How to Increase Your Bank Account

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Everyone could use a few extra dollars on their savings account.

Whether your goal is to build a sizable retirement nest from which to comfortably live the remainder of your days, or to buy a new house or car, there are dozens of ways to put money in the bank without having to overthink or complicate things.

Here are six quick tips that will boost your numbers up: 

Work From Home

Working from home, especially during a pandemic like COVID-19, has two main advantages:

  • You save money by not having to commute or eat out.
  • You can easily fit a part-time remote job into your full-time work schedule which brings in more cash each month.

For extra work part-time, start by creating an account on platforms, like Fiverr and Upwork.

You can find tons of short-term projects that pay a competitive rate, from web designers and developers who create and maintain business websites to virtual assistants and accountants who manage appointments and finances.

Invest Spare Change

Modern technology allows people to invest any amount of cash they have in the financial markets.

Gone are the days when investing was reserved merely for the wealthy who could afford steep minimum account sizes and exuberant broker fees.

Platforms and apps like Acorns and Betterment, allow you to automatically deposit small amounts of money on a regular schedule and then invest it using their cutting-edge algorithms.

Lend Your Cash 

If you’re comfortable with taking on more risk in exchange for a higher potential return on your cash, lend it via P2P sites.

Peer-to-peer lending sites can generate as much as 15 percent return on high-risk loans.

The life cycle of these loans are usually shorter hence you don’t have to tie your money into a long-term contract. 

Sell Your Stuff 

With sites like Craigslist and OfferUp, you can sell on craigslist or OfferUp and get rid of unneeded stuff that’s just accumulating dust at a corner of your room.

The process is fairly simple – just take a few photos of the item, write a description, list your price and area, and wait for offers.

Aside from these digital platforms, you can also unload it by holding a garage sale. You’ll be surprised what people buy and sell nowadays.

In fact, it’s now possible to sell your closet or garage space.

Accommodate Travelers

You can rent out your spare room or couch through AirBnB or a couch-surfing site.

You can charge as much as $100 per night if you live in a prime location or area, such as near or in the center of a metropolitan area.

Erase Debt 

Left unchecked, your outstanding debt can prevent you from ever achieving financial security.

If you’re currently paying for multiple credit cards and loans, try to consolidate it into one payment to minimize interest rates.

Use a fast cash solution to refinance and pay off high-interest debt first. 

Use these six tips to add more cash in your bank account.

It doesn’t have to be a large sum of money, but it’s important that you consistently maintain these money-making and -saving habits to actually notice any effects on your monthly bank statements.

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