How to Improve Your Finances While You Sleep

When it comes to improving your finances while you sleep, your first thoughts may be of strapping on headphones and listening to lectures from financial experts. Hey, maybe some of that knowledge will seep into your subconscious while you slumber!

Actually, we’re not talking about sleep-learning. A much better way to improve your finances without effort is to earn passive income, or at least save money without having to lift a finger. There are plenty of ways to do this. Here are just a few options you might want to explore during your waking hours.

Investments

Naturally, investments are one of the best ways to make your money work for you. Most people begin by signing up for a 401K through their employer, as well as faithfully socking money away in a savings account each month. You can even automate the process by having your bank automatically transfer a set amount to your savings after your direct deposit goes through.

You can also make automatic transfers to IRAs that are tax deductible or Roth IRAs that offer tax deferred growth, just for example. Of course, investing in a portfolio of traditional stocks, bonds, mutual funds, and so on is also a good way to keep your money earning while you sit back and relax.

Property

Don’t forget, property is a great investment, as well. During the recession, many homeowners used their primary residence as a way to earn some extra money. Intent on avoiding foreclosure, these wise individuals rented out rooms in their homes or took out home improvement loans to turn basements into granny flats as a way to help pay the mortgage and weather the recession.

You can take a page from their book if you have extra space in your home to host boarders. Or you might invest in secondary rental properties as a way to continue increasing your wealth and earning a passive income in the process.

Rewards Card

You could also seek out a cash back credit card. There are several options available, so you’ll have to do some comparison-shopping before you select the card that’s right for you. The idea is that you earn money back with every purchase, which can then be applied directly to your card or returned to you in cash. In most cases, you can earn more by shopping with partner brands or making certain types of purchases, so how much you get back depends on how you shop.

Getting Your Rest

Although there are many strategies you can pursue if you want to get your personal finances in order with little effort, one of the best ways to improve your finances while you sleep is to make sure you’re getting your zzz’s in the first place.

Everyone knows that forty winks are good for your health, but more and more we’re coming to understand how essential a full and restful night of sleep is. When you’re healthy and rested, you’ll not only increase your ability to function in your daily life, improving physical and cognitive abilities, but you’ll also stave off health problems and medical bills, saving you money in the long run. Sleeping well and improving your finances could be a self-perpetuating cycle.