3 Of The Best Ways You Can Invest In Your Financial Future (Today!)

When it comes to money, it’s all too easy to spend.

In fact, we just can’t seem to stop…but why?

There’s no denying that day-to-day expenses are on the rise, but there’s likely more to it than that.

Spending is that much more enjoyable that saving, for one.

And saving itself? There isn’t all that much glitz and glamour to be found in ensuring you have an emergency fund at the ready should the worst come to pass.

Unexpected medical bills?

Vehicles repairs?

You can worry about that later, right?

…probably not.

Not only does saving need a modern-day facelift, we need better financial tools, techniques, and methods with which to save our spare change. While I can’t necessarily do the first – I’ll leave that up to the masters of marketing – today I’m going to address the second, offering up 3 great ways you can quickly and easily invest in your financial future and boost your savings.

If you find you’re lacking two cents in savings to rub together, then this is the post for you!

And no, you won’t find any crazy scheme or useless ideas like ‘Just save more!’ below.

Instead, prepare for practical ideas that you can use today to save more for tomorrow:

1. Pay yourself first

There’s a secret at the heart of every successful saver, and it’s called ‘Paying Yourself First’.

Or ‘PYF’ for short.

That said, it doesn’t really make all that attractive an acronym, so I’ll keep calling it Pay Yourself First from here on out.

While the theory may sound simple, it’s also one of the most effective ways to ensure you’re saving as much as you can, and not just throwing away the extra dollar or two you have left at the end of the month.

To help, here are a few tips that make it even easier:

1. Make a habit of it

Instead of saving what little – if any – is left at the end of the month, pay yourself first by transferring what you know you can save into your savings account. This way those extra dollars won’t be lost to the temptation of impulse purchases or extra expenses.

2. Make it automatic

Too much on your mind to stress about money? Set up an automatic transfer using online banking so the money is moved to your Savings Account without you having to lift a finger.

3. Budget for it

Paying yourself first can feel scary; where is the extra money going to come from? To make this easier, start budgeting for these transfers in your weekly, fortnightly, or monthly budget. You might be surprised at just how little an impact those savings will have on your weekly living if you know you can’t spend it.

2. Invest time into turning your hobbies into money-earners

Do you find yourself dabbling in graphics design after work? Consider yourself a master knitter? Or are you a culinary Batman: office worker by day, master chef by night?

It just so happens you could be turning those hidden talents of yours into something that earns you a little money on the side that you can deposit directly into your term deposit or savings account.

Local Facebook groups and Fiverr are both great places to start plying your part-time trade. Love knitting? Consider an Etsy store. More of an arts & crafts guy? Look into local weekend markets. Enjoy writing? Then give UpWork a look.

No matter what your talent is, it’s likely there’s someone out there willing to pay you for it.

And if you’re gonna be getting artsy in your spare time anyway? You may as well make a few extra dollars out of it and boost your savings in the process.

3. Cut costs and slash spending on your own terms

Once you’re making a little extra cash, and have your automatic transfers in place, it’s time to take a closer look at your budget. Now I know what you’re thinking. You’re expecting something like ‘Quit eating out!’ or ‘Stop going to the movies!’.

But no! I’m not suggesting that you cut out those quality-of-life expenses like Netflix, your Avocado on toast, or your cups of coffee. Last I checked, finances, savings, and houses weren’t built from Avocado or coffee, and the idea that a few extra bucks a week is in any way going to help you make up for the massive increases in cost of living is more than a little absurd.

I agree!

Instead, what I’m suggesting you do is run your expenses through a bit of a financial health check, and decide whether there’s any way you can make cuts to what you’re paying for.

• No, you don’t have to ditch your internet connection, but perhaps you’re only using half of your download quota every month. In this case, a cheaper plan will save you money and keep you surfing.
• No, you don’t have to stop buying music, but maybe a free Spotify account will keep you covered for those daily tunes and save an album purchase or two?
• No, you don’t have to give up Netflix, but if you find you’re using one more than the others, maybe put those other plans on hold until something is added to their library that you actually want to watch?

These are just a few examples, but I think you get the point. While you don’t have to cut these expenses out of your life completely – bills and utilities are a part of life, and besides, where else are you going to binge watch your TV shows? – there are some regular budget health-checks you can perform to cut back in areas where you’re overspending.

How are you going to boost your savings?

The ideas I’ve explored today are just a few ways you can boost your savings, but they’re far from your only options.

My Debt Epiphany readers are an ingenious bunch, so I’m sure you have some great ways of your own to invest in your finances and boost your savings, so feel free to share those with us in the comments below!

And if you do decide to try those I’ve mentioned above? Be sure to let us know how you get on!

While it may seem scary at first, saving money is much easier than it appears. Dedicate yourself to checking your expenses, pay yourself first, and make the most of your money-making opportunities, and you’ll be well on your way to healthy savings and even healthier finances.