5 Tips for Earning Extra Money and Saving More

Tuesday, November 17, 2020, 6:00 PM | Leave Comment

When your pockets are getting empty, you start getting stressed.

No matter how much you try to save, you just can’t make ends meet.

You don’t have to suddenly win the lottery either. Some creative thinking and discipline can really help.

These are five tips to help you get more money and save.

5 Tips for Earning Extra Money and Saving More

  1. Rent Out a Room

    If you have a spare room in your house that’s suitable for living, considering renting it out. You could open your doors to a rotating cast of visitors, via Airbnb, or look for a long-term tenant. This is an excellent way to bulk up your income and potentially get to know some great people. Be sure you’ve established clear boundaries for any guests or tenants and are prepared for any challenges. Ensure that everything in your home is in proper working order and that you’ve done proper background checks on all applicants. Bringing others into your house can make it feel all the more like a home.

  2. Start a Side Business

    How would you like to make money for yourself, not your bosses? While you might not have an overnight success story, starting your own business is a great way to make money and feel like you’re actually making a difference. The business can vary, from offering writing services to dog-walking. Whatever you choose, make sure you’re doing the best you can to succeed. For instance, if you want to start a photo booth business, it would be worth knowing a photo booth manufacturer. Focus on your business little by little, and look forward to seeing it grow into something incredible.

  3. Sell Old Items

    How much stuff in your home do you actually need? We’re all guilty of hoarding at least a little bit. All this junk could be costing you money as well as space. Go through your items and see what stuff is in good condition, even if you don’t have any use for it. Then, head to Craiglist, the Facebook Marketplace, or eBay, and find buyers. There could be someone who’s looking for a guitar exactly like the one you have or who’d love your old DVD collection. This can also serve as a good reminder to be careful with your purchases in the future, focusing on buying things you know you’ll get long-term value out of.

  4. Eat Out Less

    When you’re only paying $12 for lunch, it doesn’t seem like that much. However, those numbers can quickly add up and throw your bank balance off-kilter. It can sound overly strict, but eating out less doesn’t mean never eating out. Set aside one day a week when you get to eat out, with some wiggle room for emergencies. This can make it feel a lot more special, since you’re anticipating it. You should also look for recipes you’ll love making and eating. Finding time to cook can be difficult, but it’s not impossible. Learn about meal prep so that you’ll have ready-made meals available. Something delicious you’ve made all by yourself tastes so much better.

  5. Always Put Aside a Portion of Your Paycheck

    It’s easy to feel remorseful when you’re low on money. You tell yourself that, as soon as you get that next paycheck, you’re putting money away. However, when the deposit hits, your mind isn’t on saving but on buying a new outfit or signing up for a new website. Developing self-discipline with money is hard, so start small. Put aside a few dollars at first and add more over time. See how much your savings grows and how much better it makes you feel. An emergency fund can be like a second source of income. Be sure to only dip into it if it’s an emergency. If you break into your piggy bank every time you want to make an impulse purchase, you’re not going to have much left.

Money troubles are unfortunate, but they can help us prioritize things. When you evaluate your financial situation, you can realize the mistakes you’ve been making and remedy them. There might never be a huge windfall, but you can learn the power of patience and perseverance. Forget about what you could’ve done in the past and focus on what you can do in the present.

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