Make your money work for you

Following on from my recent blog post on financial check-ups, once you've reviewed your financial situation here are some ways to save money, earn additional income and make your money work for you

More money
Consider ways to generate additional income or earn extra money so you can boost your income, pay any bills or start saving. Be creative - think outside the square and try different options.

Passive income
Earn money and clear your home of clutter by selling unused household items such as clothing, children's toys, furniture, appliances etc... online, at a stall or garage sale.
It doesn't need to be a massive task or require large amounts of time - break it down by grouping into categories or selling one item at a time.
Activities such as re-gifting and swishing (clothes and accessory swapping) are gaining popularity, with thousands of unwanted gifts sold or exchanged online on sites such as TradeMe and iSwish.

Save money
Consider some form of personal savings such as Kiwi Saver, an interest-bearing savings account, term deposit or similar. If your finances are tight, start small - remember, every little bit counts.
When making essential purchases, look for sale and discounted prices or shop around and negotiate. Many retailers will give some form of discount if you ask, especially for cash (which often includes credit card purchases). Be assertive, firm and confident in your negotiations.
Identify any opportunities to reduce your spending or minimise your expenses e.g. growing, baking or making something yourself rather than buying ready-made or pre-packaged goods.
Save money by re-gifting to friends and family throughout the year (be careful you don’t re-gift to the same person).
Alternatively, consider donating unwanted or excess items to charities and other community groups. Whilst you might not receive financial rewards, the value of helping others can be priceless.

Need help with your money? Do you have parenting question you'd like answered? Email Karyn results@rileylife.co.nz