No matter what your financial situation looks like, always bear in mind that discipline is always the key to be financially stable and free. Learning to spend more or less than you can afford is also one of the keys to let your money work for you. Below are the most reasonable ways to let your money work for you.

CREATE A BUDGET

You may probably be hearing this a gazillion times now, but this strategy is very effective to allocate your money. So what should you include in that budget? 

• Fixed expenses, such as: 
  • Mortgage and Rentals
  • Childcare
  • Vehicle Amortization
  • Debt Repayments 
• Variable expenses such as:
  • Food and Grocery
  • Education expenses
  • Medical and Healthcare expenses
• Recreational expenses such as:
  • Personal care items
  • Entertainment
  • Shopping 
  • Eating outside

PAY DOWN DEBT

Being debt-free is so hard to do. Whether it's credit cards, loans, or installments, most of us will face some form of debt at one point or another. It goes like this: Every dollar or amount of money you use to pay down your principal saves you from having to pay additional interest on the total amount. Meaning you can be debt-free earlier than expected. 

Don't immediately fall into those marketing strategies of big companies wherein they will encourage you to buy the item in installments. Discipline is always the key!

INVEST IN THE STOCK MARKET

You don't need multi-billion dollar capital to invest in a stock portfolio. Also, if you don't have any idea how to start with you can check video tutorials on YouTube or research in Google. Companies like Google and Amazon having their four-figure share prices — with a much smaller investment. SoFi Active Investing, Robinhood, and Charles Schwab are among the brokers that offer fractional shares, you can also consider that.

CONVERT CREDIT CARD REWARDS TO YOUR ADVANTAGE

Most credit card companies offer specific cards along with rewards for spending. You can maximize your usage on the card especially as well if you are in buy and sell. If you pay off your entire balance each month during the interest-free period, you can avail all the benefits of these rewards without paying a single interest.

TRY TO CONSIDER ALTERNATIVE PASSIVE INCOME

By leveraging into another passive income that's one way or another to make your money work for you. You can try these options to maximize your earnings passively.

• Peer to Peer Lending - lending can be profitable but at the same time, it could be risky. Try to reach out first to some of your closest friends and offer to lend them money with 5% cashback interest.
• Consider time deposit - lots of banks are offering time deposits with a given period of the maturity date. You can check this one with your local bankers.
• Set Money Aside for Mutual Funds - this is one of the safest things as well to diversify your portfolio as there will be managers who will do the work for you. All you have to do is to wait and let the contracts mature.

You can try considering the above ways to make your money works for you. Share in the comments if you want to add more! Cheers.