Building up savings and a nest egg are in most people’s plans. However, they are also often the plans that are postponed the most.

Trying to stash some money in a savings account isn’t enough. Inflation rates can mean that your money is actually losing value if it isn’t growing at a higher rate. This is why it is so important to find ways to make your money work for you.

Let’s just pause to look at the inflation issue. At present, inflation is fairly low at around two percent. However, if your savings only earn interest at one percent, it means that your savings are decreasing in value (what you can buy with your money reduces) by 1% a year.

If inflation rises, the situation can be worse.

This is why it is so important to get as much out of your money as possible, and make your money work for you. By work, we don’t mean investments alone. Getting your money to work for you can mean everything from sorting your debts, to higher risk investments.

So, let’s get to it and look at ways to improve your finances.

Taking control of your finances

Ways to Make Your Money Work for You

These are not all the possible ways of how to make money work for you, but it should give you a running start. We have covered some of the core elements, as well as many lesser known ways to pump up your current finances.

  1. Don’t waste it – Budget! By creating a workable budget that you review frequently, you can stop money from being wasted and spend it better.
  2. Review EVERYTHING – Try and find deals or promotions for insurance, credit card balance transfers, bank accounts, TV plans, annual vs monthly prices etc. By reviewing these alone, thousands of dollars a year can be saved.
  3. Pay off Debts – Savings or investments are unlikely to outperform the higher rates of loans, credit cards, or mortgages
  4. Offset Mortgage Accounts – This way any money in your current savings account is offset against the mortgage, saving you fortunes in interest over time.
  5. Refinance Debts – Refinance your debts via a personal loan, taking out a lower interest, or even just by transferring credit card balances.
  6. Invest in a Pension Fund or 401k – in some cases, retirement payments you make will be matched by your employer (so your contribution could instantly double), although there are maximum investment amounts per annum.
  7. Savings Account – Setup transfers for automated monthly withdrawals, try to separate your bills, spending, and savings to remove that temptation to ‘spend a little extra’.
  8. Fixed Interest Bonds – These bonds normally provide higher interest rates for locked period investments.
  9. Whole Life Insurance – Life insurance that pays out a lump sum is the most common. At least, with whole life insurance you get insurance during the term and a decent interest rate return after a certain age.
  10. Peer-to-Peer Property Development Investment – These services normally provide loans to property development projects. It is often a little bit more secure than personal lending if the loans are secured against the properties being developed.
  11. Peer-to-Peer Business Investment – Many do this one to support new projects that they like. However, by lending to or investing in new businesses, you can also get nice returns and benefits.
  12. Investment Plan – Risks and costs are associated with this, but the right company and plan can help you grow your assets long term.
  13. Self-Investment – Invest by yourself. Creating your own investment strategies has never been easier. However, whether you win or lose is entirely on your shoulders.
  14. Crypto Currencies – This is a volatile market, but for the money you can afford to lose, it can also be a profitable one. The key is to research. Many are getting rich in this area, but it is also become more complex with recent government legislation, scams, and new coins.
  15. Automated Incomes – Often referred to as passive incomes, real estate investments, YouTube videos, affiliate marketing, and more fall into this one. Any income that keeps coming in, even when effort isn’t made. It might need an upfront investment or effort, but it will continue to earn you money even when you aren’t doing anything.
  16. Education – Investing in your own knowledge can increase your market value and help to secure a better salary.
  17. Create Your Own Business – It is a perfect option if you have a skill or product idea. Some businesses can be started cheaply.
  18. Silent Partner in a Business – If you have a friend with an incredible idea, investing time or money in it and getting ongoing returns for your initial investment can be a nice way to earn money.
  19. Rent out Assets – From a scooter to your house, renting stuff you already own can be a great way to get a return on it. Just be sure to check laws and insurance requirements first.
  20. Claim Everything You Can – It may seem like a hassle, but changing points into vouchers, getting support, or claiming tax refunds can really add up over time.

For all the above, we always recommend you do your own research and in some cases, consult a professional. The purpose of this list is to inspire you with options you may not have considered.

Many of these options can provide much higher rates of return than a standard savings account or help to increase your income. And, when you get good rates and more money long term, savings can eventually start to grow at considerable rates via compound interest.

Of course, if you don’t already have established savings, it might take extra effort to find the money you need to make things sway in a positive favor.

A woman with an empty wallet

Ways to make money with no money

We all have to start somewhere, and most of us have experienced a time where we needed more money, but couldn’t afford to spend or invest any.

When things are tight, you feel stuck as you don’t have the option to use money to make money.

This is why this list of ways to make money with no money at all can really help to get you on the right track to growing a more secure future.

  1. Request a Pay Raise – Especially if you now have new skills, moved up, took on more responsibilities, or have otherwise proved your worth.
  2. Arbitrage – This is the process of buying something at one price, and selling it at a higher price. With the internet, this process has become much easier. Services, products and more are being purchased on freelancer or classifieds websites, and then sold on digital marketplaces such as eBay for a much higher price.
  3. Mystery Shopper – It’s an old classic, but it is still around and still pays. Even more interestingly, you normally get a budget for the visit and payment. This can even mean testing resorts and restaurants, enjoying their food and services in the process.
  4. Consulting – If you have experience or know something really well, you may be able to advise someone else and get paid for it.
  5. Tutoring 1-to-1 – If you have specialist knowledge, you can get paid to teach someone that skillset.
  6. Quality Control – Often these are ‘seasonal’ and not steady incomes, but counting votes, checking documents, monitoring exams, checking produce etc. are all additional earning options available to people in certain professions.
  7. House Swaps – Exchanging your house can help you save money during your vacations.
  8. Foreign Exchange Programs – Allow someone to experience your culture while you get paid for having them stay.
  9. Webinars – Offering webinars is a great way to show your expertise and get feedback. Useful for promoting real world businesses, online courses, digital products, and more.
  10. Online Reviewer – From websites, to Google serps, there is a big demand to have online results and content reviewed by real people.
  11. eBooks – Writing them or selling other people’s books can both be good ways to earn more.
  12. Online Tasks – Freelance writing, data entry, reviewing websites etc. are all great ways to make money with no money from your home. Just offer a service that others need via one of the many marketplaces, or look for ads looking for help.
  13. Blogging – Owning your own blog can bring in a lot of earnings from ads (such as Google adsense, Bing ads and others), sponsored posts, lead generation and other sources.

Sleep while making moneyMake Money While You Sleep

You have probably dreamt about making money while you sleep, most likely in a literal sense. However, with the below offerings, the money will still be there when you wake up.

For some of these approaches, you will need to use money to make money in order to roll its growth even further.

  1. Earn from Ads –  There are many advertising companies on the web, and they’ll pay you to let them share their ads on your website, article site, social media, and more.
  2. Youtube – Most youtubers earn from advertising, or promoting products on their channel. You will need to grow a following, but it is possible.
  3. Affiliate Marketing – This is the process of driving sales to other companies, for either an ongoing affiliate percentage, or receiving a payment per customer referred.
  4. Lead Generation – This is similar to affiliate marketing, but instead of paying for the customer, companies will pay for each lead to an ‘interested’ person.
  5. Podcasts – Normally earning from sponsored content, donations, or sales.
  6. Online Courses – This works for both getting new skills to make more money, and also for selling your skills to others via digital courses. Digital learning marketplaces can help you to sell them.
  7. Sell Online – From online products, to hand crafts and things you already have, there are markets like Amazon, Lazada, and eBay to help you sell more.
  8. Create and Sell Digital Products – Websites, graphics, software and more can be sold online via websites, social media and marketplaces.

Woman walking down the road to success

Outtake – Is it Worth the Effort to Make Your Money Work For You?

However you choose to do it, make sure you use some of the above ways on how to make your money work for you, so that you can have a better future.

Even those that feel they are comfortable at the moment, could end up gaining thousands of dollars per year by doing this.

Imagine if you do really well and can spend some of that extra cash on something nice each year! It could mean holidays with the family, a nicer car, or a chance to cross off a bucket list experience.

The point is, by putting in the effort now, tomorrow could be far nicer than you currently imagine it to be possible.