3 Places to find more money to invest

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It's easier than ever to start investing with a few US dollars. But if you hope to reach your long-term goals quickly, it helps if you can invest more than 5 or 10 US dollars here and there. You may look at your bank account and think, "I can't spare any more money to invest," but you'd be surprised how much money you can raise if you're willing to get creative. Here are three places you might find some extra money to invest.

1. Paying down debt

Debt, especially high-interest debt, eats up your budget and limits your ability to invest money. Paying off this debt can actually free up hundreds of dollars each month to invest in your future.

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If you have credit card debt, you can use a balance transfer card to pay it off. This will temporarily stop the growth of your balance so that all your payments go into redemption. But if you don't pay off the entire balance before the 0% APR phase-in period is over, the remaining balance will start generating interest again.

A personal loan is another option. This gives you a predictable monthly payment. However, the interest rates are slightly higher to reflect the increased risk, as these loans have no collateral – something the lender can take away and sell if you don't pay back what you owe.

Don't worry about debt with low interest rates, like mortgages. You can pay them off early, but it doesn't hurt to make your monthly payments and invest at the same time. There's a good chance you'll earn more from investing than you lose from interest payments on those loans, so for most people it's a smart decision to work on both goals at once.

2. Dividends

Certain stocks pay dividends to their shareholders, usually on a quarterly basis. Dividends are excess profits that companies pass on to their investors when things are going well. The amount you receive depends on the company, its current performance and the number of shares you own.

Reinvesting these dividends can help you grow your savings faster. Many brokers allow you to reinvest your dividends automatically so you don't have to do it manually. You still have the option to have your dividends paid into your account if you don't want to reinvest it all.

3. Sideline

When you start a side job, you have more income that you can use for pretty much anything, including investing. These days there are virtually endless ways to make money, so use your interests and talents. You could drive for a cab company, help companies create websites, or make and sell your own handmade goods.

Just don't forget the taxes. Part-time jobs usually do not have regular income from which the government can withhold taxes. So you have to remember to set aside your own money for taxes and pay it to the government quarterly or you could get a surprise bill at tax time.

Can you think of more?

We've looked at four ways you can find more money to invest, but this is far from an exhaustive list. Take some time to brainstorm a few more possibilities and then put your ideas into action. Do this activity at least once a year to see if you can find more money to increase your savings. You may be surprised how quickly you reach your savings goals.

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This article was written by kailey hagen in english and published on 12.07.2021 on fool.Com published. It has been translated so that our german readers can participate in the discussion.

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