5 ways to quickly double your savings - ForumDaily
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5 ways to quickly double your savings

Photo: depositphoto

Photo: depositphoto

Fewer than half of young Americans under the age of 34 have over $ 1 thousands in savings accounts. This research data HowMuch.net. At the same time, economists think a lot depends on income. The higher the level of earnings, the more Americans tend to save a large part of their income.

Overall, the study's authors say, young Americans for the most part do not have a financial cushion for a rainy day. Usually, in case of financial difficulties, they turn to friends and relatives for help and use credit cards. However, economists consider these methods of solving financial difficulties to be incorrect. And they offer 5 ways to increase your thousand dollars to two thousand.

  1. Share knowledge

Students can earn good money by selling lecture notes on online platforms. A full course of lectures on the subject can bring up to $ 500. Use resources Study Soup and Udemy.

2. Find the lost money

No, you shouldn't look under the pillow. We are talking about the money that you could have received, but for various reasons you did not: unpaid part of your salary, royalties, unclaimed funds. Sometimes these amounts seem like pennies, but, according to the authors of the study, in 2015, $2,25 billion was collected in this way, and the average amount of “unclaimed funds” was about $800. Use MissingMoney.com to find out what you can expect.

Photo: depositphoto

Photo: depositphoto

3. Rent your stuff

If you are ready to entrust your things to strangers, then this may well bring you a lot of money. For example, if you allow someone to rent your car for just 5 days per month, this can bring up to $ 2.800 per year. For example, CameraLends connects photo equipment owners with amateur photographers, Spokefly allows you to rent a bicycle. Many items can be rented at Zilok.

4. Additional income

Rent out a room on airbnb or sign up for uber and give someone a ride on your way home from work. There are similar ways to earn extra money for designers and musicians. InstaEDU helps you find tutors, and DogVacay helps you find someone who will look after your pet.

5. Reduce waste

Disable a subscription to Netflix or Hulu, cancel unnecessary purchases, refuse, if possible, from traveling by public transport. You will be surprised how much you will save.

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