Right around now, most consumers are laying plans to intensify their spending frenzy for the final month of the year. After all, what better way to celebrate the holidays and the accompanying temporary freedom from work, with additional financial bondage to that very job?
Since you and I generally don’t participate in the games of the retail industry, I thought we could celebrate US Thanksgiving and its spendy neighbor Black Friday in a different way: by renewing our vows to lead a more meaningful, vigorous, innovative, and generally awesome life. Badass Friday is what we could call it, and it should be an annual tradition.
Gifts and Traditions
Around this time of year, I start getting emails from thoughtful readers with questions about the holidays: “What does the MMM family do about the Christmas gift exchange tradition? What about birthdays and other holidays?”
The answer to this one is just what you’d expect from Mr. Money Mustache: We skip the whole retail aspect of it entirely. In the wise words of Grandpa Money Mustache: “A Simpler Christmas is a Grander Christmas“, and you can read more about it in the holiday MMM Classic entitled Happy Buy Nothing Day.
Little MM tends to make his own gifts for giving: these handy notebooks for his parents were big hits.
In our old age, we’ve become much more interested in using surplus cash to help others. We have committed not to inflate our own lifestyle beyond its already-cozy level, and also believe in letting our son earn his own way to financial independence when he grows up, rather than leaving a large estate. This should leave several million dollars free throughout our lifetimes to do other things, and I basically follow the ideals of the Gates Foundation* when it comes to efficient charity. Other favorites include Charity Navigator, DonorsChoose.org, and GiveWell.org.
But we’re still big on tradition in our family. Not the traditions prescribed in ancient texts and scrolls, but generally sillier ones we invent ourselves and carry on just because they are fun.
Every Friday, the arrival of the weekend is celebrated with Family Movie Night. Every meal, even breakfast, is served by candlelight. And self-imposed blackouts are frequent: besides our our ongoing freedom from TV (a tradition which started in 1999), we also have a weekly No Computer Day, and even occasional No Electricity Nights. That last one came about two years ago, when I received a power failure for my birthday and we all enjoyed it:
Mr. Money Mustache Receives the Gift of Hardship for his Birthday
Preparation for a New Season
For the roughly 60% of MMM readers who live in Northern climates, winter means cooler weather and a time when those of weak constitution turn to automobile travel and indoor recreation. Not the Mustachians: we simply brush up on our winter survival skills and apply them with renewed gusto:
How to Ride your Bike All Winter – and Love it
MMM Challenge: Try Getting your Groceries with a Bike Trailer
First Understand, Then Destroy, Your Home Heating Bill
The Oil Well You Can Keep in Your Pants
So Happy Thanksgiving to all, when we will give thanks for all the good things that we have, and equal thanks to all the unnecessary ones we don’t crave.
*The Gates Foundation: The ruthlessly efficient businessman applies infinite wealth and intellect towards the problem of saving the world. In a nutshell: our biggest problem is too many humans, because of the famines, wars, and environmental problems that happen when you greatly exceed the productive capacity of the planet. Solve this, and all the other problems start to solve themselves. The solution is to give us the strength to reproduce less. Most of the population growth currently comes from the poorest countries. But quite counter-intuitively, the way to reduce the birth rate in these countries is to improve health, prosperity, and education. See the amazing (and short) video called “The River of Myths” for why this works.
Save more, spend smarter, and make your money go further
Aaron Hahn vividly remembers the moment he decided to crush his debt.
It happened in March, while visiting his retired aunt and uncle in Arizona.
Their home, with a lush, sprawling golf course as its backdrop, symbolized to him the power of hard work and consistent savings. Not to mention, this was their vacation home, a place where his “snowbird” aunt and uncle enjoyed visiting during the winter months.
“It was my ‘aha’ moment,” says Hahn, who, at the time, had about $42,000 in debt spread across student loans, a car loan and credit cards. “I was like, ‘O.M.G. I want this life.’ I want to do what they’re doing. I want to be financially independent.”
Hahn had also just celebrated his 34th birthday, which served as another wake-up call. “It was a confluence of events…I realized that I just wasn’t taking care of money like I should be, like a grown-ass man,” says Hahn. “I feel like there’s an awakening when you’re in your 30’s.”
His first plan of attack: Obliterate his $11,000 in credit card debt. For Hahn, credit was just a tool to for buying stuff when you didn’t have the cash. “The credit card debt was just something I was misusing,” he admits. “It became another part of my spending arsenal. I used credit for more spending power.”
Since March Hahn, who works in the Navy, has embarked on a diligent plan to reach debt zero across his four credit cards. Using a free personal loan calculator, he’s given himself 12 months to eliminate all balances and has, for the first time ever, begun budgeting. He’s using Mint to stay on track.
Will Hahn cross the finish line in time? I thought it would be interesting (and fun?) to check in from time to time to report on his progress and setbacks. He says he likes having me as an accountability partner.
Here’s how Hahn’s staying focused and handling some setbacks in the first few months.
“Budgeting is Like Yoga”
Hahn’s Mint budget is his first true budget. “It is a behavioral modification. It’s like doing yoga for the first time. There’s pain and discomfort,” he laughs.
To make room for the roughly $900 a month debt payments, he’s had to make some big trade-offs. The greatest challenge has been cutting back on restaurant meals and outings with his girlfriend. “I though you needed to go out and have dates in order for there to be a connection,” Hahn says. “Instead, we’re spending more time at home and realizing that it’s ok. I have her support in that.”
His girlfriend is also helpful in planning and cooking their meals at home. “She makes enough so I have lunch the next day.” This alone, saves him $70 per week, Hahn estimates.
The “Wall of Shame”
While Hahn has a total of $42,000 in debt, he’s zeroing in on the credit card balances first using the snowball method and attacking the card with the greatest interest rate first. All the while, he’s stopped using plastic and sticking to a cash-only diet.
For motivation, he uses visual reminders. “I’ve printed a list of all the individual balances on my fridge. It’s my ‘wall of shame’ and I’m looking forward to crossing them off,” says Hahn.
Simultaneously Saving
It’s been a slow process, but Hahn is also working towards a three to six-month emergency reserve. “That was what my credit cards had been.” So far he’s managed to tuck away $1,000. “I just love the idea that, for the first time in my adult life, I saved $1,000 and didn’t spend it. It’s such a good feeling.” Once the debt’s paid off, he plans to make savings a higher priority and add more to the account.
An “Actual” Emergency
It’s a good thing that he started saving because in May, Hahn emailed me to say that his debt payoff plan had suffered a minor setback. But it was for an important cause: healing his cat.
He wrote: “One of our emergency funds just came in handy. The day after I (quite literally) cut up my credit cards, our cat, Yasmin, became very sick over the weekend, requiring a visit to an emergency veterinary clinic. Between buying a new pet carrier and the vet expenses, this was $550 that neither of us had planned.
Fortunately, Andrea (my partner) has an emergency stash of her own, and between the two of us, we were able to handle this curveball with relative ease. Yasmin is okay (we have a follow-up appointment in two weeks), and we’ve used this event to reinforce just how crucial it is for both of us to set aside significant, liquid savings.
As for my debt repayment plan, this will weaken my attack for the month of May, as I want to stash an additional $500 into an emergency fund for when we run into another inevitable hurdle.”
Following that email, Hahn wrote about another surprise: A bigger car maintenance bill than anticipated.
All said, between the vet and car maintenance costs, he had to fork over $800 in unplanned expenses.
“This is definitely going to slow my debt repayment down by a month. Not very thrilled about this. Feel a bit defeated, honestly,” Hahn wrote.
Still, none of that $800 got charged to a credit card. So, in my book that’s #progress.
How will Hahn fare over the summer months? Will he find a way to get back on track?
Stay tuned to the Mint Blog for more updates on his debt payoff plan.
Have a question for Farnoosh? You can submit your questions via Twitter @Farnoosh, Facebook or email at [email protected] (please note “Mint Blog” in the subject line).
Farnoosh Torabi is America’s leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, she’s become our favorite go-to money expert and friend.
Save more, spend smarter, and make your money go further
I spent a couple hours this morning performing what ought to have been a simple home-maintenance task. The light fixture on our front porch had gone faulty, and I needed to replace it. I’ve done enough wiring projects now that the electrical aspect of the job didn’t bother me. But the woodworking? That was frustrating.
As I fumbled with the jigsaw (“Drat! Another blade bent!”), I wished again that I practiced woodworking more often. I have several friends who do so, and the skills they’ve learned help them to save money around the house. My incompetence this morning gave me plenty of time to reflect on the value of productive hobbies.
Productive hobbies When I was younger, I spent most of my spare time reading comic books and playing video games. There’s nothing wrong with a little self-indulgence, but the older I get, the more I appreciate hobbies that provide practical skills. Productive pastimes are not only fulfilling, but they can also help save money. (Sometimes they can even generate a little income!)
Here are a few hobbies and pastimes that can help to save (or make) money:
Gardening. Kris and I aren’t yet finished with our year-long garden project, but already we know that it has saved us money. (Find out just how much when we post an update this Saturday.) Even if it did cost a little more, it’s fantastic to have fresh food just feet from the front door. You don’t need a lot of space to start a garden. Consider square-foot gardening or container gardening.
Photography. Cameras can be a money sink, but photography doesn’t have to be expensive. You can have a lot of fun with a cheap point-and-shoot digital camera. With practice, you may even be able to make money selling digital photos online. I know several people who do this (and I’ve done it myself).
Woodworking. Carpentry is another hobby that can consume a lot of cash. But if you have the space and the time, you can also develop skills that yield big dividends in the long run. If I’d taken the time to learn woodworking, I wouldn’t have to pay a contractor to do some of our remodeling projects. (And I wouldn’t have cut a four-inch hole this morning when I only needed a three-inch hole.)
Knitting. As with many hobbies, knitting can be expensive, but there are ways to make it less so. Nell at Octopus Knits has pattern companies and yarn folks giving her product (yarns & patterns) to try. Some of my friends have taken commissioned projects. Kris is learning to knit adorable little stuffed animals; she could sell them for $20 a pop.
Computer repair. Because I’ve always been a computer hobbyist, I’m able to troubleshoot computer problems instead of paying somebody to do it for me. Before I turned Mac, I also saved money by building my own machines. In fact, for a couple years, I supplemented my regular salary by helping friends and family with their computer problems.
Art. Last week, I pointed to the work of lillyella, whose art generates enough income through her Etsy store that she now does it full time. In the past, I’ve also mentioned Ayla, a teenager who sells her art glass at the local farmers market. Kris has a friend who is learning how to work with stained glass, but just for fun.
Cooking. My friend Laura has a group of friends that love to cook. They recently organized a cooking evening to provide freezer meals for each of them. They decided on six menus, assigned the shopping, borrowed a church’s kitchen, divided duties like cutting, slicing, dicing, mixing, frying, cleaning, split the costs and each went home with six different items for future use. But even learning to cook for your own family can save you a lot of money.
Baking. Baking is fun for its own sake, but it can also save you money with gifts. Who wouldn’t rather have a couple dozen home-baked cookies than another useless mug? Some people can even turn this skill into a career. My aunt turned a baking hobby into a business, creating cakes and catering weddings. She provided jobs for several other family members, too!
Canning. Though Kris has always enjoyed canning, this summer has been amazing. She’s discovered it’s a hobby she truly loves. She derives immense satisfaction from preserving her own food. “It’s comforting to walk into the pantry and know that I made all of this,” she said recently. “I know where the food came from, and I know that we’ll be eating it all winter.” Though the start-up costs are a little high, they repay a hobbyist in time.
Making music. My friend Michael has a musician friend who plays the piano and has been paid to play at private events. He has another friend with a great voice. This man loves to sing, and he and his friends hire themselves out as a quartet around Valentines Day and to sing Christmas carols during the holidays. (I’m always jealous of my musical friends. I know it’s hard work to become proficient, but it looks like such a fun way to stay entertained.)
Vehicle maintenance. I know little about cars. I wish I knew more. Knowing even basic vehicle maintenance can save you big bucks. I once knew a guy who performed nearly all his own auto work. He could buy a junker car, fix it up, and resell it at a nice profit. He wasn’t going to get rich doing this, but he enjoyed the hobby, and it kept him in money for his own vehicle.
Physical fitness. You’ll never get rich running road races, but there’s no question that a healthy body can save you money. Find a physical activity you enjoy: biking, running, hiking, dancing, yoga, weightlifting. Play a team sport. Regular exercise can be fun, but it will also save you money in the long run.
The possibilities are limitless. There are countless fun and interesting hobbies that can either save you money, or maybe help you earn a little on the side.
Quick tips You’ll notice that none of these hobbies involve collecting. I’m an inveterate collector myself (comics, books, notebooks, movie serials, music of the 1920s, …), so I know first-hand how expensive it can be. Some would argue that it’s a form of compulsive spending, and I can’t really disagree. Since I’ve begun focusing on hobbies that involve doing rather than getting, I’ve spent much less money.
For some hobbies, equipment can be prohibitively expensive. In these cases, you may be able to find used stuff on Freecycle or Craigslist, or you may be able to begin with low-end gear. (This isn’t always a good option. If you think you’re going to be doing a lot of running, you should buy a quality running shoe from an expert, and not settle for cheap sneakers, for example.)
In many cases, it’s possible to jump-start a hobby by taking a course at a community college or community school. I spent a year taking photography classes, for example. The instruction and experience were invaluable, and helped me develop the skills necessary to actually sell a couple photos.
My friend Michael likes woodworking but can’t afford (and doesn’t have space for) all of the equipment. When he needs to build something, he signs up for a community college woodworking course so that he can use industrial woodworking tools at a reasonable cost.
Further reading I’m a big fan of productive hobbies, and I’m not the only one! Here are some articles on the subject from around the web:
Don’t forget that hobbies are an excellent way to make gifts for less than it costs to buy them. Kris sometimes knits gifts for special occasions. Most years she gives some sort of home-made food to our friends for Christmas. I sometimes give photographs. One of the best birthday gifts I ever received was a batch of homemade chocolate chip cookies.
Inside: Do you want to make quick money? If so, you’ll love this collection of ways to make cash in one day. Start these tasks and start making extra cash fast.
In today’s world, there are many ways to make quick money in one day.
The internet and technology have created opportunities that were non-existent just a few years ago. You can now make money in your PJs from the comfort of your own home! I do!
We all have those times when we need cash fast. Maybe it’s for an emergency car repair, an unexpected medical bill, or a last-minute plane ticket home.
Whatever the reason, there are plenty of ways to make quick money in one day.
We will include some of my personal favorites as well as methods I researched.
In today’s blog post, we will outline the best ways to make quick money in one day.
How can I make immediate money?
If you need immediate money, you need to look for ways to get cash in your hand quickly.
This would be by selling your possessions, participating in focus groups, find a gig job that pays cash tips.
These ideas will get cash in your hand within 24 hours.
How much money can I make in one day?
Many people wonder, “How much money can I make in one day?”
The amount of money you can make in a day depends on a variety of factors, such as your job, side hustles, and financial opportunities.
With a bit of hustle, creativity, and smart financial decisions, it is possible to make up to $1,000 a day.
However, you need to develop a smart strategy for achieving this goal. Investing in education will help you put that money to work growing for you.
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.
50 best ways to make quick money in one day
Making money quickly is possible with some time and effort.
There are a lot of ways to make quick money in one day. In fact, many ideas center around how to make money online for beginners.
Here are 50 of the best methods that you can use to make some extra cash.
1. Work on freelance projects
Working on freelance projects can help you make quick money in one day by providing you with one-off jobs that can benefit from your skill set.
With the percentage of freelance workers in the workforce climbing steadily, there are many online marketplaces that make it easy to connect with businesses and individuals who need your services.
Sites like Upwork, Fiverr, and Toptal allow you to create a profile and showcase your work, making it easy for you to set your own rates and decide on the length of the project.
Additionally, the more experience you get, the more you can charge and the higher your demand will be, potentially leading to full-time work.
2. Sell items on consignment
Selling items on consignment can help you make quick money by providing an easy, fast way to earn a profit from gently used items.
With consignment shops, you can take your clothes, electronics, jewelry, musical instruments, or even your car to be sold without having to take an active role.
For a cut of the profits, your items will be placed in front of buyers, allowing you to make quick cash.
3. Take on odd jobs
If you’re looking for ways to make money quickly, odd jobs are a great way to do so.
Think of day laborer types of jobs. You can use an app like TaskRabbit to find work in your area.
Some of the common odd jobs you can consider include:
Gardening – you can offer to do gardening work such as weeding, planting, mowing, and trimming.
Furniture Assembly – if you have experience in assembling furniture, you can offer your services to people who need help.
Cleaning – you can offer cleaning services to keep homes and offices tidy.
Painting – you can offer your painting services to those who need help with their walls.
General Handyman Work – if you are good with your hands and have experience in repairing and fixing things, you can offer your services to people who need help.
Moving Gig – people are always looking for help with moving.
4. Trade Options
If done correctly, trading in options can help you make quick money and generate substantial returns in a relatively short period of time.
However, trading options come from experience and should not be taken as a get-rich scheme. Personally, I trade options for a living.
You can make quick money trading options if you know what you’re doing. The key is to identify when the market is going to move in a certain direction and then make the right trades to capitalize on the profits.
Here is the one and only investing course I recommend.
5. Become a rideshare driver
Becoming a rideshare driver can be an easy and convenient way to make money quickly.
All you need to get started is a valid license, active insurance coverage, and an approved vehicle. With Uber and Lyft, you can set your own hours and receive a base rate plus tips and distance or time-based bonuses.
From one of our rideshare drivers, we learned some tricks of the trade such as working in peak hours or in areas with popular nightlife scenes or active airports.
6. Offer house cleaning services
Nowadays, people don’t want to learn their own house, so starting a house cleaning service is a great way to make quick money.
With countless opportunities available online or on local job boards, you can easily find a job that works for you. There are even ways to market yourself so potential customers can find you!
If you have a background in cleaning and don’t mind physical labor, you can make up to $25 an hour or more.
Becoming a housecleaner is a great way to make extra money on the side and you can even make up to $200+ per weekend.
With a bit of effort, you could have a great side-hustle in no time!
7. Rent out your parking spot
If you live in a busy area and have a spot that’s in high demand, you can easily rent out the space for a premium price.
This can be especially profitable if you live near an event center and can offer parking to visitors who don’t want to pay a premium to park in a lot or parking structure. You can put your parking spot to work with services like Just Park or Neighbor.com and earn up to $300 per month.
Renting out your parking spot offers a great way to make extra money while utilizing unused resources or space.
8. Proofread documents
Whether you are a stay-at-home parent, a teacher looking for extra income during summer vacation, or someone with a passion for grammar and punctuation, you can make up to $65,000 a year by proofreading documents.
Make sure to take a Free Training Course: Caitlin Pyle offers a free workshop on how to use the most popular proofreading tool and how to become a work-from-home proofreader.
With some hard work and dedication, you can start earning quick money as a proofreader. Good luck!
9. Walk dogs
Walking dogs can be a great way to make some quick money.
Apps like Rover provide pet owners with a platform to find dog walkers in their area and pay for their services.
A dog walker can make $15-18 per 30 minute walk, with occasional bonuses for boarding or pet-sitting. This is a simple way to get your exercise and make cash.
10. Take an online survey
Companies and websites are always looking for consumer feedback in order to improve their products and services, and offer incentives such as cash, rewards, and gift cards for filling out surveys that can take as little as a few minutes.
Popular survey sites like Survey Junkie and Swagbucks offer these incentives, enabling individuals to make a few quid in just a few minutes of form filling.
Most surveys will only take a few minutes, so you will have to do a bunch to add up to serious cash for your feedback.
Here are the top legit survey platforms:
11. Sell your old junk
Are you looking for an easy way to make some extra money? Why not start by looking around your house and attic/basement for things you no longer use?
You can turn those things into cash by selling them online or having a yard sale.
With a little effort, you can easily make hundreds of dollars by selling your old stuff. It’s a great way to declutter your home and make some extra cash in the process.
Make sure to list your items with attractive descriptions and photos to draw in potential buyers.
12. House sitting
House sitting is a great way to make quick money. It allows you to watch someone’s home while they are away and take care of tasks such as feeding pets, watering plants, and taking out the trash.
You can usually make between $25 to $50 per day depending on the market demand in your area. It’s easy to start, with most sites having a minimum age requirement and a sign-up process that takes only minutes. Payment is typically made when the job is completed.
More importantly, beyond making good money, you are able to housesit in beautiful locations that you may not be able to do otherwise. Personally, this is something I want to start doing.
Build your profile on Trusted Housesitters now.
13. Babysit
Babysitting is a great way to make extra money, especially for those who are looking for flexible jobs that match their availability.
Whether you’re an experienced babysitter or a novice looking to give it a try, there’s no doubt that you’ll find plenty of opportunities available. With a little bit of effort and a lot of dedication, you can make a great living out of babysitting.
Most babysitters earn way more than minimum wage making this a great gig.
14. Deliver food orders
Delivering food orders can make you money quickly by taking advantage of the increasing trend in the popularity of food delivery apps.
With driver-friendly apps like Instacart, DoorDash, and Uber Eats, all you need is an insured vehicle and a smartphone to start delivering food to customers in need.
The pay per delivery can go even further if you work on busier nights like Friday or Saturday. With many apps, you can also choose your own hours and the flexibility to work as much or as little as you’d like. This can be a great way to make some fast cash on the side.
15. Earn money with eBay
eBay is an amazing platform for anyone looking to make some extra money by selling items they don’t use. Whether you’re looking to get rid of an old phone, clothes, or books, eBay is an easy and accessible way to do so.
You can start by selling items you don’t need or don’t use anymore.
You can also consider buying items at a low price with the intention of selling them at a higher price.
If you’re looking to make a full-time income from home, selling items on eBay could be a perfect way. You can start small by buying a thrifty item for a low price and selling it at a much higher price.
With the right knowledge and resources, you can make money on eBay easily. So get started today and watch your earnings grow!
16. Write articles for websites
Writing articles for websites can be a great way to make quick money in one day.
With the increasing amount of new content created daily, business owners often don’t have the time to create content for their websites themselves.
Freelance writers can fill this gap by providing quality content for clients in exchange for payment. Depending on the complexity and length of the article, writers can make anywhere from $25 to $500+ in a single day.
By specializing in a niche, writers can showcase their work as samples to potential clients. Furthermore, writers can establish relationships with other bloggers in their niche, guest blogging, and approach websites in their niche with their writing services to further increase their chances of finding work.
17. Become a pet sitter
Personally, I have a friend who makes money by being a pet sitter and has help from her kids.
With Rover, pet owners in your area can easily find and hire pet sitters for their pets. Dog sitting is the most popular pet sitting activity, and it can earn you around $20-35 for overnight stays.
Plus, you get to decide when and how you want to work, and you can fit it around your own schedule. With the right amount of communication and excellent service, pet owners may even offer you recurring gigs.
18. Participate in focus groups
Participating in a focus group can be a great way to make quick money in one day.
Focus groups are usually based on interesting products or services, and they can pay participants anywhere from $50 to $400 for their time. Not only is it a great way to make money quickly, I have found many focus groups can also be a lot of fun.
The hardest part with focus groups is it is not a steady stream of income as you may not qualify for each opportunity.
19. Do yard work
Just like housecleaning, this is a popular job to be hired out.
Yard work such as basic gardening and landscaping, shoveling snow or salting walkways, and even cleaning gutters can all be done for a fee. Advertising your services through flyers, door knocking, or posting on local job boards can help you find potential customers.
By doing quality work, you can turn this into a weekly gig for quick money.
20. Shop at thrift stores and buy low and sell high
You buy items for a fraction of the cost and resell them for a higher price. For example, you can find brand-name clothing, electronics, antiques, and children’s toys at thrift stores that you can resell on online platforms such as eBay, and Facebook Marketplace.
You can also look for items marked as “free” on the side of the road and spruce them up to sell for a profit.
Shopping at thrift stores can help you make quick money in one day, and with time and experience, you’ll discover which items sell the fastest and for the most money.
To make money flipping items, you must do your research upfront and know how much you can pay for something while still turning a profit. With time and experience, you will learn which items sell the fastest and for the most money.
21. Photography gigs
You can make money with photography in two ways:
Turn your photographs into cash by selling them through stock image websites such as Shutterstock or iStock.
Offer your photography services for family sessions, birthday cake smashes, and even weddings.
Either way, you are able to turn your passionate hobby into a way to easily make a decent income in one day.
22. Participate in sweepstakes
Participating in sweepstakes can help you make quick money in one day by giving you a chance to win big.
Yet, this option comes with a lot of RISK!
There are a variety of competitions and prizes available, ranging from online product giveaways and gift vouchers to big-money TV game shows. You want to look for sweepstakes that are free to participate in and not pay money.
This one ranks up there with the left hand itching principle.
23. Use your Writing Skills
Are you looking to make money with your writing skills? There are lots of opportunities available that pay you to write. From blogging to freelance writing, to reviewing music, you can find the perfect job that allows you to utilize your writing skills and get paid.
You can also make money by helping people refine their writing. If you have a good grasp of grammar and can help people write in a more engaging and structured way, then you can charge for your services.
Publications often hire freelance writers, so that’s another avenue to explore.
No matter what you decide to do, there are plenty of ways to make money with your writing skills – all you have to do is find the right opportunity for you.
24. Become a home staging stylist
Becoming a stylist can help make quick money in one day by offering services to those who are in need of help staging their homes for sale.
Realtors often hire outside help to ensure that the home is presented in an attractive and appealing way, and these services can be provided for an hourly or flat fee.
This is a great part-time gig.
25. Donate plasma
You can make money quickly by donating plasma.
Plasma is the liquid part of the blood that contains antibodies. It can be used to create medications and other medical products. Plasma donation is a safe procedure that can help people in need.
Typically, you walk out with cash immediately.
Check with your local blood bank or hospital to learn more.
26. Host workshops
Hosting workshops can be a great way to make money in a short period of time. There are endless webinar ideas you can try, such as live-at-home fitness classes, cooking, a writing workshop, an Excel class, nutrition coaching, or even a first-time homebuyer class.
With the rise of video conferencing, it’s easy to set up webinars to teach people your skills and knowledge.
Typically, you will need to build an online presence with a social media following to hold successful workshops.
27. Trade Stocks
Trading stocks can be a lucrative way to make quick money, but it is essential to understand the risks involved.
With the help of online market trading platforms, anyone can start to trade stocks with a minimum amount of money.
Learning how fast you make money with stocks, but realizing you need to learn to trade stocks is like going back to school for a stock trading education.
Although trading stocks has the potential to generate quick money, it is important to note that all trading involves risk and that you should only invest what you can afford.
28. Become a courier
Being a courier is a great option for flexible income, as they allow you to set your own hours and work as much or as little as you’d like.
Think outside the box of UberEats or Instacart. This would likely be for a local business that needs to move documents from location to location.
You will need to be reliable and trustworthy.
29. Deliver Pizza
Even today, this is a classic gig to make quick money by delivering pizza!
Businesses are desperate for workers, so finding a job should be fairly easy. However, be prepared to work more than one day.
30. Repurpose your skills
Those skilled in writing, graphic design, coding, bookkeeping, or any other number of computer-based skills, can use these sites to find freelance jobs that require their skills.
Additionally, those with knowledge or experience in a particular field can create and sell an online course via a platform like Teachable or Podia.
Too often, we overlook the things that we are the best at, yet repurposing your skills us a great wat to make money.
31. Dog groomer
The income potential as a dog groomer is considerable.
According to the American Pet Products Association (APPA), pet owners spent $136.8 billion on their pets in 2022.
Dog grooming is a easy way to make money.
Over to pick up dog poop and you can double how much money you make.
32. Sell your unwanted items
Selling unwanted items on eBay and Amazon can be a great way to make quick money.
By scouring online retailers, local thrift stores, and yard sales for hidden treasures, individuals can find consumer goods for cheap and then resell them for extra profit.
Selling on Amazon also provides an opportunity to source products for fulfillment.
Additionally, apps like LetGo, OfferUp, and Facebook Marketplace make it even easier to make extra money, as people jump on items quickly.
For those with a strong entrepreneurial spirit, buying items at a low price and then reselling them at a higher price can generate a decent side income.
33. Sell Printables
If you’re creative, you can create and sell digital products like ebooks, courses, templates, and graphics.
Digital downloads are also becoming increasingly popular, as they require no shipping or fulfillment costs and you can easily make them once and sell them hundreds of times over. Depending on the craft and the demand, your potential earning potential can be quite high.
In fact, selling printables is a popular summer jobs for teachers!
So why not give it a shot? With the right strategies, you could start making a few hundred dollars a month with very little effort.
34. Crafts and handmade goods
One of the best ways to make money quickly is by selling crafts and handmade goods on websites like Etsy.
From jewelry and candles to sourdough bread to quilts and custom T-shirts, there is a huge variety of items that you can make and sell. You can also design and sell custom stationery, pillows, tote bags, coasters, cosmetics, and more.
35. Dropshipping
Dropshipping is an online business model that allows entrepreneurs to start an online shop without having to keep a product in stock. Instead, a business makes a sale and then passes the order along to a third party, known as the dropshipper, who ships the product directly to the buyer.
Dropshipping is a great way to make money quickly, as it requires minimal upfront investment and overhead.
With dropshipping, you can add products to your store without having to buy them in bulk, and you don’t need to worry about shipping or fulfilling orders.
36. Affiliate Marketing
Renting out your property can help you make quick money in one day by taking advantage of the services offered by websites like Airbnb.
Affiliate marketing is a way to earn money by promoting other companies’ products or services. You can do this without a website, by sharing affiliate links on social media, a blog, online forums, post comments, and with friends or family.
When someone buys a product or service via unique affiliate link you provide, you get paid a commission.
It is possible to make money quickly if you have a social media following or a website, as you can start promoting all sorts of companies, products, services and offers online.
37. Work for tips
Making money quickly by working for tips may sound intimidating, but it is actually very achievable with a bit of hard work and determination.
Tips are normally paid in cash, which is exactly what you need.
Jobs that pay tips:
Waitstaff
Bartender
Bellman
Drivers
Casino dealer
Golf caddy
Babysitters
Also, many jobs that pay weekly work for tips.
38. Rent out your property
These services allow you to rent out a room, a condo, or your own home if you’re away on vacation.
Airbnb has revolutionized the hotel industry by allowing everyday property owners to lease their place to travelers. By creating an account and listing your property, you can immediately start earning passive income.
With the right location, you can create a steady stream of income that can help you make quick money in one day.
39. Join a MLM
Joining a Multi-Level Marketing (MLM) company is one of the most popular ways to make money these days. With an MLM, you can potentially make a lot of money by building a team and earning commissions from their sales.
But you need to be careful and do your research to make sure it’s an opportunity worth pursuing.
MLMs can be profitable, but it can take a lot of time and effort to get them off the ground and make them successful. You need to be prepared to take the time to build your team, train and support them, and provide them with the resources they need to succeed.
Personally, I have tried making money with an MLM and found out that it was not worth the time or effort.
40. Collect and sell scrap metal
Collecting metal items such as old swing set parts, metal toys, and other bits of metal can be sold at scrap yards or redemption centers for a small sum of money.
Iron, steel, aluminum, brass, and copper are the most commonly traded types of scrap metal, and the prices vary depending on the type and amount of metal.
This is a simple way to make money if you put in the resources. Just don’t steal metal because that can get you in severe trouble.
41. Deliver for Food Delivery Apps
This industry is booming with no signs of slowing down. You can easily make $100 a shift by delivering food!
Sign up for driver-friendly apps such as Instacart, DoorDash, and Uber Eats. These apps allow you to set your own hours and work as much or as little as you’d like.
Make sure you have an insured car, truck, bike, scooter, or motorcycle. Depending on what you choose to use, certain apps may have different requirements.
Go to the restaurant and pick up the order. You’ll be paid a flat delivery fee, an additional fee per item ordered, and 100% of the tips customers choose to give you.
Deliver the food to the customer.
Get paid instantly, usually within the same day.
Maximize your earnings by delivering for multiple apps at once. This will give you access to more orders, and a larger area to deliver in.
42. Become A Virtual Assistant
Virtual assistants are in demand right now.
Consider becoming a virtual assistant with no experience to help small businesses with tasks like scheduling appointments and managing emails.
Typically, small businesses are looking for someone to take a short-term 3-month stint or a long-term relationship.
If you have marketable skills, you will make an outstanding virtual assistant.
43. Cook and deliver food
Cooking and delivering food can make you money in one day, especially since the demand for convenient delivery is increasing.
If you are cooking food on your own, you need to check with your local state and city regulations to see if you are allowed to sell food from a home kitchen. These food regulations are tough, so make sure you comply with these regulations.
However, many busy families are looking for a personal chef and are willing to pay for the service.
44. Trade-In Programs
Trade-in programs are a way for people to get quick money by selling their old phones, tablets, and other electronics. These programs give customers the opportunity to receive cash or gift cards in exchange for their unwanted devices.
You can trade in your own unused or unwanted electronics or for neighbors who don’t want to deal with the hassle themselves.
When selling through a trade-in program, customers are usually asked to provide a description of the device and its condition. The amount of money received depends on the device and its condition.
Plus you are helping the environment by keeping old devices out of landfills.
45. Become a social media influencer
If you have a large following on social media, you can make money by becoming a social media influencer and promoting products or services.
There are a number of ways to make quick money as an influencer. You can promote products or services by posting about them on your social media account.
Obviously, you must thrive using social media.
46. Flipping items on Poshmark
Making money on Poshmark by flipping items can be a great way to make cash.
You can find items to resell from big box retailers, online retailers, local thrift stores, yard sales, flea markets, eBay, Facebook Marketplace, and Craigslist. Potential items you can flip for profit include brand-name sneakers, clothing, and purses.
You should also figure out which items sell the quickest and for the most money.
Poshmark also has a “bundling” function which allows you to group similar items together for a discounted amount. This is a great way to make more money as you can sell multiple items in one go.
This platform allows followers, so it is easy to build return buyers.
47. Start a small business or side hustle
Small businesses and side hustles can be a great way to make money quickly. Consider your skills and interests and start something that can help you turn a profit.
No matter how you do it, starting a business can be a great way to make money and meet new people.
Building your side hustle to a full-time income will not happen overnight, but you will make progress with hard work and dedication.
48. Take advantage of Swagbucks
Swagbucks is an online rewards and survey platform that provides numerous opportunities to make money.
With Swagbucks, you can earn money by completing surveys, watching videos, playing games, and even shopping online. With each task, you can earn anywhere from $0.40 to $2.00 in SB points which can be redeemed for cash back or gift cards.
Plus, when you sign up, you get a $10 bonus and can even get 500 SBs for referring a friend.
49. Tutoring
Tutoring is a great way to make quick money while using your knowledge and expertise to help others. It involves providing instruction to an individual or a small group on a particular subject, usually to help them improve their understanding.
Tutors can work with students in person or online, depending on the subject and their availability.
No matter your educational background, you can make money tutoring as long as you have a deep knowledge of a subject. With the right resources and platform, you can find tutoring gigs in your area and start making quick money today.
50. Make money with your phone
Making money with your phone is possible with a little bit of effort. You can sign up for apps to complete small tasks and earn money quickly.
Alternatively, there are plenty of mobile apps such as Ibotta, Rakuten, Shopkick, Swagucks, or Receipt Hog which can help you make some extra money with simple tasks.
You can also take on odd jobs through apps like TaskRabbit to make cash.
Finally, you can trade stocks on your phone.
There are so many ways to make money with your phone today.
FAQ
Yes, it is possible to make passive income. This type of income is earned with little effort or direct work.
It can come from investments such as returns and dividends, as well as from sources like stocks, rental properties, and online businesses.
With some creativity and diligence, anyone can create multiple sources of passive income. It may take months or even years to build up these streams of income, but the potential rewards are worth the effort.
Many of the statistics are leaning on the fact that you need a side hustle to make ends meet or get ahead financially.
I started a side hustle to make money to afford what we wanted to do. Personally, my side hustles are blogging and day trading stocks.
The best side hustles are the ones that you are passionate about. More than likely, you will be spending time on them in your free time, so you want to enjoy them.
Regardless of what type of side hustle you choose, you can make extra money on the side. To maximize your earnings, you can even combine several different side hustles together to create multiple income streams.
I always say, if I can make $100 a day, then I am making $3000 a month. That will make a difference in my personal finance situation.
Before you can make $100 a day, you need to find out how you will make money. Look for opportunities that match your skills and interests. Some examples of this include driving for Uber, selling your skills on freelancing sites, creating an online store, or even starting your own blog.
Learn how to invest 100 to make 1000 a day.
When looking to make $1000 fast, you need to up your game – specifically, the time and energy to make your goal happen.
You could start by looking for high-paying side hustles such as trading stocks or options, becoming a freelance writer, setting off as a virtual assistant, or by selling products online.
The key is to make $1k a day consistently. Then, you will be working on how to turn 10k into 100k.
Which Quickest Way to Make Money in a Day Will You Choose?
There are many ways that you can make quick money in one day.
Whether you want to start a side hustle, do some odd jobs, or make money online, which option is best for you?
Whichever option you choose, make sure that you choose something you will enjoy doing as well as the quickest way to make money.
We covered fifty options to make cash and start making extra money today!
Which one is your favorite?
Mine are trading and writing. Comment below on which method you will choose.
Know someone else that needs this, too? Then, please share!!
By Peter AndersonLeave a Comment – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited April 28, 2009.
I have a confession to make. Now that we’re finally out of debt (except the mortgage), my wife and I decided to celebrate and go out shopping. We both got the urge to just drop our budget and go spend crazy for just one day, so we each took one of the credit cards and and went our separate ways.
My wife went to Macy’s. There was this purse that my wife has been looking at recently for $600 that she just had to have. She bought it. And she bought several new outfits for work, summer, spring and next fall.. Total damage, $4000.
I went to Best Buy. I have been eyeing this 60″ Plasma screen TV for the past year – and I finally just broke down and bought it. You only live once, right? And my birthday is coming up next month! Price tag – $4000.
I also decided that I wanted a Blu-Ray player now as well since the whole High-Def format war is over. And while I was at it, I also got a new Nintendo Wii to hook up to my huge new TV. There’s another $700.
So for the night we ended up spending almost $9000 dollars, and it felt so good.. We don’t have the money, but I’m tired of all this penny pinching, budgeting and responsible living. Why not go out and spend a little of your hard earned money on some luxuries once in a while, right? Sometimes it feels good to spend money you don’t have on things you don’t need!
That’s my new motto – if it feels good – spend!
* April Fools! We didn’t really go out and spend 9 grand on things we don’t need. We may feel like it sometimes, but we’re committed to wiser spending. Have you ever felt like doing something like this though?
Part One: Avoiding Pitfalls when Buying Shitloads of Stuff
Mr. Money Mustache amongst his favorite elements (sunshine, tools, dirt), setting steel posts for a fancy fence.
The New Old House project is going very well, thanks for asking. Slowly, if you measure the progress by any sort of professional standard, but very well, if you consider the fact that I am having an absolute blast working through it bit by bit.
“What a fine life this is”, I thought to myself this week, as I stood out on my spacious new concrete patio which overlooks the park, cutting out some elaborate wooden forms with a high-end cordless jigsaw. It was a very warm day, and the bright sun shining sideways from its winter solstice position lit up the whole scene like a glowing postcard. There have been many moments like this, where the deep satisfaction of solving tricky puzzles and building something big takes over my whole mind and makes me smile and chuckle to myself like a fool.
It’s not all Nailguns and Roses of course, as there have been plenty of obstacles along the way. The complex design required a lot of sourcing of tricky materials (including almost 3000 pounds of gigantic steel beams which I have been cutting and welding all week). The byzantine regulations of the 2012 International Building Code added some troubles as well, especially when interpreted by an overworked and under-motivated crew of building inspectors who often don’t return calls and emails. And my own juggling of family, friends, and construction time has resulted in a very lax work schedule. But with no looming deadlines or financial constraints and the reassurance that I have done this all before, I have had the luxury of taking each thing in stride and working through it, one call, email, and shovel at a time.
The other challenge is the odd feeling of suddenly becoming one of the biggest consumers in town. Almost every day I have to buy stuff. Tools, materials, and supplies are needed in abundance for a project like this, and so I’ve spent about $20,000 in the past three months. On top of all that steel, there is a huge pile of engineered lumber taking up most of the back driveway and more deliveries on the way. I try to remind myself that it’s an investment, and the money will be returned many times over when we sell our current house (this downsizing will free up over $100,000, even after all these renovation costs). But I still see the trucks and forklifts, steel and wood, cardboard and plastic wrap, and can’t help but notice that for now I am chewing up a huge share of my own planet just to build myself a dwelling.
Renovation is always an expensive and complex affair, but I am making a bigger effort than ever this time to take the edge off of it. I am investing extra time and effort to cut the cost and material waste involved in this project, and I thought it would be worthwhile to share some of the results with you, as a mid-project update.
Designing to Reduce Ridiculousness
When faced with a blank slate, most would-be homeowners try to cram in every possible idea and feature. “It would be nice if the kids could each have their own ensuite bathroom, and I really want that dedicated closet just for my shoes this time.” We have felt the same temptation to chase perfection, but are working to suppress it. We avoided the usual urge to add floor space to this house, and instead just re-partitioned the existing space more efficiently. After all, you only have one body and thus can only use one room at a time. Whenever any room sits unused, it consumes your resources while returning no benefit.
There’s also philosophy to consider: by now, you and I both know that adding more luxury to one’s living arrangements will not produce a happier life. But houses can still bring happiness when they meet needs: shelter, a place for family and friends to gather regularly, and a location close enough to amenities that you don’t need to engage in the proven happiness destroyer of car commuting in order to live there. Since my old house already met these needs, any project like this one must be about the journey itself. The effort, hard work, and overcoming of obstacles must be its own reward. This is definitely true for me, plus there is the endpoint of greater wealth and ongoing satisfaction of being surrounded by things I’ve built myself.
With the design mostly in place, it was time to go in search of materials. Before even beginning the shopping I was able to decrease the quantity of steel and wood required by negotiating down a few structural details with the engineer. Then I sent the design to a lumber supplier, and reviewed the resulting parts list with a fine-toothed comb to reduce waste and find less material-intensive ways to get the required strength. This was a tedious exercise that involved no rewarding sunshine or adventures with power tools, but it sliced almost $2000 from the budget right away. Smaller designs are generally smarter ones.
Craigslist Does it Again
Through Craigslist, I found an old steelyard that was going out of business in downtown Denver. There, I was able to buy about 40% of the steel beams I needed for the project, at only one fifth of the price of new steel. They were odds and ends which were of no use to the typical large commercial buyer of this product, so this find was a big score for both wallet and ec0 footprint.
By removing all seats (even front passenger) from my van, I was able to carry 1200 pounds of 13-foot segments safely home from Denver.
Reuse and Recycle
I sold the old dishwasher and fridge from the house to free up space and cash. And now I’m making a daily visit to the “Materials” section of Craigslist to scoop up any workable materials and appliances for the new design, displacing the need for newly purchased ones whenever possible.
I tore out whe whole failing spaghetti-network of copper and cast iron pipes from the crawlspace and rebuilt it with PEX and ABS, then took the whole 500-pound lot of the old stuff down to the metal recycling center so it could be melted down and re-used. They gave me a check for $108 for the copper.
And I’ve been reclaiming every 2×4 from torn-down walls and meticulously stripping out nails so I can reuse the classy old-growth Fir elsewhere. While this may not be time-efficient when new studs are only $2.88, it just feels like the right thing to do when I consider the reduction of trash and the decrease in new material purchases.
I’m also making occasional stops at the recycled building materials store, and the most amazing find so far was a brand new $500 modern-style sink with the “Lowe’s Display” sticker on it, marked down to $100 – including tax. It looks very similar to this one:
Score! A high-bling/high-quality sink for very close to free.
Discounts on Materials
If you go to the Pro desk at Home Depot or another retailer and tell them you are building a house, they will often offer some fine incentives on your larger orders. 10% off, free delivery, and price matching even on obscure items like custom windows from a brand they don’t even carry. In my area, if you have a building permit in hand you can get a reduction in the sales tax rate as well, saving hundreds more.
A Quick Credit Card Hack
To allow easier tracking of the total cost of this project, I decided to open a new, dedicated credit card just for this house. We chose the Chase Sapphire Preferred card because of its ridiculous $400 signing bonus, followed by an ongoing 1% cash back. I also took the opportunity to get a new card for my business (which in turn owns this blog) – the Chase Ink Bold which kicked in another $500*. Both of these cards require a certain amount of spending within the first 90 days to qualify for the bonus, but with house and blog-related spending currently very high, it was an ideal time to do something that is normally a bit of a hassle. With the frugal theme of this project, making the time to scoop another $900 out of the air seemed fitting.
An IKEA Kitchen
The kitchen cabinets are often the most expensive part of a renovation like this, and I have heard a $10,000 cabinet set referred to as “cheap” by my fellow builders. But there is a secret: IKEA sells assemble-it-yourself cabinets that come with top-the-line front finishes and hardware, at less than half the price of special-order or custom cabinets. On top of this, we placed our order during the November kitchen sale for a further 20% discount. Mrs. Money Mustache did most of the design and ordering work, we paid IKEA $144 to hand-pick and deliver our complex order (saving us a 120-mile roundtrip drive and a day of painful shopping) and she is now assembling the cabinets with expert craftswomanship in one of the spare bedrooms. Savings on our rather elaborate kitchen: at least $7,000.
My sketches of the kitchen design. Note the 12-foot-high wall of South-Facing windows above the sink, so I can get a tan while doing dishes in the winter.
Mrs. Money Mustache builds a drawer unit for the new kitchen
DIY, Friends, and Barter
The most obvious cost-saving measure available for homeowners is of course doing most of the work ourselves. “Easier said than done”, is a common refrain among the uninitiated, but “It’s much more fun than it sounds” is what those of us in the know say in response. I had a good handle on most of the trades from past experience, but in a project this large, there is always more to learn.
One of the first projects I dug into, for example, was replacing the whole electrical service of the house. Sure, I had done plugs and switches before, and even wiring runs and breaker boxes. But here I wanted to tear out the antiquated aerial line that dangled ominously across the back yard, entering through a crusty old hole in the shingles to feed a tragic 6-circuit service panel from over half a century ago. This would clean up the appearance of the house, as well as getting wires out of places they should not be, facilitating the upcoming roof framing.
Before: crappy wire dangles right next to back door.
It took some work: I had to coordinate the power company, the building inspector, and the labor of myself, some Mustachians who stopped by to help out on my birthday, and some gracious free advice from an electrician friend I also met through this blog. Research, phone calls, digging a deep 40-foot-long trench, running thick wires through unforgiving PVC conduit, and installing a meter panel on the outside and a breaker panel inside all took me a good several days of hard effort. I had to sledgehammer an 8-foot-long copper grounding rod into solid earth until its head was flush with the soil. But in the end, I learned in intricate detail exactly how to build out an electrical service from the ground up, and saved a few thousand dollars as a secondary reward. Today the power company hooked up my new system for the first time and cut down the old wire. As soon as they left, I plugged my construction radio into one of my brand-new outlets, cranked up the volume, and danced.
After: My spiffy install job is capped by a new digital meter with Zero kilowatt hours on the clock. Ahh, new beginnings.
This project has also provided the opportunity for some enjoyable barter with friends who are also working on their own houses. We exchange work visits with each other, where my electrical knowledge earns credits towards their framing or painting skill.
Early in this project, this group of volunteer Mustachians stopped by to help destroy this room, among other things. (At least I was able to pay them with beers and dinner at my place)
Finally, I accepted a crazy offer from a reader that is a mirror image of the Carpentourism trip I took to Hawaii last winter. An entrepreneurial young guy is driving out from California and showing up here on January 4th – in exchange for free rent, food, and an education in building houses, he will be working alongside me roughly full time during the weeks (and teaching snowboarding in the mountains on the weekends). The idea sounded just ridiculous enough to work, so we’re going for it and it will surely be a winner in all directions.
And that’s just part one. In future episodes of the New House Chronicles, we will cover“Getting Bids and Herding Cats”, “How to Do Anything Yourself”, “Building a Bathroom From Scratch”, “The Radiant Heat at 90% off Experiment”, and many more topics as they come to mind (requests?). This house project is a big and very fun part of my life these days, so you will find it creeping into the pages of MMM as well.
*While I can happily recommend these two cards since I have had good experiences with them myself, do watch out for the annual fee which kicks in after a year (I tend to cancel mine and then repeat the process the following year). Also, once you get the card, go to https://dnmoptions.chase.com/, and un-check all the ridiculous opted-in choices for extra spam. All credit card companies do this, but I have found immediately opting out keeps my snail mailbox blissfully empty. At least the Chase implementation is quick and efficient. See this blog’s credit cards page for more details.
It’s easy to overspend, especially when you can buy things online with a couple of clicks or simply swipe a credit card. But over time, those purchases can really add up.
Approximately one in five American workers run out of money before their next payday, according to a recent survey. And, sticking to a budget is a problem many people have, other research shows.
Fortunately, there are strategies that can help you develop healthier spending habits. Here are six ways to stop spending money.
Ways to Curb Spending
1. Mapping Out a Budget
Without a budget, you can spend money mindlessly, without thinking much about it. Mapping out your spending patterns and essential expenses by creating a household budget can help you see where your dollars go and figure out where to cut back. In short, it can teach you how to be better with money.
To create a budget, start by tracking your current spending patterns. Check your monthly bank statements or receipts from recent purchases. You can also use a free tool to track your spending, which makes the process even easier.
Identify essential expenses from non-essential ones. Necessary spending includes such items as housing/rent, groceries, utilities, healthcare costs, and transportation. Non-essential costs are things like eating out, leisure travel, and entertainment. You may be surprised to see how small daily purchases — such as eating out for lunch every work day — can add up to a lot of money spent over the course of each month.
Once you figure out how much you tend to spend in each expense category, it may be easier to identify places where you could cut back and reduce excessive spending. A monthly budget can allot specific amounts of money for vital expenditures, savings, investing for retirement, and fun activities, too.
Recommended: 10 Personal Finance Basics
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2. Calculating Hourly Earnings
A night out may not seem like a huge splurge in the moment — especially when compared to your total earnings for the month. But, that same expense can quickly appear more significant, when you tabulate how many hours of work are needed to pay for it.
To figure out your hourly pay, divide your after-tax pay by the number of hours worked. If you get paid twice a month and work a 40-hour week, divide your total earnings by 80 (two weeks times 40 hours).
For instance, a birthday dinner and drinks with friends that costs $200 would translate to eight hours of work if you earn $25 per hour.
Whether that spend feels worth it is a personal decision, but determining how much you earn per hour may provide incentive to stop spending — or to consider carefully before you do to make sure the expense feels worth it.
Recommended: 15 Creative Ways to Save Money
3. Understanding What Triggers Spending
Whether it’s the gourmet food section at the grocery store, the Instagram influencer with the covetable closet of clothes, or that friend who drops big bucks on concert tickets, for all of us, the urge to spend can be triggered by emotions and outside influences.
Even something as seemingly innocuous as the physical shopping environment — think in-store displays, prominent markdown messaging, and subtler cues like store layout — can trigger people to want to spend. When figuring out how to stop spending money, it can be key to understand which emotional or psychological cues make you take out your wallet.
There are a couple ways that understanding your spending triggers may help. For starters, you might plan ahead to avoid scenarios that make you more prone to spend. And, when the urge to shell out cash strikes, evaluate whether the purchase is really necessary or if it mainly feels good but isn’t really helping you in the long run. These tactics can help you manage your money and feel in control.
4. Shopping with a Plan
Of course you can’t always avoid spending triggers. We all have to shop sometimes. Still, it may be easier to avoid the temptation to overspend by creating a shopping list and sticking to it.
For example, going grocery shopping may be easiest to do right after work. But, that time of day may also coincide with when you’re at your hungriest. Hungry shoppers, research shows, tend to buy more non-essential items.
Creating a set list of items to pick up can help you focus on what you really need — rather than buying out of want.
5. Sleeping on It
Before you buy something, take some time to think it over, rather than impulse spending.
Mulling over purchases can be beneficial. You can impartially evaluate whether you might still treasure the item months down the line, or more or less ignore it once the shopping impulse fades.
Studies show that activities that provide instant gratification, such as impulse shopping, activate feel-good chemicals in the brain. But, if that purchase comes at the expense of your long-term goal to save, buying now could set you up for deep regrets later on.
“Sleeping on it” for a few hours (or even days) may give you some necessary psychological distance from the urge to buy.
6. Finding It Cheaper
Of course, there are times when you’ll choose to spend money on specific purchases. Comparison shopping may help you cut back on expenses. You may be able to find the item cheaper elsewhere. Or, you might find a similar brand for less.
It’s also a good idea to keep an eye out for discounted pricing. Holding off on a bigger purchase until it goes on sale, at holiday time, for instance, may lead to additional savings.
Stopping Spending Money Starts with Awareness
Naturally, it’s not possible to stop spending money altogether. But adopting a few smart habits, such as budgeting, understanding your spending triggers, and shopping with a list, could help you take control of your money and spend less.
3 Money Tips
If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.
If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.
If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.
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Save more, spend smarter, and make your money go further
Recently on the mint.com Facebook page, a reader asked a common question:
Any investments for people with very little money to invest?
Normally, my response to this is the one nobody wants to hear: put the money in a savings account or savings bond, check out a book about investing from the library, save more money while you read the book, and start investing once you have the $1000 minimum to open an account at a big mutual fund house like Schwab or Vanguard.
I stand by that advice. (My favorite introductory investing book is Elements of Investing, by Malkiel and Ellis.) But it doesn’t actually answer the question, does it? Maybe a kid wants to invest a $100 birthday check from Grandma, or maybe you want to get started on retirement savings right this second, before you change your mind.
Those are good reasons. Twenty years ago, the answer would have been depressing: you could buy a couple of shares of stock in a company or two, and pay a hefty brokerage fee for the privilege. You’d be down a few bucks from day one (thanks to the fee) and dangerously undiversified.
Technology and years of brokerage price wars have changed all that, to the point where, for less than fifty bucks, you can buy a fully diversified portfolio of thousands of stocks and pay pennies in expenses. So I went looking for an online brokerage that treats the low-dollar investor right. These were my criteria:
No minimum opening balance—in fact, no minimum balance, period.
Access to diversified, low-cost, commission-free stock and bond ETFs. (“Commission-free” means you can buy and sell them without paying a fee.)
No other fees. If you’re investing $100 and get slapped with an $8 fee, you’ve just lost 8% of your portfolio.
Choice of IRA, Roth IRA, or taxable account.
This is a pretty strict list of demands. There are a lot of discount brokerages out there, but this narrows them down to two. This is not to say these are the best brokerages overall, just that they’ll take you in and treat you right if you only have a single Benjamin.
Let’s go investment shopping
The two finalists are:
TD Ameritrade. Offers over 100 commission-free ETFs including top brands like iShares and Vanguard. For $100 you can buy two shares of Vanguard Total World StockETF (VT). When you buy a share of this ETF, you literally own a tiny slice of over 3500 stocks from companies the world over.
Want to add bonds? TD offers plenty of good bond funds, too, like iShares Treasury Inflation-Protected Securities ETF (TIP) and Vanguard Total Bond ETF (BND). Bond funds tend to cost a little more per share than stock funds, but still, for under $200, you could buy (prices as of May 2, 2012):
It would be hard to come up with a much better portfolio than that, even if you were investing a million dollars.
Firstrade. Offers 10 commission-free ETFs. Sure, TD has ten times as many free ETFs. But it only takes a couple of good ETFs to build a solid starter portfolio. Among Firstrade’s offerings, I like the iShares S&P 500 ETF (IVV), which holds the 500 biggest US companies, and the Vanguard Intermediate-Term Bond ETF (BIV), which invests in high-quality corporate and US government bonds.
Unfortunately, the iShares ETF breaks the bank: its share price is over $100. My second choice is the Vanguard Dividend Appreciation ETF (VIG). At only 134 stocks, it’s not as diversified as the iShares fund, but your portfolio isn’t going to be stuck at $100 forever, and VIG is a perfectly respectable introduction to the ups and downs of stock market investing.
One warning: when you buy a commission-free ETF at TD or Firstrade, you have to hold it for 30 days before selling or pay a hefty fee. Since you’re putting this money away for the future, and “the future” isn’t going to be here two weeks from now, I trust this won’t be a problem.
What are you waiting for?
You hear people complain that the deck is stacked against the small individual investor. Well, there has never before been a time when the small investor could get into a fully diversified portfolio for under $200 without paying a dime in brokerage fees. Plus, you can do it all in a few minutes in your pajamas.
Guess it’s time for me to update my advice.
Do you have a question for one of the MintLife experts? Head over to the mint.com Facebook page and ask away!
Matthew Amster-Burton is a personal finance columnist at Mint.com. Find him on Twitter @Mint_Mamster.
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I spent a couple hours this morning performing what ought to have been a simple home-maintenance task. The light fixture on our front porch had gone faulty, and I needed to replace it. I’ve done enough wiring projects now that the electrical aspect of the job didn’t bother me. But the woodworking? That was frustrating.
As I fumbled with the jigsaw (“Drat! Another blade bent!”), I wished again that I practiced woodworking more often. I have several friends who do so, and the skills they’ve learned help them to save money around the house. My incompetence this morning gave me plenty of time to reflect on the value of productive hobbies.
Productive hobbies When I was younger, I spent most of my spare time reading comic books and playing video games. There’s nothing wrong with a little self-indulgence, but the older I get, the more I appreciate hobbies that provide practical skills. Productive pastimes are not only fulfilling, but they can also help save money. (Sometimes they can even generate a little income!)
Here are a few hobbies and pastimes that can help to save (or make) money:
Gardening. Kris and I aren’t yet finished with our year-long garden project, but already we know that it has saved us money. (Find out just how much when we post an update this Saturday.) Even if it did cost a little more, it’s fantastic to have fresh food just feet from the front door. You don’t need a lot of space to start a garden. Consider square-foot gardening or container gardening.
Photography. Cameras can be a money sink, but photography doesn’t have to be expensive. You can have a lot of fun with a cheap point-and-shoot digital camera. With practice, you may even be able to make money selling digital photos online. I know several people who do this (and I’ve done it myself).
Woodworking. Carpentry is another hobby that can consume a lot of cash. But if you have the space and the time, you can also develop skills that yield big dividends in the long run. If I’d taken the time to learn woodworking, I wouldn’t have to pay a contractor to do some of our remodeling projects. (And I wouldn’t have cut a four-inch hole this morning when I only needed a three-inch hole.)
Knitting. As with many hobbies, knitting can be expensive, but there are ways to make it less so. Nell at Octopus Knits has pattern companies and yarn folks giving her product (yarns & patterns) to try. Some of my friends have taken commissioned projects. Kris is learning to knit adorable little stuffed animals; she could sell them for $20 a pop.
Computer repair. Because I’ve always been a computer hobbyist, I’m able to troubleshoot computer problems instead of paying somebody to do it for me. Before I turned Mac, I also saved money by building my own machines. In fact, for a couple years, I supplemented my regular salary by helping friends and family with their computer problems.
Art. Last week, I pointed to the work of lillyella, whose art generates enough income through her Etsy store that she now does it full time. In the past, I’ve also mentioned Ayla, a teenager who sells her art glass at the local farmers market. Kris has a friend who is learning how to work with stained glass, but just for fun.
Cooking. My friend Laura has a group of friends that love to cook. They recently organized a cooking evening to provide freezer meals for each of them. They decided on six menus, assigned the shopping, borrowed a church’s kitchen, divided duties like cutting, slicing, dicing, mixing, frying, cleaning, split the costs and each went home with six different items for future use. But even learning to cook for your own family can save you a lot of money.
Baking. Baking is fun for its own sake, but it can also save you money with gifts. Who wouldn’t rather have a couple dozen home-baked cookies than another useless mug? Some people can even turn this skill into a career. My aunt turned a baking hobby into a business, creating cakes and catering weddings. She provided jobs for several other family members, too!
Canning. Though Kris has always enjoyed canning, this summer has been amazing. She’s discovered it’s a hobby she truly loves. She derives immense satisfaction from preserving her own food. “It’s comforting to walk into the pantry and know that I made all of this,” she said recently. “I know where the food came from, and I know that we’ll be eating it all winter.” Though the start-up costs are a little high, they repay a hobbyist in time.
Making music. My friend Michael has a musician friend who plays the piano and has been paid to play at private events. He has another friend with a great voice. This man loves to sing, and he and his friends hire themselves out as a quartet around Valentines Day and to sing Christmas carols during the holidays. (I’m always jealous of my musical friends. I know it’s hard work to become proficient, but it looks like such a fun way to stay entertained.)
Vehicle maintenance. I know little about cars. I wish I knew more. Knowing even basic vehicle maintenance can save you big bucks. I once knew a guy who performed nearly all his own auto work. He could buy a junker car, fix it up, and resell it at a nice profit. He wasn’t going to get rich doing this, but he enjoyed the hobby, and it kept him in money for his own vehicle.
Physical fitness. You’ll never get rich running road races, but there’s no question that a healthy body can save you money. Find a physical activity you enjoy: biking, running, hiking, dancing, yoga, weightlifting. Play a team sport. Regular exercise can be fun, but it will also save you money in the long run.
The possibilities are limitless. There are countless fun and interesting hobbies that can either save you money, or maybe help you earn a little on the side.
Quick tips You’ll notice that none of these hobbies involve collecting. I’m an inveterate collector myself (comics, books, notebooks, movie serials, music of the 1920s, …), so I know first-hand how expensive it can be. Some would argue that it’s a form of compulsive spending, and I can’t really disagree. Since I’ve begun focusing on hobbies that involve doing rather than getting, I’ve spent much less money.
For some hobbies, equipment can be prohibitively expensive. In these cases, you may be able to find used stuff on Freecycle or Craigslist, or you may be able to begin with low-end gear. (This isn’t always a good option. If you think you’re going to be doing a lot of running, you should buy a quality running shoe from an expert, and not settle for cheap sneakers, for example.)
In many cases, it’s possible to jump-start a hobby by taking a course at a community college or community school. I spent a year taking photography classes, for example. The instruction and experience were invaluable, and helped me develop the skills necessary to actually sell a couple photos.
My friend Michael likes woodworking but can’t afford (and doesn’t have space for) all of the equipment. When he needs to build something, he signs up for a community college woodworking course so that he can use industrial woodworking tools at a reasonable cost.
Further reading I’m a big fan of productive hobbies, and I’m not the only one! Here are some articles on the subject from around the web:
Don’t forget that hobbies are an excellent way to make gifts for less than it costs to buy them. Kris sometimes knits gifts for special occasions. Most years she gives some sort of home-made food to our friends for Christmas. I sometimes give photographs. One of the best birthday gifts I ever received was a batch of homemade chocolate chip cookies.
Want a community with a little of everything—arts, education, adventure, business, family-friendly and more? It may be time to check out Provo and Orem. As the heart and hub of Utah County, these two cities collectively hold plenty of surprises that are certain to delight would-be residents, even the ones who’ve never considered living in “Happy Valley” before.
Adventure
Want rugged mountain terrain and inspiring views? Provo and Orem are surrounded by them. From hiking on Y Mountain to the build-your-own-adventure wonderland that is Mt. Timpanogos, residents don’t look far for outdoor fun.
Bike the entire 16 miles of the Provo River Parkway Trail, a paved pathway running from Utah Lake to Vivian Park in Provo Canyon. Stop at Bridal Veil Falls to dip your toes in the icy cold water, too.
Train for the annual Utah Valley Marathon each June or any of a number of other competitive opportunities. For details on everything running, check in with the experts at Runner’s Corner in Orem.
Nordic and alpine skiing are accessible up Provo Canyon. Just turn left into Sundance Resort and stay for dinner in the Foundry Grill or the Tree Room, or grab a cocktail and live music at the Owl Bar. Rather be in the water? Fly-fishing and tubing are yours in Provo Canyon, just upstream from your next picnic in any of the five Provo Canyon parks. You can also launch your boat in Utah Lake—not a reservoir, it’s a real lake—or watch the Orem Owlz or other sports team at either of the local universities.
Where to live: For recreation just outside your door, look near Heather Lane and 8th North at the mouth of Provo Canyon, or venture further up into Sundance, Springdell or near Vivian Park.
Arts
Museums. Festivals. Concerts. Movies. Just say what you want and Provo and Orem supply the rest. Annual events include January’s Sundance Film Festival, where screenings are held daily at the screening room at Sundance Resort, and summer concerts and plays at the SCERA Center for the Arts.
UVU’s UCCU Event Center brings big-name concerts to the area throughout the year, or celebrate Independence Day (give or take a few days) at Stadium of Fire. Museums include the Museum of Art, B.F. Larsen Gallery, and Life Science Museum on the BYU campus and the Woodbury Art Museum at UVU.
Where to live: Fast-growing-but-quaint Vineyard, Utah, on the western side of Provo and Orem, offers newer homes, access to Utah Lake, and is a short drive from just about everything.
Education
Brigham Young University and Utah Valley University provide students here world-class educational opportunities.
The side benefit? Residents here get access to world-class libraries as well as scholarly events, including literary, philosophic and scientific; community education; and extracurricular activities. Provo’s nightlife–frequently in walking distance to BYU–caters to the college crowd with institutions like Fat Cats for bowling, billiards and arcade games, 7 Peaks Resort, where water fun rules, and Velour Live Music Gallery, an all-ages venue (no smoking or alcohol allowed) that has helped launched the careers of bands including the Neon Trees and the Fictionists.
Public primary and secondary schools benefit from their proximity to the two colleges and the diversity of each. Both the Alpine and Provo School Districts serve the area as do a number of specialized charter schools. Parents can expect access to dual-immersion programs, arts education, and unique opportunities for children to experience college-sponsored events and other activities.
Where to live: When close proximity to a university is at the top of your list, look near BYU, where you’ll find plenty of condos, smaller homes, and landscaped luxury for sale. Prefer something older or more eclectic? Downtown Provo is the answer, whether you’re looking for a home that’s fully remodeled or one ready for your creativity and TLC.
Business, retail and shopping
This family-friendly community is business-friendly, too. Provo and Orem have both helped spur the growth of tech industry giants including WordPerfect, Novell, Ancestry.com and Omniture over the years. Healthcare is also booming in the area, but so are small, niche businesses including Altra (running shoes), Amano (chocolate), Xlear, and Blendtec.
All of this means retail is endlessly accessible in Provo and Orem, from the traditional malls that flank the north and south ends of the community (University Mall and Provo Towne Center, respectively), to the boutique offerings at the Shops at Riverwoods. Also check out the dining options at the latter, including sushi at the Happy Sumo, Mexican food at Bajio, European-influenced fresh foods at La Jolla Groves, or a gooey caramel apple from Rocky Mountain Chocolate Factory. Rather eat in? Swing by Harmon’s on 8th North for gourmet goodies and local grocery fare.
Where to live: If shopping is your thing, invest in a condo by the Riverwoods or University Mall, or a home off Palisades Drive. Just west of the Riverwoods, the small community perched above the canyon offers fantastic views of both town and mountains and is within walking distance of both.
Yumville
Hungry? Got a sweet tooth? Dining options in Provo and Orem are far more diverse than most towns their size offer. Just be sure you save room for dessert. If cupcakes are your thing, try the Sweet Tooth Fairy where featured flavors change daily. Birthday celebrations go great with a cake from The Chocolate—pack it up for a picnic at Paul Ream Wilderness Park, or eat pizza at The Brick Oven before you stop for ice cream from the BYU creamery. You may also want to skip dinner entirely and dive right into dessert from Provo Bakery, Rockwell Ice Cream, or opt for gelato at Zaza Melodia by University Mall.
Where to live: In Provo and Orem, whether you’re hoping for a home that smells like delicious baked goods from a nearby restaurant or you want to live somewhere that’s close enough to walk to dining options—and walk off some of the food on the way back home—you’re in good company. Great dining dots the town and public transportation from UTA makes everything accessible. So look anywhere. You’ll find comfortable homes fitting all budgets in neighborhoods bordered by Center Street and University Parkway in Orem. Also check the south end of Provo.