Written By: Nic Bowen
We’ve found some top financial advisors to hand down their financial wisdom on how you can make some quick cash without taking any risks.
Save Your Change.
Ric Edelman, the Chairman and CEO of Edelman Financial Services, says that rather than use coins to pay for anything, we should be saving them. By saving all of our coins, we will be saving without taking any risk, and without any effort.
Edelman says that “using dollar bills — two dollars for an item costing $1.02, even though you have pennies in your pocket or purse — and collecting the coins, you’ll amass $30 to $40 every month, literally without even trying.”
Consolidate All Your Debts.
Debt has become a way of life in the 21st century. From student loans to credit cards and home and vehicle loans, we all need to make monthly debt repayments. One of the most common and risk-free ways of managing your debts and lowering your interest rates is debt consolidation
. This is a process whereby all of your different debts are combined into a single debt repayment, this saves you time by not having to manage individual debts, and lowers your interest rate by only having to make a single repayment.
Kathy Beckerman of UpSwing Financial Services says “consolidating one’s debts has become the simplest and fastest way of saving on interest while giving yourself peace-of-mind. It’s the 21st century equivalent of having a piggy bank.”
Combine Your Savings With Your Partner.
When you have more than a single person contributing to savings, this means more money and increased interest on that account. Whether it’s your partner, or friends and family, a joint savings account is an excellent way to strengthen your savings.
‘The Budgetnista’, Tiffany Aliche said "Work toward specific financial goals with an accountability partner... Money management is a team sport.”
Open A ‘Forced’ Savings Account.
Having to take savings action each month can be time consuming and difficult if you’re the type who likes to spend impulsively. Opening a savings account whereby a set amount is automatically deducted, and the money is inaccessible, is a great way to save without having to think about it.
Liran Hirschkorn, the founder of BestLifeQuote.com says you should, “Do something that forces you to save money automatically – Whether that is a 401k contribution, or automatic transfer from your bank to a savings/investment account. Set it and forget it, and soon enough you will be surprised at how much you have accumulated without even trying.”