There comes a point in almost everyone's life where they are broke and have no idea how their savings and earnings vanished so quickly. It's not easy to get on the right track on the first go. Luckily, there are a few hacks that can help you get there. Here are five things that helped me:
1. Analyze Your Biggest Bills
Of all the debt that I was in, my car bill had to be the most gruesome. To channel and analyze where my money was going, I had to make a note of where it needed to go.
Car insurance companies make a lot of money from their longest customers. They have this notion, which is most of the time is true, that once you have joined a car insurance company, you're going to stick with them until the end of time. And so, they end up charging whatever premium they want.
You can use apps such as QuoteWizard to compare premium rates and get the best premium rate according to the state that you live in.
2. Create A New Income Stream
I created an income stream of $30 per month, which isn't enough in the long term, but it helped me to pay for some of my monthly necessities like water and trash. What's important here is that I made $30 just by watching a couple of videos and taking surveys.
A lot of these surveys end up being quite fun, so you end up earning some cash while enjoying yourself.
3. Keep An Eye On Your Loans And Debts
In the long run, keeping a check on the big bills, such as credit card debt, is going to help you out in saving a lot of dollars. Since any interest you pay is a waste of your hard-earned money, it's always better to keep a check on debts and loans.
For me, I used Chase Slate to reduce my debt with a balance transfer card, which helped me chip away money from the actual debt. This way, it cost me far less money than it would have otherwise.
4. Drive Along With Uber To Get To Work
Out of various tricks in the market, if you, like me, want to step up your income and still have some flexibility, just drive with Uber.
Uber has a feature where you can select your destination and pick up a ride that was going in the same direction. Doing this for no more than 3 to 4 days every week, I ended up making almost $275 at the end of every month.
According to Uber, the national average in May 2017 was about $594.40 per week. That's an incredible amount for such flexible work. This is extra income with not much extra effort on your part.
5. Dispute Incorrect Items On Your Credit Report
If by any chance, like me, you do not get along with your landlord, you might end up with something on your credit report. Landlords do have the final say when it comes to reporting you to the credit bureaus.
For most of us, it isn't easy to dispute credit report problems. But due to a new and completely free product created by Lending Tree, this work just got easier. I found out that I had a lot of hard inquiries that were supposed to come off my credit report. Too many hard inquiries can end up damaging your credit, so it's important to keep track of them.
Everyone is always looking to earn as well as save money. The quicker you are in adopting these strategies, the more you will end up saving in the coming years. Stressing about managing your finances and debt is a waste of time and energy -- instead, it's better to look for alternatives to save.