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The post 8 Sure Ways to Grow your Money appeared first on Cheap and Functional.
]]>Almost everyone is looking for ways to grow their money. It can be tough, but there are some things you can do to make it a little easier. Here are 8 tips that should help you get started. Keep in mind that different things work for different people, so find what works best for you and go from there! Good luck!
1. Ask for a raise
If you’re looking for ways to grow your money, then asking for a raise is a great option. Doing some research online or talking to recruiters can help give you an idea of what you should be asking for. Having data to back up your case can be helpful too, so make sure to track your achievements and keep records of your work. Timing is everything, thus pick the right time to make your request such as when you have a good performance review or when the company is doing well financially.
2. Build an emergency fund
The first step to financial security is building an emergency fund. A rainy-day fund will help you weather emergencies and periods of economic hardship, such as job loss or a major illness in the family. It’s also good for unexpected expenses that pop up without warning (like car accidents). The best way to build this kind of savings account? Start with creating monthly budgets so each month can have its designated amount based on what feels comfortable for living and then stick strictly by those numbers!
3. Keep a budget list of 5 easy categories
When it comes to budgeting and growing your money, one of the most important things to do is to create a plan and stick to it. Try creating a budget list with five easy categories: needs, wants, savings, investments, and debt payments.
- Needs are your living expenses that you cannot avoid, such as rent, insurance, groceries, utility bills, or a car payment.
- Wants are costs that help you live more comfortably like dining out, movies, streaming packages, or alcohol.
- Savings refers to money you set aside each month in case of an emergency.
- Investments are any type of financial move that can grow your money over time, such as stocks, bonds, or real estate. Education is also considered an investment as you could bank on it to grow your skills and demand higher pay eventually.
- Debt payments are what you pay each month to reduce unwanted debts.
The key to growing your money is to make sure you’re regularly putting money into each of these categories. You may have to make some sacrifices in the short term, but it will be worth it in the long run.
4. Pay Off Debts
The best way to reduce your debts is by paying off what can be paid immediately. This will allow more money for future expenses and help avoid the interest charges which could add up if left unpaid! Clear off debt from one credit at a time; roll overpayments to another credit after each completion so that debts are settled in a much shorter period.
5. Use cashback when shopping
Cashback is an excellent way to save money on your purchases. When you shop online, you can earn cash back on every purchase you make. This cash comes back to you in the form of a rebate, which is essentially a discount on your total purchase. A percentage of your purchase price back as cash can be used to make additional purchases or saved for later. Cashback offers vary but typically range from 1-5% of the purchase price. This may not seem like a lot, but it can add up over time.
6. Choose banks with higher interest rates
If you’re like most working individuals, you’re always looking for ways to make your money work harder for you. One way to do that is to choose banks with higher interest rates. You might not think it matters much which bank you use, but your choice could mean the difference between earning a modest return on your deposited funds and raking in significantly more cash. So, before you choose a bank, be sure to compare interest rates and go with the one that offers the best deal.
7. Avail of 5-year tax-free savings programs
Saving for your future can seem daunting, but it doesn’t have to be. Participating in a tax-free savings program is a great way to start building up your nest egg. MP2 (Modified Pag-IBIG 2) Savings and Personal Equity and Retirement Account (PERA) are examples of 5-year tax-free savings programs that are easy to set up and provide competitive interests rates over regular savings accounts.
8. Have a side hustle
In this economy, it’s not surprising that more and more people are turning to side hustles to make extra money. A side hustle is a secondary job or business that you do in addition to your regular job. It can be anything from freelancing to car washing to selling products online. If you’re thinking about starting a side hustle, be sure to find one that fits your skills and interests. Who knows, it could easily become your ticket to financial freedom!
There you have it, 8 tips to grow and improve your finances! Some of these may be easier than others, but all will help get your money working for you. So, what are you waiting for? Start implementing today and watch your savings grow!
The post 8 Sure Ways to Grow your Money appeared first on Cheap and Functional.
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The post Exploring Rental Possibilities appeared first on Cheap and Functional.
]]>So you wanted to use your home as one of your income sources while you are away, but you don’t know where to start? Here are a few steps to help you turn your home into a rental property.
Know Your Numbers and The Law
Before you consider using your home for rent, know your numbers. How much will you charge for rent? Consider your investment in your property. Take note of your mortgage repayment, utilities, maintenance and repairs. That can be your basis on how much you will charge for rent.
Is your property with or without furniture? Most tenants would prefer a fully furnished home so consider this expense as well to factor in your rent charge.
While it will be a year since the country has been in quarantine, you may also take into consideration the financial status of your potential tenants.
Read on the Rent Control Act when preparing your terms on charging the rent and how you would charge your tenant.
Identify Your Target Market
Next is consider your target market. Where are you located?
Is your property located in the suburban area or within the central business district? Is your area near a school, public facilities, office or other properties? Are you surrounded with residential high-rise buildings, condominiums, business offices or apartments?
Who will be your prospective client? Is it a family? Expat? Or expats with family? How old is your target market? Is it the corporate CEO or an associate? How much is their salary range?
Look At Any Necessary Improvements In Your Property
So you have identified your target market, and you saw that your location may be favorable to a premium tenant. To ensure you get your ideal client, maybe have an updated theme suitable for high-end clients: maybe a minimalist or industrialist look would be a good upgrade in your property.
You may also consider turning your property to a renewable, efficient and sustainable unit. It may be expensive at first, but the benefits outweigh the costs.
Get Social
Now that you have considered your charges, your target market and your possible upgrade, consider where will you post your property and how will you even reach your target market. Time to get social!
Social media plays a major role these days to reach potential clients even with properties. As of January 2021, the Philippines stay on top spending their time being on social media for 4 hours and 15 minutes and with the pandemic, more and more people are using social media to connect.
You may also need to polish on online marketing skills when it comes to the look and feel of your social media. Timing and virality of the posts will have an impact on your call to action or sales conversions.
Grow A Community Than Hard Sell Your Property
Reaching to your immediate community is still a big factor when it comes to meeting your prospective market. You may sponsor an event or an activity in your community to build awareness to the public, unless you want it as a private property. If so, word of mouth is still the fastest way to spread the news and there is a higher chance you will get your tenant.
But also remember, you are not just out there to search for your ideal tenant by selling your property, you are also selling the environment that surrounds it. The area where your home is may have a park, a sports complex, a public library, a nearby mall or have a spacious parking lot, and other familiar landmarks. This way, your property will be more favorable than ever.
References:
R.A. No. 9653 or Rent Control Act of 2009.
PH Remains Top in Social Media, Internet Usage Worldwide.
6 Marketing Strategies That Will Help You Rent Your Property.
Q&A: I’m Planning to Put My Property Up for Lease. What Do I Do?
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