This blog post is sponsored by Radius Bank, who also provided the compensation for it. However, the opinions here are solely mine.
Facing a financial crunch often prompts us to seek ways in which we can better our finances, one of which includes reducing our household expenditures. But there’s only so much you can slice off a budget. Necessities such as food, accommodation, transportation, and other basic expenditures are essential to lead a comfortable life. Yet, that doesn’t imply that all is lost.
An alternative approach is to seek ways to enhance your income. Here’s a exploration of some of these strategies:
1. CREATE AN INTEREST-GENERATING CHECKING ACCOUNT
You can also escalate your income by establishing an interest-generating checking account. This option is often overlooked by those who don’t have a large amount of money lying idle, as most banks require a high balance for such an account.
But with Radius Bank, you can commence a Radius Hybrid Checking account merely with $10! This essentially allows you to earn 0.85% interest on any amount exceeding $2,500.
2. ESTABLISH AN EMERGENCY FUND
Forming an emergency fund can also potentially enhance your financial scope. This might appear counterintuitive at first glance, but it can actually be financially beneficial.
Setting aside money for unexpected financial emergencies can prevent you from resorting to credit cards, which can lead to high interest payments and exacerbate your financial issues by adding more bills to pay every month.
However, if you save a bit each month for an emergency fund, you can avoid paying these interests entirely, as the funds provided can be used when needed.
3. INVEST IN YOUR KNOWLEDGE
Investing in your education can also be an avenue for enhancing your finances. This doesn’t necessarily mean going back to formal education.
For instance, acquiring new skills from a friend, family member, or partner, and then applying those skills in your business, or a better job, can create more income.
Also, the Money Management Academy from Radius Bank provides free financial education resources!
4. FOCUS ON CAREER GROWTH
You can also improve your finances by investing time and energy in your career. Seek additional training or improve your performance to get a promotion or raise.
A career change or different employer might also prove beneficial in furthering your career and enhancing your income. It’s important, however, to enjoy what you do, as job satisfaction often leads to better performance and subsequently, higher income.
5. DEVELOP A SIDE BUSINESS
Creating a side income or small business can be an effective means to boost your income. You could choose to do this for a limited time, or as a long-term solution to stabilize your financial situation.
6. SETTLE YOUR DEBTS
Paying off debts can also be an effective way to enhance your income. Less debt corresponds to more income available for other things like investments.
To pay your debts quickly, it’s recommended to avoid common errors and develop a strategy that works for you.
7. INVEST FOR THE FUTURE
Lastly, once all other aspects are under control, you can consider investing in your future. There are several investment alternatives available.
Are you actively engaged in any of these means to enhance your finances? How do you ensure that your money is working hard for you?
