As I’m sure you’re already aware, we are living in crazy times. Regardless of your political stance this has been a historic year. From world wide political tensions, Corona Virus, to the current USA riots. The governments are printing unprecedented amounts of money, and even giving some of it to the public.
But, all of things in combination seems to be a great thing for crypto adoption perhaps. When governments can print money at will, which will eventually cause inflation, people will need to find an option to protect their wealth and Bitcoin is a great option for that. Recently all over the news I have seen analysts even advise people to begin investing.
So what is the point of this article? Well, since March 12th, when the price of most crypto’s completely crashed, I have been doing as much as possible to accumulate the most I can. And I feel I’m probably not the only one with that mindset. Even now, as the prices of many cryptos have recovered and even increased, I’m still viewing it as a better investment option compared to Stocks.
So maybe for many people now, money is tight or scarce, but they still really want to invest in crypto before it is too late? How can we find extra money to invest and save money to invest?
Here are a few of my easy tips that I often use.
1) Budget, Budget, Budget
If you are lucky enough to still have a job, right now is a great opportunity for you to invest. But many people waste a lot of their income on things they don’t need to be spending their money on. The fix for this, is to budget everything. How much food money you have for the week, your coffee money, going out with friends, hobbies, rent, investing, anything and everything. Once you are seeing where all your money goes it is easy to find places you can begin to save money.
Easy fixes for my situation were as follows: I saw I was drinking far too much soda, (it was a lot) I then quit drinking soda during the week days, only keeping it as my weekend reward. This saved about $20 month right there. And I could easily invest that into crypto. Another way I saved money, was cutting back on my fast food/restaurant intake. Cooking at home and planning meals can save you quite a lot. This saved me more than $100 a month. For my hobbies, I enjoy playing video games. I used to always want the newest game on the day it is released, but often if you want a month or 2, the game will quickly go on sale. Since I’ve begun to wait, I have saved nearly $100 per month. So if you add those simple solutions from my life, I have been saving approximately $220+ each month just from budgeting. That is almost 1 full Ethereum coin extra that I can buy now.
2) Sell Things You Don’t Need
Recently I have become somewhat of a minimalist, realizing there are so many things in my house that I don’t ever use or need. Maybe there is an extra TV in your house you don’t use. Video games you don’t play or game consoles you hardly use. Some older smartphones that you could sell. Perhaps you have many clothes that you hardly wear. All these things can easily be sold for some extra cash. My places of choice for electronics/games is always eBay or amazon to sell. For clothes I often use a local facebook market selling feature, but sometimes eBay as well. Everyone has extra things they can probably sell and just by doing this in May I have raised $1,000+ extra that I could invest. Not bad for just selling things I wasn’t even using.
3) Finding Odd Jobs to Do on the Internet
There are several simple ways you can raise money on the internet, it is such a great tool to have at your disposal. Easy things that everyone should be using is of course the Brave Browser. If you use the internet a lot this can be an easy $5.00+ per month. Then of course PublishOx. Just from tipping the articles each day you will make an average of $2.00 per month. Again, free money. And if you are ambitious, you can create your own articles, which really can increase your earnings.
After that, there are survey apps such as Swagbucks where by just filling out surveys you can eventually earn some money. And just uploading recents can earn you more as well.
4) Pay yourself first
Maybe this seems odd to some people. But when you get your salary each time, of course set aside your money for the essentials, rent and basic food. But after that, be sure to pay yourself first. This means to first set aside your own money to invest, in your retirement, stocks, or crypto, whatever you like, but be sure to do it. Doing this each month is essential, compounding it. It is the secret to growing wealth. In my own situation I have found that if I do this first, even if I’m short on cash I can somehow budget the rest of things I need and turn out fine budget-wise for the month. Like I said before, budgeting is so important, knowing where each of your dollars is spent.
5) Part-time Job
While I’m sure everyone has already thought of this, it can really help. I myself prefer something that doesn’t keep me to a schedule. Because of this I like to do services such as UBER, or LYFT driving services, and even recently food delivery service have increased in popularity as well. During this just a few hours a week or month can help to give you a little extra money each month. Remember, compounding your investing each month is key.
While I feel these are all simple ideas, and maybe you have heard them before. In my case they work great and help me to be able to invest more than 50% of my income each month.
What ideas do you have? I would love to hear below, after-all, knowledge is power.