In this article you will find easy and simple ways to reduce your household bills and make your money go further. By gathering some tips in how to cut expenses in order to survive financially this unprecedented time and how you can invest your time to secure a better future.
We will also share with you useful tips how to create multiple source of income, which regardless on economic situation grantees a stream of money coming your way. For more useful during this dangerous virus Covid-19 check out our page where you will find some hint and tips how to make your time pass stress free.
What are the main expenses in my household?
First thought during these uncertain times is to make ends meet and limit your household bill.
Start by analysing all your expenses and what a skeleton outgoing looks like. Take last month bank statement and wright down all fix expenses:
- Mortgage or rent,
- House bills,
- Credit cards repayments,
- Car tax exc.
- TV subscriptions
- Online subscriptions
- Gym Membership
You may also find useful our article on the emergency food you should stock up with in case of a lock-down and tips on food storage to make your food last longer!
How can I reduce my household bills?
Now that you have identified all your expenses and outgoing, the second step is to grab the phone and start to make phone calls:
- Freeze the gym membership, (you can’t go anyway)
- Speak to the mortgage/rent provider, you might be able to apply for a 3-month mortgage holiday
- Reduce temporarily the credit cards repayments to a minimum payment or apply for a 3-month holiday
- If you had your phone for more than 24 months, then check if you can convert to a line only contract
- Cancel the unnecessary magazine subscriptions (you forgot about) and TV channels (like sports, all the major games have been postponed anyway!)
Once all this is done, then you will have a better idea of what amount is required every month to tick along. Don’t forget to add your food and fuel bill to the total.
If you can work from home then you are one of the lucky ones, many people on zero-hour contracts or self-employed will not have that income certainty.
The next step is to ensure you have enough savings or income to support your outgoings. In despair, look for opening opportunity, this crisis has open up a bigger market for supermarket work and the home delivery of food and goods is booming.
Most people are used to rush everywhere, all the time, but now we will have a lot of time for our self and perhaps it can be turn in future opportunity.
How do I generate multiple source of income?
“IN THE MIDDLE OF DIFFICULTY LIES OPPORTUNITY” -Albert Einstein
Who has ever thought that the day would come where we could not leave our houses due to the dangers of catching a deadly virus and becoming ill? From one day to other, countries all over the world have closed their borders and went into a lock-down.
Most of middle-class people who earn their money from a single source of income like a job had to stop…. We are all aware that there are other ways of making a living and whilst we have spear time we can focus on something productive for our future.
While everything stops, can you start something to strengthen your future financially? Have you ever thought to start a blog?
I know, like I always said until we started, I don’t know how to do it and I am sure it will require a lot of my time. Well guess what, you now have the time and we can address you to people that can help you to start and learn!
What are the different multiple sources of income?
I am not saying it will replace your current job from day one, however it will help with your household bills and other expenses.
Here are some multiple sources of income options to consider:
- #1: Start a blog. …
- #2: Take paid surveys. …
- #3: Investing for smart returns. …
- #4: Become a freelance writer. …
- #5: Market your online skills on Fiverr. …
- #6: Become a virtual assistant. …
- #7: Start a home-based business. …
- #8: Create an online course.
How to start a blog?
One of the easiest way to start an online business is to start a blog! Follow a few simple steps and you will be on your way:
- Step #1: Select a perfect niche for your blog.
- Step #2: Pick a domain name.
- Step #3: Get a web hosting account. We recommend Bluehost -affordable hosting platform which offers free support when you need it!
- Step #5: Select a WordPress theme to design your website.
- Step #6: Write content and promote your business.
- Step #7: Don’t for get to back up your site with Jetpack
Think of something that you have an expertise in or something you are passionate about. This could be anything, from food to travel, perhaps DIY or art and craft. Once you identify your niche….
You should be on your way… what if you are not tech savvy and don’t know anything about setting up a website… well, that’s how we started a few months ago.
We have started by searching different opportunities and looking at multiple sources of income. Ready to start something new, a new chapter to our life and something that we would be passionate about.
Obviously, wanting to spend more time together, rather then seeing each other late at night and being stress about the next day at work. Not being able to spend time together as a family… or take a trip every time our daughter was off from school. Offer her a better education in a private school.
Multiple source of income – I need more help!
Having spent quite some time watching videos and trying different things, we found it all a bit confusing but then we came across a FREE WEBINAR which lead to signing up to an online course which was a game changer.
Tom, Anna and their team are simply amazing. Their course can really get you started, with step by step instructions, guidance and advise. Even, have a Facebook group with so much support available to new bloggers. Nevertheless, we decided that our niche was food, most of the guidance applied to us.
Another amazingly useful course If you have a similar passion to us and love cooking is:
Which is focusing specifically on food blogs and have a very successful blog, Pinch of Yum. They also provide a full tutorial on how to set up a blog and improve your photography, video and social media engagement.
Depending on your niche and passion either of the above courses will set for success.
Self Education and Motivation
We focus on self-education a lot and listen to many life coaches like Tony Robbins who help you to decide and focus your values and what you really want to achieve in this short space of time we call ‘Life’!
So, give it a go, this time at home might be your opportunity in the middle of difficult times.
In this article we covered our tips in how to reduce your household bills and expenses. After spending all that time reducing your outgoings, we focused on the other ways of making money from multiple sources of income available online.
Share this article with your loved one and your friends who might be stuck and looking for a way out. Even after the coronavirus is gone the world will never be the same again.
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Good luck, stay safe and develop your future!
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