How To Save Money and Earn Extra: A Short Guide

How to Save Money and Earn Extra: A Short Guide by: Dan Cavalli Business and Money Strategist

Saving one's money is one of the key elements to survival. This will establish future security, peace of mind, and happiness. Money isn't something that one places under the ground and waters, and in a few weeks becomes a tree and bears more money. It is something that (most) people work very hard for, and it is the tool used to obtain certain needs and wants.

The key elements are discipline and perseverance. Without these two, then life will be like that of the grasshopper in that old fable fun under the sun, and when the rain comes, dies because of hunger and cold. Here are some very basic ways on how to save money and also boost the nest egg by earning extra.

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Learn Bank Talk. Everybody's familiar about the ATM checking account and the passbook account but there are other means on how to stash money in the bank and keep it there while its earning even just a little bit more money for the saver (it's called compounding interest).

The ATM account where the salary is usually reeled into has an almost insignificant interest compared to the passbook account, but the latter isn't so great as well. Try these two options Ti m e D e p o s i t s - t h e money will be held back from the saver for a certain amount of time so the saver has to be sure that the money will not be needed immediately.

The interest rate is particularly better than the first two mentioned though one has to trust that the bank has insurance because if they go down, so will the saver's savings. It's best to check out different banks before placing one's money into it.

Treasury Bills - T-bills are government secured. They're like the time deposit account but are much safer due to the government's money back guarantee.

The time frame for not being able to touch the money is, for the most part, much longer than the time deposits. There are plenty more options to keep savings in. The bank officer can give a variety per bank so it depends on the saver.

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Don't stick to one job - do some moonlighting!

Sometimes one or two jobs are already stressful, yes, but if the saver has some spare time, he or she can dip his or her toes into some freelance jobs. There are a variety of options especially on the internet.

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Before involving oneself into a freelance job online though, make sure that it is legitimate. The easiest way is to check online on a search engine to see if people have reported it as a scam or not.

Many websites offer article writing, transcribing, or even tutoring English.

Other sidelines can be selling baked goods, making beaded jewelry and selling them online, and becoming a party planner.

Are you looking for work?

Home Jobs Are Available On The Internet

Consider the Stock Market. It sounds kind of scary, but careful savers should study a lot about it and listen to advice from the experts before dipping their toes in.

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Try this Cash Flow Tip. If the saver has money flowing in from his or her primary income, and extra from moonlighting, then he or she can try saving 30% from the primary income (the main earning job) and use the rest for basic needs such as the rent, food, and the bills.

50% of the extra income from moonlighting can be saved and the other 50% can be spent on wants.

That way the savings account is boosted but wants can still be met.

You can use all these strategies to save money but it means nothing unless you can sustain and continue to save successfully for the long term.

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About the Author DAN CAVALLI’s noted by the “Financial Review” as one of Australia’s “Internet’s Untold Millionaires”. He is also the author of the internationally sold financial book, "Blueprint for Making Millions."

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