Inside: Are you looking to achieve financial freedom? This guide teaches you the 12 habits you need along the journey. Learn how people changed their lives with simple steps of savings and minimized expenses.
Achieving financial freedom is often misconceived as simply accumulating great wealth.
However, as David Bach, a renowned financial expert and top-selling author emphasizes, “Financial Freedom is about a lot more than money, it’s about living a richer life.” Indeed, true financial freedom is not solely dictated by the figures in your bank account, but more by the ability to live life on your terms, unencumbered by financial restraints.
There are reasons financial freedom is a coveted goal for many. Having more than enough monetary resources to finance your desired lifestyle without being driven by the need to earn a certain amount every year can be liberating.
This post will explain financial freedom in-depth, its benefits, the keys, and simple strategies to attain it.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What is Financial Freedom?
Financial freedom is understood in various ways depending on people’s personal goals and values. Essentially, it’s having ample savings, cash, and investments to live as desired, both presently and in the future.
Those who reach financial freedom find themselves in control of their money, not allowing it to control them. Imagine enjoying your favorite hobby, traveling, or simply relaxing without stressing about money.
That’s the essence of financial freedom.
Why is Financial Freedom Good?
Financial freedom is a game-changer. It gives you complete control over your finances, allowing you to make choices that align with your values and long-term plans.
Financial independence reduces anxiety tied to unforeseen expenses and offers a safety net during unexpected hardship. It also allows you to work on your terms, pursue passions, take risks, and ultimately, leads to a more fulfilling and happier life.
This is something I can attest to when my husband was able to leave a toxic work environment on his terms.
What is the key to financial freedom?
The key to financial freedom lies in attaining financial literacy, prioritizing your goals, and cultivating good financial habits.
This involves setting and being adamant about your life goals, living within your means, saving diligently, investing wisely, diversifying income streams, and regularly reviewing and adjusting your financial plan.
Control over your finances and informed decisions pave the way toward financial freedom.
12 Simple Strategies for Financial Freedom
Achieving financial freedom requires strategic planning and disciplined execution. It’s not just about earning more, but about saving wisely, spending judiciously, and investing intelligently.
This section introduces you to key strategies for securing financial independence, illustrating their importance and demonstrating their role in paving the way toward a stress-free financial future.
Remember, financial freedom is not just about an affluent lifestyle, but about taking control of your finances, making your money work for you, and living a life on your own terms.
Something we emphasize around here at Money Bliss.
1. Set Life Goals
Setting clear, tangible life goals — both big and small, financial and lifestyle — is the first step towards achieving financial freedom. These smart goals form the backbone of your financial plan.
For instance, you may aspire to own a house, increase your liquid net worth, or retire early. The more specific your goals, with concrete amounts and deadlines, the higher the likelihood of achieving them.
2. Create a Monthly Budget
Creating a monthly budget is an instrumental step towards financial freedom.
Start by taking account of all your income like your paycheck and expenses.
Identify non-essential items you can cut down, and set money aside for emergencies and savings.
Focus on mindful spending and curb the urge to splurge.
Following a monthly budget guarantees that all bills are paid, and savings are progressing at a solid pace. Get solid budgeting advice to help you get started.
3. Spend Less Than You Earn
To reach financial freedom, it’s fundamental to spend less than you earn. This tip may seem overly simple, but it lays the foundation for wealth accumulation.
I cannot stress this concept of spending less and saving more enough. By reducing discretionary expenses and embracing frugality where possible, you maximize savings.
This doesn’t mean an austere life but simply cutting back on unnecessary expenses to create more room for savings and investments.
4. Invest in Your Future
Investing is a path towards creating wealth for your future. Even small amounts invested wisely can have big results, thanks to the power of compound interest.
Whether it’s real estate, the stock market, or mutual funds, investing can generate an income stream and significant long-term growth. This also means increasing your financial literacy to bring direction and discipline to your investment journey.
Learn how to start investing 10K.
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Whether you want to:
Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….
Making $1,000 every.single.day is NOT a pie-in-the-sky goal.
It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…
5. Stay Educated on Financial Issues
Staying attentive to financial news and developments is crucial. Knowing current trends can aid in timely adjustments to your investment portfolio.
Staying educated on financial issues and increasing financial literacy is an effective step toward achieving financial freedom. This includes acquiring competencies in areas such as understanding debt, budgeting, keeping track of cash flow, and investing wisely.
From changes in tax law to swings in the stock market, keep informed to make well-rounded financial decisions. Remember, knowledge is your best protection against fraud or investing missteps.
6. Develop Passive Income Streams
In your hunt for financial freedom, developing passive income streams can be a great advantage.
Passive income refers to earnings derived from a rental property, selling printables, or other enterprises in which you’re not actively involved. This could be writing a book, starting a blog, or investing in stocks.
These income streams can dramatically boost your earnings and aid your journey to financial freedom.
7. Diversify Your Investments
Diversifying your investments is a key strategy to mitigate risk and potentially increase returns. Remember the statement of don’t put all of your eggs in one basket.
Portfolio diversification involves spreading investments across different asset classes – such as cash, stocks, bonds, and real estate. Diversification ensures downturns in a single area won’t devastate your finances.
The best tool to track your investments would be Empower and you can use it for free.
Empower
Empower offers powerful tools to help you plan your investment strategy along with basic budgeting features and a great net worth tool.
As a free app, Empower can help you to save money, save time, and even make more money.
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Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
8. Maintain Your Property and Health
Maintaining your property and health is vital to your financial wellness. Regular care and maintenance for your properties, like homes and cars, help prevent expensive repair costs in the future.
Investing time and effort in your health, with regular doctor visits, a healthy diet, and exercise, prevents long-term costly health issues, securing your financial future. This is why I decided to share my spinal fusion journey to help others because your health is vital to your wealth.
This investment is integral to a life of financial freedom.
9. Build a Retirement Savings Plan
Building a robust retirement savings plan is a significant step towards financial freedom. Contributing to a 401(k) or an IRA can lead to tax advantages while saving for retirement.
Here is the key to success: don’t wait to start saving for retirement until you feel like you have extra money lying around. Because that will never happen.
Start simple by maxing out your Roth IRAs and contributing enough to your employer’s 401k to receive any matching. Initiate early and let the compounding interest work in your favor for a secure retirement fund.
10. Calculate Your Financial Independence Number
Your financial independence number is a benchmark for your financial freedom goals. I’ll be honest this is one of the hardest things to do is calculate how much you need to retire.
Recently, I had a conversation with someone who retired early and she said it is so hard to know how much you need and then also live off your savings.
However, calculating this FI number can provide a roadmap for your financial freedom journey.
11. Increase Your Income
Increasing your income can expedite your journey to financial freedom. Around here at Money Bliss, we stress the need for multiple streams of income.
Consider asking for a raise, taking on more responsibility at work, or learning new skills to command a higher salary.
Explore side hustles fitting your skills and interests. This may lead to a new career for you!
And don’t forget about passive income.
Generating more income not only enhances your lifestyle today but also boosts your savings and investments for a financially free tomorrow.
12. Regularly Review and Adjust Your Financial Plan
Your financial plan is not a static document but a living, changing guide. As your life and goals evolve, so should your financial strategy.
Regularly reviewing your plan helps assess your progress, make necessary adjustments, and keep you focused on your financial freedom journey.
This is something you need to prioritize on your calendar.
Dealing with Debt in the Path of Financial Freedom
Our journey of student loans was deeply intertwined with our pursuit of financial independence as we wanted more money in our budget. This systematic approach not only expedited our progress but also instilled a discipline that prepared us for a future of responsible financial decisions.
While not easy, it is best to pay off debt sooner than later.
Prioritize Paying Off Debts
Addressing debt is imperative on your financial freedom journey. Prioritize paying off debts, particularly high-interest ones. This could mean scaling back your lifestyle temporarily.
You might find strategies like the debt snowball method, paying off the smallest debts first, effective. Or the debt avalanche as we chose. Find out which way to debt payments is best for your situation.
Clearing debts reduces monthly bills and creates more room in your budget for saving and investing.
Minimize Reliance on Borrowings
If you are consistently relying on debt methods to make ends meet, that needs to stop. Instead of taking loans for significant purchases, it’s more beneficial to accumulate savings first and then purchase in cash. For instance, when looking at car loans, the interest rate is pretty high, so this is a great example to save first.
This is backward of what most people do. However, it provides wise decisions with your money like having an emergency fund to fall back on.
Just to note… for most people, a mortgage may be cheaper than renting in their area.
Commit to Debt Free Living
Committing to a debt-free lifestyle is not about sacrificing everything today for tomorrow, but about making smarter financial choices. These include fully paying off credit cards each month, preparing a budget and sticking to it, and systematically paying off any existing debts.
Over time, these actions lead to a reduction or elimination of debt contributing significantly to your financial freedom.
Achieving Financial Freedom: Success Stories
There is no shortage of inspiring stories of people going from rags to riches or overcoming financial hardships to achieve financial freedom.
One notable example is the story of Grant Sabatier, who went from having only $2.26 in his bank account to reaching financial independence in just five years.
Similarly, Kristy Shen was an ordinary programmer who quit her job and, with calculated financial decisions, managed to retire as a millionaire.
Farnoosh Torabi, a celebrated financial correspondent, was once overwhelmed by $30,000 in student loan debt. Through disciplined budgeting and effective money management, she was able to shake off the chains of debt and now leads a financially free life.
Likewise, Robert Kiyosaki, the author of “Rich Dad Poor Dad,” started his journey with little and is now known for his financial education organization.
There are numerous success stories affirming the attainability of financial freedom. These success stories inspire and offer valuable insights into achieving financial freedom.
Frequently Asked Questions (FAQ)
Financial freedom means having sufficient savings, investments, and cash at hand to afford the lifestyle you desire without being burdened by economic constraints.
In essence, it’s about more than just having money – it’s about having financial choices, control, and security to live life on your own terms, both now and in the future.
Achieving financial freedom isn’t about get-rich-quick schemes. Instead, it typically involves a combination of saving, investing, and increasing your income.
This can mean anything from asking for a promotion at work or starting a side business to investing in stocks or real estate. Building multiple income streams, particularly passive ones, and maintaining a disciplined budget can significantly speed up the journey.
The amount of money required to attain financial freedom varies from person to person, as it’s highly dependent on individual lifestyle aspirations and expected annual expenses.
A general rule is to multiply your expected annual income by 25. For example, if you need $50,000 a year for your dream lifestyle, your financial freedom amount would be $1.25 million. It’s crucial to reassess this number regularly and adjust for changes like inflation. Learn more on saving for retirement.
Create Financial Freedom Journey for Yourself
Achieving financial freedom is a journey, not a destination. It demands consistent effort, discipline, and wise decision-making.
Every step you take towards reducing debt, saving, investing, or earning more income brings you closer to a life self-directed rather than dictated by economic constraints.
You have the opportunity to change your family’s future for many generations to come.
Although challenges will arise, remember, as Arthur Ashe once said, “Start where you are. Use what you have. Do what you can.” With determination, you can achieve financial freedom.
Start by learning to become financially independent and grow from there.
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“Fear of missing out is just that — fear,” says licensed professional counselor Justin Kahn of Point Pleasant, New Jersey. However, in today’s society, this fear runs rampant with about 69 percent of millennials experiencing FOMO (fear of missing out) daily. To proactively combat feelings of FOMO as we head into the coldest nights and darkest days of the year, we asked eight experts to share their tips for fighting FOMO and seasonal blues with us.
1. Disconnect from social media
“One of my favorite tips for fighting FOMO — or at least reduce it — is to get off social media. If you are scrolling on social media and you feel competitive or experience jealousy, take a breath and put your phone down. Scrolling endlessly on your phone can lead to FOMO and anxiety. Do a social media cleanse and delete apps off your phone if they are causing anxiety,” says owner and holistic therapist Katie Ziskind, LMFT, RYT500 from Wisdom Within Counseling.
“It’s important to know there are events that you won’t be able to attend and that’s okay. As well, it’s OK to not get invited to all social events. Know that you won’t always be invited to everything and that’s OK, too.”
“Give yourself permission to let go and not over-commit. Know that if you do too much, you will feel out of balance. If you have FOMO, you might over-commit and try to do too much, you will be leaving yourself mentally and emotionally exhausted.”
2. Reframe your perspective
“Because we often focus on what everyone else is doing, we can forget that everyone also has a no list — the things they gave up because it didn’t matter as much as what they said yes to,” says Tiffany Rochester, a clinical psychologist from We’re On The Same Mountain. “You might miss out on an experience because you choose to prioritize staying within budget or being close to friends. Focus on what it is you decide to have rather than what you pass up.”
3. Practice mindfulness and gratitude
“FOMO may often be the result of a racing mind that is always craving for more and forgetting to notice what is truly important. I recommend these two tips for fighting FOMO,” says Archana Bahuguna, the founder of Pahoti Wellness.
“Try to slow down and remain mindful of who you are. If you like, you can practice a simple meditation practice like observing a lit candle’s natural light for a few minutes while breathing deeply and slowly.”
“Work on developing a gratitude practice. Pick your favorite writing utensil and jot down a list of all you are grateful for. This will help you remember all your blessings.”
4. Decorate your apartment
“In your apartment, always surround yourself with things that make you smile. Make sure to fill your apartment space and your personal life with safe, positive people who love you,” says certified life and business coach, Megan Smidt.
5. Get crafty
“Combat FOMO by staying creative and working with a craft that keeps your hands and mind busy,” says Maddie from CraftJam. “Activities like crochet, embroidery and watercolor help with anxiety and stress relief while helping you stay present (and off your phone)!”
6. Become your best friend
“Be your own bestie, plain and simple. You can never miss out if you’re having a good time — even if you’re alone. Whether you’re making spontaneous Target runs for apartment decorations, pampering yourself with a spa night or planning a scenic drive, there’s no limit to solo entertainment,” says the Just Girl Project.
7. Tune into the seasons
“The changes of seasons can impact mood and motivation. Make sure to maintain your exercise routines along with efforts to get outside,” says Main Street Counseling, “There are plenty of fall and winter activities that can help you cope with symptoms of seasonal depression, including hiking, biking, fishing, skiing, snowboarding and ice skating.”
8. Look to the light
“Seasonal affective disorder (SAD) is real. If the shorter days and longer nights affect your mood and wellbeing, remember — orient to the light,” says the Foundation for Positive Psychology.
“Try bringing color into your space, add new curtains with a fun print or cheerful color. Additionally, full-spectrum lights help bring more warmth and light into any space. Consider hanging up fairy lights — the way they brightly twinkle will reflect happiness into your space.”
“Remember, every winter solstice holiday is about preserving the light through the winter season as we and the earth sleep to emerge anew for spring. Always tend to your inner fire.”
Beat the winter blues
According to the Mayo Clinic, SAD is a type of depression that relates to the changing seasons. In fact, most people with SAD start experiencing symptoms around this time each fall — typically coinciding with Daylight Saving Time ending and continuing through the winter months. While about six percent of people experience winter depression, another 20 percent may experience mild SAD.
These are the most common signs and symptoms of SAD:
Feeling sad and depressed most of the time in a seasonal pattern
Low energy
Constant tiredness
Loss of interest in activities
Changes in appetite or weight
Sleeping too much
Sleeping too little
Difficulty concentrating
Feeling irritated, agitated or sluggish
Having frequent thoughts about death or suicide
If you’re experiencing these signs and symptoms, you don’t have to go through them alone. There are resources aplenty that offer confidential, free help:
Practice, practice, practice
Let’s get real, removing Instagram from your phone or taking up a new craft is often easier said than done. That being said, make sure to give yourself plenty of grace as you practice and apply these tips for fighting FOMO in your everyday life.
Charlsie Niemiec has spent the last 10 years working as a content marketing and social media editor and strategist. With in-house experience ranging from The Elf on the Shelf to CNN to Piedmont Healthcare, Charlsie has freelanced for the last four years with clients ranging from ESPN to the Atlanta Beltline. When she’s not copyediting or scrolling on Twitter, she is walking her very scruffy wirehaired terriers mixes Leonard and Biscuit or probably watering one of her 54 houseplants.
Inside: Are you struggling to make ends meet on a low income? This guide will teach you how to budget money effectively on a low income, so you can live a comfortable life without having to skimp on important expenses.
Let’s face it… Navigating through the budgeting on a low income can often feel overwhelming.
The fear of insurmountable bills, the anxiety associated with rising living costs, and the overall foreboding nature of budgeting often make for a persistently stressful experience.
However, it is crucial to understand that you are not alone in this journey. I have been in your spot as well as many Money Bliss readers.
Regardless of how daunting the budgeting task may appear, we truly believe that with the right guidance and adherence to solid financial principles, you are capable of achieving financial peace of mind.
This process will simply require patience, persistence, and strategic planning. This guide aims not only to shine a light on the struggles of budgeting with a low income but also to offer a beacon of hope.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
How to Budget Money on a Low Income
While it’s true that budgeting with a low income can be tough, proper money management can make it doable.
When you have less disposable income, it leaves you with less leeway in your budget. That’s why you have to be accountable and meticulously plan your spending to ensure financial stability.
So, let’s dig in and you can find success.
Step #1 – Figure out Your Monthly Income
Developing an effective budget starts with understanding your monthly income.
Here’s a step-by-step guide:
List out all income sources: This includes all your regular paychecks, part-time jobs, side hustles, social security, child support, or any other form of income you have. If your income is irregular, say from commissions or seasonal work, it’s advisable to base your budget on your lowest monthly income.
Account for taxes and deductions: To get an accurate picture of your disposable income, you need to factor in taxes and deductions from your earnings. You need to make sure you understand the difference between gross pay and net pay.
Include irregular income: If you occasionally get money from gifts, or sporadically earn from passive income sources like investments, be sure to include these too. As these are inconsistent, it is best to fund discretionary spending with this money.
Personally, I recommend using your net income with budgeting. This will give you an accurate budget that you can truly follow.
This knowledge is powerful when it comes to effective budgeting.
Step #2 – Define your bills and Expenses
Knowing how much you spend and what you spend your money on is another crucial step in budget planning.
The key is to define ALL your bills and expenses. Here are the personal budget categories that cover almost everything you can think of.
Now, you must do the following:
Identify your fixed costs: These are basics that you have to pay monthly and remain fairly constant, such as rent, car payments, and student loans.
Consider flexible costs: These expenses vary from month to month. Examples include groceries, transportation, electricity, water, and gas bills.
Remember periodic costs: Some costs only appear annually or semi-annually. For instance, insurance premiums, car registrations, and property taxes. It’s important to set aside money each month to cover these expenses when they arise. A sinking fund is great for these expenses.
Account for daily spending: Beyond fixed and flexible bills, consider your day-to-day expenses like shopping, subscriptions, and entertainment. Be honest about the little expenses. It’s often the small, frequent purchases that can derail a budget.
Prepare for unplanned costs: Finally, remember to budget for unexpected expenditures such as car repairs or medical bills.
By defining and categorizing your bills and expenses, you can see where your money is going and better manage your spending.
Step #3 – Reach a Zero Budget
A zero-based budget is a strategy that requires you to assign every dollar you earn to a specific expense or savings category, with the goal of having your income minus your expenses equal zero by the end of the month.
Write down your income: From the step before, you already know your total monthly income.
Subtract your expenses: Subtract the total of your monthly expenses (including savings) from your total monthly income. If you’ve correctly accounted for your income and expenses, the result should be zero. This is what it means to have a “zero-based budget”.
Balance the budget: If your income and expenditure don’t balance, adjust your variable expenses and other discretionary spending until they do. This can involve cutting back on nonessential overspending, like takeout meals or unnecessary purchases.
Allocate every dollar: With your budget balanced, each dollar should now have a purpose, whether it’s paying bills, going into savings, or providing for your daily needs.
Many people struggle to hit a zero based budget on the first try. It is common for your expenses to be higher than your income. Thus, a no spend challenge may help you identify what is important to actually spend your money.
Reaching a zero-based budget equips you with a clear picture of your financial status.
Thus, it allows you to use your money purposefully and prevents unnecessary spending. This way, even with a low income, you can still meet all your needs and work towards your financial goals.
What do you do if your budget shows your expenses are more than your income?
When your monthly spending exceeds your monthly income, immediate attention is needed to prevent worsening financial issues. Before panic sets in, consider taking the following steps:
Analyze your budget: Reevaluate and scrutinize your budget. There might be necessary adjustments overlooked or expenses incorrectly categorized. This will give you a clearer understanding of where your money is going.
Prioritize essential expenses: Allocate money to necessities like housing, food, utilities, and debt repayments first. Other less necessary expenditures, like entertainment and dining out, can be reduced or eliminated.
Reduce expenses: After prioritizing, identify areas where cuts can be made. Impulse buys, unnecessary subscriptions, or expensive habits might need to go.
Increase your income: Consider part-time jobs, side hustles, selling unused items, or picking up freelance work to bring in more money.
Seek advice if debt is weighing you down: As a last resort, you may look at ways to lower your interest rate on your debt. These strategies like debt consolidation or restructuring could help make your situation more manageable.
Remember, this situation, while stressful, is not permanent. With careful planning and disciplined execution, you can turn this around and regain financial stability.
Taking Control of Your Budget When Income Doesn’t Cover Your Expenses
Now, this is where you need to learn to manage your money wisely. You are in control of where you spend your money.
Many truly believe with a higher income all of their financial problems go away. From my research, most people end up with bigger money problems, the same spending habits, and still living paycheck to paycheck even with a higher income.
So, let’s reign in what you can do today to make your budget feasible.
1. Prioritize Essential Bills and Expenses. The key is to identify which expenses are truly essential to your livelihood. All remaining expenses, like entertainment or eating out, should be considered secondary and only met after the primary expenses have been satisfied.
2. Participate in a No Spend Challenge. A No Spend Challenge not only helps you save money rapidly but also makes you cognizant of your spending habits, helps identify non-essential expenses, and guides you towards a minimalist, sustainable lifestyle. Start with a no spend month.
3. Reduce your Housing Expenses. Housing costs can be one of the most significant expenses. Look at ways to downsize, negotiate rent, refinance your mortgage, or get roommates. Or even housesit permanently.
4. Be Cognizant of Bad Spending Habits. Some examples include impulse purchases, expensive convenience, not comparison shopping, or paying too much. By becoming aware of your spending habits and making conscious choices, you can break the cycle of unnecessary spending and start saving money with the penny challenge.
5. Skip the Expensive Coffee Shop. Choosing to forgo your daily coffee shop run can result in surprisingly significant savings. Implementing just this one change could save you over $600 a year!
6. Use Public Transportation to Save Money. The costs of owning a car – gas, maintenance, parking, and insurance – can quickly add up. So, look for public transportation as an alternative or even cycling, carpooling, or walking.
7. Take Advantage of Free or Cheap Entertainment. When living with a low income, entertainment expenses can quickly eat into your budget. Good news for you! There are plenty of things to do that don’t cost money.
8. Cut Back on Grocery Spending. By implementing simple strategies such as meal planning, cooking at home, cutting down on processed food and reducing waste, you can maintain a healthy diet while significantly reducing your grocery bills. Don’t forget to use those discounts and coupons!
9. Stick to Your Shopping List. Preplan your purchases before stepping into a store. This is a powerful tool in curbing those impulse purchases which can inflate your expenses substantially.
10. Start Meal Planning. Meal planning is a practical and economical way to manage your food budget. By planning your meals for the week, you can control your grocery spending and eliminate waste.
11. Stockpile Goods That Will Stay Stocked Up Long Term. Remember, the goal of stockpiling is to save money, not to transform your home into a supermarket. Purchase enough to last a few months and focus on items that you’re certain to utilize. Here are the best foods to buy when broke.
12. Pack Your Own Lunch and Skip Eating Out. With an average meal out costing around $10, you could easily save $200 a month by packing lunch from home. Over a year, that’s $2,400 in savings!
13. Drink Water and Avoid Processed Foods. Shifting dietary habits can be a significant change, but your commitment to a healthier lifestyle can reap both health and financial dividends. It’s an investment in a life of wellness and economic sustainability.
14. Take Advantage of Discounts when Shopping. Remember, the goal of shopping with discounts is to spend less on what you need, not to buy more than you need. So, make sure to use coupons wisely, shop sales, buy off season, and use Cashback apps like Rakuten and BeFrugal.
15. Avoid Impulse Purchases. By avoiding impulse purchases, you give your budget room to breathe and create an opportunity for savings. This makes a significant difference over time, especially when money is tight.
16. Apply for Discounts on Utilities and Services. Many utility companies provide low-income home energy assistance programs. The same is true for internet service. Contact your service providers to check your eligibility.
17. Get Free or Discounted Goods Through Charities. Charities, faith, professional, and local organizations often offer grants for people experiencing financial hardship. Utilizing them can be a lifetime as they help you stretch your budget further and provide necessary support in times of financial struggle. Don’t be afraid or too proud to ask for help when you need it.
18. Get Outside. Reconnecting with nature can provide you with cost-free entertainment and a sense of tranquility that’s hard to find elsewhere.
19. Avoid Unnecessary Expenditure. While each person’s definition of “unnecessary” may differ, the key to budget management is curbing expenditures that don’t add substantial value to your life. A common culprit could be brand-name goods or late fees.
20. Start the Practice of Saving with a Mini Savings Challenge. The Mini-Savings Challenge can pave the way to a habit of saving regularly, even on a tight budget. Essentially, this challenge consists of setting aside a small amount of money each day or week, gradually increasing the amount over time.
21. Show Gratitude. While it may seem less directly related to finance, practicing gratitude is indeed integral to efficient budgeting and financial wellness. Remember, financial success isn’t just about making more money. It’s also about appreciating what you have and recognizing the steps you’re taking towards your goals.
Inciting Additional Income Avenues
Okay, this section is how you take a low income and increase your money. While cutting back spending is helpful, creating more money will help you to reach money success faster. This will take the strain off.
1. Look for Ways to Earn Extra Income
Boosting your income, no matter how minimal the increase, can help cover necessary costs and elevate your financial standing.
Here are some ideas using your current job:
Work Overtime: If possible, consider getting more extra hours at your current job. Earnings from overtime or extra shifts can be significant.
Negotiate a Raise: If you’ve been with a company for a while and demonstrated your worth, it might be time to discuss a raise. Prepare well for this conversation with evidence of your productivity and value.
Every extra dollar earned can be put towards savings, paying down debt, and creating better financial stability.
2. Leverage Side Hustles for Extra Money
Side hustles have become an increasingly popular way to earn extra money online in your spare time. They allow for flexibility and can be a great supplement to your current income.
Start a Side Hustle: These can be a great way to make use of spare time to earn extra cash. This could be anything from driving for a rideshare company, offering freelance services, tutoring, delivering food or groceries to selling homemade goods online.
Sell Unused Items: You probably have items in your home that you no longer need. Selling anything from clothes to electronics or furniture can be a good source of income.
Passive Income: From writing an eBook to renting out a room in your house or investing in stocks, creating passive income streams can provide extra money over time.
Remember to choose a side gig that fits your schedule, interests, and skill set. Not only could it bring in extra money, but it could also turn into a passion project, making the work feel less like a chore.
3. House Sit for Extra Income
House sitting can be a viable option for those looking to generate extra income, especially if you’re flexible with your time and location. It typically involves looking after someone’s home (and sometimes their pets) while they’re away.
Not only is house-sitting a way to earn money, but it can also offer a free place to stay. Hello – you just lowered the biggest expense in your budget. However, remember that taking care of someone else’s home is a huge responsibility, so only take on tasks you’re confident you can handle.
Get started by building your profile on Trusted Housesitters.
4. Items You Don’t Need Anymore
Selling items you no longer need or use can both declutter your home and add to your income. It doesn’t just have to be big-ticket items; even small routine household items can yield returns.
While this may be difficult to do, look for items in good condition that you and your family no longer need or use. If you have extra baby stuff, you can rent it on BabyQuip for extra money.
Remember, while selling items won’t provide a consistent income, it can be a great one-time source of extra cash especially if you have these highly popular flipping items in your house.
Baby Equipment Rentals with BabyQuip
Have you heard about BabyQuip? They are the #1 baby equipment rental service offering clean, safe, and insured baby gear.
Whether you are traveling or just don’t want to purchase, this is a great idea to check out.
Learn More
5. Pick up a Part-time Job
When you’re on a limited income, picking up a part-time job can be a reliable way to supplement your earnings. You are trading your time for money.
Many of these jobs that pay weekly offer valuable experiences, skills, and possibly even room for growth and advancement. Remember to save and plan for any taxes due as a result of your increased earnings.
Smart Use of Technology in Budgeting
Taking advantage of personal budgeting tools can make managing your finances easier. They can help track expenses, create a budget, and set saving goals. Here are some popular options:
You Need a Budget (YNAB): YNAB helps you create a budget and live within your means, educating you on effective money management along the way.
Simplifi by Quicken: This app crunches the numbers to show how much money you have for day-to-day spending after accounting for bills, goals, and savings.
Empower: This free tool offers a comprehensive financial dashboard that includes budgeting features and investment tracking.
Tiller Money: If you want a more manual approach, you can use Google Sheets or Excel to create a customizable budget spreadsheet.
Remember, the best tool is the one you use consistently. Try a few options to see which one best meets your needs and preferences. Every tool has its pros and cons, but all aim to help you control your finances effectively.
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
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YNAB
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Option to manually add and upload transactions from accounts each month.
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YNAB vs Mint
Access Paychecks Early with Digital Banking Apps
With the rise of digital banking, access to innovative financial tools like early direct deposit has become more accessible, even for those with low incomes. These services can be crucial lifelines between paychecks or in case of emergencies.
Here are a few platforms that offer such services:
Chime: Once you set up direct deposit with Chime, you may get your paycheck up to two days earlier than at a traditional bank.
Current: Current, a mobile bank account, provides users with paychecks up to two days in advance.
Varo: Varo also offers early direct deposit for its users, helping you gain access to your money more quickly.
Clair: Clair’s on-demand pay solution lets you advance a portion of your paycheck before payday. This can be particularly helpful when navigating financial crunches.
It’s important to note that while accessing your paycheck early doesn’t give you extra money, it does provide more flexibility in managing your finances and can help avoid overdraft fees or high-interest loan options in times of need. As with any financial tool, it’s essential to use early paycheck access wisely and not rely on it for regular spending.
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FAQs
Saving money on a low income can seem challenging, but a few strategic changes and smart habits can make it achievable.
Engaging in a money-saving challenge can be a motivating way to encourage disciplined saving, helping you to creatively manage your finances and significantly boost your savings plan over time.
Remember, the key to saving on a low income is to stay consistent, patient, and adaptable in your approach.
Surviving on a low income budget can be challenging, but strategic planning and careful spending can help you manage your finances effectively.
The focus as Dave Ramsey likes to say is on your four walls – food, utilities, shelter, and transportation.
Remember that it’s okay to adjust your budget as you go. Circumstances change, and so should your budget. Review your budget regularly to ensure it’s still working for you and adjust as needed.
Budgeting when you’re broke might seem like an uphill battle.
The key is to make sure you stick to your budget and track your spending consistently. Don’t hesitate to reach out to local charities, government programs, and non-profit organizations for assistance.
Remember, being broke is often a temporary situation, and even small steps towards better budgeting can compound into big changes over time. Try to stay positive and focused on your financial goals.
Now, How do you Survive on a Low Budget?
Surviving on a low income involves careful planning, budgeting, and making the most of available resources. While it may seem challenging, it is indeed possible.
Every small step you take towards frugal living, such as sticking to a budget, reducing unnecessary expenses, or earning extra cash, can lead to considerable savings in the long run.
Remember, it’s also important to invest in yourself – whether that’s asking for a raise at work, learning a new skill, or starting a side hustle.
The journey of living on a low income can be tough, but it also offers an opportunity for creativity and gratitude for the essential things in life. With a positive mindset, some patience, and careful budgeting, you can not only survive but thrive, even on a low income.
The goal isn’t to just get by but to build a financially stable future.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Work & Mother]
Work & Mother offers a commercial lactation suite amenity for office building landlords and owners. Its outsourced mother’s room suites for commercial office buildings furnished facilities that enable working mothers to continue expressing breast milk when they return to work. Helping employers satisfy state and federal obligations such as the Fair Labor Standards Act (FLSA), Work & Mother also provides a support app and a HUB with support resources and educational programming from health and wellness experts to help all working parents with their transitions back to work. For landlords, Work & Mother provides specifications and build books, consulting services, project management, and building-specific marketing assets. They operate the facilities membership system, app, tenant enrollment, suite access, maintenance, and reporting for the landlord.
What we like: With FLSA regulatory headwinds in its favor and also helping achieve DEI goals, this is a win-win-win for moms, tenants, and landlords.
A new listing has recently come to market within a stone’s throw from the prestigious Harvard University in Cambridge, Massachusetts, and we’re here to take you on a quick tour of the stylish abode.
Especially since its unassuming exterior doesn’t give away the polished, contemporary interiors that await inside.
The luxury home — priced at $18.5 million — blends Japanese, Scandinavian, Italian, and French influences to extraordinary results. Gail Roberts, Ed Feijo & Team with Coldwell Banker Global Luxury hold the listing.
“This home was designed to not be ostentatious as you approach from the street. But once you experience the property from the grounds to the interior, you know that this property has it all,” listing agent Ed Feijo tells us.
So let’s take a look inside, where there’s no shortage of beautifully appointed spaces created for living, entertaining, creating, or relaxing.
Completed by the Cafasso Design Group with an eye toward artistic flair, modern tech and environmental stewardship, the nearly 8,000-square-foot home has 6 beds, 6.5 baths, and standout amenities like a glass-enclosed office, wet bar, cinema, gym, and a Western Red Cedar Sauna.
The home is anchored by a twisting sculptural staircase that steals the show.
Throughout the house, we find influences of contemporary Japanese, Scandinavian, Italian, and French design, with European influences seamlessly blending with Asian-inspired details.
Prominently showcased in the eat-in chef’s kitchen, there are custom Italian walnut cabinets, Calacatta Gold marble countertops, a massive island, two sinks, two dishwashers, Gaggenau 400 Series double oven, and site-built pantry systems.
Notably, the kitchen offers a 78” Gaggenau 400 Series 4-module cooktop configuration that includes state-of-the-art burners for wok cooking and Teppanyaki.
Upstairs, there is a lavish primary suite with spacious custom closets outfitted by Scavolini of Italy, and a spa-like en-suite bath with a soaking tub and curbless open shower.
See also: What happened to Aaron Hernandez’s house in Massachusetts?
In addition to more bedrooms and artisan bathrooms, there is a custom glass-enclosed office and a family room with a striking floating gas fireplace.
With elegantly designed living & lounging spaces for guests & family on the first floor and lower level, there are plenty of spaces dedicated to private moments throughout the home too.
The beautifully appointed home has a lower level geared towards entertainment, featuring an exquisite wet bar, home cinema, gym, and guest suite.
But don’t let that fool you into thinking that wellness, self-care, and relaxation may have been overlooked.
The home has an extensive spa with a steam shower, surround sound, and WiFi-controlled amenities, anchored by a Western Red Cedar Sauna that looks like it’s been plucked right out of a world-class spa.
Tucked away inside a picturesque enclave off Brattle Street, the Cambridge, Massachusetts house is surrounded by oasis-like grounds consisting of lush grass, mature trees, a sophisticated outdoor kitchen, deck, and patio all enclosed by a privacy fence and protected by the latest app-controlled security systems.
More stories
In Brookline, MA, a stately $28M mansion has a storied past, an Olympic-sized pool, and a 60-foot art gallery tunnel
The Thrombey Mansion from Knives Out is a real-life house in Boston. Actually, make that TWO houses
The wonderfully witchy Hocus Pocus Houses & filming locations for the new movie
As part of your Diversity, Equity, and Inclusion (DE&I) strategy, your organization, like many others, is likely developing a plan to attract and retain veteran talent. Many organizations have adopted dedicated veteran employee relations groups, specialized talent acquisition teams, or tailored onboarding programs. Perhaps overlooked, the financial well-being benefits you offer can add significantly to the success of these efforts.
Financial health is an important subject for everyone, but it can have some unique aspects for veterans. Despite the dedicated financial resources available to service members while serving, the transition to civilian life after years in the service can affect their short and long-term financial stability.
There are several noted reasons this may occur. Veterans have likely dealt with relocations, deployments, a lack of employment opportunities for their spouses, and, of course, war-related trauma. All of that can leave them vulnerable in certain aspects of their financial health.
That’s why veteran employees can use your help. Research published in 2020 by the research and advisory company Gartner, Inc. shows that veterans want three main workforce financial benefits — financial planning, financial education, and debt management.
With that in mind, SoFi at Work has published our Guidebook: “Are your financial well-being benefits veteran-ready?” to help HR and Total Rewards leaders design a meaningful and impactful program to support your veteran workforce.
The complete guide is available for download from our website, but here are the core components that we recommend be included in a veteran-ready financial well-being program.
Student Loan Employer Contributions
Despite having access to significant federal veterans’ education benefits, more than a quarter of veteran undergraduate students have taken out private and federal student loans (with a median amount of $8,000) to complete their education, according to The Pew Charitable Trusts. The fact of the matter is the cost of education has outpaced the support of programs that the GI Bill and SCRA Interest Cap offer service members, resulting in the need for additional funding. And veterans, who are often working and raising families while going to school, may take longer to finish degrees, meaning certain benefits will have expired before their coursework has been completed.
This is why well-designed employer-sponsored student loan offerings are critical for a successful veteran-ready financial well-being program. While there are several military student loan repayment and forgiveness programs, try to avoid the mistaken thinking that your veteran employee’s needs are fully met. Many of these programs are for fully disabled veterans only. Others have other specific and sometimes complicated restrictions.
Fortunately, recent legislation makes it easier for employers to help veterans — as well as all employees — pay down student debt. Thanks to the CARES act of 2020, employers can now support workers with direct student loan payments in the same tax-advantaged way they have supported tuition reimbursement for years. These changes allow employers to provide up to $5,250 tax-exempt annually toward a qualified employee’s student loan repayment through 2025.
In addition, the SECURE 2.0 Act (passed in the House on March 29, 2022) allows employers to address student debt in another way — by making matching contributions to retirement plans based on employees’ student loan payments.
The purpose of the law is to assist employees who may, because of their student loan debt, decide against making elective contributions by payroll reduction and as a result, miss out on employer matching contributions. The SECURE 2.0 student loan provision goes into effect on January 1, 2024.
Recommended: How Does an HR Team Implement a Student Loan Matching or Direct Repayment Benefit?
Emergency Savings Programs
Veteran financial wellness also suffers among those who have less in liquid savings or feel they could not absorb an unexpected financial shock. In a 2021 Military Family Advisory Network survey, 38.4% of veteran families reported that they have less than $500 in an emergency savings fund, or no fund at all. This suggests that employers can help relieve financial stress among veteran employees through automatic emergency savings programs.
These plans allow employees to contribute after-tax payroll deductions automatically into a customized savings account. Many employers also make matching contributions, much as they might with a 401(k). Depending on plan design, these funds can be available at any time and for any reason. In addition, most Emergency Savings Accounts (ESAs) are portable, meaning that veterans and other employees can take advantage of the program and retain its benefits even when they have a change in employment.
These programs gained popularity during the pandemic when it became painfully evident that many employees were not financially ready for an emergency. The same may hold for veterans transitioning to civilian life. When employers offer a trusted and easy way to save, they can help veterans with this transition.
Help With Debt and Negative Credit Events
Another factor that impacts veteran (and all) employee financial well-being is high-interest debt. While the intention might have been to keep this for a short period, many Americans face challenges with paying down that debt over time. The Military Family Advisory Network survey found that over three quarters (75.8%) of veteran families carry current debt.
High debt levels and other factors can have a negative effect on an employee’s credit rating, increasing the chances that they will be rejected for a variety of credit instruments. Research suggests that this type of adverse credit event can result in a significant drop in veteran financial-wellness perception. Here are some ways employers can help support employees facing negative credit events:
• Debt and Financial Coaching: Offer one-on-one debt repayment and budgeting counseling, including budget and spend tracking programs to help balance monthly necessities, debt repayment, and discretionary spending.
• Some Early Paycheck Programs: Not all of these plans are created equally, but a well-designed early paycheck program can help employees meet short-term financial needs without having to take out debt with excessive fees or interest rates.
• Credit Score Monitoring: Provide free credit score monitoring services and counseling to help veterans rebuild damaged credit scores or build new credit.
Recommended: How Financial and Mental Health Can Collide With Work
Balance Short-Term Needs and Long-Term Financial Goals
While we have mostly discussed programs that are designed to support the shorter-term financial needs of veteran talent, it is important that your overall program also helps veterans get ready for their top financial goal: retirement readiness. As Gartner found, veterans are 48% more likely to list getting ready for retirement as a personal goal than their nonveteran counterparts. Since they may be eligible for additional benefits, like pensions, this is another reason to include professional financial coaching or planning in your overall financial well-being strategy. This can help veteran talent navigate the increasingly complex retirement landscape.
The Takeaway
It’s essential to analyze your workforce — and the talent you’re looking to hire — to understand what programs will best serve your veteran employees’ needs. But implementing a few hallmark veteran-ready financial well-being programs can help you improve the overall financial wellness of your veteran workforce and help you attract and retain talent in this competitive landscape.
Learn how SoFi at Work can help.
Photo credit: iStock/SDI Productions
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For information on licenses, see NMLS Consumer Access (www.nmlsconsumeraccess.org ). The Student Debt Navigator Tool and 529 Savings and Selection Tool are provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. Equal housing lender.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Medicare beneficiaries can buy Medicare Supplement Insurance, or Medigap, to help cover certain out-of-pocket costs associated with Medicare Part A and/or Part B. (If you’re shopping during Medicare open enrollment, Oct. 15 to Dec. 7, remember that people with Medicare Advantage can’t buy Medigap plans.)
For example, depending on which plan type you choose, a Medigap policy could cover the 20% Medicare Part B coinsurance for office visits and the $1,600 deductible before Medicare Part A starts to pay for inpatient hospital care.
Medigap policies are sold by private health insurance companies. They’re regulated by the federal government and have certain standard benefits. But shopping for them isn’t always straightforward.
Shoppers might expect higher prices to come with more benefits, but that’s not always the case. Here are three scenarios to watch for so you don’t end up paying too much.
1. Paying more for the same coverage
New Medicare beneficiaries in most states can choose from up to eight out of 10 letter-named Medigap plan types: A, B, D, G, K, L, M and N. Each plan type offers a different set of benefits. (Medigap Plans C and F aren’t available to new Medicare members.)
“One of the most common and popular counseling tips we provide is that all plans of the same letter, i.e., A, B, C, D, are exactly the same. So there is no reason to pay more for one Plan A, B, C, D, over another,” Maureen McIntyre, CEO of Connecticut’s North Central Area Agency on Aging, which offers free Medicare counseling for local residents, wrote in an email.
It’s worth comparing quotes for the plan type you want. Companies might differ in terms of customer service and minor non-Medicare perks, but there’s no additional coverage to gain from buying a more expensive Plan G policy when a cheaper one is available, for example.
Still deciding on the right carrier? Compare Medigap plans
2. Paying more for less coverage
Of the eight standard Medigap plan types available, Plan A has the most basic benefits and Plan G is the most comprehensive.
One might expect Plan A to cost less than other plan types with more coverage. But sometimes lower-coverage plans are priced higher.
For example, for a 65-year-old female nonsmoker in Chicago, Cigna quotes monthly premiums of $152.06 for Medigap Plan G and $169.33 for Medigap Plan A, with identical discounts built into both rates. The lower-coverage option (Plan A) costs $17.27 more per month.
“While it is not typical for Plan A plans to be rated higher than Plan G, we recognize that this can sometimes happen, due to the actuarial experience and cost relativities related to those plans,” a Cigna spokesperson wrote in an email.
Plan A might have higher premiums if the insurance company expects members with Plan A to have more expensive claims, even though Plan G has more coverage, according to the Cigna spokesperson.
Representatives for State Farm, Mutual of Omaha and Blue Cross and Blue Shield of Texas offered similar explanations for instances when their quotes showed Plan A priced higher than Plan G.
When you’re shopping, your own budget is what matters, so compare prices carefully to find the most cost-effective option.
3. Paying too much for add-ons
Some companies offer add-ons for purchase with their Medigap plans. For example, UnitedHealthcare’s “wellness extras” packages include access to a 24/7 nurse line, vision, hearing and dental discounts and a gym membership. (In some locations, these perks are included at no additional cost.)
Sometimes adding these packages might have unexpected effects on the price of the plan.
For example, here’s what it costs to add UnitedHealthcare’s wellness extras — the same package — to two plans for a 65-year-old female nonsmoker in Dallas:
Plan G: $6.62 per month ($133.22 for the base plan, or $139.84 with extras).
Plan A: $174.80 per month ($130.81 for the base plan, or $305.61 with extras).
These extras might be compelling with Plan G, but the drastically higher price to add the same perks to Plan A is a much worse deal.
On the other hand, there are also scenarios when add-ons make the whole package cheaper.
In Columbus, Ohio, UnitedHealthcare quotes $91.71 per month for Medigap Plan A for a 65-year-old female nonsmoker. But Plan A with wellness extras costs $87.23 — $4.48 cheaper. Even if you never use any of the extras, Plan A with the add-ons would still be a better deal than the option without them.
This article was written by NerdWallet and was originally published by The Associated Press.
Adopting a rescue or shelter dog doesn’t just give a needy animal a home. It can provide a playmate for your kids, a jogging buddy for you and a loyal companion for everyone to cuddle with on the couch. But a new pet can also come with unexpected vet bills, which is why you might want to consider pet insurance.
Pet insurance policies can help pay for treatment if your furry friend gets sick or hurt. In some cases, they may also cover vaccinations and other routine care. Here’s how to decide whether pet insurance is right for your rescue dog.
Estimate the cost of vet care
It’s impossible to know which medical problems a given pet may have in the future. However, researching the breeds you’re interested in can help you get a sense of which health conditions are most likely to crop up, says Dr. Antonio DeMarco, chief medical officer at GoodVets, a chain of animal hospitals with locations across the U.S. Some of these conditions can be both serious and expensive to treat, he says.
For example, large-breed dogs like golden and Labrador retrievers are prone to hip dysplasia, a deformity of the hip joint. Some dogs may need surgery to treat it, costing thousands of dollars.
A local vet can advise you on potential health concerns and how much it might cost to manage them. They can also help you estimate the price of routine care.
Understand pet insurance
Pet insurance likely won’t reimburse every dollar you spend at the vet. For example, most plans won’t cover pre-existing conditions that your dog had before you bought the policy. So if you adopt a senior dog with diabetes, you’ll need to pay for the treatment yourself.
For the same reason, you can’t simply wait to get a policy until your vet diagnoses an injury or illness. DeMarco has had pet owners ask him if they can buy insurance after their dog tears an ACL. “[You] sure can, but this isn’t covered,” he tells them.
Most pet insurance plans pay to treat illnesses and injuries but won’t help with routine care unless you buy extra coverage. That coverage may be worth adding for certain dogs, says Maureen Sosa, director of pet support at the Humane Rescue Alliance in Washington, D.C. Smaller dogs are more prone to dental disease and benefit from regular cleanings, which wellness plans can help pay for.
When shopping for pet insurance, check for deductibles and copays. Say your plan will pay 80% of your expenses after you’ve met the $500 annual deductible. That means you’d have to spend $500 on your pet’s treatment in a given year before your plan would start reimbursing you.
Your policy may also have a maximum payout limit, such as $5,000 or $10,000 per year.
Get pet insurance quotes
The average cost of accident and illness coverage for a dog is about $640 per year, according to the North American Pet Health Insurance Association. However, you might pay more or less depending on where you live, the coverage options you choose and the breed and age of your dog.
You can get online quotes from most pet insurance providers. Check rates from at least three companies to make sure you’re getting the best price for the coverage you want.
Pet insurance isn’t worth the cost for every rescue dog. Policies may be prohibitively expensive for older dogs, especially if they already have chronic conditions that the policy won’t cover. In these cases, you may be better off skipping insurance and setting up an emergency fund for vet expenses.
Consider your peace of mind
One of the biggest benefits of pet insurance is avoiding heart-breaking financial decisions. Sosa has seen owners forced to surrender pets because they couldn’t afford to treat their medical conditions. “The economy is in a really bad place,” she says. “That’s trickling down and affecting what people are able to afford.”
Even worse, some owners may have to euthanize their dogs if the treatment for a serious condition is simply too expensive, DeMarco says. “As veterinarians, that is the worst-case scenario for us.”
You may go years without having to use your pet insurance. But in a crisis, having the policy can give you peace of mind, DeMarco says. You’ll know that “if those situations arise, you’re going to be able to handle them financially and not have to make decisions based on finances rather than what’s best for your animal.”
This article was written by NerdWallet and was originally published by The Associated Press.
“Who closes the door when the bus driver gets off? The world is full of questions. “Why have all the predictions of lower rates been wrong?” Yesterday I was in the SF Bay Area giving a speech to a group of LOs and management and was asked, “Rob, are you hearing that lenders are requesting clients pay for the credit report(s) up front?” Absolutely I am. Lenders have grown weary of paying for the credit reports of loans that don’t fund and heaping those rising costs on the loans that do. “Rob, are mergers and acquisitions going to pick up?” Yes. We had one recent depository bank deal (Mississippi’s Guaranty Capital Corporation will acquire Lafayette Bancorp, Inc.), but we can expect continued deals in an 8 percent mortgage rate world as lenders and vendors, big and small, re-evaluate either their position in the market or even if they want to continue to exist. (Today’s podcast can be found here: Sponsored by nCino, maker of the nCino Mortgage Suite, built for the modern mortgage lender. The nCino Mortgage Suite unites the people, systems, and stages of the mortgage process. Hear an interview with nCino’s Ben Miller on the rapidly evolving digital mortgage suite of products.)
Lender and Broker Software, Products, and Services
Truv saves Lenders 60-80% over The Work Number. That’s the savings of multiple full-time employees. For example, Compass Mortgage saved roughly 60 percent in verification costs and maintained their same conversion rate. “Truv has given us the ability to lower costs, all while speeding up the verification process and providing better employment data” said Justin Venhousen, COO, Compass Mortgage. Stop wasting money. Contact TRUV today to discuss how we can help you with your income, employment, insurance, and asset verifications.
“In this market, hustle is everything. You can’t afford to waste a single deal, or a single minute. That’s why ReadyPrice has launched its innovative new Shop, Lock & Deliver loan exchange platform, designed to help independent mortgage brokers and their lenders save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders—all on a single platform, at no cost to brokers. It’s already helping brokers around the country thrive and compete in the toughest market. Multiple lenders. One platform. Zero b.s. Come check us out today.”
Sierra Pacific Wholesale has completed the first phase of its pricing integration on the ARIVE platform! Sierra Pacific-approved Brokers and Non-Del Correspondent lenders can access their pricing seamlessly through ARIVE. “ARIVE truly is the best solution for third-party originators looking to save time and money in order to maximize their success,” says Rob Saunders, SVP, Western TPO Sales. This strategic partnership emerges at a pivotal time, as the Wholesale Channel continues to experience unparalleled growth. “We look forward to working with the broker community to help you scale your business and reach your peak performance,” shared Cindy Ferrentino, SVP – Eastern TPO Sales. To learn more about this exciting new partnership, read the full press release. Third-party originators interested in learning more about Sierra Pacific’s full-service experience can connect with an Account Executive here.
Get the income and employment records you need with the new Mortgage Flex™ View from The Work Number®. Inaccurate or incomplete applicant employment and pay information continues to be a challenge in the loan process. Automating the income and employment verification process with The Work Number can help reduce potential errors associated with hand-keying or relying on consumer-provided information. With 631M employment records, The Work Number can help lenders get a holistic view of an applicant, but there may be times that lenders are looking for one specific employment record. Introducing Mortgage Flex View – a new addition to The Work Number suite of solutions, which enables lenders to order just the verifications of income and employment that they need. Lenders can instantly purchase a preview of available employers prior to selecting and purchasing the full verification. Learn more about the new flexible solution from The Work Number: Mortgage Flex View.
With one of four homes being sold to real estate investors, it’s clear there’s an enormous opportunity to work with these borrowers. That’s why on the next National Mortgage Professional Webinar, Navigating Experienced Real Estate Investor Needs, they show you how to step up your game with these serial borrowers. While homeowners in normal market conditions will get a mortgage every five to seven years, many individual real estate investors are purchasing and refinancing properties several times a year. On this webinar Sam Bjelac, VP of TPO at LendingOne will discuss, types of real estate investors and their financing needs, learning how to understand property cashflow, understanding and optimizing the BRRRR strategy plus a few strategies you can easily implement to find real estate investors. Join NMP and Sam on Thursday, November 2, at 2PM ET / 11:00 am PT by registering here.
“Newrez Correspondent says, ‘THANK YOU PHILADEPHIA!’ What a great MBA Conference in the City of Brotherly Love. We want to thank the over 100 customers along with several industry partners that we were able to have serious discussions with around products, pricing, and what it will take to navigate this market over the next six months. If you aren’t a current customer, you need a Trusted Advisor during these challenging times, which is why Newrez Correspondent is the right investor for you. The time to align with us is now, so click here to join our team. We hope you enjoyed the conference, look forward to our continued partnerships heading into 2024 and to meeting you next May in NYC at the MBA Secondary.”
Capital Markets
Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.477 trillion in September, including $36.6 billion of total MBS issuance, leading to $19 billion of net growth. Issuance for this month was less than $38.1 billion in August and $38.0 billion in July. For the 2023 calendar year to date, Ginnie Mae supported the pooling and securitization of more than 466,000 first-time homebuyer loans. For full story, read October 5 Ginnie Mae press release.
As I wrote yesterday, we received a lot of housing data this week. Existing home sales during September showed that the housing market continues to cool due to the recent run-up in borrowing costs. Sales declined 2.0 percent to a 3.96-million-unit pace during the month. That marks the fourth straight monthly drop and the slowest pace of resales since 2010. Sales are down 15.4 percent from one year ago.
Fed Chairman Powell delivered remarks at a luncheon hosted by the Economic Club of New York yesterday, saying that progress toward the Fed’s dual mandate has been made but that resilient economic growth raises the prospect of renewed inflationary pressures that could warrant additional rate hikes. He repeated that the Committee will depend on data in guiding policy decisions. The fed funds futures market has seen a downward shift in rate expectations with the implied likelihood of a January hike falling to 37 percent from 48 percent on Wednesday.
There is no market-moving scheduled news today. Two Fed speakers are also scheduled, Philadelphia’s Harker and Cleveland’s Mester, who are expected to continue the narrative that we’ve been hearing from Fed Presidents for months. Around the close, markets will receive the September Treasury Budget. We begin Friday with Agency MBS prices better .125-.250 and the 10-year yielding 4.94 after closing yesterday at 4.99 percent; the 2-year is at 5.14.
Employment
DocProbe, a leading post-closing service provider for mortgage lenders, is seeking a dynamic and tech-savvy sales representative with deep expertise in the mortgage industry. The ideal candidate will have a proven track record of building and maintaining strong relationships with top mortgage lenders and a deep understanding of the mortgage process from origination to post-closing. If you have a successful track record of selling to mortgage lenders and a passion for innovative technology solutions, we encourage you to apply. Don’t miss the opportunity to join a rapidly growing and innovative company. Confidentially apply today to become a part of the DocProbe team!
“Evergreen Home Loans is set to return as the title sponsor for the 26th annual KZOK “Rock the Harvest” event, benefiting Northwest Harvest. This 12-hour radiothon and online auction aim to support those experiencing food insecurity in Washington. With over $1.4 million raised since its inception, it highlights the ongoing struggle of 1 in 10 Washingtonians and 1 in 6 children in the region. The Evergreen Cares Foundation encourages and supports our associate’s compassion for giving while improving lives through wellness and housing programs. If you are looking to partner with a company emphasizing community involvement, visit our careers page to explore the newest opportunities at Evergreen.”
AmCap Home Loans has made a significant stride in bolstering its leadership team by appointing Caleb Mittelstet as SVP of Sales. Mike Johnson, President of AmCap Home Loans, expressed enthusiasm for this pivotal addition, stating, “We’re thrilled to welcome Caleb Mittelstet as an integral member of our team. His wealth of experience along with his industry contacts will undoubtedly propel our sales team to another level. With Caleb on board, we see immense potential to expand our market share and further solidify our position as an industry leader.” Caleb cited the company’s culture and people as driving factors. He emphasized, “AmCap’s inclusive culture and the accessibility to colleagues with decades of experience are unparalleled. You can pick up the phone and call any department, and that’s a testament to the collaborative spirit here.” Mittelstet’s appointment signifies a promising chapter for AmCap Home Loans as they continue to thrive and innovate. Click here to see why Caleb Mittelstet chose Amcap and so should you!
“Independent Mortgage Banker owners: If you are uncertain how you will survive this winter if rates remain higher, please contact us directly to discuss a win-win opportunity. We are a very well-established and privately owned mortgage banking company that has been in business for 30 years, a direct seller with Fannie and Freddie, issue our own government securities, and service the majority of our closed loans. We offer a full marketing team, social media team, and a media/video production team to provide best in class support to our loan officers and referral partners. Our history and culture are exceptionally important so let’s have a conversation to see if we may be a fit. We are large enough to offer exceptionally sharp pricing, products, a dedicated marketing team, and an exceptional operational team, yet, we have a boutique feel where you may talk to the owner of the company at any time. Partner with a company where your voice and input is valued! We have a successful history of incorporating other companies into our model. For a confidential conversation please contact Anjelica Nixt and specify this opportunity.”
Attention Loan Officers: Take your career to the next level with best-in-class Operations, Underwriting, Support and more. Find out how at the next virtual Fairway Day on Wednesday, October 25 at 3pm ET. Join Steve Jacobson, Founder & CEO and David “Laz” Lazowski, President, Retail Sales East and others from the Executive Team and the Street. Here is the registration link and participation is 100% anonymous.
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Inside: Do you want to make money online fast? If so, we’ll discuss the best digital products to sell on Etsy. By following these steps, you’ll be on your way to making money selling digital items quite easily.
Do you want to learn how to sell digital products on Etsy and make money through it?
Selling digital products offers an exciting avenue for generating passive income. With their low production and distribution costs, high profit margin, and potential for scalability, they stand as a lucrative business model for many entrepreneurs.
Moreover, once a digital product is created, it can continuously bring in revenue without the need for additional production costs, making it an appealing source of passive income.
The key to being a successful Etsy seller is to understand your chosen niche and what your audience wants.
We will dive into digital products you could sell on Etsy which range from arts & crafts to business materials.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What are Digital Products?
Digital products are items that are accessed and delivered electronically, examples of which include software, ebooks, online courses, digital music, video, and audio files.
These intuitive products offer the versatile benefit of being easily reproduced and instantly accessible on various devices, without the requirement of physical storage or shipping. Plus the world is moving towards becoming digital anyway.
In creating digital products, businesses aim to capitalize on customer appeal and convenient delivery, which often complement their physical goods or services.
Why Sell Digital Products on Etsy?
Selling digital products on Etsy offers an incredible opportunity to showcase and monetize your unique creations. With Etsy’s vast online marketplace and its millions of potential customers, it has become a preferred platform for artists, designers, and content creators.
Furthermore, it provides the flexibility to set your prices in accordance with the value you offer and experiment with different pricing strategies.
This is a hassle-free way to monetize your creativity. Here’s why:
You craft it once, it sells eternally: Digital products offer the ultimate advantage of a “create once, sell forever” model. Imagine sipping a cup of tea while your creation secures sales one after another.
Resource-friendly: Bid adieu to the restrictions of shipping, storage, or material costs. Instead, welcome the comfort of financial freedom and resource efficiency.
Everlasting stock: Digital products on Etsy never run out! Say goodbye to inventory issues and overselling, which makes it a smart choice for long-term business.
So, start now by creating an account, picking your digital product, setting up shop, and starting selling on Etsy. With no heavy fees and no botheration of shipping.
Just pure creative power leads to sheer earning happiness.
What digital products sell the most on Etsy?
Well, our data shows that digital prints, planners, stickers, fonts, and children’s educational materials are some of the best-selling categories netting serious cash on this creative marketplace. This information came from Cody and Julie – the founders of the e-Printables course.
Typically, seasonal content always does well on any platform. Same with current trends like the “Barbie” craze.
These products are a creative enthusiast’s goldmine owing to their limitless customization capabilities, instant delivery, and cost-effectiveness.
Wherein, most busy professionals, students, parents, and small business owners find them irresistible due to their convenience and adaptability to suit specific needs and tastes.
To learn more about selling on Etsy, I highly recommend connecting with Cody and Julie in their free webinar.
What digital download sells best on Etsy?
Among the myriad of digital products available,digital prints notably rank as one of the best-selling downloads on Etsy, closely followed by other popular items such as:
digital planners
logo designs
travel guides
business card designs
Lightroom presets
printable invitations.
A beautiful synergy of convenience, utility, and aesthetics, that can be printed at home or in a local print shop, whenever you wish. Perfect for last-minute gifters, DIY décor enthusiasts, or anyone looking for hassle-free beautification!
So, staying in the game, consistently monitoring market trends, and adapting accordingly is the key to successfully selling your digital prints on Etsy.
Best Digital Products to Sell on Etsy
The best digital products to sell on Etsy depend upon various factors, such as your skills, customer interests, and specific market trends.
It is also important to keep an eye on high-sales products, check positive reviews, track favorites, and note recurring themes to understand what customers are looking for and to guide your digital product offerings. This is a quick way to make 300 dollars fast.
Here are the examples of some of the best digital products you might want to sell on Etsy:
1. Printable or Digital Planners
You’ve hit the jackpot if you’re contemplating selling printable or digital planners on Etsy. Some people might say digital or printable planners are seasonal but due to the high demand and flexibility, it could be the golden goose for your marketing on Etsy.
Buyers love and enjoy the tailored usability offered by printable planners, which they can customize to their requirements and physically pen in their plans.
You can supply this demand by offering a large variety and aesthetically pleasing designs.
Tip: Try bundling in different types of stickers for a snappier offer.
2. Craft Patterns
Craft patterns are a top-ranking digital product on Etsy, thanks to a revival of all things crafty!
From knitting and crocheting to sewing and embroidery, these digital masterpieces cater to the abundant trend-setters and hobbyists who frequent Etsy.
To truly get your digital craft patterns thriving on Etsy, remember to follow the trail blazed by successful pattern sellers like these Etsy sellers. These crafts start from an average selling price of $10, making them a lucrative venture for creatives.
Lastly, don’t forget to unleash SEO magic – get your product seen by the right people especially when creating a sewing pattern or crochet pattern. This can be your missing element for transforming hard work into hard sales!
3. Children learning materials
Looking for a profitable side gig? Selling children’s learning materials on Etsy is wildly popular and well-needed especially for those homeschooling.
Parents and teachers are snapping up digital educational resources. By marketing printable lesson plans, colorful flashcards, and engaging worksheets, parent is hyped to supplement their children’s education.
This is a great summer job for teachers because your educational resources might just be the next best-seller on Etsy.
Crack open those lesson plans, as your Etsy store awaits.
4. Wallpapers
On Etsy, phone wallpapers are the new moneymaker. Provide colorful ways for customers to personalize their devices, these digital beauties are a hot ticket item.
To catch the widest net, cater to both phone and desktop users. You must keep up with trends. Also, creating wallpapers for Apple watches and other high-tech gadgets or themed designs for holidays is always a hit.
It’s a simple concept: stylish wallpapers have an average selling price of around $3-4.
5. Calendars
Venture to sell digital business calendars guarantees a steady demand, as planning isn’t just a phase – it’s woven into the fabric of daily life. To get started, unlock your artistic prowess with any digital art program like Adobe Photoshop or Canva.
Begin creating your unique touch on calendars, ensuring they’re editable pre-print- a clear selling point. Remember, quality trumps all – prioritize visually appealing designs with user-friendly formats.
Time to turn dates into dollars. Listing calendars in your Etsy shop certainly won’t go out of style or demand. Also, aim for the $5 – $10 price range to hit the sweet spot of affordability and profitability.
6. Invitations
Invitations are among the top-selling digital items on Etsy.
Customizable templates for various occasions like weddings, parties, baby showers, and more are particularly popular. It’s perfect for creative individuals skilled in design who are looking to turn a profit on their talents.
These digital products can provide a meaningful revenue stream. Some creators can charge up to $20 per customized item.
The bottom line is that selling digital invitation templates on Etsy doesn’t just allow for creativity, but it’s also a lucrative business opportunity.
7. Business cards
Catering to the surge of remote entrepreneurs and the timeless need for personal cards, this trend is something to tap into.
You can offer editable, customized, or even smart cards – with features like one-click phone calls or emails – which can give your shop an edge.
Through Canva or Wepik, you can design exotic templates, offering customers the control to personalize before printing. Turn on your creative juices, let your brand shine, and step up your entrepreneurial ladder with a business card template.
8. Wedding Invitations and Printables
To be honest, I actually created my best friend’s wedding invitations. Maybe, I should have stuck with the side gig to make 500 dollars fast?!?
Wedding printables are now the ‘go-to’ digital products. This isn’t just about a cute ‘Save the Date’; offers a hassle-free, all-in-one wedding stationery solution, ready to match every wedding theme under the twinkling lights.
Help the DIY couples by providing a bundle: wedding program, customized hashtag sign, table place cards, save-the-date cards, and even personalized portrait options with a delightful sign thrown in.
You can provide a seamless experience and watch the sales ring along with the wedding bells.
9. Journal Inserts
Are you a fan of journaling or love designing layouts? Well, it’s time you converted your passion into profit. Making journal inserts is one of the smartest digital products you can sell on Etsy.
Audiences vary from educators needing organized lesson and homework schedules or those seeking self-help and discovery questions.
For optimal selling, focus on providing a variety of designs and including white spaces for personal touches.
With an average selling price of $5, they appeal to smart shoppers who prefer to print inserts on cardstock paper.
10. Digital artwork
Digital artwork stands out in popularity due to the unique customization and selection variety it offers.
Customers are drawn to the ability to choose from diverse art forms, including watercolor illustrations, inspirational quotes, and Baltic or Bohemian prints, that perfectly align with their personal aesthetic or represent an emotion they resonate with.
Moreover, the availability of immediate prints post-purchase greatly increases the convenience and appeal of this artwork form.
11. Recipe cards
Do you love cooking and want to create delightful digital recipe cards for your customers? But, don’t stop there, look at creating a meal planner to bundle with!
A printable, editable canvas for food aficionados brimming with delicious details of recipe cards is a great product. These digital delights are perfect for amateur chefs, bakers, and recipe bloggers.
The takeaway is clear. Selling recipe cards on Etsy is as facile as slicing butter, once you’ve got the right ingredients and the perfect recipe. It’s time to turn the heat up on your Etsy store and dish out some delightful recipe cards.
12. Social media templates
Creating social media templates can provide significant value for businesses and influencers seeking to establish a professional and cohesive online presence.
These templates, which can include pre-designed Facebook banners, Instagram stories, Twitter headers, and more, can be customized to fit a variety of themes such as minimalism, boho, or pastel colors.
When well-crafted, such templates can save businesses valuable time and effort while also helping maintain consistent brand imaging across different platforms. This is similar to a business hiring a virtual assistant with no experience.
e-Printables Free ebook
Curious about selling printables on Etsy but don’t know where to start?
Get the secret list of best-selling products by month and learn you how to capitalize on seasonal trends to make sales.
Download Now
13. Printable Cake and Party Decorations
Selling printable party decorations as digital products on Etsy is like icing on the proverbial cake for smart entrepreneurs.
You can focus printable party decorations from charming cartoon-themed toppers for kids’ birthday cakes to exquisite, romantic pieces for weddings and anniversaries.
Whether you’re creatively inclined or have an entrepreneurial spirit spotting potential, these printables offer a loophole to financial growth. Bundle your decorations based on themes for enticing offers.
14. Zoom background
Thanks to the surge in remote working and virtual meetings selling incredible Zoom backgrounds on Etsy has emerged as a lucrative product in the digital landscape.
These tailored digital backdrops not only enhance the visual appeal of online interfaces but also cater to users’ needs to maintain privacy or conceal unorganized spaces.
However, you need to understand that creating Zoom backgrounds may not be beginner-friendly due to the required customization. However, do not let this intimidate you.
15. Productivity Trackers
People are constantly in search of practical, user-friendly tools to streamline their lives and make every hour count.
So, these productivity trackers are supremely versatile, covering daily routines, budgeting, goal setting, project management, and even grocery lists. Make your Etsy shop the one-stop shop for everyone’s needs.
As it becomes an increasingly popular choice to shift focus towards maximizing effectiveness in people’s daily lives. Whether it’s maintaining a workout routine, tracking investments, or staying on top of a student’s study schedule, these trackers cater to a wide assortment of needs.
16. Lightroom Presets
Lightroom Presets are essentially preset configurations that enhance a photo’s aesthetics, and folks from influencers to amateur photographers are keen to have them.
For starters, it caters well to the Instagram-obsessed demographic continually seeking to elevate their photo game. This venture is best suited for those who have a knack for photo editing and an understanding of aesthetics.
With an average selling price of $10, the numbers tip favorably in your Lightroom presets.
17. Etsy shop banners
Help out your new Etsy sellers by designing an impressive storefront with their shop banner.
Indulge your Etsy shop banners in various design themes suitable for a wide range of stores. Also, include a shop kit that makes store icons, a large and small banner, custom and reserved listing templates, and a profile picture graphic.
Promote your banner designing prowess to other sellers, so that you increase your brand awareness along Etsy.
When you have an awesome shop yourself, you are more likely to get sales!
18. Logos & branding kits
Move over, clip art! Logos and branding kits are in high demand as they fulfill the crucial need of every business that is striving for a unique identity.
Bundle your logos and branding kits or offer them individually to maximize your reach. Also, combining them with other digital products like media kit templates elevates your shop’s appeal.
This caters to diverse clients from Etsy sellers to businesses, influencers, and bloggers. Selling in this segment, you’ll never run short of market demand. Get ready to impress with your graphic skills, and ride the wave of this profitable venture on Etsy.
19. Thank you cards
This is a timeless product that is regularly used by businesses and individuals to express their gratitude.
Offering these thank you cards in digital, customizable formats can attract more buyers due to ease of customization and competitive pricing relative to store-bought alternatives.
You can also sell the same design on physical cards if you want for another revenue stream.
20. Fonts
In the world of businesses, creators, and crafters galore are on a relentless hunt for the perfect font that suits their needs. Where versatility is a font’s middle name – they can jazz up a brand’s website or add pizzazz to a party invitation.
Cricut fonts, in particular, are best-sellers. It is specially crafted for Cricut machines – a hit in the Etsy community of designers and makers.
Remember, the devil is in the (font) detail. Jump into the journey of digital font selling on Etsy and watch your typography turn into a treasure in no time.
21. Resume templates
Resume templates are handy, well-designed digital products are reportedly perfect for professionals keen on making their job applications stand out. It is mostly designed to suit particular sectors such as real estate or marketing.
After all, a well-structured resume could be the golden ticket to someone’s dream job – like one of these low stress jobs that pay well without a degree.
However, in my personal experience, the most successful templates are clean, professional, and neutral in color.
22. Invoice templates
You might think that cashing in invoice templates may seem odd, but these digital products offer ample sales potential on Etsy!
Their charm lies in their simplicity and frequently used nature by a wide range of businesses. Small business owners, short on time and design skills, frequently scout Etsy for professionally designed, eye-catching invoices – duly making it your prime market.
Transform invoice templates into a goldmine, with less likelihood of running into steep competition. With an average selling price of $10, you can surely earn money online quickly.
23. Website templates & themes
Are your web design skills a cut above the rest?
Leveraging your skills to create and sell website templates and themes on Etsy, and turn your talent into a tidy profit. This digital product must be customization-friendly with a range of applications, and cater to a broad audience—from small businesses to in-demand bloggers, giving them a sleek, professional online presence minus the design headache.
Begin by focusing on creating templates on popular website-building platforms like WordPress with a Kadence WP Theme. Make sure they serve a specific market, like photography websites or eCommerce stores, and ensure your products have unique, eye-catching designs that set them apart from the sea of competitors.
Remember, if your themes and templates are more unique and tailored. You can command, sometimes get a range of your product to $50.
24. Stickers
Stickers, both physical and digital stickers, are hot commodities on Etsy, cozily nestled among the platform’s top-selling items.
It also appeals to a large market spectrum, from social media users who love accentuating their chats with digital stickers, to fans of physical stickers decorating their belongings.
Remember, one major selling point is the editability of digital stickers, enabling customers to customize after purchase. Dial your creativity, pick a distinct theme, and roll out your sticker sets on Etsy – there’s a world waiting to stick onto your designs!
25. Bookmarks
Feeling bookish? Get your create-on and cash in on the thriving trend of selling digital bookmarks on Etsy.
Digital bookmarks, at a modest cost of $2 – $3 a pop, are gaining popularity as one of the easiest and fastest-selling digital products, thanks to their charm, practicality, and customized appeal.
Create an aesthetic touch on your reading escapades by hitting the serious tribe of bookworms. To amp up your sales and earn money quickly, don’t forget to add “personalization” options to your bookmarks.
26. Editable flyers
As demands surge, these feature-rich editable flyers become ideal for crafty entrepreneurs aiming to make a profit.
Most of your clients will be large markets comprising event organizers, business owners, and individuals who find convenience in ready-made editable materials.
Success in selling editable flyers on Etsy lies in understanding your target clientele’s needs, creating versatile and appealing designs, and offering top-notch quality. Kickstart your venture by preparing a wide range of attractive editable flyers.
27. Menu templates
Fresh out of the oven, menu templates are popular with restaurant owners to party planners who crave these editable, print-ready goodies.
These menu templates are flexible and can be tailored for cafes, restaurants, weddings, and even small business events. Therefore, begin by creating captivating designs–uniqueness sells and is editable for everyone who wants to customize it.
So preheat your digital oven – it’s time to serve up some mouth-watering menu templates on Etsy.
28. Gift tags
Digital gift tags on Etsy could light up your entrepreneurial path. With an average selling price of $5, these little printables have a big demand, particularly for special occasions like weddings and birthdays.
Ideal for individuals and businesses, this product can fit a myriad of needs from Christmas presents to children’s party favors. If you want to maximize your profits, focus on offering a wide range of designs that target different occasions and tastes.
Don’t forget to consider making a customization service that gives your customers a chance to tweak and add their personal touches.
29. Ebook Templates
Ebook templates have emerged as one of the most popular digital products on Etsy.
Beyond individual ebooks, sellers also offer a variety of creatively designed ebook templates, ebook covers, and materials for children’s books. With a target audience interested in arts and crafts, informative ebooks offer exceptional sales potential, especially those that provide professional knowledge in specific niches like graphic design or online money-making tips.
e-Printables Free ebook
Curious about selling printables on Etsy but don’t know where to start?
Get the secret list of best-selling products by month and learn you how to capitalize on seasonal trends to make sales.
Download Now
30. Fitness Trackers
Fitness trackers‘ popularity is booming as they cater to a wide array of tracking necessities beyond just gym visits or step counting.
This product helps monitor weight loss programs, home workout plans, and 30-day challenges, effectively, becoming a one-stop-shop for holistic wellness.
They are ideal for those aiming to enhance their fitness, sleep quality, and overall productivity. With an average selling price of $5, they offer an affordable solution to digital tracking needs.
31. Debt Payoff Trackers
Debt payoff trackers are fundamental tools for efficient financial management and debt reduction. They provide a concrete visual of one’s financial obligations and illustrate the progress made toward extinguishing each debt.
This encourages a consistent habit of payment and propels individuals towards financial freedom. However, cost should not be a barrier to good financial habits, which is why our website offers a wide range of high-quality debt payoff trackers completely free of charge.
While these are still popular on Etsy, you have to realize many people want free or extremely cheap.
32. SVG Files for Cutting Machines
Scalable Vector Graphic (SVG) files for cutting machines like Circut or Silhouette, are a crafter’s dream, making them a top-tier product to sell.
You can elevate your service by including a PDF tutorial or short video guide demonstrating the use of your product.
Ensure the functionality of your products by carrying out tests prior to listing.
33. Personalized Recipe Books
Being a foodie’s ultimate treasure, these recipe collections are perfect to tickle the taste buds of amateur cooks or pro food bloggers. Plus you can create recipe book templates to be used in Goodnotes or Notability.
Cultivate your online presence to spice up the sales of your digital recipe books.
From personal experience, I bought a digital recipe book because I didn’t want to create one myself.
34. Budget Planners
Budget planners are soaring in popularity, with these nifty tools averaging quite a tidy sum of $5-20 each. Its powerful design is both lucrative for sellers and beneficial for buyers.
In an increasingly digital world, these planners provide a seamless way to stay and stick on top of your finances. From the ordinary individual aspiring to save a penny or two to the business owner meticulously monitoring their profits and expenses. Some budget planner pros, like FRGLMAMA, have made over 60,000 sales!
Here’s a pro tip: Increase your profits by bundling your budget binder with envelopes and to-do lists. Users love the convenience and it saves them a search.
35. Wall Art
Calling all artists and designers with flair! Wall Art reigns supreme on Etsy – proving it’s not just a ‘dabbling’ industry, but a potential goldmine.
Remember, the ‘Home Sweet Home’ and ‘Be Kind’ style arts still hold their charm! Maximizing profits can entail providing add-on services such as printing and shipping.
Wall art downloads make great posters, especially for those who prefer to change up their decor often.
36. Gratitude Journal
Gratitude journals, with their guided prompts and questions, make hot picks for those striving for self-improvement or simply savoring the good in life. This little gem, flourishing in popularity, provides a thoughtful juncture for folks to reflect on the positive aspects of their lives.
This digital product is tailored for therapists, life coaches, stressed corporate followers, or anyone looking to light up their lives with gratitude.
Make sure to use keywords related to gratitude and journaling in your product description to maximize visibility.
37. Self Improvement Printables
People love these printables for their blend of practicality and inspiration by giving actionable tips, uplifting affirmations, useful trackers, and more.
These self-improvement printables are timely digital products that strike a chord with a growing audience keen on personal growth, self-care, and organization.
This product is perfect for those seeking self-help workbooks, motivational quotes, fitness planners, and even kid-friendly educational materials.
Is selling digital products on Etsy still profitable?
According to legions of online entrepreneurs, the answer is a resounding YES!
As the market for digital products keeps on growing, so does the profit potential for digital sellers on Etsy.
The startup costs are delightfully low – most of what you’re paying is merely for your product’s licensing and Etsy fees. After that, it’s all pure profit!
This method could be your ticket to financial freedom. So if you’re a creative at heart with a knack for producing digital gems, it’s high time you join the Etsy bandwagon to sell your valuable creations.
Etsy passive income isn’t just a haven for handcrafted goods – it’s also a hub for downloadable products from design templates to educational materials.
e-Printables Free ebook
Curious about selling printables on Etsy but don’t know where to start?
Get the secret list of best-selling products by month and learn you how to capitalize on seasonal trends to make sales.
Download Now
Now, What Digital Downloads to Sell on Etsy?
By now, you’ve embarked on an enlightening journey around the process of selecting digital products to sell. You have digested tips, explored examples, and refined your knowledge regarding your market, skills, and customer desires to ensure profitability.
So, let’s cut to the chase, find your product that fits the mold, craft an appealing product description, price it competitively yet profitable, and start making waves with your expertise in the digital market.
By coupling this post with the free training offered, you could be the next seller with digital products that are the next hotcake on Etsy! Will you be the next Etsy seller to learn how to make 10k a month?
Take your first step towards this entrepreneurial journey, and soon enough you could be reaping the sweet profits of your digital endeavor.
Now, start your listings and remember to believe what you have to offer is worth buying.
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Now, learn from the experts, so you are successful from the start. Learn everything else that goes into actually making money with this side hustle.
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