Keeping a budget is a great way to manage your finances and help you save money. It only works, though, if you persist with it.
One of the best ways to increase your savings is by bringing in extra income. There are many ways to do this, from taking on a part-time job to starting a side hustle.
Get paid to shop online
If you’re a shopper who’s looking to make money while doing something, there are several ways to do just that. One of the most exciting is to earn cash back when you shop online. This is done by signing up for a rewards shopping site called Rakuten. You can use this website to save a few bucks on your purchases and get cash back in the form of a check in the mail or a gift card to your favorite online retailer. The site also offers a referral program. The best part? You can use your cash back to buy your favorite clothes or electronics.
Get a part-time job
Getting a part-time job can be a great way to earn extra money and help you make the most of your time. There are dozens of options to choose from, and many of them offer flexible hours. You can even find online jobs that don’t require you to work in a specific location. These jobs can give you the freedom to work at any time of day, and they also look great on your resume if you ever apply for a full-time job.
If you have a knack for helping people, consider becoming a babysitter for a friend or family member. It may take you a little time to build up your clientele, but once it does, you can expect a steady stream of clients, and that money will go a long way.
Go to consignment shops
If you’re looking to make some extra cash, going to consignment shops can be a great option. These stores take a wide variety of items and pay their vendors a percentage of each sale.
Whether you’re looking for a special occasion dress or just want to pad your wardrobe, consignment shops can help you find designer fashion for a fraction of the cost of new clothes.
In addition to local consignment shops, there are several online sites that make it easy to turn your clothes into cash. From luxury to casual brands, these websites have something for everyone. And, they’re easy to use and manage. Plus, they’re eco-friendly and reduce the amount of clothing that ends up in landfills. You can also donate your items to these websites after they’re sold.
Redirect a portion of your paycheck
If you’re looking to save a little extra cash this month, consider redirecting a portion of your paycheck to your bank of choice and saving it in a dedicated emergency fund. Experts generally suggest saving 10 to 20 percent of your monthly income. You can do this by contacting your HR department at work or using your bank’s online portal. It’s an efficient way to free up some of your money to do other things.
The most important thing to keep in mind is to choose a savings account that you can easily access at any time. You definitely don’t want to be taken off guard in a crisis! Having an emergency savings fund in place will allow you to deal with those unexpected expenses without having to worry about your credit or your 401(k) balance.
Make a budget
Having a budget can help you save money and stay on top of your spending. But it only works if you stick with it for the long haul.
To make a budget, start by figuring out your total income. This includes wages, salaries, investments, savings and any other ways you earn money.
Once you have your total income, add in living expenses and debt payments. You might also want to include discretionary spending, such as eating out or entertainment.
Next, you’ll need to separate your spending into categories: needs and wants. Using the 50/30/20 rule, allocate 50% of your income to necessities, 30% for wants and 20% for savings.