (or, perhaps we should say, the Kardashians), you’re only going to end up broke. That’s why many of the world’s millionaires and billionaires are quite frugal. For example, Mark Zuckerberg’s closet is filled with multiples of the same, plain grey shirt. Of course he can afford a few Armani suits and a few hundred pairs of Jordans, but he realizes that those things aren’t actually necessary.
2. Get Promoted
It’s pretty much common sense: getting promoted at your job will increase your income. How do you get promoted, though? You first have to decide that you want to get promoted then you have to take the initiative. If you see an opening in your company for a position higher up than yours, don’t just sit there hoping that your boss will hire you. Apply for it! You have to seize whatever opportunities come your way before it’s too late. Show whoever is in charge of hiring that you’re committed to the company—work overtime if you have to. You can even take extra classes or use the library to learn some new skills that may be impressive for the position you’re applying for. Finally, don’t lose hope. If you didn’t get the position the first time around, try again. Persistence will get you far in life.
1. Invest In Your Health
True wealth means being healthy, happy and financially secure. If you’re not healthy, how will you be able to go to work every day or run your own business? If you’re not healthy, what’s the point of even having all that money since you won’t be able to really enjoy it? When you invest in your health, both mental and physical, you’ll feel so much more energetic and motivated to do more. You’ll be able to take on that extra project at work or start that side business you always wanted to start. You’ll be more upbeat when you’re socializing, attracting more people towards you. And of course, you won’t need to spend tons of money on medication and treatments for diseases. Some things you can do to start investing in your health are: exercise (this doesn’t necessarily mean you need to sign up for a gym, you can just go jogging at your local park), eat home-cooked meals (processed, microwavable foods do not count as home-cooked) and schedule time to simply relax.