A money machine is not a concept that many people are familiar with, but one that everyone should have working for themselves. Rather than being in a situation where you trade time for money, a money machine allows you to create leverage with your money. Where you can take a portion of your savings and invest it into a particular strategy that will generate income for you, without needing your precious time to do so.

One of the initial speed bumps many people face when it comes to setting up their money machine, is that they don’t have spare funds put aside to invest. And so a cycle begins of living week to week, month to month, paying the bills, the rent, earning a set income and not feeling like you have a way of breaking the cycle. We want that cycle to change for as many people as we can!

Below are 10 Strategies that you can apply TODAY, that will allow you to start freeing up funds in order to begin your wealth creation journey and start your money machine.

Strategy 1 – Track and Trim: The first step is getting a clear picture of where your money goes each month. You might be surprised by how much you spend on non-essentials like eating out, subscriptions you rarely use, or impulsive online shopping. By identifying these areas, you can trim the fat and redirect those funds towards investments.

Strategy 2 – Reduce High-Interest Debt: Paying off high-interest debt, especially from credit cards, can free up a lot of money in the long run. Interest payments can eat into your potential investment funds. To begin with tackle the highest interest rates first, this will not only improves your financial health but also frees up more money for investments. Depending on how much debt you have, you may also want to consider a debt consolidation company, where they can roll all debt into a single loan at a lower rate.

Strategy 3- Automate Savings: Have you ever noticed, if an unexpected bill comes in for $100 you find a way to pay it, but you are frustrated that you don’t have money put aside to invest? Automation is a fantastic way to ensure you are consistently setting aside money for investments without having to think about it. Set up automatic transfers to a savings account or investment fund right after payday, or you can even ask your boss to pay a portion of your pay into another account. Some banks also offer a round up service, where they can round a $30.50 purchase to $31.00 and the 50 cents is transferred into a savings account. This “out of sight, out of mind” strategy can help build your investment portfolio without feeling the pinch too much.

Strategy 4 – Sell Unused Items: Hello Facebook Marketplace! We all have things laying around the house that we don’t use anymore, that we bought on impulse, that the kids have outgrown. Whether it’s old electronics, furniture, clothes, or toys, there’s likely someone out there who would appreciate them. This not only cleans up your space but also turns clutter into cash that can be put towards investments.

Strategy 5 – Negotiate Bills: All you have to do is ask. A surprisingly effective strategy is to simply call your utility providers, internet companies, bank and insurance agencies to ask for better rates. Many companies are willing to offer discounts or switch customers to more cost-effective plans to keep their business. We have had clients save thousands off their interest payments to the bank, halve insurance rates and get 15-30% better deals on regular bills for things like internet, electricity and mobile phones. The companies have zero incentive to call you and offer you a better deal, so get dialling and just ask, what is a better rate that you can do for me!

Strategy 6 – Cut the Cord on Cable and Streaming: With the rise of streaming services, cable TV has become less of a necessity and more of a luxury. Between Netflix, Stan, Disney, Apple Plus, Binge, Gaia, Hulu, Amazon Prime … the list goes on, its worth evaluating your current subscriptions versus your actual media consumption. Choose one or two streaming services and cut out the rest.

Strategy 7 – Budget Overhaul: Creating a budget that prioritizes saving and investing. It’s about making intentional choices with your money. For example, allocating a certain percentage of your income to saving and investments before you start spending on other things. The “pay yourself first” concept can be a game-changer.

Strategy 8 – Meal Planning and Cooking at Home: Eating out or ordering delivery can significantly drain one’s budget and if you do your budget overhaul as shared in Strategy 6 you might be surprised just how much you currently spend on that coffee to go, lunch out a few times a week, take-away after school sport and home delivery on the weekend. If your goal is to set aside funds to invest into your money machine, meal planning and cooking at home is a great way to save money. You can find some of our healthy and wholesome recipes here to start you on your path and make this change, which not only benefits your wallet but also aligns with a wellness-focused lifestyle.

Strategy 9 – Create Side Hustle and Passive Income Streams: Yes you can go and ask your boss for a pay rise, or to work more hours. But have you ever thought of looking to start a side hustle? It could be freelancing, selling products online, or investing in dividend-paying stocks, extra income can significantly boost your investment capacity. Plus, it aligns beautifully with living life on your own terms.
Join our Wealth Creation Waitlist for an upcoming masterclass where we teach you several approaches to creating extra income streams that could be a fit with your goals.

Strategy 10 – Maximize Tax Refunds: Often, we can treat tax refunds as ‘bonus’ money and spend it on luxuries or non-essential items. A smarter approach could be to invest this money instead. Your accountant will help you in getting the most out of your tax return, the key then is to not go and buy things you don’t need, but instead commit to investing it to work for you inside your money machine.

So there you have it, 10 strategies to free up your funds right now, so that you can start leveraging your money and have it working for you inside your own money machine.

If you already have funds set aside to invest, but aren’t sure where to start, even if its as little as $100, join our Wealth Creation Waitlist for access to an upcoming masterclass where we will share several strategies that can help you reach your wealth goals, regardless of prior experience.

Want to bring the wealth creation conversation into your family? Check out our podcast episode where we share the Money Lessons We Wish We Were Taught As Kids.

This is your life and you deserve to live it on your terms, living our your vision, with a money machine that has your money working for you, not sitting lazy in the bank. Start by choosing one of the above strategies and just go do it!! The only way you can be in a better place in 3 or 6 months from now, is if you choose to do something different than what you are currently doing. So go make it happen!!