Increasing your money supply is pretty simple if you look for opportunities although I’ll be honest and tell you that it’s going to take work but it’s so worth it.
This is how we funded our journey to debt freedom and if you’re serious about your finances take a look at what we did to optimize our money supply.
Since becoming debt free including our mortgage in May 2014 there have been many times readers have wanted to know how we are able to increase our net worth so much.
Honestly, there are months we see our money supply go up and months where we see it go down such as December of last year when all of our investments took a nose dive.
Thankfully our retirement investments have pulled through and are earning more money than they ever have which helps keep our net worth on the incline.
5 Ways To Increase Your Money Supply
I wanted to keep this simple for all of you but offer you the resources that we use to increase our money supply and have done for many years.
Some of the resources may be programs you have to apply for or tips for saving money by utilizing programs to help customers lower their overall household expenses.
My number one tip for increasing YOUR money supply is to READ and Network with like-minded people.
If you are interested in a topic and not sure how to go about something learn everything you can and work towards your goals like I did with this blog.
Pay Your Debts
The number way to increase your money supply is to decrease the amount of money that is going out each month. That means if you are paying interest on top of interest you’re blowing money into thin air.
For many of you that might be money that you don’t even have which keeps you in the minimum payment cycle for many years.
This can be heartbreaking especially if you really want to get out of debt fast and onto brighter roads ahead.
Once you increase your money supply and pay off debts in full you’ll slowly see that you have more money in the pot to play with or move around to pay other debts.
It’s simple to understand that paying off one debt leads to having extra money to put towards another which is why the snowball method of paying debt appeals to so many people.
The idea is you pay the smallest debt first while paying the minimum payment on the larger debts and eventually you’ll be debt free.
Cha-Ching, you’ve just increased your money supply.
Budget Your Money
Budgeting is an obvious way to increase your money supply because it gives you an accurate picture of the amount of net income coming in and the expenses going out.
Once you get control of your monthly budget you will be able to gain control of your money so you’re not overspending when you should be saving.
When you save in one area to pay off another you’re still increasing your money supply little by little.
You may not be out of the red but at least you’re working towards it.
P.S Don’t pay for a budget online or any apps when you can get all your budgeting needs at CBB for FREE.
They aren’t as fancy as those apps but damn they work and we’re proof of that.
Earn Extra Income
I often tell everyone that if you aren’t paying your bills on time, spending too much money or your budget just won’t balance no matter what you do then you need to earn more cash.
The only way to increase your money supply is to get a second job, start a business, cash on the side, sell stuff you no longer need or give up stuff.
I wish I had more answers for you but there really isn’t any. This isn’t about investing to increase your money supply either.
It’s merely a way for you to cut your costs in the present so you have more for the future.
Some of the ways we earned money over the years above our monthly net income may seem tedious BUT we saved money and we are debt free. It made all of it, worth every minute invested.
- It’s a WIN WIN… Sign up for Swagbucks Today…It’s FREE, we have it and LOVE it.
- If you love to earn extra cash Sign up for Survey Junkie. You earn Points for taking Surveys and earn gift cards for your time.
- Earn Extra Cash when you shop online. Sign up with EBATES Canada and receive money back when you shop! So far we’ve received hundred’s of dollars back in Ebates money just for shopping online. YES it’s TRUE!! I have the cheques to prove it. 🙂
- Don’t miss the savings by signing up for Checkout51 and other Coupon Apps.
- Honey Honey is a browser extension that automatically finds and applies coupon codes at checkout with a single click.
- Great Canadian Rebates
- My Points All payouts are made through gift cards to Amazon or other leading retail companies.
- Credit Card Comparison Widget For Canadians – Compare the Best Canadian credit cards before you apply. The best credit cards offer you the best deals and interest rates. We have over 4 million PC Optimum points with our PC MasterCard and love it.
- Believe me when I say joining the Nielsen Homescan Canada panel for FREE will open up a window of rewards to you.
There are always people looking for you to participate in something so look on Kijiji and source businesses in your area who do panel discussions, focus groups or study groups.
I remember we did one that lasted a month and we went in once a week for 1 hour and were paid $300 cash each. It was great.
We also drank cups of espresso for $75 in a controlled environment and offered our feedback via computer.
Needless to say we were full of energy when we left the building. That only took us 20 minutes and we made $75 EACH.
Cha-Ching- Increased Money Supply.
Another time I spent one hour talking about driveway salts with 4 other people and a moderator and we got to take as many bags home that we wanted.
The room was filled with different brands and I STILL have some in our garage years later plus was paid $100 and they fed me.
As you might already know there was a point in my career where I was working two full-time jobs just to get where I am today.
It was my foot in the door and although it took up all of my time and I earned lots double the income it also helped increase our money supply. Finding a second-job is always a nice boost to the income but a drain on time.
My point is that all the savings and earning a bit here and there cash helped us to pay off our mortgage in 5 years.
Invest It Wisely
I could tell you to take the money you have and buy a house and then rent it out so someone else is paying your mortgage.
Sure, this investment may turn out to be a windfall for you in the future depending on the housing market but it could also flop.
Also, investing money such as buying a house or retirement savings to increase money supply is a long-term investment that is certainly worth looking into only if you have the money to do so.
On the other hand if you have the cash to invest then surely you’ll be increasing your money supply which essentially means you’re on the right path.
Don’t let what you can’t see (the future) scare you away from what you need to do today for tomorrow.
Sometimes it’s tough to hand over your money and hope to see it grow but if you don’t include a bit of financial risk your money supply will only grow as fast as you save it in the bank.
Recently we took $5000 from our son’s bank account and invested it for him so we weren’t just building him a bank savings account portfolio earning peanuts in interest. T
he kids going to be set up when he gets older because we are taking the steps today for his tomorrow.
The only downside is hoping he does the same thing for his family and perhaps has the same savings ideals as we do. Nothing is promised though but worth it if we can help him out this way.
Start A Blog
This is a big topic that I really haven’t discussed much on the blog but plan to in the coming future.
I can tell you that I’m earning a nice money supply into the thousands that I consider passive income and has helped increase our net worth.
What passive income means is that I don’t have to do anything and when I wake up in the morning the money will be in my account.
If you are a stay at home parent or are looking for a hobby and you have something to say that might interest a wide-spread audience then blogging may be for you.
I also can get paid hundreds of dollars just for writing a blog post or working with other well-known businesses for offering my story to their readers.
If you want to start Blogging to earn Extra Money or you want to Work from Home here are some blogging resources to get you started:
I’ve been blogging here for over 6 years and Big Scoots is by far the BEST hosting company I’ve went with.
I’ve bitched about hosting companies that I was with in the past because they kept going down or were slow but NOT with Big Scoots and the customer service is awesome.
You feel important and not just a number.
Set up your Email Subscription Service with MailerLite
I couldn’t be happier with Mailerlite as I’ve moved away from Feedburner that didn’t allow me the amount of control over my subscriptions like Mailerlite does.
Again, customer service is amazing and I’m happy that Sara my blog designer and friend from Moonsteam Design helped me with the process.
She’s my rock and an amazing blog designer.
She designed this blog and we are still making amazing changes for the readers.
You can read all of my blog resources here.
Choices YOU Make
When all is said and done your money supply depends on your income sources and how well you are at budgeting the money.
If you are in a financial situation where you are on a fixed income it can be tough but not impossible.
Negativity can sometimes get the best of us when it comes to our money supply so take it in stride and start with small changes and you’ll see how it can blossom into something big.
Just LOOK at Canadian Budget Binder a blog that I started to help people is now giving back in the form of passive income.
If I can do it, so can you and I had NO idea what I was doing when I started.
Discussion: What other ways do you increase your money supply? Leave me a comment as I love to read your feedback.
Net Worth Losses and Gains
What happened to our money in April?
Well, we finally got rid of our second vehicle which took us forever but it’s done now.
That’s where the -$500 appears on the vehicles portion of our net worth update above.
Although we lost $500, in actual fact we did get money for the vehicle and that cash was included in the income.
The most major increase was through our investments which is always a nice thing to have happen.
The markets along with our investments have been on a bit of a roller coaster ride this last few months but hanging in there pays off.
We had good gains in all of our investments which is what everyone wants.
Understanding Net Worth
What Does Individual Net Worth Mean?
Net Worth is a snap shot of your financial health sort of like a picture or debt to net assets. In simple terms it’s a total of the value of your assets minus your liabilities.
We credit the growth of our net worth due to patience, perseverance, using a monthly budget and not giving up.
Your numbers may go up and down but don’t let the numbers scare you rather understand why and move on.
If you would like to use our budget I offer a FREE downloadable budget which I created and that you can use at home just like we do.
I don’t charge for it because I want you to save money not spend more!
There are tonnes of other free printable lists offered at Canadian Budget Binder to help you achieve some of those financial goals and build your net worth.
Calculate Your net worth
Do you know how to calculate your own Net Worth?
We like to calculate our net worth every month so we know if we are still on track.
Some people calculate it yearly or quarterly but it’s up to you and how informed you want to stay.
Net Worth is only an estimate and not everyone uses the same type of figures to tally it up.
Some of you may not include vehicles like we do or leave out assets inside the home like we have.
You might be that person that believes that your house should be excluded.
It depends on what you want to calculate or what you can sell today and make money on for tomorrow.
Figuring out net worth is fairly easy as long as you know your personal numbers or monthly finances which means you need to do your homework.
Net Worth is simply adding up all your assets (what you own) then taking away your liabilities (what you owe) which will give you a net worth number.
Understanding your net worth will help you determine if you are on track to meeting or beating your personal financial goals.
It doesn’t get any easier than that.
Net Worth = Assets – Liabilities
Why not go ahead and calculate your own using our Free Money saving Tool Net worth Calculator (Canadian Budget Binder 2012)
When budgeting anything is possible, we are proof of that although we still have a long way to go in our journey.
These are our numbers and our goals, not a means of comparison towards your own goals to others target goals.
We don’t care how much money others make or if they have a high net worth or if it is lower than ours as it’s not a competition.
I hope our experiences will help guide you along your financial path working towards debt freedom.
Not everyone has the same path in life.
Some of you may have had to start over like I did or go to school a second time and now have OSAP loans to pay back.
Others may have divorced, lost money in the stock market or other investments, suffered job loss, fell ill or injured on the job and so on but you can’t let that stop you from achieving your financial goals.
Some of you may have been given trust funds, paid-for homes, paid educations or perks in life that give you a financial kick-start and that’s OK too.
Remember what I said, “It’s not about how much money you make, it’s how you save it”.
The only reason people accumulate wealth is because they know how to save or invest it wisely even if they did inherit money or win the lottery.
The smallest improvements should mean big strides in working towards reaching your goals.
Sometimes we have to fail in order to learn and we’ve all been there.
Money can be an evil force for some people especially those who have a negative attitude towards their own financial situation.
I urge you to be optimistic and little by little with determination you too should see improvements, if you want that to happen.
Net worth updates 2019
Click the links below to read our net worth updates for the year.
That’s all for this months net worth update but please check in at the beginning of June 2019 to see how we made out in May 2019 with our financial portfolio.