Having a savings account can set you up for a more independent future. It can be your source of holiday funding, covering emergencies, or living comfortably during your golden years.
Although saving at a minimum of 5% of your income each month, there are several ways you can top up your savings. Some of these hints will require effort or research on your part, but it will be well worth it when you see your savings grow.
1. Find An Easy Side Hustle
There are plenty of side hustles you can do when you’re not studying or working, either online or offline. Although they won’t make you a millionaire, these jobs can contribute significantly to your savings account.
Ideas for side hustles include:
- Pet sitting or house sitting during holidays.
- Testing websites or mobile apps.
- Selling products on Etsy (you need an artistic mind).
- Selling your preloved items on Poshmark or ThredUp.
- Trade in your old electronics for money.
- Self-publish an e-book through Amazon.
- Become a driver for DoorDash or Uber.
- Become a tutor for high school students.
- Sign up as a mystery shopper.
Most of these side hustles are flexible and can fit into your schedule, allowing you to gain extra money when you have the time.
2. Invest In Crypto
Investing in cryptocurrencies will take a bit of research, but it can be highly rewarding once you get stuck in. There are two main ways in which you can make money from crypto.
The first is buying coins and holding on to them. You will typically buy crypto during a market dip when prices are affordable, and hold on to it as the market stabilizes and prices increase. Purchasing crypto like Bitcoin is straightforward. You can buy crypto with a credit card without having to verify your identity (source: https://99bitcoins.com/guides-and-tutorials/buy-bitcoin-with-credit-card-no-verification/), and it will be stored in your wallet of choice. After holding the coins for weeks, months, or years, you can sell them when the prices have increased. It is a long-term, passive strategy to increase your savings.
You can also actively get involved with cryptocurrency trading. This requires more time, and you will be actively buying and selling coins and tracking the market to make a profit.
3. Save In A High-Yield Account
Placing your money in a high-yield savings account means you will get a lot of interest on your deposits compared to a standard savings account. This will allow your funds to grow at a faster pace. The downside of this type of account is that there might be withdrawal limits and minimum balance requirements; however, if you’re saving for the future, then these won’t affect you.
4. Take Surveys For Money
Making money from home, or your dorm, is as easy as taking a couple of online surveys. There are many popular sites, like Survey Junkie or Swagbucks, that allow users to register and earn. Getting started is easy, and it will take just a few minutes to complete a survey. However, you won’t become rich from doing these. Surveys typically pay out only a couple of dollars or give gift cards to respondents. However, when you’re trying to bulk up your savings account, every cent counts.
5. Automate Transfers For Savings
Sometimes life gets in the way, and you forget to add money to your savings after your paycheck comes in. Most banks, fortunately, allow you to set up debit orders which will automatically transfer funds from your current account to your savings account on the same day each week. It’s best to set this up for the start of the month, after payday, so you can budget accordingly.
6. Become An Affiliate Marketer
This side hustle will only work if you have an established blog or social media network. You can join an affiliate network for most major brands, and then promote their products to your audience. If anyone clicks on your product link or uses your discount code to purchase a product, you will earn a commission.
7. Live Within Your Means
Topping up your savings account also means you have to manage how you’re spending your money, so that you have money left to save. This requires you to live within your means and not purchase unnecessary items.
You can still treat yourself to a nice dinner or a new outfit occasionally, but the point of saving money is to ensure you have a stable future. So, check your budget and ensure you’re not spending more than you have.
Wrapping Up
Being a student can be financially tough. You have to pay for your tuition, supplies, accommodation, food, and still have a social life. Luckily, adding to your monthly savings doesn’t have to be tough, as long as you take a little initiative and prioritize your finances.
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