Like most people, one of your on-going goals in life is to save money. There’s only one issue: it’s harder than it sounds. When all your cash is tied up with bills and other necessities, it can feel like you’ll never achieve your goal. In reality, the day you start saving is closer than you realize. If you’re looking for extra money to pad out your budget, you might just find it in the following areas:
You don’t always have to owe the Tax Man. When you use your money wisely and file your taxes properly, you can orchestrate it so that you’re due a check from the IRS. There’s a long list of credits and deductions you or your family may qualify for that you weren’t aware existed. If you aren’t sure where to start, a professional tax adviser or specialty accountant can help you use these credits to your advantage. A representative from your bank can also advise you on the tax savings you can earn by contributing to your 401(k) or your favorite charity.
Are you earning your full potential? Most often the answer is no. Though it may feel like there’s no way you can argue for more money in your position, sometimes all you need is a different perspective. Let the experts at Workopolis show you how you can phrase your question in a way that increases your chances of convincing your boss you deserve a raise or bonus. If a raise, bonus, or overtime pay isn’t a possibility, you still have several options. This might be a sign that it’s time you apply for a new position with a higher earning potential. If the timing isn’t right for your ladder climb, you can try supplementing your income with a side hustle or part-time work in the evenings.
Sometimes your search for extra money isn’t because you want a bigger balance in your account, it’s because you need it to pay bills and other necessities. Financial emergencies happen all the time and range from small mistakes, like a parking violation fine or roaming charge, to big problems like a leaking roof or car accident. While insurance and lines of credit are ideal for large emergencies, you can get a payday loan online to help cover smaller ones. These short term cash advances provide an alternative to traditional assistance. Because they’re issued online from cash lenders like MoneyKey, they lack the same barriers that can delay or disqualify your application. An online platform lets these lenders respond faster, so you can tackle your responsibilities quicker.
A budget is an easy way to find extra cash. This financial tool helps you account for every dollar going in and out of your accounts. Without it, it’s all too easy to spend money without realizing you’re doing it. Check in with your budget to make sure you aren’t mindlessly wasting cash on things like coffee, takeout, or clothes you don’t need. Use a money management app to help you track your expenses if you aren’t sure where to start. You might just find a bad spending habit that unearths a lot of money once you eliminate it.
Another source of cash is the bank—but not in the way you might think. Many of the biggest banks require their customers to keep minimum balances to qualify for their services. If they can’t hit these targets, they’re stuck paying as much as $15 in monthly fees, plus more for other products and services. If you’re one of those customers the banks are charging, it’s time to look in no-fee online banks and other alternatives to these conventional services. You may be surprised by how much you can save over a year by simply switching to a free checking account.
So what if your pockets aren’t overflowing with cash. Just because you don’t have it in your hands now doesn’t mean you can’t find it somewhere else. Check in with these sources to see if they can help you locate extra savings. They’re quick, easy, and — best of all — profitable!