Lockdown in response to the global pandemic that we find ourselves in has affected the financial situation of many different people. Depending on how you feel about your finances, you might have decided that you want to build up a financial buffer or rainy day fund, should you find yourself in the position where you need a bit of cash to fall back on.
If this is the case, read on for our quick 2020 guide on how to quickly build up rainy-day fund, featuring tactics and tips that you can carry out from home in order to put a little bit more cash in your back pocket.
A good old-fashioned clear out
Being stuck at home day-in, day-out has probably made you think about some of the stuff that you could do without tripping over or taking up valuable space, and herein lies the initial method that you might want to try for making a little bit of cash here and there. With online apps such as eBay, Gumtree and Shpock, you can quickly photograph the old electronics, furniture or tools that you want to get rid of, and sell it on to make a little bit more money. You’re killing two birds with one stone here, as not only will it clear some room in your home, but it will also boost your savings, too.
This is good news particularly for those of us currently in a work-from-home situation, as it has been proven that a clearer workspace can aid with concentration and make it easier to focus in on the task at hand. If you take a look at some of the modern, minimalist apartment spaces offered by the likes of RWinvest throughout busy cities, this is the sort of look that you should aim to eventually get if you want to create the most productive WFH space, and you can quickly funnel the money made from selling old furniture back into this.
Rags to riches
Second-hand clothing in particular is becoming a growing trend online and amongst young people on platforms such as Depop. At the least it can become a great way for young people to make some cash back from their old clothes that they no longer wear, and in some cases, it can form a respectable business and income stream. By finding and repurposing old, designer clothing and photographing/cataloguing it properly, some young people are making thousands of pounds each month from this simple strategy.
Of course, not everyone will be able to become rich through Depop, but if you’re someone with a lot of clothes that you no longer wear and think might be worth a bit of money, consider downloading an account on a platform such as this and get started. You never know, you might have an eye for fashion.
Going through your finances
If all else fails, it might sounds like a no-brainer but simply going through your outgoing payments and purchases with a fine-toothed comb will allow you to figure out exactly where your money goes each month, which is always a good place to start if you feel confused by your bank balance on a regular basis. Many people have recurring payments that they aren’t aware of which can add up, and if you’ve got a streaming subscription or gym membership that you’ve forgotten about, this can quickly add an extra few pounds into your savings jar to help get you started.
