How can I make money?

Short on cash and need quick money? Don't bother with a payday loan read on to find out my quick and easy tip for getting some quick money now.

Earn easy money

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In the next couple of weeks I have some big changes in my life. I'm starting my first full-time job, I'm moving to London, and I'm travelling for a month around India. All these changes in my life don't come for free. Whilst my income is going up (as I explain in my article Budgeting a Salary Increase) my expenses have/ will rocket as well. I could do with as much money as possible to make this transition easier.

For many of us (although I would urge you to reconsider if you think that this is you) we have neither the time,the patience, nor the entrepreneurial spirit to make extra money on the side.

Another idea to make money requires capital. For example you could gain rent through owning property or dividends through owning high yield shares. Clearly these forms of generating income are more of a long term  method of gaining income. Alternative interest gaining financial products will be discussed in a future series of posts starting next week. These other financial products also require capital.

Other methods of increasing current cash flow is through frugality and budgeting. I would encourage you to read some of the following articles if you are looking for that sort of method of increasing your cash flow:

Getting quick money

Clearly I am more concerned, as I'm sure many of you are with extra money here and now. The first thing I would urge you to do is to start by analysing your assets just as I did in my quarterly review. As you can see I have £100 just sitting in a building society account earning very little. It was some money left over from an account that I didn't want to close (and so was required to leave £100 in it) some years ago. It isn't worth placing this in any other account because it is relatively small amount. I would gain much more use out of this money by transferring it to my current account to help me out in the coming few expensive weeks.

OK so there's the answer. You can generate quick and easy money by dusting off those old accounts. I get the feeling that some of you aren't satisfied with that answer and may feel that I mislead you. You will claim: "That's not easy money as it was mine to begin with!" Your claim is a fair one but let me ask you this: Is your life made any better by the fact that the small amount of money was sitting there doing nothing? Probably not. It is time to consolidate your finances this summer and make sure that you're utilizing all that you have in some way, whether it is earning interest or spending it.

Readers, do you have any random small amounts of money floating about? You should check. What else would you do with an amount as small as £100? Are there better things that I can do with it?

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Daniel - BestMoneySavingBlog said...

Nice one pal. Give me a shout if you need any help about London - I moved in November and absolutely love it!

Mr. Moneybanks said...

Thanks Daniel. Where abouts are you living? Any advice?

bamboo investments said...

If anyone has a bank or financial account with less then £250 in it, there are two questions to ask oneself:

1) One, if that is your only bank account, are you living too close to the edge so to speak, without a sufficient emergency fund?

2) If you do have other accounts, why leave open the one with minimal money in it? Either close it and pocket the extra money, or else just transfer it to one of your other accounts for consolidation.

Mr. Moneybanks said...

Bamboo Investments! You managed to make the point better than myself in a couple of sentences and it took me a whole post. Thanks for your contribution. You're welcome back whenever!