Tag: Saving

8 Upfront Costs of Buying a House

Looking to buy a home soon? There will be upfront costs of buying a house.

You may have found a house that you like. You may have been approved for a mortgage loan, and have your down payment ready to make an offer. If you think that, at that point, all of the hard work is over, well think again.

In addition to the down payment, which can be significant depending on the price of the property, there are plenty of upfront costs of buying a home. As a first time home buyer, this may come to you as a surprise. So, be ready to have enough cash to cover these costs. In no particular order, here are 8 common upfront costs of buying a house.

If you are interested in comparing the best mortgage rates through LendingTree click here. It’s completely free.

What is an upfront cost?

An upfront cost, as the name suggests and in terms of buying a house, is out of pocket money that you pay after you have made an offer on a property. They are also referred to as closing costs and cover fees such as inspection fees, taxes, appraisal, mortgage lender fees, etc. As a home buyer, these upfront costs should not come to you as a surprise.

What are the upfront costs of buying a house?

Upfront cost # 1: Private mortgage insurance cost.

If your down payment is less than 20% of the home purchase price, then your mortgage lender will charge you a PMI (private mortgage insurance). A PMI is an extra fee to your monthly mortgage payment that really protects the lender in case you default on your loan. Again, depending on the size of the loan, a PMI can be significant. So if you know you won’t have 20% or more down payment, be ready pay an extra fee in addition to your monthly mortgage payments.


LendingTree: A Better Way to Find A Mortgage

LendingTree.com is making getting a mortgage loan simpler, faster, and more accessible. Compare the best mortgage rates from multiple mortgage lenders all in one place and at the same time. LEARN MORE ON LENDINGTREE.COM >>>


Upfront cost #2: inspection costs.

Before you finalize on a house, it’s always a good idea to inspect the house for defects. In fact, in some states, it is mandatory. Lenders will simply not offer you a mortgage loan unless they see an inspection report. Even if it is not mandatory in your state, it’s always a good idea to inspect the home. The inspection cost is well worth any potential defects or damages you might encounter.

Inspection fee can cost you anywhere from $300-$500. And it is usually paid during the inspection. So consider this upfront cost into your budget.

Upfront cost # 3: loan application fees.

Some lenders may charge you a fee for applying for/processing a loan. This fee typically covers things like credit check for your credit score or appraisal.

Upfront cost # 4: repair costs.

Unless the house is perfect from the very first time you occupy it, you will need to do some repair. Depending on the condition of the house, repair or renovating costs can be quite significant. So consider saving up some money to cover some of these costs.

Upfront cost # 5: moving costs.

Depending on how far you’re moving and/or how much stuff you have, you may be up for some moving costs. Moving costs may include utilities connections, cleaning, moving

Upfront cost # 6: Appraisal costs.

Appraisal costs can be anywhere from $300-$500. Again that range depends on the location and price of the house. You usually pay that upfront cost after the inspection or before closing.

Upfront cost # 7: Earnest Money Costs

After you reach a mutual acceptance for the home, in some states, you may be required to pay an earnest money deposit. This upfront costs is usually 1% to 3% of the home purchase price. The amount you pay in earnest money, however, will be subtracted from your closing costs.

Upfront cost # 8: Home Associations Dues

If you’re buying a condo, you may have to pay homeowners association dues. Homeowners association dues cover operation and maintenance fees. And you will pay one month’s dues upfront at closing.

In conclusion, when it comes to buying a house, there are several upfront costs you will need to consider. Above are some of the most common upfront costs of buying a house.

Click here to compare mortgage rates through LendingTree. It’s completely FREE.

MORE ARTICLES ON BUYING A HOUSE:

10 First Time Home Buyer Mistakes to Avoid

How Much House Can I afford

5 Signs You’re Better Off Renting

7 Signs You’re Ready to Buy a House

How to Save for a House


Not All Mortgage Lenders Are Created Equally

When it comes to getting a mortgage, rates and fees vary. LendingTree allows you to view and compare multiple mortgage rates from multiple mortgage lenders all in one place and at the same time, so you can choose the best rates for your needs. LendingTree makes getting a loan faster, simpler, and better. Get started today >>>

The post 8 Upfront Costs of Buying a House appeared first on GrowthRapidly.

Source: growthrapidly.com

How to Make Better Financial Decisions

Woman learning how to make better financial decisions

A key financial decision people struggle to make is how to allocate savings for multiple financial goals. Do you save for several goals at the same time or fund them one-by-one in a series of steps? Basically, there are two ways to approach financial goal-setting:

Concurrently: Saving for two or more financial goals at the same time.

Sequentially: Saving for one financial goal at a time in a series of steps.

Each method has its pros and cons. Here’s how to decide which method is best for you.

Sequential goal-setting

Pros

You can focus intensely on one goal at a time and feel a sense of completion when each goal is achieved. It’s also simpler to set up and manage single-goal savings than plans for multiple goals. You only need to set up and manage one account.

Cons

Compound interest is not retroactive. If it takes up to a decade to get around to long-term savings goals (e.g., funding a retirement savings plan), that’s time that interest is not earned.

Concurrent goal-setting

Pros

Compound interest is not delayed on savings for goals that come later in life. The earlier money is set aside, the longer it can grow. Based on the Rule of 72, you can double a sum of money in nine years with an 8 percent average return. The earliest years of savings toward long-term goals are the most powerful ones.

Cons

Funding multiple financial goals is more complex than single-tasking. Income needs to be earmarked separately for each goal and often placed in different accounts. In addition, it will probably take longer to complete any one goal because savings is being placed in multiple locations.

Research findings

Working with Wise Bread to recruit respondents, I conducted a study of financial goal-setting decisions with four colleagues that was recently published in the Journal of Personal Finance. The target audience was young adults with 69 percent of the sample under age 45. Four key financial decisions were explored: financial goals, homeownership, retirement planning, and student loans.

Results indicated that many respondents were sequencing financial priorities, instead of funding them simultaneously, and delaying homeownership and retirement savings. Three-word phrases like “once I have…,", “after I [action],” and “as soon as…,” were noted frequently, indicating a hesitancy to fund certain financial goals until achieving others.

The top three financial goals reported by 1,538 respondents were saving for something, buying something, and reducing debt. About a third (32 percent) of the sample had outstanding student loan balances at the time of data collection and student loan debt had a major impact on respondents’ financial decisions. About three-quarters of the sample said loan debt affected both housing choices and retirement savings.

Actionable steps

Based on the findings from the study mentioned above, here are five ways to make better financial decisions.

1. Consider concurrent financial planning

Rethink the practice of completing financial goals one at a time. Concurrent goal-setting will maximize the awesome power of compound interest and prevent the frequently-reported survey result of having the completion date for one goal determine the start date to save for others.

2. Increase positive financial actions

Do more of anything positive that you’re already doing to better your personal finances. For example, if you’re saving 3 percent of your income in a SEP-IRA (if self-employed) or 401(k) or 403(b) employer retirement savings plan, decide to increase savings to 4 percent or 5 percent.

3. Decrease negative financial habits

Decide to stop (or at least reduce) costly actions that are counterproductive to building financial security. Everyone has their own culprits. Key criteria for consideration are potential cost savings, health impacts, and personal enjoyment.

4. Save something for retirement

Almost 40 percent of the respondents were saving nothing for retirement, which is sobering. The actions that people take (or do not take) today affect their future selves. Any savings is better than no savings and even modest amounts like $100 a month add up over time.

5. Run some financial calculations

Use an online calculator to set financial goals and make plans to achieve them. Planning increases people’s sense of control over their finances and motivation to save. Useful tools are available from FINRA and Practical Money Skills.

What’s the best way to save money for financial goals? It depends. In the end, the most important thing is that you’re taking positive action. Weigh the pros and cons of concurrent and sequential goal-setting strategies and personal preferences, and follow a regular savings strategy that works for you. Every small step matters!

Like this article? Pin it!

Want to know how to allocate savings for your financial goals? We’ve got the tips on how to make financial decisions so you can be confident in your personal finance! | #moneymatters #personalfinance #moneytips


Source: feeds.killeraces.com

How to Budget Groceries: 11 Easy Tips

Have you ever sat down to go over your budget only to find out that you’ve outrageously overspent on food? Local, organic, artisan goods and trendy new restaurant outings with friends make it easy to do. With food being the second highest household expense behind mortgage or rent, our food choices have a huge impact on our budget. Using this monthly budget calculator can also help guide how to budget for food. 

You may be surprised to find out that the most nutrient-dense foods are often the most budget-friendly. It’s not only possible, but fun and easy to eat nourishing, delicious food while still sticking to your budget. Here are 11 ways to help you learn how to budget groceries.

1. Track Current Spending

Before you figure out what you should be spending on food, it’s important to figure out what you are spending on food. Keep grocery store receipts to get a realistic picture of your current spending habits. If you feel inclined, create a spreadsheet to break down your spending by category, including beverages, produce, etc. Once you’ve done this, you can get an idea of where to trim down spending.

2. Allocate a Percentage of Your Income

How much each household spends on food varies based on income level and how many people need to be fed. Consider using a grocery calculator if you’re not sure where to start. While people spent about 30 percent of their income on food in 1950, this percentage has dropped to 9–12 today. Consider allocating 10 percent of your income to food as a starting point, and increase from there if necessary.

3. Avoid Eating Out

This is the least fun tip, we promise. Eating out is a quick and easy way to ruin your food budget. If you’re actively dating or enjoy going out to eat with friends, be sure to factor restaurants into your food budget — and strictly adhere to your limit. Coffee drinkers, consider making your favorite concoctions at home.

4. Plan Your Meals

It’s much easier to stick to a budget when you have a plan. Plus, having a purpose for each grocery item you buy will ensure nothing goes to waste or just sits in your pantry unused. Don’t be afraid of simple salads or meatless Mondays. Not every meal has to be a gourmet, grandiose experience.

5. Keep a Fridge Grocery List

Keep a magnetized grocery list on your fridge so that you can replace items as needed. This ensures you’re buying food you know you’ll eat because you’re already used to buying it. Sticking to a list in the grocery store is an effective way to keep yourself accountable and not spend money on processed or pricey items — there’s no need to take a stroll down the candy aisle if it’s not on the list.

6. Eat Before You Go to the Store

If your mother gave you this advice growing up, she was onto something: according to a survey, shoppers spend an average of 64 percent more when hungry. Sticking to a budget is all about eliminating temptations, so plan to eat beforehand to eliminate tantalizing foods that will cause you to go over-budget.

7. Be Careful with Coupons

50 percent off ketchup is a great deal — unless you don’t need ketchup. Beware of coupons that claim you’ll “save” money. If the item isn’t on your list, you’re not saving at all, but rather spending on something you don’t truly need. This discretion is key to saving money at the grocery store.

8. Embrace the Bulk Section

Not only is the bulk section of your grocery store great for cheap, filling staples, but it’s also the perfect way to discover new foods and bring variety into your diet. Take the time to compare the price of buying pre-packaged goods versus bulk — it’s almost always cheaper to buy in bulk, plus eliminating unnecessary packaging is good for the planet.

Bonus: a diet rich in unprocessed, whole plant foods provides virtually every nutrient, ensuring optimal health and keeping you from spending an excess amount on healthcare costs.

9. Bring Lunch to Work

Picture this: you’re trying to stick to a strict food budget, and one day at work you realize it’s lunchtime and you’re hungry. But alas, you forgot to pack a lunch. All the meal planning and smart shopping in the world won’t solve the work-lunch-dilemma. Brown-bagging your lunch is key to ensuring your food budget is successful. Plus, it can be fun! Think mason jar salads and Thai curry bowls.

10. Love Your Leftovers

Would you ever consider throwing $640 cash into the trash? This is what the average American household does every year — only instead of cash, it’s $640 worth of food that’s wasted. With millions of undernourished people around the globe, throwing away food not only hurts our budget but is a waste of the world’s resources. Tossing food is no joke. Eat your leftovers.

11. Freeze Foods That Are Going Bad

To avoid wasting food, freeze things that look like they’re about to go bad. Fruit that’s past its prime can be frozen and used in smoothies. Make double batches of soups, sauces, and baked goods so you’ll always have an alternative to ordering takeout when you don’t feel like cooking.

Sticking to a food budget takes planning and discipline. While it may not seem fun at first, you’ll likely find that you enjoy cooking and trying a variety of new foods you wouldn’t have thought to use before. Being resourceful and cooking healthfully is a skill that will benefit your wallet and waistline for years to come.

 

Sources: Turbo | Fool | Forbes | Medical Daily | GO Banking Rates | Value Penguin

The post How to Budget Groceries: 11 Easy Tips appeared first on MintLife Blog.

Source: mint.intuit.com

We Earn $200,000 and Can’t Save. Help!

Mia, 35 and her husband Luke, 36, earn a combined $200,000 per year. But after paying their mortgage and rental property loan, as well as car and student loans, child care, and other living expenses, the Los Angeles couple has a difficult time socking away money in savings.

They do have about $10,000 in a rainy day account, which could cover their expenses for about one month. But adding to the account has been proving difficult.

Luke feels confident that if they ever run into a serious financial bind, they could always take advantage of their low-interest home equity line of credit. But Mia isn’t comfortable with that route. She’d prefer to have more cash on hand.

A bit more background on the couple and where they stand financially:

Luke recently transitioned to a new job as a government attorney, which he loves, but it also meant taking a 50% pay cut. That’s impacted their ability to spend and save as comfortably in recent months. It was an unexpected opportunity for which the couple wasn’t financially prepared.

Mia and Luke would like an objective look at their finances to discover ways to reduce spending, increase saving and possibly find new revenue streams. “I’d love to figure out a side-hustle, so that I can eventually leave my job and spend more time with the kiddos,” says Mia, who works in marketing. Other goals including affording a new car in a couple of years and remodeling their primary residence.

Here’s a closer look at their finances:

Income:

  • Combined salaries: $200,000 per year
  • Net rental income: $6,000 per year

Debt:

  • Car and student loan debt. $13,000 combined at 2%
  • Mortgage at primary residence $845,000 at 3.625%
  • Mortgage at rental property $537,000 at 3.5%
  • HELOC on primary residence: $200,000 (have not used any of this credit)

Retirement:

  • Mia: contributes about $1,000 total each month, including a company match
  • Luke: contributes about $1,000 total each month, including a company match

Emergency Savings: $10,000

College Savings: The couple has 529 college savings funds for both of their children. They allocate their cash back rewards from credit cards towards these accounts. Currently they have about $10,000 saved for their 4-year old and $5,000 saved for their 1-year old child.

Top Monthly Spending Categories:

  • Primary residence mortgage: $4,000
  • Primary residence property tax: $1,100
  • Childcare: $1,900 (daycare for both children, 3 days per week. Grandmother watches other 2 days per week)
  • Food (Groceries/Eating Out): $800
  • Car and student loan payments: $450

From my point of view, I think the biggest hole in Mia and Luke’s finances is their rainy day savings bucket. Relying on a HELOC to cover an unexpected cost is not really an ideal plan. In theory, the money can be used to cover expenses and the interest rate would probably be far lower than the rate on a credit card. But in reality, tapping a HELOC means falling further into debt. They do have $10,000 saved, which is good. But it’s not great.

If not for an emergency, the savings can allow them to achieve other goals. The couple mentioned wanting to buy a car in a couple years. This will probably require a down payment. Having cash can also assist with renovating their home.

Here are my top three recommendations:

Transfer Rental Income Towards Savings

Their previous residence is now a rental property. It nets them about $500 per month. The couple is using this money to pad their living expenses. Can they, instead, move this into their savings account for the next few years? The way I see it, they should have a proper six month cushion in savings to tide them over in an emergency and/or if they need money to address their goals. This rental income isn’t going to get them to this 6-month reserve too quickly, but it’s a start.

Carve Out Another $500 for Savings

While I don’t have a detailed breakdown of all of the family’s monthly expenses, I can bet that they can pare their expenses to save an additional $300 to $500. A few dinners out, some unplanned purchases at the grocery store (because you took the kids) and a couple monthly subscription plans can easily add up to $500 in one month. Whenever I want to save more, I schedule money to transfer out of my checking and into savings at the top of the month. I do this automatically and only spend whatever money I have left. I’d suggest doing this for the first month and seeing how it feels. Do you really notice the money is gone? If yes, revisit some of your recurring costs and decide on trade-offs. If Luke’s salary has decreased by 50% then the couple needs to make some modifications to their spending. The math, otherwise, won’t add up.

Can Mia Adjust Her Work Structure?

Mia is interested in a side hustle, too, to bring in extra income (which I highly recommend). Sites like tutor.com, care.com, taskrabbit.com and others can help you find quick work within her preferred time frame. In the meantime, can she and her husband find ways to adjust their work hours or commute, which saves gas, time and money?

Mia’s commute to work is one hour each way. That’s ten hours per week stuck in a car. And my guess is that while Mia’s driving, she’s paying for daycare, for at least some of those hours. Could she work from home one or two days per week to reduce her time in traffic, as well as her child care costs?

Bottom line: When Luke’s income dropped by 50%, the couple didn’t adjust spending. It may help to take pen to paper and imagine they were building their budget for the first time. Take all of their expenses off the table and rebuild the budget and lifestyle to better align with their adjusted income. Start with the absolute needs first: housing, insurance, food. And really scrutinize all other expenditures. Unless it’s an absolute need that they can easily afford it, consider shutting it off until they’ve reached a 6-month savings pad.

The post We Earn $200,000 and Can’t Save. Help! appeared first on MintLife Blog.

Source: mint.intuit.com

How To Retire At 50: 10 Easy Steps To Consider

Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that like  at 50? Is it doable? Below are 10 easy steps to take to retire at 50.  Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with  a financial advisor who can help to work out and implement a retirement income strategy for you to maximize your money.

10 Easy & Simple Steps to Retire at 50:

1. How much you will need in retirement.

The first thing to consider is to determine how much you will need to retire at 50. This will vary depending on the lifestyle you want to have during retirement. If you desire a lavish one, you will certainly need a lot.

But according to a study by SmartAsset, 500k was found to be enough money to retire comfortably. But again that will depends on several factor.

For example, you will need to take into account where you want to live, the cost of living, how long you expect to live, etc.

Read: Can I Retire at 60 With 500k? Is It Enough?

A good way to know if 500k is possible to retire on is to consider the 4% rule. This rule is used to figure out how much a retiree should withdraw from his or her retirement account.

The 4% rule states that the money in your retirement savings account should last you through 30 years of retirement if you take out 4% of your retirement portfolio annually and then adjust each year thereafter for inflation.

So, if you plan on retiring at 50 with 500k for 30 years, using the 4% rule you will need to live on $20,000 a year. 

Again, this is just an estimation out there. You may need less or more depending on the factors mentioned above. For example, if you’re in good health and expect to live 40+ years after retiring at 50, $500,000 may not be enough to retire on. That’s why it’s crucial to work with a financial advisor.

Get Matched With 3 Fiduciary Financial Advisors
Managing your finances can be overwhelming. We recommend speaking with a financial advisor. The SmartAsset’s free matching tool will pair you with up to 3 financial advisors in your area.

Here’s how it works:

1. Answer these few easy questions about your current financial situation

2. In just under one minute, the tool will match you with up to three financial advisors based on your need.

3. Review the financial advisors profiles, interview them either by phone or in person, and choose the one that suits your’ needs.

Get Started Now>>>

2. Maximize your tax-advantaged retirement accounts.

Once you have an idea of how much you need in order to retire at 50, your next step is to save as much as possible at a faster rate. If you are employed and you have a 401k plan available to you, you should definitely participate in it. Nothing can grow your retirement savings account faster than a 401k account.

See: How to Become a 401k Millionaire.

That means, you will need to maximize your 401k contributions, for example. In 2020, and for people under 50, the 401k contribution limit is $19,500.  Also, take advantage of your company match if your employee offers a match.

In addition to the maximum contribution of $19,500, your employer also contributes. Sometimes, they match dollar for dollar or 50 cents for each dollar the worker pays in.

In addition to a 401k plan, open or maximize your Roth or traditional IRA. For an IRA, it is $6,000. So, by maximizing your retirement accounts every year, your money will grow faster.

3. Invest in mutual or index funds. Apart from your retirement accounts (401k, Roth or Traditional IRA, SEP IRA, etc), you should invest in individual stocks or preferably in mutual funds. 

4. Cut out unnecessary expenses.

Someone with the goal of retiring at 50 needs to keep an eye on their spending and keep them as low as possible. We all know the phrase, “the best way to save money is to spend less.”

Well, this is true when it comes to retiring 15 years early than the average.  So, if you don’t watch TV, cancel Netflix or cable TV. If your cell phone bill is high, change plans or switch to another carrier. Don’t go to lavish vacations.

5. Keep an eye on taxes.

Taxes can eat away your profit. The more you can save from taxes, the more money you will have. Retirement accounts are a good way to save on taxes. Besides your company 401k plan, open a Roth or Traditional IRA.

6. Make more money.

Spending less is a great way to save money. But increasing your income is even better. If you need to retire at 50, you’ll need to be more aggressive. And the more money you earn, the more you will be able to save. And the faster you can reach your early retirement goal.

7. Speak with a financial advisor

Consulting with a financial advisor can help you create a plan to. More specifically, a financial advisor specializing in retirement planning can help you achieve your goals of retiring at 50. They can help put in a place an investment strategy to put you in the right track to retire at 50. You can easily find one in your local area by using SmartAsset’s free tool. It matches users with financial advisors in just under 5 minutes.  

8. Decide how you will spend your time in retirement.

If you will spend a lot of time travelling during retirement, then make sure you do research. Some countries like the Dominican Republic, Mexico, Panama, the Philippines, and so many others are good places to travel to in retirement because the cost of living is relatively cheap.

While other countries in Europe can be very expensive to travel to, which can eat away your retirement money.  If you decide to downsize or sell your home, you can free up more money to spend.

9. Financing the first 10 years.

There is a penalty of 10% if you cash out your retirement accounts before you reach the age of 59 1/2. Therefore, if you retire at 50, you’ll need to use money in other accounts like traditional savings or brokerage accounts. 

10. Put your Bonus, Raise, & Tax Refunds towards your retirement savings. 

If retiring at 50 years old is really your goal, then you should put all extra money towards your retirement savings. That means, if you receive a raise at work, put some of it towards your savings account.

If you get a tax refund or a bonus, use some of that money towards your retirement savings account. They can add up quickly and make retiring at 50 more of a reality than a dream.

Retiring at 50: The Bottom Line: 

So can I retire at 50? Retiring at 50 is possible. However, it’s not easy. After all, you’re trying to grow more money in less time. So, it will be challenging and will involve years of sacrifices, years living below your means and making tough financial decisions. However, it will be worth it in the long run. 

Read More:

  • How Much Is Enough For Retirement
  • How to Grow Your 401k Account
  • People Who Retire Comfortably Avoid These Financial Advisor Mistakes
  • 5 Simple Warning Signs You’re Definitely Not Ready for Retirement

Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning to retire at 50, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.

Source: growthrapidly.com

80+ Best Side Job Ideas To Make Extra Money in 2021

Do you want to know, “What can I do as a side job?” 

Today, I have a list of over 80 possible side hustle ideas for 2021. With these side jobs, you can make extra money in 2021.

So, what is a side job? I say side job meaning something that you do on the side of your regular job.side job ideas for 2021

Side jobs are sometimes called side hustles, and the idea is that you put some of your extra time towards making more money. 

You can find side jobs online, side jobs from home, side jobs outside your home, and pretty much wherever else. There are many different options when it comes to finding side jobs for extra money.

Over the years, I have spent a lot of time making extra money through side hustle jobs.

In fact, I paid off my $38,000 student loan debt in just 7 months by side hustling. I did several of the things on the list that you are about to read through.

Learning how to find a side job changed my life in a crazy way — it helped me to stop living paycheck to paycheck, pay off my debt, and leave my day job to pursue my job as a full-time blogger.

And, this is why I talk about making extra money through a side job so much — because I believe that it can change your life for the better.

What I like so much about the ideas on this list is that there is something for everyone. There are really so many different options. While I have included over 80 different side job ideas, there are many, many more out there. You can find something to fit your lifestyle, interests, and the amount of time you have to dedicate towards earning more money.

Whether your goal is to pay off your debt, stop living paycheck to paycheck, start saving for retirement, plan an amazing vacation, or something else, finding a side hustle idea in 2021 can make that a reality.

Making extra money through a side job can help you:

  • Save up for a big purchase, such as for a down payment on a house
  • Pay off your student loan debt, credit card debt, or medical debt
  • Save for retirement and even retire early
  • Leave a job you don’t love to pursue something else
  • Diversify your income sources
  • Save for emergencies
  • And more!

What some people don’t realize about making extra money is that it doesn’t have to take all of your time. You can dedicate as much or as little time to it as you want. I started this blog on the side of my full-time job. It took a lot of work, but I was in control of when I worked. 

That’s one of the reasons I love blogging and many of these other side jobs. Many of them are very flexible and let you pick your schedule. Below you’ll find great options if you work full time, are a parent, are in school, etc.

Besides starting a successful side hustle, there are some great small ways to earn extra money. The point is, there are so many ways to make money on the side with a full-time job that there is no reason not to start now.

Related content on how to make extra money:

  • How To Start and Launch A Successful Money Making Blog FREE Course
  • 12 Work From Home Jobs That Can Earn You $1,000+ Each Month

Below are over 80 different side job ideas.

 

Find an online side job.

There are so many side jobs that can be found online these days. The internet has introduced more possibilities, many of which have extremely flexible schedules.

Working an online side job allows you to create your own business in your spare time or work remotely for a company. These are some of the flexible options for 2021.

For me, I love being able to work online as it allows me to have a flexible schedule, there is no commute, and I simply enjoy working from home more than working in an office.

Below are ways to work an online side job:

  • Create a money making blog – This is the first thing I recommend to anyone interested in learning how to make money with an online side job, and this is because it’s exactly what I did! I have a Free How To Start and Launch A Money-Making Blog Course that you can join, and it will help you start and launch a successful blog! 
  • Answer questions online – Course Hero is a website that helps high school and college students with course-specific questions. Please read How To Make $300+ Weekly Answering Questions With Course Hero to learn more.
  • Get paid to answer surveys – Answering surveys online won’t make you rich, but it is one of the easiest ways to earn extra money online. Even though it’s a small amount of money, you can put it towards your debt payoff or savings goals. Survey companies I recommend include American Consumer Opinion, Swagbucks, Survey Junkie, Branded Surveys, and Pinecone Research. These survey companies are free to join and free to use! You get paid to answer surveys and to test products. To receive the most survey opportunities, it’s best to sign up for as many survey sites as you can.
  • Join a focus group – You can get paid $50 to $100 per hour by joining a focus group with User Interviews.
  • Write an ebook – Writing your own eBook is a great way to earn extra money online, and there is probably something super helpful that you could write about (even if you think otherwise!). In fact, my friend Alyssa self-published her first book and has sold more than 13,000 copies. She is now earning a great passive income of over $200 a day from her book ($6,500 in one month alone!). Learn more at How Alyssa is making $200 a DAY in book sales passively.
  • Run Facebook advertising for local businesses – Bobby Hoyt, a former band teacher who now runs the successful website Millennial Money Man, started running Facebook ads for local businesses to help him pay off $40,000 in student loan debt in only 18 months. In our interview you can learn about how Bobby got started, why businesses want to run Facebook ads, and how easy it is to start this flexible side job.  Also, Bobby has free training on this too. His free email course (you can sign up here) will teach you how to start this business even if you’re brand new, how to find paying clients, and more. Read the full interview at How To Make $1,000 Extra In Your Spare Time With Facebook.
  • Edit content for others – Websites, books, courses, and more all need editors to help them improve the quality of their content. No matter how many times a person reads a piece of content, something will usually slip through. If you’re a grammar-nut, then this can be one of the best side jobs from home ideas.
  • Sell printables online – Creating printables on Etsy can be a great side hustle. Because you are creating PDF files, you can create and sell them an unlimited number of times. You can learn more at How I Make Money Selling Printables On Etsy.
  • Manage social media accounts for businesses – Being a social media manager can be a fun job for the right person. If you have social media skills and don’t mind spending more time on social media sites, then it might be something to look into. Learn more about How I Started a Pinterest Consulting Side Hustle and why it’s more than just sharing random content online.
  • Get paid to search onlineSwagbucks allows me to earn Amazon gift cards with very little work. Swagbucks is just like using Google to do your online searches, except you get rewarded with points called SB for the things you do through their website. Then, when you have enough points called SB, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up through my link!
  • Proofread for a living – In just one year, Caitlin made slightly over $43,000 as a freelance proofreader, while also going on several fun vacations. If you are looking for a new job, or just a new way to earn extra money on the side, this may be something to look into. Learn more at Make Money Proofreading By Becoming A Freelance Proofreader.
  • Help job seekers improve their resume – A few years ago, I interviewed a reader who ran a resume business. She showed me how others can earn money by helping people create the kind of resumes they need to land their next job. Because having a good resume is an important part of getting the job you want, this is an in-demand option. If you are constantly reviewing resumes for your friends because you’re so good at creating them, then you may want to turn your skills into a paying job!
  • Post on social media – If you have social media accounts, even just a personal Facebook account, it’s possible to earn extra money by posting small ads on your account. One popular company that I recommend is Izea.
  • Become a freelance writer – A freelance writer is someone who writes for a number of different clients, such as websites, blogs, magazines, and more. These writers don’t work for one specific company, rather they work for themselves and contract out their writing. Learn more at How I Earn $200,000+ Writing Online Content.
  • Moderate forums – Some online forums will pay you to moderate their message boards. If there is a forum you visit often, you might want to see if they are hiring.
  • Become a transcriptionist – Do you know what a transcriptionist does? They take audio files and turn them into a text format. You can learn more about what this side job takes and how it’s possible to earn extra money on the side as a transcriptionist at Make Money At Home By Becoming A Transcriptionist.
  • Become a scopist – A scopist is someone who works from home and edits legal documents. Yes, this is a skill that you can learn. You can find a free course to learn more about how to become a scopist by clicking here.
  • Become a virtual assistant – Virtual assistant tasks may include social media management, formatting and editing blog posts, scheduling appointments or travel, email management, and more. Basically, you get paid to do any task that needs to be done for someone’s business but doesn’t need to be done by them. You can read more about how Kayla is earning $10K per month working from home as a virtual assistant
  • Become a bookkeeper – Ben, founder of Bookkeeper Business Academy, explains how becoming a bookkeeper may be a possibility for you. Ben helps people start and grow their own online bookkeeping business with his online bookkeeping course. And, guess what? You don’t have to be an accountant or have any previous experience! You can read more about how becoming a bookkeeper at Make Money At Home By Becoming A Bookkeeper.
  • Create an online store – Did you know that you can create your own online store to earn extra money? Jenn, a reader of mine, started her online business a little over four years ago and since then she has developed and grown three successful online ecommerce stores earning an average of $19,000 per month. Learn more at How Jenn Makes Over $10,000 A Month With Her Online Store In Less Than 10 Hours Per Week.
  • Become a Google Rater This is when you help Google improve the quality of their search engine results. You can learn more about this at Help Google Better The Internet And Make $1,000+ A Month From Home.
  • Build a course and teach others what you know – Before you think that you have nothing to teach, I want to tell you that you most likely do! Online courses are extremely popular right now, and you don’t need to have a blog in order to be successful with an online course. I use Teachable for my online course platform, and I highly recommend it. Here’s How I’ve Made Over $1,000,000 From My First Course Without a Big Launch.
  • Podcast editing – Podcasting has grown a lot in the past few years, and it’s estimated that there are now over 850,000 podcasts. Podcasters need help editing their audio and adding music, so if you have audio editing skills, this could be a fun side job. Listing your service on Fiverr could be a great way to find clients who need your service. Learn more at How I Make $1,500 A Month As A Podcast Virtual Assistant.
  • Teach English online to kids – Did you know that you may be able to make money from home by teaching English online to children? VIPKID is a company that allows you to work from home, create your own schedule, and earn $18-21 per hour (many teachers are earning over $1,000 per month) all while teaching English online. You don’t need a teaching degree, but you do need to have a four year degree in something. This is a great option for anyone who has a passion for teaching and looking for ways to earn extra money online. I recommend VIPKID and Education First.

 

What can I do as a side job?

Build a side business (or even a full-time business!).

If you’re looking for a side job, one possibility is to create a side business for yourself.

The ones you just read about above are online side jobs, but many of the ones in this section require in-person work. Not everyone wants to work online, and these side jobs will get you outside of the house and earning money. 

For me, my side business of creating a blog actually turned into a full-time business for myself. And, I am so happy that I made that choice!

Here are some side business ideas:

  • Pick up garbage – This might not be the most exciting way to make extra income, but did you know that you can get paid $30- $50 an hour to pick up trash in your local area? Please read Get Paid $30 – $50 Per Hour To Pick Up Trash to hear more about this side hustle idea.
  • Sell on Amazon – If you want to learn one of the many real ways to make money from home, then you may want to start an Amazon FBA business! Jessica Larrew, of The Selling Family, explains how selling on Amazon may be a possibility for you. She is a friend of mine, and I am blown away by her success! In the first year that Jessica’s family ran their Amazon FBA business together, working less than 20 hours a week total, they made over six figures profit! If you are looking for a new job, or even just a side hustle, this may be something that you want to look into. Learn more at How To Work From Home Selling On Amazon FBA.
  • Maintain and clean yards – You can make money by mowing lawns, killing/removing weeds, cleaning gutters, raking leaves, and so on. Because every season offers the opportunity for some type of yard maintenance, this can turn into a year round job.
  • House sit for others – House sitting is becoming more and more popular these days, and there are many websites out there for house sitting. You may be paid to watch someone’s house, take in the mail, water plants, and so on. House sitting doesn’t just have to be in your own town either. It can be something you do while taking amazing vacations. You can read more about it at How We Became Professional House Sitters In Europe & Saved Over $5,000.
  • Rent out your RV – Many RVs sit unused in storage lots, driveways, and backyards, so why not try to make a little extra money while you’re not using your RV? Learn more at How To Make Extra Money By Renting Out Your RV.
  • Share your car – Did you know that you can share your car with travelers on a daily, weekly, or even on a long-term basis and make extra money? I’m talking about listing your car and making money on Turo, which is like Airbnb for cars. It takes as little as 10 minutes to list your car, and you can earn up to 90% of the trip price.
  • Walk dogs and/or pet sit for extra money – If you love animals, then this is one of the best ways to make money on the side! Walking dogs and pet sitting can be a lot of fun because who doesn’t love animals!? With this side hustle, you may be going over to your client’s home to check in a few times a day, you may be staying at their house, or the animals may be staying with you. Rover is a great company to sign up for if you’re interested in becoming a dog walker and pet sitter. 
  • Groom pets – This is yet another animal related side business, and it could be a good one for you. With a mobile pet grooming business you will go directly to the pets rather than needing to find and set up a permanent business location. 
  • Become a local tour guide – Do you love showing off your city to friends and out-of-town guests? If so, you can earn extra money as a tour guide in your city. You can create any kind of tour you like — touring restaurants or bars, historical tours, bike tours, and more. Tours By Locals is a great site to connect with if you’re interested in learning more.
  • Become a landlord – Whether you rent out a room in your home or start buying up properties to invest in and then rent out, this could be one of the more lucrative ways to earn extra money on the side. Check out my blog post to learn more: How This 34 Year Old Owns 7 Rental Homes.
  • Shovel snow – We no longer need to have our snow shoveled, but it was definitely something we didn’t enjoy doing while we were living in St. Louis. If you get snow where you live, then you may be able to knock on your neighbors’ doors to see if they would like their driveways and sidewalks shoveled. If you want to go a little further, you could even invest in a plow and market your services.
  • Become a TaskerTaskRabbit is an online platform where people list odd jobs that they need done, like assembling furniture, running errands, or cleaning. You can find one-off jobs in your area using TaskRabbit to earn extra money.
  • Babysit and/or nanny children – When I was just 14, I was making $10 an hour babysitting for a neighbor. I babysat 40 hours a week and it was a great way to make extra money! If you have any special skills or can provide extra work, such as cleaning up around the house, teaching the child how to speak another language, picking up the child after activities, and so on, you will most likely be able to charge more than $10 an hour.
  • Become an Uber or Lyft driver – Spending your spare time driving others around can be a great money maker, and many rideshare drivers earn $15-$20/hour. Read more about this in my post How To Become An Uber Or Lyft Driver.
  • Help people fix things around their home – If you are a handy person, this could be a great option for you. Word of mouth is big when it comes to finding clients, but you can also post your services on Craigslist, post flyers to bulletin boards around your town, and more.
  • Clean homes – Cleaning is something that many people dread. If you are good at cleaning and enjoy it, then you may be able to find clients who want you to come to their home to clean. This can pay around $20 an hour or more in some areas. Because cleaning for others is such a personal job, you will often find loyal customers who want you to come back over and over again.
  • Help people move – Moving is another task that many people dislike. Movers can earn a broad range when it comes to hourly pay, but it’s usually somewhere around $25-$50 an hour if you run your own business.
  • Become a photographer – Do you love photography? Then this is a great way to earn extra money while doing something you love to do. Learn more at How To Make $25,000 – $45,000 A Year As A New Photographer.
  • Write and self-publish romance novels – This definitely isn’t something that most people will think about, but it is a growing and profitable industry. You can learn how Yuwanda Black, a freelance writer, started writing and self-publishing short romance novels in this interview. She earned over $3,000 in one month alone!

 

Find a part-time job.

Online side jobs are becoming more and more popular, but you can still make good money with more traditional part-time jobs.

I know many people who have part-time side jobs, and they love that they are low-commitment ways to make extra money. 

You can find a part-time side job on sites such as Snagajob, Craigslist (yes, I’ve found a legitimate job through there before), and so on.

  • Deliver items through Postmate – Postmates is a service that lets people use their phones to order food, drinks, and groceries. Delivering those items is where you come in! Because the holidays are a busy time, many people are looking to make their life easier with delivery services like Postmates. And, you can deliver for Postmates with your car, scooter, motorcycle, or bicycle. How much can you make with Postmates? Postmates says that you can earn up to $25 an hour with their platform. Click here to check out Postmates and sign up.
  • Deliver RVs to dealerships – RVs are huge, and the majority of the time they can’t be transported by semi-trucks because of their size. Due to that, someone has to drive them from the manufacturer to the RV dealership. We met a couple who did this for a living, and they both loved what they did. They were able to travel a lot, earn a living, and got to see new RVs all the time. To make extra income doing this, you can contact transport companies in your area, RV manufacturers, RV dealerships, and more.
  • Find a part-time seasonal job – If you have a job that gives you the summers off (or whatever season), then finding a part-time seasonal job could be a good way to earn extra money during your time off. Employers like Starbucks, REI, and Costco even offer part-time jobs with benefits, which adds even more value to these side jobs. 
  • Bartend – With bartending experience, you may be able to find a bartending job at a bar, restaurant, catering company, and more. Since the hours for this are usually later at night and on the weekends, it could easily fit with your regular 9-5 job schedule.
  • Work at a restaurant – You could be a host, wait tables, bus tables, and so on. You may even get to eat delicious food and receive a discount when dining out at the restaurant you work for.
  • Substitute teach – I know quite a few people who substitute teach both part-time and full-time and love it. Sometimes the schedule can be tricky as you may be called at the last moment, but other times you may secure a long-term position. In some places, substitute teaching can pay around $100 per day.
  • Teach during summer school – If you are a teacher, then spending part of your summer teaching summer school is a great way to make extra money. My brother-in-law is a teacher and he earns around $3,000 for three 4-day weeks of work, and they aren’t even full days. He and his wife use that money to fund their summer vacations.  
  • Work at a hotel, motel, hostel, resort, etc. – There are many jobs in the hospitality industry. If you love meeting new people who are visiting your area, this can be a great way to earn extra money. When we were RVing, we met several RVers who make money at RV parks and campgrounds while they are full-time RVers.
  • Work at a retail storeI worked in retail for over five years and made lifelong friends in the process. The income is okay, but you usually receive a good discount when working in retail.
  • Deliver pizza – Pizza delivery drivers make $15/hour or more delivering pizza in their spare time. It might not be the most glamorous side job, but it’s a good way to make extra money.
  • Lifeguard – You could be a lifeguard at a community pool, a private pool, a water park, and so on. You don’t have to be a teenager to be a lifeguard either!
  • Work as a referee – Did you know that soccer refs for local community centers can make around $25/hour or more? You’ll have to know the rules to work as a referee, and you can learn more by contacting the community or sports center in your area.
  • Deliver newspapers – Delivering newspapers can be a good way to make some side money. You may have to wake up early, but maybe those are the hours you are looking for.
  • Run errands for others – Being someone’s assistant can be an interesting way to earn extra money. You may get paid to do someone else’s laundry, clean their home, pick up their food, answer phone calls, and more.

 

Sell items to make extra money.

There are so many different types of items that you can sell to make extra money.

You may be able to find things around your home that you can sell, or you may even search for items online or in-person to buy and resell for a profit.

  • Flip items – Melissa’s family was able to make $42,875 in one year through buying and flipping items for sale, and they were only working about 10-20 hours per week. Learn more in How Melissa Made $40,000 In One Year Flipping Items.
  • Sell/donate eggs and sperm – Yup, both of these can be sold for a price, and you can definitely earn extra money by doing so. Depending on your characteristics, women can earn anywhere from a few thousand dollars to $10,000 or more for their eggs. Egg donors are typically under the age of 30 and healthy. African American women and Asian American women usually make the most money as there is a larger need for their eggs. This is not easy money, though. There are a number of doctor visits, and extracting the eggs requires a medical procedure. For sperm, the average donation pays anywhere from $50 to $100, and some men donate as often as 2-3 times each week.
  • Sell items on eBay – Whether it’s clothes, a car, electronics, and so on, eBay is a great place to sell all sorts of things online. eBay also has a worldwide reach, which can be great if the market in your area isn’t large enough for what you specialize in. I know many people who earn extra money selling on eBay, and it’s very easy to get started.
  • Sell items on Craigslist – Craigslist has gotten a bad rap in the past, but I have always had great success when I have bought or sold things through this platform. Craigslist can be a great way to sell your items, while often earning a higher value for them too. However, be safe, because you will have to meet with strangers to complete the transactions.
  • Sell things on Facebook Marketplace – Facebook is a great place to sell your items to earn extra money. You can find buyers in your area, but for larger items, like cars and furniture, buyers are often willing to travel. Plus, because you are probably already on Facebook, this is one of the easiest ways to sell your stuff, and it’s free.
  • Sell on Poshmark – Poshmark is one of the most popular places online for people to buy and sell gently used clothing, shoes, and more. You should always be honest in your listings, take great photos, and ship items out as soon as they sell.
  • Sell to second hand stores – There are many second hand stores out there that will take your clothing and shoes. Stores like Plato’s Closet, Hut No. 8, and Buffalo Exchange will pay you upfront for on-trend young adult clothing, and they take all of the legwork out of selling items, which is really helpful. There are also second hand stores for designer items, women’s clothing, children’s items, and more. Some pay upfront, whereas others may not pay you until after the item has sold.
  • Sell your gently used sports gear – Play It Again Sports is one of several second hand stores that buys and resells sports equipment and workout gear. These kinds of items also sell well on eBay, Craigslist, and Facebook Marketplace.
  • Sell on Etsy – Etsy is a great place to sell handmade items, vintage finds, and craft supplies. If you are a crafty person, definitely check out this website if you are looking for ways to earn extra money.
  • Sell your gift cards – If you have gift cards that you aren’t going to use, why not sell them to earn extra money? There are many, many websites out there that will pay you cash for your gift cards. Gift Card Granny, Cardpool, and Raise are just a few. 
  • Sell items through a garage sale – A garage sale can be an easy way to make extra money because people come straight to your house. The only downside is that you usually don’t make as much for your items as you would if you were to sell them on sites such as eBay, Craigslist, or Facebook Marketplace.
  • Sell your old books – Back when I was in college, I sold my textbooks as soon as the class was over. This helped me regain the amount that I originally paid for the book. You can sell your books online, and most university bookstores have a buyback option.
  • Flip cars, mopeds, or scooters – In addition to teaching summer school, one of the ways my brother-in-law makes extra money is from buying vintage moped and scooters, fixing them up, and selling them for a profit on online marketplaces, like Facebook or Craigslist. In one flip, he made more than $900 profit. This is a very specific skill, but worth looking into if you know what you’re doing. 

 

 

Make extra income at the day job you already have.

If you’re already employed and not interested in starting a side hustle, by starting an online business, or taking on a part-time job, you can still learn how to earn more at your current job.

  • Work overtime – One way to earn extra money at your job is to see if your company will allow you to work overtime. In many cases, overtime is welcomed, and you can earn a decent amount of money by doing so. Plus, what’s an extra hour or two when you’re already there?
  • Ask for a raise – Asking for a raise may be the best way to earn extra money at your current job, as the work is the same and you most likely won’t be adding additional hours to your work week. Many people never ask for a raise, which means you might be leaving money on the table. Over numerous years, this can add up to a significant amount of income! If you’ve just successfully completed a big project or taken on new responsibilities, then it might be time to ask for a raise.
  • Get a promotion – If a raise is not possible, then you may want to try for a promotion that comes with a pay bump. Sometimes companies can only pay you so much for the job you currently have, but perhaps a promotion with different and/or additional job duties, a possible move, etc. may result in an increase in pay.
  • Earn bonuses – Depending on the industry and the company you work at, you may be able to earn bonuses. Bonuses often come in large chunks which makes them ideal for paying off large amounts of credit card or student loan debt. Or, you could even invest your bonus to earn even more in the long run. 

 

Miscellaneous ways to make extra money in 2021.

Of course, I can’t include every single side job in this blog post, as there are way too many options to list in one place. But, here are some more that didn’t fit one of the categories above.

  • Cuddle with strangers – Did you know that you can get paid to cuddle with people that you don’t even know? Surprisingly, there are many cuddling companies out there, and this option seems to be growing more and more each year. Some people even make a few hundred dollars a day by cuddling with others. 
  • Scoop poop – Okay, like picking up trash, this isn’t going to be the most glamorous job, but someone has to do it. 
  • Place advertisements on your car, home, or even on your body – Yes, there are companies out there that will pay you to place an advertisement on your car, home, or even your body (such as a tattoo on your forehead). If there’s space on your car or fence that you don’t mind placing an ad on, then look into this! Carvertise is one company I recommend checking out if you’re interested in advertising on your car — they pay around $100/month.
  • Help crew a sailboat delivery – Because you need sailing experience to do this, this won’t be for everyone. But, if you know your way around a boat, then you may be able to earn extra money delivering sailboats. Wes actually helped out on a couple of sailboat deliveries in the past few years, and he traveled to many amazing places along the way, such as visiting several European countries. 
  • Be an extra in a movie or TV show – If there’s a movie or TV show that is being filmed near you, you can apply to be an extra to make some money on the side. You won’t have to do much, and it could be a lot of fun, especially if you are able to meet someone famous!
  • Start investing with spare change Investing through platforms like Acorns makes investing even more approachable. You simply link your bank or credit cards and Acorns rounds every transaction up to the next dollar. Read more at How To Start Investing With Little Money.
  • Sell breast milk – Only recently did I realize that some women do this as a side job. If you are breastfeeding, then you may be able to sell your breast milk to make extra money. Breast milk often goes for $1 to $2.50 per ounce, and sometimes it sells for as much as $4 per ounce. There are many people who are looking to buy breast milk, not just mothers. 
  • Receive bonuses and rewards for using a credit card – There are many credit cards out there that will give you cash back just for using them. If you are good with credit cards (please skip this if you are not), this is something to look into as you can make money without having to do much. Read more at How To Take A 10 Day Trip To Hawaii For $22.40 – Flights & Accommodations Included.
  • Take part in medical research studies – Medical studies allow you to help with the research and study of diseases, medicines, treatments, and more. To find paid medical research studies, I recommend checking out your local Craigslist, contacting universities in your area, and seeing if there are any medical testing companies around you. Most cities have these options, and you just have to look for them.
  • Enter contests and giveaways – There’s no guarantee that you will win anything when entering contests, but if you get lucky, this would be a really fun way to earn extra money. You may win cash, gift cards, vacations, electronics, and more. The key here is to enter as many as you can. And, many stores and restaurants post drawings and giveaways at the bottom of your receipt.
  • Mystery shop – Yes, you can actually get paid to shop at stores and eat at restaurants. A few years ago, I mystery shopped a lot to earn extra money. I made anywhere from $150 to $200 a month mystery shopping and received free meals, makeup, and more as a mystery shopper. I used Bestmark for mystery shopping, so I know that they are a 100% legitimate company. Learn more at Want To Make An Extra $100 A Month? Learn How To Become A Mystery Shopper.
  • Use InboxDollars – InboxDollars is an online rewards website I recommend if you want to find ways to earn extra money on the side. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free!
  • Travel the world and be an au pair – In 2016, my sister was an au pair in Italy. It was an interesting experience, and she shares how you can become an au pair and travel the world in her blog post How To Become An Au Pair And Travel The World.
  • Open a high yield savings account. Savings accounts at brick and mortar banks are known for having really low interest rates. That’s because they have a much higher overhead — paying for the building, paying the tellers, etc. Betterment Everyday is an online option, which means they have lower costs, then passing the savings on to you. Simply click here and sign up.

 

How do I make an extra $1000 a month?

How do I make an extra $1000 a month?

If earning $1,000 a month or more is your financial goal, there are lots of different approaches. 

You can run Facebook ads for small businesses, deliver food for Postmates, start a freelancing side job, and more. Or, you can combine several smaller side jobs.

If you are willing to put in the work, starting a blog is something that can help you earn $1,000 a month or more. It takes time to grow your blog, but with time and effort, you can well exceed $1,000/month in blogging income.

 

How can I make money on the side?

There are so many different ways to make money on the side in 2021, and I just gave over 80 different ideas. 

Look through the options above and make a list of the ones that interest you. Think about what skills you have, how much time you want to dedicate to your side job, and how to get started with each option.

There are honestly options for anyone, no matter how much time you have to spare. And remember, even just a $100 extra a month can begin to make a dent in your debt, can be invested for your future, or help you stop living paycheck to paycheck.

 

Have questions about finding a side job?

If you have any questions about finding a side job, I recommend heading to 10 Of The Most Common Questions About Having A Side Job.

Some of the questions I answer in that blog post include:

  • How do you find a side hustle?
  • How much money can I make from a side job?
  • How do you get paid with a side job?
  • How can I find time for my side job idea?
  • How can I balance my day job, side job, and life?!
  • How can I grow my side income? How can I find clients?
  • What is a good side job?
  • Should I tell my boss about my side hustle?
  • Do I have to pay taxes on a side job?
  • How do I avoid side job scams?

Out of the side jobs listed above, which one interests you the most? Which side job would you like to learn more about?

The post 80+ Best Side Job Ideas To Make Extra Money in 2021 appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

50 Ideas To Help You Get Out of Debt!

The post 50 Ideas To Help You Get Out of Debt! appeared first on Penny Pinchin' Mom.

When it comes to trying to get out of debt, I’ve seen and heard it all.  From the person who gets three jobs to the guy who sold his dream car – just to make it all happen.  It got me to thinking – what are some of the craziest ideas out there to help you find your way out of debt?

find money to pay off debt

I decided to make a fun post about the craziest ideas people have tried just to try to get their debts paid off.  The funniest thing is that these really do work!  Who knows?  Maybe one of these will inspire you too!

If you are struggling  with paying off your debt, these folks may be able to help:
Call 866-948-5666.

50 IDEAS TO HELP YOU GET OUT OF DEBT

SELL ITEMS

Things are that – just things.  They don’t define us, and they don’t always make us completely happy.  My husband and I sold so many items when we were trying to get out of debt that we were able to raise more than $1,000.  The thing is – I can’t even remember what we sold (which proves that they were things we obviously did not really need).  Here are some unconventional ideas of things you can sell:

1. Hair.  This may sound bizarre, but people will pay for long hair!  Crafters often use it for making dolls, so they will pay to buy it.  You will need to have at least 10″ or more to sell, and the price will vary greatly. You can visit eBay to learn more and get started.

2. Toilet paper / paper towel rolls.  Have you been on Pinterest and seen the number of craft projects which require a paper towel or toilet paper tubes?  They are all over the place!

You can get onto local sites such as Wallapop, Craigslist or even visit eBay and list your products for sale.  It may sound crazy, but it actually can work.

3. Gift cards.  If you get a gift card for any reason, be it a return or even a gift, you can turn around and sell the card.  You won’t get quite face value for it, but you also can at least get paid cold hard cash.

They don’t have even to have the full value on them.  For instance, if you had a $100 gift card to your favorite sporting goods store, but you only have used $26.48, you can still sell your card, and another person can use the remaining balance.

Visit Raise.com to learn more about placing your gift cards up for sale.

4. Daily Deal vouchers.  Did you buy a deal on LivingSocial and haven’t yet redeemed the voucher, you can sell it.

5.  Sell things you don’t need.  Use eBay, Craigslist or LetGo to sell the stuff you do not need anymore.  Go through your home and decide what you need and what you could sell to raise some quick funds to pay off your debt!

 

SIMPLE IDEAS

These are things that just make sense and most people think about…but you may not have thought of every one of them!

6.  Budget.  Of course, it seems this should go without saying, but it is not always obvious. If you don’t have a budget, you have no control of your money.  Learn How to Create a Budget.

7. Coupons.  Start using coupons to save as much as you possibly can at the grocery store.  Then, use the amount you save to pay towards your debt! Read more about How to Use Coupons.

8. Change where you shop.  If you live near an Aldi, start to buy groceries there.  Skip the clothing store and find consignment stores to find gently used clothes.  Read more about How to Shop at Aldi.

9. No more dinners out.  This is a tough one, but it works.  Best of all, its not something you will have to give up forever!  Just think, if you spend $100 or more a month dining out that is more than $1,000 to pay towards your debt in just one year!

If you do have dinner out, skip the soft drinks and go for water instead, which is free!  Make sure you also pass on the appetizers and consider splitting a larger entree to pay less.

10. Give up your hobbies.  If you are an avid golfer, you might give that up for some time and use the monthly dues to pay towards debt.

11. Menu plan.  By planning your meals, you not only know what you will have for dinner, but it also helps you plan your shopping trip.  That ensures you have all you need on hand when you get ready to cook all of your meals – saving you from running to the store for that “one item,” which often leads to more.  Read more about How to Create a Menu Plan.

12. Ask for rate reductions.  Contact your creditors to see if they would lower your interest rate at all. This is not always something that works, but it is definitely worth a few calls to see if it won’t work for you. Learn the tricks to asking for a rate reduction.

13. Avoid paying monthly fees.  If your bank charges monthly fees, ask them to waive them.  If they will not, consider moving to another one which offers free banking.  Even $5 a month is $60 a year that you are giving to them, just to have your account.

14. Keep the change.  I always use cash.  I don’t even pay with change.  If the total is $6.42, I hand over $7 and keep the change.  I roll all of this once a year and usually have quite a nice amount saved up.  Best of all – I never miss it!

15.  Overbudget.  This is a fun way to get extra money.  We may budget $300 for groceries every two weeks, but I will do what I can to keep my shopping way under this amount.  Then, I take anything left over at the end of that two weeks and save it (you could use it towards your debt). It’s a fun way to challenge yourself to see how little you can spend!

16.  Change insurance.  Make some calls to find out of you can get a better rate on your auto and home (renter’s) insurance.  You can sometimes find a better deal by bundling or even by increasing your deductibles a bit.

17.  Skip the evening movies.  If you love to visit the movies try the matinee instead!  You can usually pay less by catching the afternoon show. Make sure you pass on the snacks too, as those can add up quickly!

18.  Don’t buy books.  Instead of buying books, visit the library or get free Kindle books.  No need to buy them at all, when there are ways you can get them for free!  Find out more ways to get free books.

 

EXTREME IDEAS

These are ideas which do not work for everyone, but have worked to help others get out of debt very quickly!

19. Stop retirement contributions.  If you are in debt, you might want to take that 15% you were saving for retirement and throw it all towards your debt.  As soon as you are debt free, you can start that contribution again (and maybe even do more than that to other accounts).

20. Cancel cable completely. If you really want to go drastic, you need to take all steps necessary to do so.  Cable can run more than $100 (or even more than $150) per month.  If you can cut out cable entirely, you might quickly free up $100 or more every single month!

21. Sell your car.  If you are leasing a vehicle, that is a simple way to throw money away, as you will never own it.  Turn in the vehicle and then take out a loan to purchase a much older car, where you will pay less per month.  Best of all, you will own it in a few short years!

If you have an expensive vehicle, you can also sell that and then purchase an older car, which will reduce your monthly overhead (and possibly taxes and insurance).

22. Move.  If you are renting or even if you own your home, consider downsizing to pay less each month.  I know many people have opted to sell their home and use any income to pay towards debt, and then they rent until they are debt free.  Then, they save to get the house of their dreams, which they can purchase debt free!

23.  Turn off your home phone.  This can run $30 or more a month.  Just use your cell phone and cancel your home service.

24. Downgrade your cell phone.  Try to reduce the data you use to see if you can’t lower your monthly payment on your cell phone.  Stick with your home internet for most of your data usage, and you can use your phone less and less and rack up the savings.

25.  Swap services.  Instead of paying for babysitting, exchange time with another couple.  You watch their kids for free, and they can do the same for you.  You might be able to swap your tutoring for haircuts or your lawn mowing for handyman repairs.

26.  Make gifts.  Instead of buying people gifts for birthdays and holidays, consider making them yourself.  You could even offer a “service” gift where you will babysit once a month for a year, etc.  Find a way to give from the heart instead.

27.  Budget bill your utilities.  If you can, arrange for budget billing with your services.  This can make it easier to include your budget and will avoid those swings in the summer or the winter when certain utilities may be more expensive.

28.  Drop the gym or country club.  If you have a membership of any sort, just cancel it.  If you work out at the gym, try to find free videos you can follow at home or create your own workout plan. If you like to golf, go with a friend instead of paying for your membership.

29.  No more coffee trips.  Make your coffee at home each morning and cancel that run through the drive-thru.

30.   Take your lunch.  It is great to go out to lunch every day, but pack your lunch, and you’ll ensure you eat up leftovers.  Not only will you waste less food, but you’ll also save a nice chunk of money every month.

31.  Carpool.  Take turns driving to work and save money on fuel and also wear and tear on your vehicle.

32.   Set up no spend months.  This is a tough one, but see if you can go a few weeks without spending anything more than you need to survive.  That means no dining out.  No entertainment.  No clothes.  Just food and fuel and that’s it!

 

MAKE MONEY

This is a bit different than working from home.  These ideas help you make a bit more money just doing things you might already do – like search the internet, shop, etc.  These sites will pay you money to do just that.  Then, turn around and apply anything you make towards your savings.

33. Swagbucks. Use this site to get paid for doing searches and other things you normally do online!  Click HERE to learn more about Swagbucks.

34. Sell crafts on Etsy. If you are good at crocheting, woodworking or anything at all, look at selling your wares on Etsy. It is a simple platform and the costs are very low, which allows you to keep most of what you make from each sale.

35. Rent a room in your home.  If you have a walk-out basement, consider renting out the space to make more money.  Just check with your local laws and homeowner’s association to ensure this is allowed before you jump in to start this one.

36. Sell stocks.  If you have investments, considering selling them and using the proceeds to pay towards your debt.

37. Give music lessons.  If you know an instrument or you can sing, consider selling your time to help teach others.

38. Tutor.  Find your expertise and teach others.  You never know who you might be able to help!

39. Start a blog.  You may not get rich with your blog, but it can turn into a nice stream of income!  Learn more about How to Start a Blog.

40.  Visit garage sales and upcycle.  Find items very inexpensive at a yard or garage sales.  Put in some elbow grease, paint and creativity and turn them into something you can sell for a profit.  Check out flea markets and farmer’s markets for larger items and for places where you can sell your items.

41.  Find holiday work.  When the holidays roll around, many stores hire employees for a short 6 – 8 week period.  Sign up and put in some extra time after your regular job and make some extra cash you can use to pay down your debt.

42.  Become a mystery shopper.  This is a great way to get some things for free.  This is not a way to get rich but is an excellent way to get some of the things you need for free (which allows you more money to pay towards your debt).

43. Become an eBay master.  Purchase items on clearance or at deep discounts and then sell them for a profit on eBay.   You can still offer prices which are less than in the store, but more than you paid.

44.  Ask for a raise.  Don’t be afraid to ask for one.  Make sure you share the additional work or responsibilities you’ve taken on as a reason why.  Or, if it has been a while since you last had a raise, you can mention that too.  It never hurts to try.

45.  Sell an eBook.  If you are an expert in any field, or if you love to write, create a book you can sell on Amazon!

 

MENTAL

While there are things that you can physically do to save or to make money, you need to get your brain into the right mindset too.

46.  Make your goal visible.  If you want to get out of debt so you can afford to save for a vacation, tape a photo of the destination where you see it each day.  It could be on your office wall, bathroom mirror or the refrigerator.

47.  Learn to be happy with less.  Sure, a new TV might be fun to own. It could be enjoyable to go out to dinner.  However, do you need those things?  Probably not.  Find a way to be happy spending time at home spending no money at all, and you’ll realize how much those things don’t matter.

48.  Learn to say no.  You may need to tell friends you can’t go out to dinner.  It may mean telling the kids that they can’t get that treat at the grocery store. You may need to say to yourself that you do not need to grab that afternoon latte.  Learning to say no can easily keep more money in your pocket.

49.  Give more.  This may seem crazy, but it actually works.  When you give more of yourself to others, you feel better.  Best of all, giving is not always financial. It can mean your time or even your prayers.

50. Surround yourself with the right people. If your friends encourage you to spend money, then you might want to distance yourself from them (at least until you can get better control over your finances and self-control).  Find other people who think like you do so that they can encourage and build you up.

There you’ve got it.  Fifty ways to help get you out of debt!  Which are you getting ready to try?

ideas to help find money to pay off debt

The post 50 Ideas To Help You Get Out of Debt! appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

How to Use Your Shopping Addiction to Build Credit

If you love to shop, you can use your fashion sense to build or even rebuild your credit.

Store-branded credit cards are some of the easiest cards to qualify for and are often extended to those who have bad credit because they have lower criteria than traditional credit cards. Using them, especially if you’re loyal to a particular store, can bring card rewards, discounts and, if you pay your balance off every month, better credit.

Get It Now
Privacy Policy

Immediate Savings

In most cases, when you apply for a card, the retailer will offer a discount on that day’s purchase. Sometimes the discount will be extended to purchases made within a short time frame (24 hours, for example), as an incentive to spend more. The risk is that instead of saving money, you end up spending more than planned, so it’s wise to be wary.

Watch Your Credit Scores

When you open your new credit card, you may see a dip in your credit scores for two reasons: one, the inquiry created when the issuer checks your credit score, which may cause your scores to drop, though usually not more than a few points. Second, a new account with a balance is often seen as a risk factor. As long as you pay on time and keep your balances below 30% of your credit line, or ideally 10%, you could eventually see a slight rise because you’ll have a positive new credit reference, which is beneficial if you are trying to build or rebuild credit.

As you use your new card, you can track how your usage and payments are affecting your credit by signing up for Credit.com’s free credit report summary. In addition to getting two free credit scores, you’ll get your own credit report card that shows how you’re doing in five key areas on your credit report that also determine your credit score — payment history, debt usage, credit age, account mix and inquiries.

Know the APR

Interest rates for department store credit cards are almost always high, often between 19% and 22%, or more. If you carry a balance, the interest you pay will likely exceed the amount you saved with the discount. This means carrying a balance could hamper your goals, especially if you fail to make on-time payments.

Given store credit cards’ high APRs, you won’t want to go on a shopping spree with them, nor will you want to put more purchases on the card than your budget can handle. (For tips on cutting back without feeling deprived, you can go here.) That said, making a couple of small purchases a month, say, on home essentials or groceries, and paying them off quickly (and on time) will likely beef up your credit.

Before You Apply 

Before you fill out an application, you’ll want to know where your credit stands so you have a good sense of what type of card you might qualify for. Knowing your score will also inform your decision to apply for a card in general, as inquiries on your credit report can cause your score to take an unnecessary hit.

More on Credit Reports & Credit Scores:

  • The Credit.com Credit Reports Learning Center
  • What’s a Good Credit Score?
  • How to Get Your Free Annual Credit Report

Image: diego_cervo

The post How to Use Your Shopping Addiction to Build Credit appeared first on Credit.com.

Source: credit.com