We’ve all heard the phrase ‘you have to spend money to make money’ – but is it true? You don’t always have to spend money to make money. There are some great ways you can make cash by simply using what you already have at your disposal, whether that’s a lawn mower or a laptop. However, for the most part, you do have to spend at least a little money to be able to make more of it.
Below, we’re going to outline 12 ways you can spend money to make money. Take a look and you might just get a whole new wave of ideas!
1. Start Investing
Investing is a risky business, so you need to remember that as you go about your investments. You’re not guaranteed to make money when you invest, so an attitude of ‘set it and forget it’ is usually important. There’s a place for everybody in the investment world, whether you have $10 to spare per week or much, much more. All you have to do is start investing as soon as possible to enjoy the magic of compounding and give your money the best chance of growing!
2. Invest In a Course To Expand Your Skills and Knowledge
Investing in yourself is a great way to make more money – you’ll become a more desirable employee, and likely be able to think of other creative ways to use your skills to make cash. You might even come up with ideas for a business of your own, or passive income streams, depending on the course you do. You could do a course on a specific skill, such as web design, or you could learn more about making money online. Whatever you decide, you are going to be giving yourself the skills needed to make more money!
3. Use Cashback Sites
Cashback sites are effective when you use them on occasions you were going to shop – not for the sake of using them. You can usually use them with a plethora of shops, from clothing shops to supermarkets. All you have to do is click on your chosen cashback site, and then find the store you want to shop with through there. Make your purchase, and your cashback shouldn’t take long to track. It may take a while before you can withdraw it, but letting it build up is usually a good idea.
4. Trade Cryptocurrency
If you didn’t already know that cryptocurrencies are on the rise, you must be living under a rock. Trading them can be risky, just like any other investment, but there’s a plethora of information on it out there that can help you. Educate yourself before you dive in. Consider making this a course you invest in before actually setting out to buy bitcoin with PayPal so that you can be confident in your methods.
There are over 3,000 cryptocurrencies in existence, but only a few of them are worth buying.
5. Start A Business (If You Haven’t Already)
You’ll usually need to spend money to start a business, and providing you do your due diligence before starting, you should be able to make money. A business requires consistent money put back into it if your goal is for it to grow and expand and continue making money in the long run.
For example, SEO for small businesses can go a long way to bring in new customers, yet it takes an initial upfront investment.
A business isn’t something you should do without prior research, but nor is it something you should put off until you have researched every single resource out there. Many people use the latter as an excuse to put off starting their business, and it means they never get started. Be smart about what you should know before you begin and what you can learn as you go.
6. Write An Ebook
Writing Ebooks can be a lucrative source of income if you enjoy writing. It doesn’t matter if the books are fiction or non-fiction; write about what you love, market your books properly, and you should be able to make money while you sleep – true passive income! However, there are strategies you can use to make sure your book actually sells. Take a look below:
- Do some keyword research to figure out what people are actually looking for
- Make sure your book is high quality so that it gets good reviews
- People shouldn’t judge a book by its cover, but it will help you to have a great cover designed
- Have a marketing strategy for your book – you might want to have your book on the kindle store for free, before making your next installment $0.99 for example.
7. Sell Your Arts And Crafts
Love arts and crafts? Sell them! Whether you love to paint or make jewelry, this could be your very own lucrative side gig. There are all kinds of online platforms you can use to sell your items, without the need for a fully fledged website (although it might be a good idea for you to look into this later on).
8. Make YouTube Videos
To make high quality YouTube videos that people want to watch, you don’t need all that much. Decent lighting, a decent camera, sound equipment, and good editing software are used by the pros, but some people get away with just using their iPhone and a good spot in their home. When starting out, it’s probably best that you don’t focus on the specific. You can just get a feel for the gig, see whether you like it, and if you do you can then make higher quality videos. You can make money if you consistently put out videos that are being watched, but bear in mind that it can take time to build up a following.
That being said, it may only take one informative or entertaining video for you to go viral! Stay positive and make sure you enjoy the work and the money might just follow.
9. Develop an App or Software Program
If you know how to program software, you could think about developing an app or even a software program. This might be an app for having fun, or software to meet business needs. You can get ideas by checking out what is trending on the app store.
You can even do this if you don’t know how to program. You can find freelancers who will do the work for you, give them a one off buy out fee, and then market your product and make money from it forever.
10. Open A Savings Account
A savings account can be a really simple way to make money – and you’re not even really spending it, if you think about it. All you have to do is deposit money (it can vary depending on the bank), and you may be able to get money just for joining. Some banks will give you and a friend money if one of you referred the other, while some may surprise you by reimbursing a purchase you have made that month. Banks are doing all kinds of creative things to get you to bank with them these days.
11. Start A Blog
Starting a blog can be a little less intimidating than starting a vlog, and it’s great for those who enjoy writing, too. You can get a free domain name and perhaps can get a free web theme or design that is unique so you can differentiate yourself from other bloggers. You might want to invest in a high quality cameras to take pictures, too, but you might be better off doing this once you are sure your blogging endeavour will last. It doesn’t last for many people, as you need to be consistent with it to be successful. Start off with your phone camera and go from there.
You may be able to make money from ads, sponsored posts, and even receive free gifts.
12. Share Your Home With An Airbnb Guest
If you have spare space in your home, you could list it as a short term rental with Airbnb. You can make money fast this way, and it could cost as little as investing in some cereal and buying a new duvet cover. Making sure your guests have a fantastic experience is a must; they’ll give you a wonderful review, and you’ll then get repeat guests. You should enjoy hosting if you’re going to be sharing your home with somebody – or, you should get out of the way and let them have the whole place to themselves. Make the most of all of the information out there that can help you to become a host for Airbnb. Or you can make money renting out your car.
The above are just a small handful of ideas that you can use to spend a little money and make a lot more money. With most of the ideas, you have to be consistent to get anything from them. However, if you are, you should enjoy more cash in your pocket and a lot more satisfaction from life!
Do you have any ideas? Leave them below!