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IN THIS ARTICLE:
- How to start tracking your cash flow right away.
- Unique ways to earn money quickly and how to earn passive income.
- 5 ways to start saving your money today!
In our world of chaos and uncertainty, there is one thing we all need: money.
Money keeps us alive, by allowing us food, shelter, an education, and most importantly, stability.
In this article, we will review a quick but important 4-step method of how you can start saving cash today, and help keep your family on a stable track toward prosperity!
Before we begin, be sure to download your FREE budgeting workbook, so you can start building goals and begin your path to financial freedom!
1. Start Tracking Right Now
Of any step, this is the most important!
One of the hardest parts of learning to save money involves admitting how much debt you have! Easy to say, hard to do.
What you need to be tracking is this thing called “net worth”.
Net worth is literally how much money (positive or the negative) that you have to your name.
This can include:
- Liquid cash
- Credit card debts
- Investment accounts
- Student loans
The reason this is so important is because saving money starts with understanding how much you have now so you can better realize how much you need to save.
To do this, there is a free app that’s available on your phone and desktop that can compile all your net worth, help track it, and give you guidance with investing and future retirement!
The app called Personal Capital is built for the beginner and both for young adults and older adults alike!
Be sure to check out my full review over this app to get a better understanding of why you need to download it today!
2. Start Earning Right Now
To save cash, you need to first start earning some cash.
But no worries, there are plenty of ways you can earn, and I’ve got a ton listed below and throughout this blog!
To start, let’s talk about passive income!
I have an article here discussing the difference between active and passive income, so be sure to check that out.
Life can get really hectic, so I’ll list out two scenarios and give some good options to start earning cash right away:
Option 1: You Don’t Have Free Time
- Survey sites are a super easy and quick way to earn a some cash each day. My two favorites are Swagbucks and Survey Junkie, but there are so many sites out there that can earn you tons of cash!
- Acorns is one of my favorite ways to earn money without even having to think about it! Seriously, though, it is totally worth your time to check it out and you can save hundreds or even thousands with a single app! Learn more here and get a FREE $10 by signing up!
Option 2: You Have Some Free Time
- Affiliate Marketing: Interested in learning more? I’ve got an article ready for you here!
- Blogging: Although this can take some time up at front, it can be an amazing option for long-term passive income! Check out this article for tons of info about how to begin a blog and earn money!
Click here to check out more passive income ideas!
3. Start Saving Right Now
Ready to start saving cash?
Here are my 5 top tips for saving cash quick:
- Try your absolute best to only pay in cash – you will be inclined to spend less!
- Use Groupon for every outing
- If you use a credit card, make sure it gives you cash back
- Use a budgeting app to track your spending (and don’t be ashamed if you slip on your spending!)
- Get an accountability partner. This is someone who will keep you motivated!
4. Start Protecting YOUR MONEY Right Now
Once you are on track with earning some extra cash and starting to save, it is critical that you start improving your net worth and your overall credit. Then we will talk about investing!
We already discussed tracking you net worth, so let’s dive into the importance of improving your credit!
Improving Your Credit
When you are trying to rebuild or establish your finances, keep in mind that the money you save can pay off debt and improve your credit rating. This is an easy way you can protect your money.
Related Article: How to Quickly Improve Your Credit
I personally use Credit Karma to get a free credit score check, but know that there are other options that will try to make you pay to get this free service!
Investing Your Cash
This is your end goal!
Once you save up cash, improve your credit, and are on a track toward financial freedom, be sure to start learning about investing!
Now, I write a ton about investing, but since you’re reading this article, you probably know very little!
I do suggest you start learning, because it is best to begin this journey with the end in mind!
I use an app called Robinhood, that gives you a free stock to start watching the market and gives you the opportunity to learn how to invest. Since it’s free, it’s completely worth your time!
Plus, it’s fun to watch your stock over time, and it’ll give you a great idea as to how to invest when you have more cash on hand!
*Full disclosure, this link belongs to a ThirtyEight Investing family member. When you use this link, they’ll receive a free share too! It’s a win-win!
So, what are you waiting for?
There are plenty of resources within this article that help give you an idea of how to start making money, saving cash, investing, and tracking this whole process.
It’s fun to watch money grow! Are you ready?
