5 Ways To Improve Your Finances Without Asking Your Boss For Overtime

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We’d all love to have more capital sitting in our bank accounts. But the thought of adding another 10 hours in the office to the working week is enough to make you cry. Thankfully, there are better options out there. 

Here are five of the best that you may wish to incorporate over the coming weeks and months. 

#1. Start A Side Hustle 

The reason you dread working overtime isn’t due to being work-shy. It’s because working 40+ hours to make someone else rich is more than enough. Instead of overtime, why not put your extra energy into building a business for yourself?  

In addition to gaining full control of the operation, you’ll get a chance to work on ideas that you feel passionate about. It could mean providing a local service (photography, hairdressing, wedding planning). Or you may want to launch an eCommerce store. Thanks to the use of remote freelancers and outsourced services, the firm can progress even when you’re not around. 

If things go exceptionally well, it could even become your full-time work at some stage. This would be the ultimate career change. Even if it doesn’t reach that stage, the time spent on this work will be enjoyable. Likewise, your main job will feel less stressful 

#2. Trade 

Sometimes in life, a little risk can lead to serious rewards. If you wish to increase your financial earning without actually earning, trading is a great option. When you get it right, this can become a passive income that easily surpasses any bank account interest savings.  

While a lot of newbies worry that they do not have the financial power to do this, the digital age has opened the door to far more versatile options. When you learn how to short Bitcoin, for example, it’s posslble to turn a profit from the fluctuating prices. Alternatively, you can join low-stake trading platforms or join syndicates. 

Cryptocurrency isn’t the only solution, either. Building a diverse portfolio of stocks, shares, digital coins, and more will give you greater flexibility. In turn, this enables you to manage your revenue streams with ease. 

#3. Reduce Your Expenses  

It’s easy to get caught up in focusing on ways to increase your revenue, but your financial health is equally reliant on the outgoings. Therefore, finding ways to reduce your expenses without sacrificing life enjoyment is essential.  

Lifestyle changes such as quitting cigarettes can be great for your health and happiness as well as your pocket. Meanwhile, you can start using price comparison and online voucher finders to cut costs. Another top tip is to end your obsession with ownership. Consider whether hiring agreements on cars, one-off outfits, and other items might be better. 

Finally, you should aim to avoid unnecessary interest costs, such as store card APRs. If you are already in debt, consolidation could be an important strategy too. If you’re still unsure, speak to a financial advisor and they’ll put you on the right track. 

#4. Sell Items

As well as trading non-physical products, many people find that selling real goods is a great way to gain a financial boost. Thanks to eBay, the Facebook marketplace, Amazon, and other platforms, you can do it all online. Alternatively, garage sales and local events are still great too.  

If you boast an in-depth knowledge of a niche product (collectible toys, antiques, memorabilia), use it. Grab a bargain and sell it on for profit. When you know how to flip products successfully, you can generate a good side income. Meanwhile, the assets you hold at any given time can serve as a safety net. After all, you could grab a quick sale should financial difficulties arise. 

Or, if you are simply interested in a quick cash injection, you can sell your unwanted junk. The average household will have a few grand tied up in products they no longer use. Someone else can get use out of it while your wallet gets thicker in the process. Perfect. 

#5. Use Home Investments 

Spending money may seem to be a counterproductive activity. However, investing money on upgrades for the property can be an exception to the rule. When you choose the right upgrades, the work can bring positive ROIs. You won’t see the financial benefits now, but you will one day. 

In the meantime, you can reap the rewards of a better home. Whether it’s reduced energy bills or added comfort and appearances doesn’t matter. When you focus on the right home upgrades, your relationship with the property will soar. Better still, your financial health improves too. Your status isn’t determined solely by your bank balance. 

It can be a very lengthy process ahead, but the rewards are too grand to ignore. Make this your big plan for 2020, and support it with the other ideas mentioned above, and you will not regret it. The road to financial freedom awaits. 

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