Creating an indoor garden can bring life and vibrancy to your living space. Whether you’re a seasoned gardener or a first-time plant owner, there are important distinctions to understand and consider in an indoor garden. Let’s explore the benefits of indoor gardens, dos and don’ts for indoor gardening and garden ideas to get you started on your green thumb journey.
Indoor garden ideas by plant type and lifestyle
Perhaps the most exciting step of your indoor plant-growing adventure is selecting the greenery that fits best with your lifestyle and personal aesthetic. Certain plants require daily attention while others require little to no upkeep, making selecting the right plant around your specific lifestyle imperative. When deciding between potted plants, hanging plants and climbing plants, it’s good to consider how much responsibility you have to give to your indoor garden.
If you’re always busy:
Succulents: This plant is growing in popularity and for good reason, they require little care. Succulents rarely need watering, making them perfect for the busy indoor gardener who struggles to add more to their to-do list.
Snake plants: These low-maintenance plants are perfect for enhancing your apartment without inflicting on your busy schedule. Not only do snake plants thrive in any light (including low natural light), but they are only required to be watered once every two weeks.
If you’re not home a lot:
Air plants: Air plants survive on just that — air. These self-sufficient plants don’t even require soil and absorb most nutrients from the air. They’ll enjoy an occasional misting but require little to no attention or light.
Spider plants: Even with a scary name, these plants have become well-loved additions for many spaces, and they’re ideal for someone who is rarely home. They handle irregular watering well, lending themselves to your ever-changing schedule perfectly.
If you have pets:
Bamboo plant: These non-toxic ferms are the perfect addition to any room. Along with their stunning stature, they provide peace of mind for your cats, dogs or other pets.
Boston fern: This non-toxic option is a popular addition to a hanging garden as a great hanging plant, making it a perfect option for pets who may bite or knock over plants. Even if you choose to place this plant lower, your pets are safe.
If you love to cook:
Herbs: The options are truly endless when it comes to an indoor herb garden. Consider basil, rosemary, thyme and mint to add the homegrown touch of fresh herbs to your favorite meals.
Aloe vera: While not necessary for a chef, this is a great plant to have on hand for any accidental kitchen burns. Plus, it’s very easy to care for.
If you are a maximalist:
Prayer plant: If you’re looking for a boisterous plant for your indoor garden, the Prayer plant has a beautiful pattern sure to stop guests in their tracks. Its lemon-lime coloring makes it a great addition to your maximalist pad.
Fiddle leaf fig: A large and in-charge plant, the fiddle leaf fig is sure to be the star of the show in your indoor garden. Not only do these thrive indoors, but they also add a touch of lush greenery to your vibrant space.
Plant combinations we love for your indoor garden
Want to transport yourself to a tropical paradise? Combine tropical plants like alocasia, bird of paradise, calathea and spider plant for a stunning and exotic-feeling indoor garden.
If you’re looking for a more zen garden feel, consider mixing a bonsai tree, lucky bamboo and peace lily. Together, these gorgeous potted plants will bring a sense of tranquility to any indoor space.
Awaken your sense of smell with lavender, jasmine and geraniums. This trio sits perfectly on a sunny windowsill and will fill your small room with a delightful smell.
Dos and don’ts of an indoor garden
Growing plants is a commitment, small or large, depending on the indoor plants selected. In order to successfully bring your indoor garden ideas to life, consider these dos and don’ts of an indoor garden.
Do:
Assess lighting conditions: Understand the natural light available in your space. Most plants require some level of direct sunlight, so choose plants that match the lighting conditions in your desired indoor garden rooms.
Select your plants carefully: Choosing the right plants for your garden ensures the garden is visually pleasing and easy to maintain. Consider starting with one or two plants from the list above that fit your lifestyle.
Invest in quality soil when needed: Not all plants require soil (air plants) and some may even come with soil when purchased. However, when necessary, it’s important to invest in a good potting mix suitable for your plant types. Learn more about soil types here.
Create a watering schedule: Different plants require different watering needs. Be mindful not to overwater; it’s often better to underwater than overwater. Invest in a sauce to keep under the floor or table plants to collect any access water. Also, misting often is important. Certain types of plants thrive in humidity, so spritzing your plant that requires a humid environment needs to be a priority.
Don’t:
Overcrowd plants: Leave room in between plants so they can thrive and grow. Indoor gardens lack sunlight, making it important each plant can get ample sunlight.
Tend to them too much: Too much water will drown your plant. In the same way, too much fertilizer can harm your plants. Follow recommended feeding schedules and watering schedules based on plant type.
Neglect pest control: Keep an eye out for pests. Early detection of any pesky unwanted guests can save your plants. Use natural remedies or plant-friendly bug deterrents when needed.
What if you want to grow a spice garden?
Compared to an outdoor green space, an indoor spice garden is much less difficult. Still, there are decisions to make and steps to follow to achieve success!
Step 1: Pick a location (or two!)
As all plants require at least some sunlight to grow, identify the window spaces that have the best light for the herbs you’re growing. South-facing windows offer the most sunlight during the winter, so those are the best choice for plants that grow best in tropical climates, such as thyme, basil, oregano, rosemary and bay laurel. However, herbs like mint, chives, chervil and parsley don’t require such heavy light, so nurture those near east or west-facing windows.
If you want to get really fancy try setting up grow lights for best results, especially when growing from seeds. Then, it won’t really matter where the plants are!
Step 2: Choose herbs, then purchase plants or plant seeds
Purchase plants any time of year! Pick up a few from the local nursery and consider buying more attractive containers than those plain, black plastic ones they come in. Think farmhouse chic, a la Joanna Gaines!
If planting from seed, start in spring. Buy the seeds you want, as well as a bag of seed-starting potting mix. This is very important because heavier types of potting soil aren’t good for helping the germination process.
Some people opt to start the seed-planting process in plastic trays that have a lot of individual cells. Then, transplant the sprouts into clay pots. But you can do either! Whichever container type you select, place the newly seeded containers out of direct light in a warm room. Use clear plastic to cover them until germination happens, then take the plastic off and place it in sunlight or under grow lights (preferably the latter).
Step 3: Water and fertilize
Water is another essential ingredient to herb garden success. Be careful not to add too much of a good thing, however. Do not allow the soil to get very wet. Instead, water lightly using a watering can or sprayer to keep the soil slightly moist.
Frequency of watering really depends on how quickly your plants dry out. The amount of sunlight and temperature inside the apartment affects this. Do a fingertip test to make sure each plant really needs watering before you do it.
Starting a week or so after germination, use a liquid houseplant fertilizer a couple of times a month. Follow directions accordingly.
Step 4: Harvest
Don’t cut into that brand-new plant right away! Instead, wait to start snipping until the plant is at least four to six inches tall.
To harvest, cut the outside leaves first. Use kitchen scissors or shears that are both clean and sharp. This will help the plant heal more quickly. Take care not to cut more than one-third of the plant at any given time, so that it can grow and mature at a good, strong pace.
If the plant starts to flower be sure to pinch the buds off, or else it will change from a producing plant to one that is more interested in reproduction.
Step 5: Enjoy!
Your enjoyment of these herbs is only limited by your imagination! Top your favorite dishes with fresh green onion or cilantro, or cook with sage or thyme for extra flavor. Some even go well as cocktail garnishes (mint)!
The best herbs to grow in your indoor spice garden
The great thing about growing your own herb garden is that you don’t have to plant anything that doesn’t suit your palate. Not a fan of cilantro? Don’t even bother! Put basil on everything? Plant extra!
Certain herbs are extra popular in DIY gardens. When you’re planning your garden, consider these versatile cooking herbs:
Lemongrass: Fans of Asian cuisine should definitely plant this easy to grow herb.
Parsley: This one is tricky to grow from seed, so perhaps start off with a plant, instead. Never transplant parsley from one container to another!
Rosemary: A must for soups and stews, this aromatic herb grows best in full sun.
Mint: One of the easiest to grow, mint is a great addition to just about any type of recipe.
Chives: Another on the cinch list, chives grow quickly and with little help. They make a wonderful and tasty garnish atop many dishes!
Basil: A little trickier than some herbs to grow, basil is well worth the extra effort.
FAQs: bringing your indoor garden ideas to life
Embracing your green thumb can come with some questions. Whether you’re dealing with a potted plant, living wall, trailing plants or edible greens, you’re sure to encounter a myriad of challenges and curiosities along your gardening journey. Here are the answers and tips for some challenges or questions you may encounter.
How do I know if my plant needs water?
You can test the soil with your finger. Stick your finger into the soil about an inch deep and if it feels dry, it’s time to water. Some plants also show signs like drooping leaves when thirsty. It’s best to google your specific plant if you’re unsure.
Do I need to repot my plants?
A good rule of thumb to follow is replacing the pot every 1-2 years. If the plant is outgrowing the pot, then a replacement pot is also necessary.
What do brown or yellow leaves mean?
Leaves that turn brown or a yellowish color are typically a sign of something wrong. Most likely, this is a sign of overwatering or underwatering. Try checking the soil moisture and adjusting your watering routine as needed. Then, trim off the affected leaves to encourage new growth.
What are some benefits of an indoor garden, beyond aesthetic appeal?
Indoor gardening can alleviate stress, enhance creativity and increase productivity. Additionally, some studies prove houseplants may have a positive impact on the air quality within your home as well.
Indoor plants will breathe new life into your place
Whether you’re moving into a small or large apartment, there are ways to breathe unique life into your space with plants. These indoor garden ideas will help you transform your living environment, making it a vibrant and refreshing oasis of greenery. Test out these numerous creative approaches to infuse your living space with the beauty and benefits of indoor gardening.
Still looking for the perfect apartment to furnish with greenery? Start and end your search with our list of apartments for rent.
Want to learn how to make money on maternity leave? Parental leave can be a time of joy and excitement with a new baby around, but it can also mean money stress for parents. While you spend time taking care of your newborn, you may also need to find ways to make extra money to…
Want to learn how to make money on maternity leave?
Parental leave can be a time of joy and excitement with a new baby around, but it can also mean money stress for parents. While you spend time taking care of your newborn, you may also need to find ways to make extra money to pay for your expenses.
I had a baby not too long ago (she is currently 1.5 years old – time flies!), and being able to work while taking care of her has been a lifesaver. So, I understand why you’re reading this article – because I also had to work with a newborn.
The good news is that there are plenty of ways to make extra money while still being present for those early months with your new baby.
Why You May Need Extra Money On Maternity Leave
Many families have to take unpaid maternity leave, and others may find their leave is simply not long enough and want to extend it longer (many families in the U.S. get 3 months or even much less time).
Not only that, but maternity leave is an expensive time with medical bills coming in, the cost of baby essentials (diapers aren’t free!), and everyday living costs.
Also, there might be unexpected costs that weren’t part of your maternity leave budget. Perhaps your baby needs special formula or medication, or maybe your car broke down. These unplanned costs can put a dent in your finances, especially when your income may already be reduced during your maternity leave.
Or, you might also be looking to create a financial cushion for the future such as by saving for vacations or even starting a college fund for your baby. So, finding ways to make extra money during your maternity leave can be very helpful.
Recommended reading:
How To Make Money On Maternity Leave
When trying to earn money during maternity leave, here are three things to think about:
Flexibility is key – Choose work that can adapt to unexpected baby-related needs. It should let you manage your time effectively.
Think about earnings and growth – Think about how much you can make, how quickly, and if there’s room to grow.
Pick something you like and fits your goals – Do you enjoy the work? You may want to find work that matches your interests, skills, and future plans.
Read further to learn how to make money on maternity leave.
Top ways to make money on maternity leave
There are 27 ways to earn extra money on maternity leave listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:
1. Start a blog
Blogging is my favorite way to make money from home, and this is what I do while also raising my daughter.
Being a blogger involves creating content for online readers. You have the freedom to write about a topic you’re interested in (such as finance, travel, lifestyle, or family,) and freedom to decide how you want to make money on your blog – there are many different ways available such as affiliate marketing or displaying ads.
Blogging is my main source of income, and it has completely changed my life. I have the freedom to travel whenever I want, set my schedule, be my own boss, and I can spend all day with my daughter.
Learn more at How To Start A Blog FREE Course.
2. Sell printables on Etsy
Creating and selling digital printables on Etsy is a great way to work on your own schedule and earn money.
Plus, it is fairly passive income as you only have to make one digital file for each printable, and you can sell it as many times as you like. Another positive is that you can start it very affordably because you only need a laptop and internet.
So, what is a printable? They are digital items that you can download and print at home, such as grocery shopping checklists, budget planners, wedding invitations, wall art, and more.
I recommend signing up for Free Workshop: How To Earn Money Selling Printables. This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
Recommended reading: How I Make Money Selling Printables On Etsy
Other than printables, there are many other things you can sell on Etsy as well, such as soap, candles, jewelry, and more.
3. Transcription work
Transcription jobs are flexible and can be done from home. By turning audio files into text, you can earn money when it’s most convenient for you.
An online transcriptionist listens to audio or video recordings and writes down exactly what is being said. This process is called transcribing. The goal is to do this without any errors in spelling, grammar, or punctuation.
If you want to learn how to make money on maternity leave, this can be a great option as you can do this at home.
I recommend watching Free Workshop: Is a Career in Transcription Right for You? to learn more.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
4. Freelance writing
Freelance writers write articles, website content, social media posts, or even ebooks for clients.
I was a freelance writer for many years before switching to working full-time at writing here on Making Sense of Cents. It is a great career path where you can work from home and make your own schedule, such as writing while your baby is sleeping.
Recommended reading: 14 Places To Find Freelance Writing Jobs For Beginners
5. Virtual assistant
One of my first side hustles was working from home as a virtual assistant. This is a great way to work from home and have your own schedule.
Virtual assistants do many different kinds of tasks for clients, such as answering emails, scheduling appointments, managing websites, sending invoices, and so much more. It simply depends on what the person who is hiring you needs done.
If you want to become a virtual assistant, I recommend watching the free training 5 Steps To Become a Virtual Assistant.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
6. Bookkeeper
If you’re good with numbers, you could sell bookkeeping services online or for small businesses, either on a freelance or part-time basis.
Bookkeepers are individuals responsible for managing financial things for businesses. This includes recording sales, tracking expenses, and generating financial reports.
If you want to become a bookkeeper, I recommend watching the free training How To Become A Bookkeeper.
Recommended reading: How To Find Online Bookkeeping Jobs
7. Freelance graphic design
With design skills, you can create logos, website designs, business cards, marketing materials, and more for clients and make money even during your maternity leave.
Recommended reading: How To Make Money As A Digital Designer
8. Data entry
Data entry clerks are like computer organizers. They enter, update, and double-check information in lists or tables. They type things like numbers and names to keep everything neat and organized.
Data entry jobs pay around $15 to $20 an hour, on average.
9. Create Canva templates
A Canva template is a pre-made design you can sell for things like social media graphics, ebooks, and presentations. It’s a handy starting point if a person is not great at designing from scratch.
Businesses, advertising professionals, social media influencers, and more all buy Canva templates all the time.
Canva templates have blank spaces where you can add your own words and pictures. You can also change colors and fonts to suit your preferences. They’re really useful for making things look good without spending a long time on it.
With Canva templates, you can sell a single design an unlimited amount of times. If you are looking for something passive, this is a great way to learn how to make money on maternity leave.
Recommended reading: How I Make $2,000+ Monthly Selling Canva Templates
10. Tutor
Tutoring students can be a great way to make money while on maternity leave, as there are many options to tutor from home. You may be able to create your own schedule and pick how much or how little you would like to work.
You can find online tutor jobs on websites such as Tutor.com. If you’d prefer to do in-person tutoring, you can call or email local tutoring companies in your area or share your tutoring services on social media or in local Facebook parent groups for your area.
Recommended reading: 11 Best Places To Find Online Tutoring Jobs (Make $100+ an hour)
11. Rent out your baby gear
Since you have a baby, you probably have a lot of baby gear.
Did you know that you can make extra money by renting it out?!
Renting out your baby gear on sites like BabyQuip can be a game changer when it comes to making extra income during maternity leave. This site allows you to share your baby items with families in need (such as a person on vacation), turning your baby gear into a source of income.
From strollers and cribs to high chairs and toys and more, you can list many different items on BabyQuip’s site.
Plus, you don’t need to have a lot of baby gear in order to get started – you can start with as little as a crib (which is the most commonly rented item).
According to BabyQuip, the average person can earn around $1,000 a month, and some are able to make over $10,000 per month.
12. Baby sleep consultant
As you already know, sleep is so important for a baby (and for the parents!).
You can earn a living while on maternity leave by becoming a sleep consultant. This is where you help other parents by helping them improve their baby’s sleep habits and routines.
Pediatric sleep consultants are experts in helping children sleep better and they make a big difference in families’ rest.
Read more at How To Become A Sleep Consultant And Make $10,000 Each Month.
13. Deliver groceries
If you want a flexible side gig while on maternity leave (and you also have someone to watch your child), then you may want to look into delivering groceries and food.
This can be a flexible side hustle because you can choose your hours and how much you’d like to work each week.
Services like Instacart need grocery shoppers, and the average shopper makes $15 to $20 an hour to deliver groceries. Drivers are paid per order, and you get to keep 100% of your tips. With Instacart, you would be physically going into grocery stores, picking out the food items yourself, checking out, and then delivering the groceries to your customer.
You can also learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
There are other food delivery gigs that you can do as well, such as GrubHub, Uber Eats, and DoorDash.
14. Airbnb host
If you have a separate space to rent in your home, such as an in-law’s quarters or an apartment above a garage, then you may be able to make money during your maternity leave by renting this space out.
You can learn more about this at What You Need To Know About Renting A Room In Your House.
15. Pet sit
If you are a pet lover, consider pet sitting for friends, family, or through an online service. It’s a great way to make some extra cash while you’re home and can be a fun addition to your day if you already have pets and babies at home.
If you’re interested in watching pets or dog walking, Rover is a platform where you can list your services and find clients.
16. Answer surveys
While answering online surveys and focus groups isn’t a way to make a ton of money, it can be a way to earn some extra money with whatever spare time you have from your newborn (such as when they are sleeping).
You simply share your opinions and answer simple questions, and in return, you can get cash or rewards like Amazon gift cards.
The survey companies I recommend include:
Survey Junkie
Swagbucks
Branded Surveys
InboxDollars
PrizeRebel
American Consumer Opinion
User Interviews – These are the highest paying surveys with the average being around $60.
Recommended reading: 18 Best Paid Survey Sites To Make $100+ Per Month
17. Affiliate marketing
If you want to learn how to make money while on maternity leave, one of my favorites is affiliate marketing.
I have been an affiliate marketer for years through this blog, and it is what allows me to stay at home with my daughter.
Affiliate marketing means making money by sharing a referral link on your website, YouTube channel, social media account, and more. When people use your referral link to purchase something, you then earn money.
For instance, consider sharing books from Amazon on your blog. You give your readers a link to a particular book and encourage people to buy it through your affiliate link. Companies like Amazon value affiliates who bring in high-quality traffic because they appreciate the extra support in helping them make more sales.
If you want to learn more about affiliate marketing, I recommend Affiliate Marketing Tips For Bloggers – Free eBook.
18. Proofread and edit
If you have an eye for detail, you may be able to sell your services as a proofreader or editor for different types of content.
Writers, business owners, and more hire proofreaders and editors to improve their work. There’s a big need for these types of positions, and you can find jobs through many different platforms.
If you want to become a proofreader, I recommend joining the free 76-minute workshop – Learn How to Become a Proofreader…and Start a Freelance Proofreading Business.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year)
19. In-home childcare
One great way to make money while on maternity leave is to provide childcare services for other families in your area, either part-time or full-time.
This is one of the best stay at home jobs for someone on maternity or paternity leave because it allows you to stay home with your kids while making money at the same time.
Depending on your location, you might need specific licenses. But you could potentially begin without the extra legal steps by working with just one or two children. Just be sure to verify with your local city or state regulations beforehand. It’s also very important to make sure that your home is safe for children and that you are CPR certified.
20. Sell baked goods
Do you like to cook? You may be able to make money at home by starting a home bakery for people and/or pets. You can sell homemade baked goods at local farmers’ markets or online too.
You can read more at How To Make Extra Money By Starting A Home Bakery. Here, you’ll learn about the equipment you need to start a home bakery, food laws, how much to price your baked goods at, and more.
If you are interested in baking goods for pets, then I recommend reading How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).
21. Stock photo photography
Selling stock photo photography can be a great way to learn how to make money on maternity leave. This is because you would be working for yourself and can take pictures in your free time.
Stock image sites are popular sites for photographers to sell their photos. These sites allow customers to purchase pictures for various uses like websites, TV shows, books, and social media.
One great thing about stock photo sites is that they can be a great form of passive income. You can take pictures, upload them, and earn money from an older photo for months or even years in the future.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
22. Social media manager
Social media managers handle businesses’ social media accounts with the goal of attracting new customers and helping a business grow.
They might share images or videos showcasing products or the company, take part in popular social media trends (like on TikTok) to increase visibility, and respond to common customer questions.
23. Book reviewer
Book reviewers read books and share what they think through paid reviews.
Yes, there are websites where you can receive payment (as well as a free book) for sharing your thoughts about books. Some companies that pay for book reviews are Online Book Club, Kirkus Reviews, and BookBrowse.
Recommended reading: 16 Best Ways To Get Paid To Read Books
24. Flea market flipper
A flipper buys items from places such as garage sales, Facebook Marketplace, or thrift stores and resells them online for a profit.
You may be able to earn extra money by flipping items for resale or possibly earn a full-time income! You can even be able to make this a more flexible gig, such as only working during nap times.
A helpful free training that I recommend is Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days.
25. Rent out storage space
If you have unused space in your home, you can sell it as storage for rent to people in your local area. This can be a garage, driveway, closet, basement, or even an attic.
You can use a site called Neighbor to list any extra space you have available for rent and have the potential to make up to $15,000 per year.
You can sign up at Neighbor for free here and list your space.
You can also learn more about Neighbor at Neighbor Review: Make Money Renting Your Storage Space.
26. Sell an online course
Selling an online course is a great option for stay-at-home moms and dads who want to have control over their schedule and earn a somewhat passive income.
Some topics that you can teach in a course are:
Fitness and exercise programs
Time management and productivity hacks
Parenting
Arts and crafts
Languages
Programming
Personal finance
Traveling
Photography and photo editing
Plants and gardening
Baking and pastry making
And so much more!
You can sell a course in many different ways, such as through Udemy or Teachable.
27. Rent out your unused RV
Instead of letting your RV sit in your driveway unused, you can list it on RVshare and make some semi-passive income. My sister has rented a few RVs from this site, and she has had a great experience each time!
Renting out an RV can earn you anywhere from a couple hundred dollars to a couple thousand dollars each month.
How To Manage Your Money On Maternity Leave
Managing your money while on maternity leave can be tough at times. If you are looking for more things that you can do other than only learning how to make money on maternity leave, you do have some options.
Below, I will be talking about how to cut your budget so that you can save money, as well as your rights and benefits on maternity leave.
Cut your budget
During parental leave, cutting your budget can be a great way to manage your finances while adapting to life with a newborn.
Here are a few ideas to help reduce your expenses during this time:
Evaluate your current spending habits to determine where you can make adjustments – This might involve tracking your spending for a month or looking back at bank statements. You’ll likely find areas where you can save, such as dining out, entertainment, or shopping.
Cut back on subscriptions and memberships – Assess each subscription and determine the must-haves and those you can temporarily suspend or cancel.
Batch cook freezer meals before the baby comes – This is where you make a bunch of meals before the baby is born and freeze them. This can give you an easy meal to pop in the oven before the baby comes.
Cook at home – Getting food delivered can be convenient, but it’s usually more expensive than making your meals at home. Plus, cooking allows you to control ingredients and portion sizes.
Buy in bulk – When possible, get the items you use most frequently in bulk. Items like diapers, baby wipes, and nonperishable foods have a longer shelf life, and buying them in larger quantities can offer considerable savings.
Get secondhand and borrowed items – Instead of buying new baby gear and clothing, try borrowing from friends or family, or shopping at thrift stores like Once Upon A Child. Babies grow quickly, and they often outgrow items before they wear out.
Negotiate medical costs – If you have medical bills, you can try to negotiate them. Medical providers may be open to setting up payment plans or giving discounts for paying up front.
Short-term disability insurance
You may want to look into short-term disability insurance options before your maternity leave starts to help cover lost wages during your time off.
In some cases, your employer may provide this benefit, or you can purchase a policy separately. These policies typically cover around 60% to 80% of your regular income and may have a waiting period before benefits start (so, you will need to have the policy before you get pregnant).
Government assistance programs
There are government assistance programs that could help you during your maternity leave. For example, the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) has nutrition education, breastfeeding support, and healthy food benefits for eligible families.
You can also check to see if you qualify for financial assistance from your state or other programs related to maternity and family support.
Find charities for help
During maternity leave, managing money might be tricky, but there are places that can help, like charities and groups that want to support new parents. You can find them online or at local community centers. Libraries, online parent groups, and special organizations are also great places to get help.
Remember, asking for help is a strong and smart thing to do, and there are lots of resources out there to help parents during this special time.
I recommend reading:
Know your state and federal law rights
I recommend learning about relevant state and federal laws governing maternity and family leave. The Family and Medical Leave Act (FMLA) allows eligible employees to take up to 12 weeks of unpaid, job-protected leave for the birth or adoption of a child. The law also says that you cannot be replaced or overlooked for pay raises and other promotions during your leave.
However, paid maternity leave policies differ by state and company. Some employers may offer a certain amount of paid leave, while others may offer none. Make sure to review your state’s laws and your employer’s policies to understand your rights during your maternity leave.
By knowing your rights, insurance options, and the benefits available to you, you can better plan your financial strategy during your maternity leave.
Frequently Asked Questions About How To Make Money on Maternity Leave
Below are commonly asked questions about how to make money while on maternity leave.
Can I make money while on maternity leave? Are you allowed to make money while on maternity leave?
If you are in the U.S., then yes, you should be able to make money on maternity leave. If you are unsure, check your employment contract or talk to your employer’s human resources department to be positive.
Before starting any side income streams, if you’re worried about whether or not you are allowed to make extra money while on maternity leave, then double-check your company’s policies and your leave agreement to make sure that earning money during your time off is permissible. Some employers may have restrictions on outside work or income during your leave.
How do I survive financially during maternity leave?
To survive financially during your maternity leave, you may need to find ways to cut your budget as well as learn how to make money on maternity leave.
Does unpaid maternity leave qualify for unemployment? Can you collect unemployment after having a baby?
This depends on why you are no longer working at your job. If you simply stopped working because of your pregnancy, then you may not be able to receive unemployment pay.
However, if you are pregnant or recently had a baby and were fired or laid off, then you may qualify for unemployment pay.
What are some ways to make money while on maternity leave? How can I make money while taking care of my baby?
There are many ways to make money while on parental leave, such as by working online, selling photography, renting out storage space or an RV, and more.
How can new mothers use their time efficiently while working from home?
Time management is important for new moms working from home. I recommend creating a routine, setting realistic goals (if you are working and watching your baby, it won’t always go perfectly), and designating work hours during the baby’s nap time to help manage work alongside childcare responsibilities. It’s also important to take regular breaks to avoid burnout and feeling stressed. Working while also taking care of a child can be very tiring.
How to Make Money on Maternity Leave – Summary
Federal law, specifically the Family and Medical Leave Act (FMLA), does not require employers to give paid maternity leave. Eligible employees are allowed to take up to 12 weeks of unpaid leave, and because of this, you might be worried about money during your maternity leave or feel like you can’t afford to take the full 12 weeks.
There are many ways to make money while on maternity leave, which may help you to pay your bills without sacrificing quality time with your new baby.
For example, you can sell handmade items or even sell consulting services. Remote jobs and work-from-home jobs are also an option (and my favorite), allowing you to use skills like graphic design or writing to make money.
Remember, it is possible to make money while on maternity leave. Yes, it will most likely be very hard at times and even feel impossible. But, you do have many options to try and make it work.
Do you want to learn how to make money on maternity leave?
This fall, the rising botanical décor darling is… an artichoke.
Thistles, chickens, mushrooms and mermaids are among the trending themes for fall, at least in Etsy’s corner of retail. Etsy looked at what people are typing in the search bar. Combined with industry forecasting and social media trends, the company created a guide to fall trends. While the report ranges from style (opal charm bracelets are hot) to special occasions (blush pink wedding dresses are popular), read on for fall home décor trends with examples from Lancaster County makers and businesses.
Barnyard imagery
Blame Carrie Underwood for at least some of the chickens you spot this fall. The country singer posted a selfie on Instagram earlier this year wearing an olive sweatshirt decorated with chickens. “Makes nice living… Lots of fancy clothes in closet… Wears chicken sweats she bought off Etsy…” she wrote in the caption.
Searches for “chicken sweatshirt” soared.
Farm scene-inspired clothing and décor leans heavily on chickens as well as cows and barns.
This personalized chicken mug has been a hot seller for Zookaboo in New Holland, says owner Michele Zook.
Laser-cut chicken ornaments and earrings from Wilder Mind Designs, Lancaster, have been popular this year as well, says owner Trista Ambs.
Throwback Halloween
Vintage Halloween fans might turn to secondhand for sustainability, for an upcycled project or for nostalgia.
Guermantes Vintage’s closet in Lancaster (run by Janine D’Agati) includes rare handmade costumes like two from the 1920s. The red cotton dress is appliqued with bats, black cats and witches on broomsticks. The twin bee costumes are made of delicate crepe paper on black cotton. The hats have bendable wire antenna.
Vintage Culture Shop, Lancaster Township, had four circa-1955 Weeny Witch party booklets filled with recipes and directions on how to make a witch diorama centerpiece from hot dogs. They sold out quickly, says co-owner Karen Foerstel.
The Lancaster Township business still has other vintage Halloween items available, including a 1910s postcard with a hand-written invitation to a long-ago Halloween party asking guests “be sure and mask.”
Mary Charles Folk Art call her paintings and prints whimsical, enchanting and heartwarming. Some of the Lancaster artist’s woodland scenes feature mushrooms, including “Toadstool Cottage” and “The Getaway.”
Mushrooms also sprout on some of Jain Falcon’s artwork. The Lancaster artist prints her artwork on greeting cards, notebooks, stickers, tote bags as well as prints.
Earthy ceramics
For ceramics, perfectly smooth surfaces aren’t a must. “Pieces spotlighting terracotta, speckled textures, and uneven glazes that reveal the natural components and handwork are growing in popularity,” Etsy reports.
Speckled ceramic mugs are part of the inventory of Deez Things Art. Michael Diesner makes them at his Rapho Township home during summer breaks from teaching.
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Inside: Are you looking for ways to make money while you’re still in college? This guide has a variety of ideas for side hustles for college students that can help you get started. From online businesses to odd jobs, there’s something for everyone.
Are you a college student searching for ways to increase your income and improve your financial situation while balancing your academic commitments? We’ve got your back!
In this student-friendly guide, we’ll share side hustles for college students, giving you many opportunities to earn extra cash.
You can even learn to get paid to go to school!
Whether you’re tech-savvy, creative, or inclined towards offline work, you’ll find something that suits your preferences.
Let’s jump in and explore how you can transform your free time into a valuable money-making asset!
What is a Side Hustle?
Simply put, a side hustle is like having a little extra adventure on the side while you’re busy with your main gig, which in this case might be college classes.
It’s your chance to boost your finances and gather valuable experience that could pave the way for future career opportunities. It’s like adding a dash of extra flavor to your college life along with extra cash!
What side hustles can I do as a college student?
As a college student, you possess a unique set of skills and resources that can be leveraged to generate income.
Whether you aspire to know how to make quick money in one day or debate what should I do for a living, opportunities await you.
Stay tuned for the second part of this article, where we’ll explore a treasure trove of side hustles perfectly tailored for college students.
What can I do to make extra money as a college student?
As a college student, there are various ways to earn extra money.
Most importantly, you need to find something that works well into your college schedule.
That is why many college students prefer to learn how to make money online for beginners. That gives them the chance to make money on their time from their campus or anywhere else they choose to move.
Now, let’s move on to the best online and offline side hustles for college students that may be of interest to 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.
Best Online Side Hustles for College Students
As the digital era continues to expand, opportunities for online side hustles are becoming more prevalent.
These side gigs leverage the power of the internet allowing flexibility, diversity, and potential profitability without sacrificing full-time commitments.
From millennials to retirees, are venturing into online side hustles to supplement their income, make use of their skills, or explore new career paths.
1. Write Articles for Websites
If you have a flair for writing, you can explore freelance opportunities as a content writer for websites and blogs. Numerous online platforms offer paid writing gigs.
Create a portfolio of your writing samples, sign up on freelancing websites like Upwork or Fiverr, and start bidding on writing projects.
Learn how to Earn Money Writing.
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Learn techniques to find those jobs and earn the kind of money you deserve!
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2. Build Websites
If you’re tech-savvy and have web design skills, offer website design services to individuals or small businesses looking to establish an online presence.
Showcase your web design work through a portfolio website, network with potential clients, and consider joining platforms like WordPress or Wix for easy website creation. Just make sure to use Kadence WP for themes!
This is a great gig for college students because you can take on more clients during your school breaks and none during finals week.
3. Starting an Etsy Business Selling Printables
Creating printables on Etsy is a popular and potentially profitable endeavor. It involves designing digital products that users can download and print at home.
Find the most popular digital products to sell on Etsy.
Beyond imagination and design skills, it is essential to learn how to optimize product descriptions and pricing, for which you can turn to comprehensive online courses. By following this how to sell printables course, you can equip yourself with the right tools to excel in this Etsy niche.
4. Create Videos
As a college student, there are two possible avenues for this side gig.
You can start a YouTube channel or offer video creation/editing services.
If you choose to venture into your own YouTube challenge, then you are able to monetize your videos through ads and sponsorships. Most importantly, you need to choose a niche for your YouTube channel, then create engaging content, and build a loyal audience.
Don’t want to be in the limelight? You can also offer video editing services on freelancing platforms.
5. Start a Blog
Share your knowledge or passion through a blog and monetize it through affiliate marketing, sponsored posts, and ads.
Pick a niche you’re passionate about, set up a blog using platforms like WordPress and Kadence theme, and consistently publish high-quality content.
This is not for the faint of heart, but college students traditionally have better success because of promotion through social media and engaging with readers.
6. Start an E-commerce Business
Launch your online store selling products you’re passionate about. Platforms like Shopify make it easy.
Source or create your products, set up an e-commerce website, and market your products through social media, email marketing, and search engine optimization.
One of the main benefits is an e-commerce business with low start-up costs, low ongoing maintenance, and the ability to remain open and generate sales 24/7.
7. Become a Freelancer
Explore freelance platforms for various opportunities like graphic design, programming, or digital marketing.
As a freelancer, you can work remotely and at your own pace. Create a compelling freelancer profile, showcase your skills, and bid on projects that match your expertise on platforms like Upwork, Freelancer, or Guru.
This is a great way to start building your portfolio of experience.
8. Write Your Classmates’ Cover Letters and Resumés
Engaging in the preparation of your classmates’ cover letters and resumes can be a rewarding side hustle.
Many employers today express concern about the lack of well-written cover letters and resume submissions they receive. By capitalizing on your writing skills, you can provide a much-needed service for your peers while earning some income.
Hence, build your proficiency with practice resumes, then decide on your charge per each document created.
9. Sell Stock Photos
If you have photography skills, sell your photos on stock photography websites like Shutterstock.
This is a perfect side hustle for young adults because you are constantly capturing the moments.
To get started, create an account on stock photography platforms, upload high-quality images, add relevant keywords, and start earning royalties when your photos are downloaded.
10. Write eBooks
Capitalize on your expertise in a specific subject and create eBooks to sell on platforms like Amazon Kindle Direct Publishing. Design an eye-catching cover and promote your eBook through social media and book-related forums.
This is the first step to passive income before you even graduate!
11. Proofreading
Proofreading can be a fruitful side hustle for students looking to earn extra money.
By leveraging your writing skills, you can charge a fee to proofread and edit classmates’ assignments, theses, or essays. Also, many small businesses are always looking for help!
With platforms like Fiverror college bulletin boards, you can advertise your services and set your own rates, potentially making $25–$45/hour according to proofreading expert Caitlyn Pyle.
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12. Start a Podcast
Starting a podcast can be an excellent revenue stream, given the significant increase in podcast listenership, with 82 million Americans being weekly podcast listeners according to a 2021 study.1
Your revenue can come from sponsorships, donations, and offering premium content or services. It’s essential to plan your podcast content aligning with your targeted audience and consistently producing high-quality episodes to grow and maintain your listener base.
13. Work as a Virtual Assistant
If you’re looking to start as a virtual assistant without prior experience, don’t worry!
Many businesses look for virtual assistants for tasks like email management, data entry, or social media management. Find out exactly what is needed with this virtual assistant checklist.
Plus working as a virtual assistant offers the flexibility to work remotely, which is a benefit for a college student.
Learn how to jumpstart your side hustle with this free Virtual Savvy training.
Virtual Savvy
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own businesses from scratch.
Swipe our exact methods to start earning a living from anywhere as a VA – no experience needed!
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Best Offline Side Hustles for College Students
In this section, we delve into the world of in-person side hustles.
Ideal for those preferring tangible interactions and a more predictable income, these opportunities demand physical presence and often offer good remuneration for physical labor.
However, they come with their own set of challenges like fixed service hours and potential clashes with a busy schedule.
1. House Sitting
House sitting is an excellent side hustle for college students.
You can offer your house-sitting services to neighbors or anyone going on vacation. It’s all about providing peace of mind to homeowners by ensuring their property is secure and well-maintained.
Build trust in your community by offering reliable house-sitting services, and word-of-mouth recommendations will follow. Consider promoting your services through Trusted Housesitter.
2. Food Delivery Driver
This is an extremely easy way to make money.
Sign up as a food delivery driver for platforms like UberEats or DoorDash. After registering as a driver and meeting the platform’s requirements, you can start delivering food orders in your area.
This side hustle allows you to set your hours and earn extra cash while enjoying the freedom of the open road.
3. Offer Lawn and Gardening Services
For those with a green thumb or a passion for outdoor work, offering lawn and gardening services can be a lucrative side hustle.
All by helping homeowners in your area with lawn care and gardening tasks. Investing in basic gardening tools is essential, and you can advertise your services through flyers, local online groups, or by simply offering your services to friends and family.
In fact, this may turn into your full-time business like this high school student.2
4. Shovel Snow During the Winter
If you live in an area with snowy winters, don’t miss the opportunity to capitalize on it. Offer snow shoveling services to residents in your community.
Promote your snow shoveling services well in advance of the winter season to secure clients.
On a snowy day, you can easily make 200 dollars fast. Just by being prepared to respond promptly to snowfall, and ensuring that driveways and walkways are safe and clear.
5. Become a Tutor
Sharing your knowledge by becoming a tutor is not only a valuable service but also a great way to earn extra income.
You can tutor fellow students in subjects you excel in or offer your expertise to local school kids. You can also tutor your classmates who are struggling in class.
Advertise your tutoring services through college bulletin boards, social media, or tutoring websites.
6. Clean Houses and/or Offices
Cleaning services are in demand, and you can provide them to individuals or businesses in your area.
Invest in basic cleaning supplies and equipment, set competitive rates, and market your services through local ads, referrals, and social media.
A reputation for thorough and reliable cleaning can quickly build your clientele.
7. Edit Your Classmates’ Papers — For a Fee, Of Course
If you have strong writing and editing skills, consider offering your editing services to your fellow students.
Many students appreciate having their papers reviewed and improved by a peer.
Promote your editing services within your college network, showcase your skills, and offer reasonable pricing to attract clients. This can quickly spiral to making 300 dollars fast.
8. Become a Handyman or Handywoman
If you’re skilled in fixing household issues or performing basic maintenance tasks, this side hustle can be highly profitable.
Acquire a basic toolkit, and offer your handyman services locally. From minor repairs to assembling furniture, providing reliable and affordable solutions can earn you a good reputation and repeat business.
You can quickly get started on TaskRabbit today.
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9. Translator
This is a highly needed service! If you’re proficient in multiple languages, offering translation services can be a rewarding side hustle.
Create a portfolio that showcases your language proficiency and advertise your skills to businesses or individuals who require translation services.
Your ability to bridge language barriers can be a valuable asset to various clients.
10. Deliver Anything Else Someone Might Need
If you’re the proud owner of a vehicle or even a trusty bicycle, you can tap into the world of delivery services. While food delivery is a popular option, you can expand your offerings to deliver a wide range of items.
Consider offering delivery services for groceries, prescription medications, packages, and even care packages for college students.
People are always willing to pay for help.
11. Drive for Uber or Lyft
Becoming a rideshare driver with companies like Uber or Lyft is a popular side hustle that offers flexibility. Sign up as a driver, meet the platform’s requirements, and start offering rides to passengers.
The benefit is you can choose your working hours, making it convenient to fit around your class schedule.
12. Hauling Junk
Help people declutter their homes by offering junk hauling services. You’ll need access to a pickup truck or a vehicle with ample cargo space.
Advertise your services, establish rates based on the volume of items to be hauled, and provide efficient and responsible junk removal.
Seriously, I see three or more posts in my neighborhood with people asking for help to move their junk!
13. Turning Your Car into a Moving Advertisement
Ever wondered if you could make money while driving around town? Well, here’s an interesting side hustle idea – turning your car into a moving advertisement.
Some companies are willing to pay you to wrap your car with their branding, turning it into a rolling billboard.
As you cruise through town, you’ll not only earn money but also become a conversation starter. It’s a unique way to earn extra income while sparking interesting discussions about the products or services you’re promoting.
14. Offer Moving Services
Assisting with local moves can be physically demanding but financially rewarding. Advertise your moving services locally, and consider forming a team if necessary.
Ensure you have the necessary equipment, such as dollies and moving blankets, to facilitate the moving process. By providing a smooth and efficient moving experience can lead to positive reviews and referrals.
15. Entertaining Kids at Birthday Parties
Entertaining children at birthday parties is a profitable side hustle for college students, especially those who have a knack for acting or enjoy engaging with children.
This venture could earn you between $50 and $100 per hour.
Develop a repertoire of entertaining acts, start promoting your services through local event planners and social media, and offer packages for different party sizes.
16. Teach Music or Sports Lessons
Share your musical or athletic skills by offering lessons to aspiring learners.
Whether you’re skilled in playing an instrument, coaching a sport, or giving dance lessons, there’s likely a demand in your community. Advertise your lessons through flyers, social media, or local community centers.
Make sure you have the necessary equipment and expertise to provide quality instruction. This is what I did in high school and college.
17. Proctor Tests
If your college conducts exams, there may be opportunities for students to work as test proctors for a fee. Inquire about proctoring opportunities at your college’s testing center or academic department.
This can be a convenient way to earn extra income without straying far from your campus.
18. Become a Legal Street Performer
If you have a talent for street performing (e.g., playing music or juggling), consider performing in public spaces for tips.
Choose a suitable location, prepare your act, and follow local regulations for street performances.
Could you make $1000 in a day?
19. Be a Lifeguard
Lifeguarding is a responsible job that requires attentiveness and quick response in case of emergencies. If you’re a strong swimmer with the necessary certifications, consider working as a lifeguard at local pools or aquatic centers.
Unfortunately, this is a high-stress and low-paying job. So, you are better off considering one of these low stress jobs that pay well.
20. Offer a Painting Service
Offering painting services can be a rewarding side hustle, especially for those who find the task peaceful and enjoy bringing a fresh new look to rooms or entire homes.
Most homeowners dread the prospect of painting their own homes and are often willing to hire a handyman to do the job. You can easily make 500 dollars fast.
With minimal initial investment in quality brushes and rollers, you can unleash your creativity and transform spaces with color and design, choosing your own hours and clients in the process.
21. Sign Up as a Substitute Teacher
Working as a substitute teacher is an excellent opportunity for individuals who do not necessarily have a teaching certificate but possess a high school diploma and a clean background check.
My husband, having served as a substitute teacher, found the experience to be rewarding when he was in college.
Not only did it pay well, averaging about $131 per day, but it also allowed him the chance to engage in student activities and provide value to the local school district.
22. Babysitting
Babysitting is a viable side gig, particularly suitable for early childhood education degree seekers, offering flexibility and a rewarding experience while caring for others’ children.
It involves variable commitments mostly during evenings, weekends, and some weekdays, with an average earning potential of $17 per hour.
Securing babysitting roles can be accomplished through personal connections, local community outlets, and digital platforms likeCare.com and Sittercity.
Why is college the best time to start a side hustle?
Before we bid adieu for now, let’s ponder why college is the perfect breeding ground for side hustles:
Flexibility: College schedules often come with pockets of free time, making it easier to juggle academic responsibilities and a side gig.
Learning and Growth: Side hustles offer valuable lessons in time management, financial literacy, and entrepreneurship that complement your academic knowledge.
Networking: Your college is a hub of potential clients, collaborators, and mentors, providing a fertile ground for your side hustle to thrive.
Financial Independence: Earning your own money allows you to alleviate the burden of student loans and gain financial independence.
Employing multiple streams of income is the savviest thing you could do for your finances and your long-term wealth.
Tips to be Successful with Your Side Jobs for Students
One of the best things about side hustles, is you are able to get real-life experiences and knowledge. This side hustle may or may not become your full-time job, but the skills are transferable.
The goal is to find success, so let’s explore some essential tips to succeed in your side hustles as a college student:
Time Management: Prioritize your college commitments and allocate dedicated time for your side hustle.
Skill Utilization: Leverage your skills, whether it’s writing, design, or a particular subject you excel in.
Online Presence: Create a portfolio or profile to showcase your skills and attract potential clients or customers.
Networking: Connect with fellow students, professors, and professionals who might offer opportunities or guidance.
Also, don’t give up if your first side justle doesn’t work out the way you hoped. Keep going until you find something you love to do!
Are You Ready To Start Hustling?
As you set off on your side hustle journey, keep in mind that consistency, dedication, and adaptability will be your trusted companions.
Whether you choose to dive into online opportunities, embrace offline endeavors, or strike a balance between the two, every experience will play a part in your personal and entrepreneurial growth.
If you are going to be in various locations during your college years, it is best to look for remote jobs for college students.
Your path towards financial empowerment is only just beginning, and we’re thrilled to be with you every step of the journey.
Between each college exam and class, you can make money to pay for your schooling. I think that is a win-win to pay for college without loans.
Start your side hustle today and get on the path to financial freedom with Money Bliss.
Source
Statistica. “U.S. Podcasting Industry – statistics & facts.” https://www.statista.com/topics/3170/podcasting/#topicOverview. Accessed on October 4, 2023.SSt
10 News. “A CEO at 17: How this Colorado teen transformed his side hustle into a legitimate business.” https://www.10news.com/news/green-worx-landscaping-golden-colorado. Accessed on October 4, 2023.
Know someone else that needs this, too? Then, please share!!
Here’s how this social worker has paid off $28,000 of student loan debt in 15 months.
Today, I have a great debt payoff progress story to share from Taylor. Taylor is a social worker who is working on paying off $277,000 of debt and retiring early. She shares tips on how she is cutting her expenses, the ways they’ve increased their income through various side hustles, house hacking advice, and how she qualified for an $88,000 student loan award.Enjoy!
Now, don’t let the title deceive you into thinking we are debt free; we most certainly are not.
As of this writing, we still have $251,195.39 of debt (all student loans).
This is our story about the debt payoff strategies we used in paying off $28,026.02 of debt and our goals for the future!
Who are we?
My name is Taylor, and I am a 29-year-old medical social worker who finished grad school in 2018. I am also a part-time social media coordinator and with both jobs combined, I make $96,000 (gross).
I live with my husband, Bret, who I have been with for 11 years and married for 3. He is a full-time student and has been in grad school since September 2020 (he has about 2 more years left). We love to travel, try new restaurants, hang out with our friends and family, and just have a good time.
I also have a blog at Social Work to Wealth.
Related articles:
How did we get here?
First, I need to give you some background before we get into the nitty gritty of our debt numbers and payoff strategies.
2012: We met when both of us were in college. I was 18 and Bret was 22. Soon after we met, Bret took a few years off from school while I finished my bachelor’s. I relied entirely on student loans, and don’t remember applying to any scholarships. When Bret returned to school to finish his bachelor’s, he did receive some scholarships and worked a summer job to pay forhousing but still needed to rely on student loans to pay the bulk of his tuition.
I will speak for myself when I say I didn’t take the time to calculate how much loan money I actually needed and blindly accepted the total amount. Looking back, maybe I would have needed it all or maybe not, but I wish I would have at least done the exercise.
We have always been open with talking about our debt and money in general, but I remember us both expressing the thought that we would probably always have our student loans. We would just live our life, pay our minimum payments, and that would be that. There was never any talk about debt payoff strategies, or any money management strategies, really.
We went through many life transitions. Living apart for two years while I went to grad school, him returning to school to finish his bachelor’s, various jobs, and a post-bach program.
2019: Bret was finishing up his post-bach program and got accepted into grad school. We were newly engaged and began planning and saving for our wedding scheduled for July 11th, 2020. Such exciting stuff!
March 2020: We got the news our wedding venue was closing for the foreseeable future due to the COVID-19 pandemic, and we decide to cancel our wedding. We switched gears and used the money we saved for a down payment on a new home. Then, we had a small intimate wedding featuring a hot-air balloon with 18 of our closest family members! We personally saved a ton and also had tremendous help from our family.
September 2020: I start a new job and Bret starts grad school. We are newlyweds and settling into our new home in a new city.
I wish I could talk more about 2020 because it was a HUGE year for us with buying a home, moving, getting married, Bret starting grad school and me starting a new job, but that’s a conversation for another day!
From frugal to spenders
When we were saving for our wedding, we were very frugal. Any extra money we had, we put toward our wedding savings (which again, ended up being used for the down payment on our house and a smaller wedding ceremony).
We went from frugal to swiping our cards left and right to prepare for our wedding and furnish our house. It was sooo nice to finally be able to spend the money we had been saving for so long! But this continued into 2020… and 2021…
We were mostly spending on eating out and experiences. We do like to buy “things” but we definitely value food and experiences a lot more. We even decided to put a trip to Hawaii on our credit card costing us around $5,000, along with other expenses, because why not? We deserved it!
We didn’t have much of a budget, our bills were getting paid, but the credit card bill kept increasing. Since I was the only one bringing in income, we took out some student loans to help with a portion of our living expenses. And the credit card bill continued to increase.
The “wake-up call”
The “wake-up call” is such a theme throughout many debt payoff stories. So, here’s mine.
I went to breakfast with two friends in December 2021, and one of them brought up high-yield savings accounts (HYSA). I had never heard of this type of account before and was shocked to learn that these savings accounts had a way better interest rate than a regular savings account.
How was I just hearing about this at 28 years old? My mind was blown!
I thought, what else don’t I know? So of course, that led me to deep dive into the world of personal finance. I consumed any book, video, blog, or podcast I could get my hands on. I read stories after stories of people paying off thousands of dollars’ worth of debt, leveraging credit card points for free travel, investing, and so much more!
It was so motivating. I was hooked! (And still am.)
Bret was open and willing for me to share with him what I was learning. We started realizing that for the last year and a half, we hadn’t been telling ourselves “No”. We had just been buying whatever we wanted, and we had the credit card bill and no savings to show for it.
We learned that we could pay off all our debt and it didn’t have to stay with us forever. We learned there was a way to use a credit card responsibly (we thought we were). We learned that we could even retire early. That one sounded real nice! We dreamed of having more time doing our hobbies, traveling and being with our friends and family. And if we ever had kids, we dreamed of being able to work part-time so we could be home more with them and available for school activities.
Knowing this, we started reining in our spending, trying to just be more “mindful”, but no major change was made.
We take on more debt
April 2022: People in our neighborhood were getting new fences. We started thinking, “Hey, we need a new fence, too…” In some areas it was broken, it hadn’t been stained so was rotting, and was 15 years old. We were also going to get an updated appraisal to see if we could get our primary mortgage insurance (PMI) removed after just two years of owning our home and thought a new fence might help.
A coworker told me she was using a home equity loan to buy a fence and to do some other home renovations. We investigated options and ended up opening a $20,000 home equity line of credit (HELOC) instead with about a 4% interest rate. We buy our fence which ends up being about ~10,000 and we were set on it…
The second “wake-up call”
When it was all said and done, we loved our fence. We still love our fence, it’s beautiful! (And it better be at that price!) We stained it and we believe it will last us for many years.
But we start talking again about our debt and how we probably didn’t need this fence right now. We know we didn’t need this fence right now. Our PMI was removed, and it could have maybe happened even without the fence. Who knows.
We began thinking we need to make some serious changes in the way we manage our money. We need to do more than just be “mindful” about our spending. We make a real plan. We plan to make an actual budget, stop taking on unnecessary debt, and take a break from using our credit cards for the foreseeable future.
May 2022: Beginning of our debt payoff journey
Since we were serious about our new money management changes, I documented how much debt we had so we could track our progress.
$277,721.41
Here was the breakdown:
$260,390.25 in student loans, Bret & I’s combined – various interest rates
$10,676.24 HELOC – 4% interest rate
$5,430.76 is from credit card spending – 4% interest rate*
$449 for furniture – 0% interest rate
$775.16 for Peloton bike – 0% interest rate
*We moved our credit card debt to our HELOC since our credit card was around a 25% interest rate.
July 2023: Current debt numbers
Our current debt balance is $251,195.39, * which are all student loans.
We have paid off a total of $28,026.02 of debt!
*Our current balance will increase to ~$255,000 once Bret gets his final student loan disbursement (more on that later).
I want to also mention that we do have our mortgage, but we aren’t trying to pay that down as quickly as possible for a few reasons: we have a 3% interest rate, we don’t plan on this being our forever home, and one day we might rent it out or sell it.
Actions that helped us pay off $28,026.02 of debt in 15 months
We found a budgeting method that worked for us
We realized we could live off my income alone and not take on anymore debt, but we would have to have a somewhat rigid budget.
Finding a budgeting method that worked for us took some time. I don’t know how many times over the years I have tried to track my expenses in a budget app or an excel sheet, only to find out it was too overwhelming and that I was still overspending!
I am a visual person and learned about the envelope budgeting method, so we decided to give that a try, but use a digital variation.
So, for our entire money management system we have 4 checking accounts and 2 savings accounts (short-term and emergency fund). Our checking accounts include bills, food and miscellaneous, and two personal spending accounts.
This may seem like a lot of accounts to some, but it has worked tremendously for us. I love having a separate account for each major category in our budget so I can easily see how much money we have left in a certain category without having to add every expense into an app or Excel spreadsheet. We are joint owners on all of these accounts.
We then use the zero-based budget method to determine how much goes into each account.
We do have multiple cards to manage, but the pros VERY MUCH outweigh the cons here.
And with our own spending accounts, we have a certain amount of money allotted to us each month, so we individually have some spending freedom. We don’t have to feel guilty and know this money is set aside specifically for our personal spending.
Cut expenses and increased our income
I know some people are tired of hearing about this recommendation, but it’s something that really did help us! We reined in our spending a bit but mostly we had to increase our income. At a certain point, there wasn’t much more to cut.
We didn’t have many streaming services, started to limit our eating out, we didn’t have car payments, and we meal planned and prepped. We did (and still do) aaalll the things. We had to increase our income somehow.
Ways we increased our income
My income increase
I continued with my second job as a social media manager and then started dog sitting.
I have been dog sitting for about 5 years and have primarily used the Rover platform to list myself as a dog sitter. I like this app because it’s easy to use and I can specify various services to offer (e.g., house sitting, boarding, drop in visits, day care, or dog walking).
It also allows me to mark which days I am available and then people reach out to me if I seem like a good fit and my availability matches with their needs! Setting up my profile took some time, but now that it’s done, everything else is fairly low maintenance.
I now just have to respond to inquiries in a timely manner and set up a meet and greet if it seems like a good fit.
I currently only offer house sitting and on Rover and I charge $65/night. Rover takes a cut, so I end up pocketing $52. I also have private clients who pay me directly, and I have gotten those by referrals from past Rover clients. I charge my private clients $40/night.
I recently increased my rates on Rover and have been slow to increase my price with my private clients because they’re loyal.
I don’t make a ton of money dog sitting, but I am able to make a couple hundred dollars a month. My schedule is very limited, but there are people with better availability who make significantly more than I do!
I love animals and we don’t have any due to our sporadic work schedules, so it’s a great way for me to spend time with pets and get paid, too!
Bret’s income increase
Last year, Bret decided to take a break from grad school and soon after, he was offered a summer job in Alaska.
When we first started dating, he used to spend almost every summer there working for a family who owned a set-netting fishery. His uncle had spent many summers in Alaska working for this family and one summer brought Bret to work with him. They would catch salmon and sell it to a buying station in their area.
He went up there for about 6 summers in a row, until he got too busy with school and couldn’t go anymore.
He hadn’t been to Alaska in over 5 years, but someone who worked for the buying station remembered Bret, called him, and asked if he’d be interested in working at the buying station! Since he was already on a break from school, he said yes and worked up there for 8 weeks.
We were able to put every paycheck he earned towards our debt because we could manage all our expenses on my income alone. It was also a great way for Bret to spend part of his summer and I was finally able to visit as I never gotten the chance in previous years.
House hacking
We also started house hacking! We had a spare bedroom and bathroom I would use for my office and occasionally, for guests. A friend of mine and her husband are really into the real estate space and gave us the idea to rent it out.
We weren’t comfortable with the idea of having a long-term roommate, and with both of us working in healthcare, we knew there was a need for short-term and furnished housing for travelling healthcare professionals.
For us, short-term meant renting for 1-6 months, but we were open to individuals staying longer if it worked well for everyone involved!
Some questions we had to address before renting:
Did we need a permit?
How much should we charge for the deposit, rent and pets?
What furniture and amenities are important for travelers?
Where should we list the room?
How to create a lease agreement?
In our county, we did not need a permit to rent out the room if we were renting for at least 30+ days at a time.
After researching rental prices in our area, I found rooms that were of similar caliber listed for $1,100 per month or more. We wanted to be competitive and so we initially settled on $900 per month and have steadily increased it. We have now landed on $995 per month which includes all utilities and internet.
We set the deposit at $995, with an additional $300 for a pet deposit, and no ongoing pet rent.
We wanted to upgrade the furniture in the room and IKEA was a great place for us to find affordable, durable, and aesthetically pleasing furniture. We made sure the room had a bed, large dresser, bedside table, and we kept my desk in there too.
I read it’s important for travelers to have their own TV available so they can unwind in their room. We were able to find a decently priced smart TV off Facebook Marketplace.
Furnished Finder is where we decided to list our room, which started out as a platform for traveling nurses to find furnished housing. It is now used heavily by many healthcare professionals, students, and professionals in other fields.
Travelers reach out to us through the Furnished Finder website and if the dates work out, we move forward with scheduling a video interview. It’s important for us to be able to talk to the person, even if it’s just over video, and we want them to see our faces and home in real time as well.
For the lease agreement, we used ez Landlord Forms, because they have leases for each state with specific information on what’s required to include.
We don’t ask for anything major from tenants. The most important things to us are that they are respectful of our space, don’t smoke in the house, and pay their rent on time. We also added a page at the end for tenants to add two emergency contacts in case we need to call someone on their behalf.
We have had 4 renters so far with the room being occupied for 13 out of the last 14 months. It has really helped us with our debt payoff goals and we have also met some awesome people through the process! We plan to continue renting it out for the foreseeable future.
Applied for in-state student loan help
My state offered a program called the Oregon Behavioral Health Loan Repayment Program where they help minorities in the behavioral health field, or those who serve them, pay back their student loans.
This program is funded by The Behavioral Health Workforce Initiative which has the goal of recruiting and retaining behavioral health providers who, “Are people of color, tribal members, or residents of rural areas of Oregon, and can provide culturally responsive care for diverse communities.”
To apply, I had to show I was employed and actively providing behavioral health services and give them detailed documentation about my student loans. I also had to answer two essay questions related to being a part of and/or working with communities who are underserved and how my training has equipped me with supporting these communities.
I applied last year and was a recipient of an award!
As a recipient, there is a two-year service commitment which means I have to continue providing some sort of behavioral health service during that time frame (which I planned to). Over the next two years, I will be getting ~$88,000 in quarterly disbursements to put towards my student loans. So far this year, I have received ~$11,000, and it’s been life changing to say the least!
Alongside this support, I am also pursuing Public Service Loan Forgiveness (PSLF) for additional student loan relief.
Managing our mental health while paying off debt
Since I am a social worker, I often think about how money and debt affect individuals’ mental health. It’s one of the reasons why I started my blog in the first place.
I realized managing money is a universal task and many of us don’t know what we are doing because talking about money is taboo. And when you have financial stress, it can really take a toll on your mental health. So, I wanted to share our journey in hopes of helping others.
Bret and I aren’t those individuals who want to avoid eating out and fun experiences until we are debt free. And, we are also privileged to not have to take those extreme measures either. It has been important for us to make this journey sustainable and not deprive ourselves of experiences while we are going through it.
Here’s how we are making our journey sustainable:
Still going out to eat
Budgeting for personal spending money, aka fun
Setting realistic debt payoff goals
Putting aside money for travel
Not comparing and thinking other people are better than us because they’re able to pay off their debt quicker
Tracking our debt payoff progress (we use Excel). With so much debt left to pay off, being able to see our progress is really motivating
Openly talking about our debt. Avoidance is a coping mechanism for many, for us, acknowledging and addressing it has been so freeing (but it wasn’t always this way).
Talking about our dreams and reminding ourselves why we want to do this in the first place
We know that if we eliminated going out to eat, budgeting for fun, or both, we could be paying off our debt much quicker. However, that sounds miserable to us. It’s worth it to still go out to dinner, travel, or buy plants (in my case) than to deprive ourselves of the joy these things bring.
We are making great progress and we know in time, we will be debt free.
Our debt payoff journey is not linear
A few months ago, we decided to take out $6,000 of student loans. Bret currently has a full tuition scholarship, so we are tremendously lucky in that regard, but he just learned about some conferences that would be really helpful to his professional growth. We have gotten $1,500 of this loan money already which is included in our current debt balance, but we haven’t received all of it yet.
We could have pinched and saved to avoid taking on any of this debt, but that would have caused me to work more than I currently am. Again, not in line with our current goal of making this journey sustainable!
We were very intentional about how much to take out. We estimated how much he would need for a few conferences and declined the rest. We even opened a separate savings account for the money to make sure it didn’t get accidentally spent on anything.
I’m SO proud of us for that!
The goal here is progress not perfection. So cliche, I know. But we are learning how to think critically about our money, spend thoughtfully, use our money as a tool to reach our goals, and enjoy our life along the way. And right now, that meant taking on a little more debt.
We are moving in the right direction, and we know when he starts working, that will really accelerate our debt payoff journey since we have proven to ourselves we can live on my income alone.
Our plan going forward
Bret is still in school which means his loans are on deferment, so we currently have his on the back burner.
With the loan payment assistance I am receiving, it’s allowing us to put any extra money we have each month towards our savings. Our priority right now is building up a good emergency fund of about $16,000 (~4 months’ worth of expenses).
This has been difficult because of inflation and just little emergencies that keep popping up, but we are slowly making progress.
I am also prioritizing investing in my employer retirement plan, but only up to the amount that gets me my employer match which is 6% of my income.
Bret will be graduating in 2025, so at that time, we will pivot to incorporating his loans into our budget. Our goal is to be debt free by 2028.
It will take a lot of discipline and persistence, but I think we can do it. I am manifesting it!
We want to continue to learn, implement, and grow. We want to keep having transparent discussions about money and building our money foundations. And I personally want to continue sharing our journey with hopes of inspiring, encouraging and educating others. Here’s to sharing the wealth.
Do you have debt? What are you doing to pay it off?
Taylor is a social worker and personal finance blogger at Social Work to Wealth where she shares tips, resources, and lessons learned on her family’s journey to paying off $277,000 of debt and retiring early. She hopes to inspire and empower social workers with financial education so they can have a better relationship with their money. When she’s not working or blogging, you can find her traveling, gardening, trying a new restaurant, or buying too many plants.
Are you looking to learn how to find a free car? Cars are expensive. There’s no doubt about that. Is it possible to get free cars? Getting a free car may sound too good to be true, but it’s possible for people who meet certain requirements, which we will talk about below. In this article,…
Are you looking to learn how to find a free car?
Cars are expensive.
There’s no doubt about that.
Is it possible to get free cars?
Getting a free car may sound too good to be true, but it’s possible for people who meet certain requirements, which we will talk about below. In this article, I’ll show you how to get a free car through different ways, from charity donations to assistance programs, and more.
I understand that there are so many people who would benefit from a more affordable transportation option. After all, a car can be essential to landing a job, getting to work, helping you pick up and drop off your children at childcare (so that you can work!), getting groceries, and so much more.
Low-income families, single parents, individuals with disabilities, veterans and their families, and so many others may particularly benefit from getting free vehicles to improve their quality of life.
Whether it’s making it easier to get to work, taking the kids to school and childcare, or simply attending important appointments, acquiring a free car can have a significant impact on your daily life.
Related content:
Why do free cars exist?
Free cars exist to help people who need transportation.
There are many organizations whose sole purpose is to help you get a free car because they know how much it can change a person’s life.
Below are some organizations that may help you find a free car:
Nonprofit Organizations— Some nonprofit organizations give away cars for free to those who need one. They work with local partners and households and accept donations of old cars and used cars, which are then fixed up and given to those who need them. These organizations usually target specific groups of people, such as low-income families, working families, single parents, military families, or disabled individuals, who may find it hard to afford a car on their own.
Churches and Private Charities— Churches and private charities may offer car help in your community as well. They usually work on a smaller scale, providing help to local residents experiencing hardships and may just give out a free car here and there. These organizations often rely on donations from members of the community and local businesses, and they require applicants to demonstrate a genuine need for a vehicle. You may need to contact local churches and charities directly to learn more about how to get a car for free.
People donate their used cars all the time. Their reasons may be either because they have no use for the car, they want to avoid the hassle of selling a car, for tax breaks, or they want to help others.
Who can benefit from free cars?
There are many people who can benefit from a free car, such as:
Low-income families— If your family is struggling with money and you are finding it hard to afford your bills, you might be eligible to receive a free car if you can show your need to an organization.
Single mothers and single parents — Single moms and parents need transportation so that they can get to work and also be able to bring their children to childcare. Not having a car can make this much more difficult.
Domestic violence victims — Having reliable transportation can be important for the safety and well-being of domestic violence victims. Some organizations have experience providing a free car in this situation and understand the need for privacy.
Disabled individuals — If you have a disability, you might be eligible to receive a free car to help you get around and be more independent.
Veterans and military families — Veterans and military families can also benefit from free car programs. There are organizations dedicated to providing assistance to those with a military background, to repay them for their service and sacrifices.
Victims of natural disasters — If you have experienced loss from a natural disaster, then you may benefit from many charitable free car organizations.
Of course, there are many more people who could benefit from finding affordable transportation as well. This is not a full list of those who might need a free vehicle.
Now, you do want to be cautious with getting a free car. If you are receiving government assistance, such as housing assistance, welfare, or food stamps, then accepting a free car may be considered income and it can affect your benefits. This is something that you will definitely want to think about as you do not want to lose these benefits.
How To Get A Free Car
There are organizations that help you get a car when you need a free vehicle. And there are other ways to find a free car as well. Below are some of the options that you may want to look into:
1. 1-800-Charity Cars
1-800-Charity Cars (also known as Free Charity Cars) is a nonprofit organization that provides free vehicles to eligible people, including domestic violence victims, the medically needy, victims of natural disasters, veterans and military families, and families transitioning from public assistance to work. It was the first charity of its kind in the nation.
This is the original free charity cars organization and they have given away over $70,000,000 in cars (over 9,000 cars) nationwide since they started the organization in 1996.
To apply, you will need to meet their eligibility criteria and submit an application on their website. Some of their eligibility requirements include being over the age of 18, being a resident of the U.S., having a valid driver’s license, being at or below 200% of the Federal Poverty Level, and having a genuine need for a vehicle.
This is a good place to start if you need a free car and you’re wondering where can I get a donated car for free.
2. Vehicles for Change
Vehicles for Change was started in 1999 and has given out over 7,500 cars to low-income families for little to no cost.
This organization helps residents in the states of Maryland and Northern Virginia. Cars are repaired and restored by people seeking workforce training as auto mechanics.
Donated vehicles are provided to families in need who meet their eligibility requirements. Eligible applicants must have a verifiable job offer or be working at least 30 hours per week, have no DUIs, and have a valid driver’s license to begin the application process.
3. Good News Garage
Good News Garage is a car donation program to look into if you’re trying to find a free car. They provide refurbished free cars for low-income families that meet their eligibility requirements. They give out around 200 cars to families in need each year and have provided around 5,500 cars since starting in 1996.
This organization is available for those in need who live in the New England area of Massachusetts, Vermont, and New Hampshire.
Good News Garage also has a transportation program. If you need to get to a job or get your children to childcare, then their program Ready To Go may be able to help you with this as well.
4. Online Car Donation
OnlineCarDonation.org is another platform that donates refurbished vehicles to needy individuals and families.
Online Car Donation gives free cars to people such as those with physical challenges, families living in homeless shelters, military families, and more.
You can apply by filling out their application form on their website and providing the required documents to prove your eligibility.
After you submit your application for a free car, if you are chosen, you will be contacted within 30 days. If you do not hear back within that time frame, their website says you can apply again as applications are only valid for 30 days.
5. With Causes Charitable Network
The WithCauses.org Network helps individuals and families in need by providing resources and assistance, which includes help getting a free car. The eligibility requirements may vary, so visit their website to find out if you qualify and how to apply.
6. Salvation Army free car program
The Salvation Army offers a free car program for eligible candidates.
They mainly focus on helping domestic violence victims, families in dire financial situations, and the homeless. Visit your local Salvation Army branch to inquire about their car donation program and how to apply.
7. Cars 4 Heroes
Cars4Heroes donates free cars to first responders, military veterans, and their families who are in need of transportation.
Cars 4 Heroes was started in 1996, and the organization currently gives away over 300 cars a year in the Kansas City, Kansas, metro area.
You can fill out their application form on their website and provide the required documentation to be considered for a free car.
8. Local church
Your local churches or other religious institutions may have programs that provide free vehicles to families that need help getting a car.
You may want to contact your nearby churches to find out if they have any car donation programs and how to apply or if they have eligibility requirements. They may know someone that they can connect you with to help you get a free car.
9. Check Facebook Marketplace and Craigslist
Many people often give away their cars or sell them at low prices on platforms like Facebook Marketplace and Craigslist.
If I was wondering about free cars near me, then I’d browse through these websites regularly to find out if anything is available. The search can be customized by entering your budget and location to see if anything suitable turns up.
10. Find a job that gives you a free car
There are jobs that may give you a free car as well, in case none of the above options works for you.
Some job positions that may come with a company car include sales representatives, district managers, or regional directors who spend a lot of time traveling between different offices.
To start your search for jobs that give you a car to take home, you can look for job postings with phrases like “company car provided” or “full-time vehicle provided.” Job websites such as Indeed, LinkedIn, and Glassdoor make it simpler to find such job listings by using specific keywords, so you may try searching for those. I did a quick search and was able to pull up jobs easily by typing those phrases into the keyword search bar.
Some employers might offer a car allowance instead of providing a free car. In this case, you would receive a monthly stipend to use toward your vehicle expenses. This would offset some of your car expenses, such as monthly payments or maintenance.
Also, if you know someone who currently has a company car, you can try asking them for tips and advice. They might even refer you to open positions at their workplace, and this can help you get a job with a free car as well.
11. Look for a free dealer donation
Dealer donations are a little more difficult of an option, as car dealers are in the business of making money, not giving away all of their cars that make them that money.
But, it doesn’t hurt to try if you have the time to write a letter and reach out to a car dealership.
To obtain a car dealer donation of a free used car, you’ll want to start by seeing what local dealerships are in your area. You can research their involvement in charitable activities to see if they even give out free cars (maybe do a simple search of the dealership’s name plus the term “free car” or something like that), as this will show you that they are open to the idea of donating a vehicle to those in need of a free car.
Once you have a list of local dealers to reach out to, there are ways to get a free car from a dealership. You can write a letter talking about your situation and reasons for requesting a donated car. You should talk about your struggles and the positive impact the donation will have on your life (such as, what a donated car will help you do).
When writing your letter for a free dealer donation, here are some things to think about:
Write the letter to the dealership’s owner or general manager, as they will likely have the authority to approve a car donation or be able to talk to someone who does have that authority.
Explain your situation fully and provide the specific reasons why you need a car.
Talk about how a car donation would improve your life and allow you to overcome challenges or achieve goals.
Provide information on any relevant programs or resources, such as a community organization or nonprofit, that may support your request for a free car.
After you have written your letter, submit it to the dealership. You may do this by sending it to the physical mailing address of the person, their email address, or perhaps even handing your letter to them in person.
Here are answers to common questions you may have about finding a free car:
What are other transportation options if I can’t find a free car?
There may be a long waiting period if you are applying for a donated car. If you are not able to find a free vehicle, then you may need to look into other options to get around town. Here are some ideas on how to get around if you don’t have a car of your own:
Public Transportation— If you live in a place with public transportation, then this option is something to look into. One great thing about public transportation is that you won’t have to pay to maintain a vehicle or repair anything. Of course, public transportation sometimes takes longer and may not be widely available to you (unfortunately, there are many towns in the U.S. that do not have great public transportation options), and that is something to think about. Also, more and more cities offer public transportation at no charge. You may have to apply for a special card to get this free service, or it may be available to everyone. It’s worth asking around about because it can save you hundreds of dollars a month.
Carpooling — Carpooling is an option to think about if you are unable to find a free car, especially for people who live in areas with limited public transportation. Car owners may be looking for riders so that the expense of ownership is offset a bit. You’ll need to share the cost of expenses, such as gas, tolls, parking, and wear and tear. You may be able to share rides with coworkers, friends, or neighbors. To save money, you could offer to trade babysitting, gardening, or home repairs for the ride. Also, check out carpooling apps that apply to your local area.
Rideshare Services — Now, rideshare most likely won’t be the most affordable option, but sometimes you don’t have a choice. Rideshare services, such as Uber and Lyft, may be able to get you to where you need to go if you don’t have any other options. To save money, use an app that compares rideshare companies and finds you the cheapest price. And, as far as your work commute, it’s good to know that some companies offer rideshare services as a benefit to their employees and will pay for the full cost or part of it.
How can I find free cars given away near me?
Yes, you can find free cars given away near you. There are many local organizations that may be able to help you out. You can research the various charity programs in your area and see if you meet their eligibility requirements for a free car.
Many charities, such as Charity Cars, provide free vehicles to people in need. These organizations often target specific groups of people, like veterans or victims of domestic violence.
Next, reach out to local branches of organizations like the Salvation Army or Goodwill Industries. These organizations may also auction off donated cars at affordable prices. Reach out to your nearest branch to learn more about available vehicles and to find out if they hold any auctions.
Another option is Online Car Donation, which aims to provide free cars to as many people in need as possible. Fill out their application to see if a reliable used car is available for you. They also offer trucks, vans, and sometimes even modified vehicles for individuals with disabilities.
Remember to be patient but also to keep trying, as it can sometimes take time to find the right opportunity for a free car. And, many times your application is only good for 30 days, so keep in mind that you may have to submit it over and over again.
Is Free Charity Cars legit?
Yes, Free Charity Cars is a legitimate organization that connects eligible people with free vehicles. They have high ratings and many endorsements.
How to get a car if you can’t get a free one?
If you’re not able to get a free car, you do have some other options, such as learning how to get a cheap car and learning the best way to get a car loan with a low interest rate.
Here are my tips for finding a cheap car:
Shop around for cars that are affordable to you: Many organizations offering a free car may also give you the option of purchasing a refurbished vehicle from them at a much lower cost than elsewhere. Otherwise, check out your local dealerships, online car-selling platforms, and even Craigslist to find the best deals on reliable cars in your area. Don’t limit yourself to just one site; shop around and be patient until you find a car that fits your budget.
Buy a used car: Buying a used car rather than a brand new one can save you money. Pre-owned vehicles tend to be more affordable and can still offer reliable transportation.
Negotiate for the best price: Don’t be afraid to negotiate the price of the car with the car seller or dealership. They may be able to lower the price, especially if you can show them that similar cars are around for cheaper prices elsewhere.
Check your credit score: Before applying for a car loan, make sure that you know your credit score. A better credit score increases your chances of getting a lower interest rate on your car loan. If you can, I recommend you take the steps to improve your credit score (even while searching for a free car) in case you need to apply for a car loan.
You can learn more about building up your credit score at Everything You Need To Know About How To Build Credit.
Shop around for car loans: Just as you should shop around for the best car deal, you should do the same for car loans. Different lenders may offer different interest rates and loan terms.
Choose a shorter loan term: While a shorter car loan term means higher monthly payments, you’ll pay less in interest overall, making the car less expensive over the years.
There are plenty of options for finding cars that may not be entirely free but are still affordable to you.
Related content: Save Money With These Top Tips For Buying A Car
How To Get A Free Car — Summary
I hope you enjoyed today’s article on how to get a free car.
If you need a car but cannot afford one, there are several ways to possibly get a free car. Many programs and organizations exist to help people get a free car, especially if you belong to certain categories, such as low-income families, veterans, domestic violence victims, or those transitioning from public assistance.
Remember, you do want to be cautious with getting a free car as well. If you are receiving government assistance, such as housing assistance, welfare, or food stamps, then accepting a free car may be considered income, and it can affect your benefits.
To find free cars near you, it’s important to explore local nonprofit organizations, as well as community centers, churches, or social services agencies that may have information about free car programs or resources in your area. Some jobs come with a company car that you can take home.
Here are some potential resources to assist you in getting a free car:
Local nonprofit organizations
Online car donation websites
Community centers and churches
Social services agencies
Remember that just because you meet the eligibility requirements for a free car and apply for one, it does not mean that you will succeed. There are many people who would like to receive a free vehicle as well. However, you can increase your chances of getting a free car if you can show that you have a need and you have a story to share (since people personally review the applications to see who needs the car the most).
Tending to a few potted flowers is one thing, but managing an entire garden of vegetables is a big to-do.
Thanks to warmer temperatures, extended sunlight hours, and a general ease to the daily grind, the summer season is often the ideal time for venturing into the world of gardening.
When deciding to turn your backyard into a veritable food factory, it is important to have a few fast facts about farming. You don’t necessarily need to have a green thumb to produce a thriving vegetable garden, but a little bit of researching and strategizing can make the difference between bloom and bust.
Placement Is Key.
Before choosing which vegetables you want to plant, you need to think about where you are planting them. Regardless of climate, it is best to find a space sequestered from any shrubbery or buildings, a space that gets direct sunlight with minimal shade. In this setting, you will have maximum control over the conditions of your garden, allowing you to tweak things such as heat, shade, and irrigation to suit whatever you plant.
Once you have chosen such a location, the next step is to create the perfect conditions for growing vegetables. It is more than just ripping out sod. Actually, most farmers recommend building raised beds for your vegetable gardens.
Traditional raised beds are no more than 4 feet above the ground and contain rows of crops that should be planted in succession to increase their total yields throughout the year. (Planting in succession is defined as rotating crops in your garden to increase its fertility.) Below the raised bed, farmers usually put a base of cardboard that prevents any underground weeds from burrowing through your topsoil.
Play to the Region.
You know your climate best. If, for instance, you live in the Northeast then direct sunlight is a must. Shade is otherwise needed for intensely hot climates that could burn or shrivel up plants.
Another handy recommendation is to use what is around you to build your raised beds. Have a rocky backyard? Take some of those rocks to frame the bed for an aesthetically pleasing garden.
Choosing Soil Depends on the Plants.
However, soil is one factor that does not depend on location, but what you put in it. Most farmers recommend a 50/50 compost mix to enrich soil. Good soil is abundant in organic matter as well as agricultural lime, rock phosphate, and greensand. You can provide your soil an additional boost by scattering it with used coffee grounds, eggshells, banana peels, and shredded leaves.
Fun fact: a sprinkling of baking soda on soil helps grow sweeter tomatoes.
Do Fence It In.
Unless you live in a detention center with mile-high walls, you probably have critters that occasionally cross through your backyard. They are the number one threat to your burgeoning vegetable garden. After identifying what kind of animals you have in your backyard, it is time to plan a defense.
Unless faced with bears and deer, you can usually go with a lower chicken wire fence anywhere from 3 to 4 feet high. The fence should be soft on the top to prevent animals from climbing up it. Likewise, the fence should have an underground apron component to prevent animals from digging into the garden from underneath.
One of the best recommendations for building the fence is to build a solid one. That way the animals don’t know what they are missing.
Special precautions should be taken if you intend on planting sugary berry fruits like blueberries and raspberries. Because birds are attracted to these fruits, they can swoop down and eat them. For prevention’s sake, cover the plants with extra chicken wire or an extremely sheer fabric to allow sunlight in without the pesky beaks of hungry birds.
Now for the Best Part: Choosing What to Plant.
Finally, once you have planned and plotted out your summer vegetable garden, it is time to plant. Timing is of the essence: it is important to plant your crops as soon as possible once into the summer season.
Actually, the best time to start planting is after the threat of frost bite disappears. For most regions of the United States, that occurs between April and May while the first frost bite usually occurs between September and October.
Here are a few of the most popular options for summer vegetables:
Tomatoes
Squash
Zucchini
Corn
Cucumbers
Eggplant
Okra
Peppers
Melons
What’s the Best?
Of these 9 choices (and all their varieties) tomatoes are the frontrunner for producing the best results. The most important trick here is to wait until night temperatures stay above 50 degrees to plant them—they are very temperamental and will otherwise freeze to death. Other than that, they are pretty tolerant plants.
If you love a small challenge from an unsuspecting vegetable, try okra! The veggie loves hot weather, and its seeds are sown directly into the ground.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
If you’ve found yourself wondering, ‘What exactly is a twin home, and could it be right for me?’ you’re in the right place. Among the various housing options available, one term that frequently piques interest is the ‘twin home.’ But what does it mean exactly? Is it a duplex, a townhome, or something entirely different?
In this Redfin article, we’ll explain everything you need to know about twin homes. We’ll cover the unique features of this home type, discuss the advantages and drawbacks, and help you determine if it’s the right housing choice for you. So whether you’re looking at homes for sale in Columbus or considering renting in Houston, keep reading to learn all about twin homes.
What is a twin home?
A twin home is also known as a semi-detached home. It’s a residential property with two separate living units, each having its own entrance and private space, housed within one building. The units are usually mirror images of each other in terms of layout and design. Unlike a traditional single-family home, where the dwelling stands alone, twin homes share a common wall along one side.
Twin home vs. duplex: What is the difference?
While twin homes and duplexes may seem similar at first glance due to their shared wall structure, they possess distinct differences that set them apart. A duplex generally refers to a building divided into two separate units, often stacked one on top of the other or side by side. These units can have different layouts, sizes, and designs, whereas twin homes typically mirror each other in layout and design, offering a sense of symmetry and balance. In a twin home, the design intention is to create a harmonious look, as if two identical homes were joined together.
“It’s critical to know if you’re buying a duplex or a twin home because of the difference in how the land is divided,” says Mark Shattuck of Dream Home Studio. “Duplexes are two attached homes with separate ownership, yet the land that both residences sit on is co-owned and co-maintained by both duplex owners. This makes duplexes multi-family properties. However, twin homes are classified as two attached single-family homes (and only two, as opposed to townhomes) because twin homes have separate land ownership, both split along a common property line and shared wall. Nothing looks visually different between duplexes and twin homes, but the land ownership, rights, and classification are very different.”
Pros and cons of living in a twin home
Pros:
Affordability: Twin homes often offer a more affordable housing option compared to single-family homes, making them appealing to first-time homebuyers or those looking for cost-effective alternatives.
Community feel: Living in close proximity to another household can foster a sense of community and provide an added layer of security with neighbors looking out for one another.
Efficient use of land: Twin homes are an efficient use of urban and suburban land, which can lead to shorter driveways, smaller yards, and more sustainable development practices.
Maintenance: With a shared wall, there might be less exterior maintenance compared to standalone homes, and homeowners’ association fees may cover some maintenance tasks.
Potential for Rental Income: One unit of a twin home can be rented out, providing homeowners with an opportunity for passive income if they choose to live in the other unit.
Cons:
Noise: Shared walls can sometimes lead to noise transfer between units, which might impact residents’ comfort and privacy.
Limited customization: While twin homes offer uniformity, this can limit the extent of customization options that homeowners might have compared to single-family homes.
Space constraints: Twin homes could have less outdoor space compared to single-family homes, limiting gardening and landscaping opportunities. Some twin homes may also have limited parking spaces or shared driveways, which can become a logistical challenge, especially if there are multiple vehicles involved.
Are twin homes considered single-family homes?
Twin homes often occupy a gray area between single-family homes and multi-family dwellings. Twin homes have private entrances and separate living spaces, much like single-family homes. However, their distinguishing features are the shared wall and the two units housed within one building. Local regulations and zoning ordinances can vary, and the classification of twin homes might vary depending on how they are legally defined within a specific jurisdiction.
A final note on twin homes
Twin homes offer a unique middle ground between single-family and multi-family homes, providing homeowners with the benefits of both privacy and community living. As the housing market continues to diversify, twin homes stand as a viable option for those seeking affordability, a sense of community, and a distinctive living arrangement.
Inside: Looking for information on what a typical Christmas bonus in the US is? This guide will help you calculate how much you can expect and what to do with it.
Are you waiting eagerly for that year-end surprise called the Christmas bonus? Like Clark in National Lampoon’s Christmas Vacation?
Or maybe you’re an employer wondering about giving out festive bonuses?
This guide is a jingle bell away with everything you need to know about Christmas bonuses in the United States.
You’ll discover how these additional pays work, what the typical bonus amounts are, tax implications, the benefits of giving a bonus, and wisely spending your bonus. In other words, it decodes everything from the employer’s perspective, right to how it impacts an employee’s pocket and spending decisions.
So, buckle up – you’re about to become a little richer in knowledge. Stay tuned!
What is a typical Christmas bonus?
A Christmas bonus, often referred to as a “13-month-salary,” is a special gift you might receive from your employer at the end of the year.
It depends largely on your company’s resources and financial standing, meaning not everyone will get one.
However, if you’re lucky, you might expect a bonus ranging from 2% to 5% of that, discretionary to your employer.
Thus, the average Christmas bonus would be you could be looking at an additional payout of around $1144-2860, assuming an average income of $57,200.
Does everybody get a Christmas bonus?
Not all employees in the US typically receive a Christmas bonus.
The giving of bonuses varies between companies and roles within those companies.
Personally, I have only had one company that gave out Christmas bonuses. Most companies tend to give their annual year-end bonuses, which may be based on factors like performance or tenure, during the first quarter of the new year.
While a Christmas bonus would be nice as it often serves as an appreciation gesture for hard work throughout the year.
Understanding the concept of Christmas Bonus
A Christmas Bonus is essentially a little financial gift from your employer during the holiday season. Think of it as an extra dollop of icing on your annual salary cake.
It’s typically a percentage of your salary and serves to show appreciation for your hard work throughout the year.
For instance:
Let’s say you earn $80000 a year and your boss awards a Christmas bonus of 5% would then receive an extra $4000 just in time for the festivities.
Your company elects to give all employees a flat $1000 Christmas bonus regardless of seniority.
Note that a Christmas bonus isn’t legally required and varies greatly between businesses.
History of Christmas Bonuses
Woolworth’s birthed this tradition back in 1899, offering a cash bonus of $5 for each year of service with a limit of $25.
In Woolworth’s early years, they established a pattern of rewarding their employees with a generous Christmas bonus.
This practice was seen as an annual tradition and was appreciated by their staff, instilling a sense of loyalty within the workforce.
Over time, Christmas bonuses have evolved not just in amount but in form as well. Besides cash, you could also receive gifts or even lavish holiday parties.
Despite the more modern trend of diminishing Christmas bonuses, this part of Woolworth’s history highlights the positive potential of such incentives.
Factors influencing the amount of Christmas Bonus
Considering factors on the Christmas bonus is crucial because it ensures fair distribution, tailored to individual employees’ performance, length of service, or their specific needs.
We all know that bonuses adequately demonstrate appreciation and recognize the hard work of their employees, increasing their job satisfaction and driving productivity.
So, let’s look into whether or not a Christmas bonus is viable for you or your company.
1. Company policy on Christmas Bonus
A company’s policy about Christmas bonuses is typically laid out in the employee handbook and company policies.
Policies may stipulate that Christmas bonuses are issued under certain circumstances, like when the employee has met specified targets or when the company has performed exceptionally well during the year.
Also, the board of directors may elect to give out one-time Christmas bonuses.
However, if these bonuses are not incorporated into the employee’s employment contract, they are typically subject to the employer’s discretion. Employers must take extra caution to ensure that these bonuses are presented as discretionary and not part of a contractual agreement.
Remember, these factors may vary from one company to another. Always refer to your employer’s specific policies and handbooks for accurate information.
2. Amount of Salary
Your annual gross income might influence the amount of your Christmas bonus, as some employers factor in their employees’ base pay when determining bonus amounts.
However, not all organizations adopt this practice, with some opting for a fixed, equal distribution amongst all staff members regardless of their earnings.
Therefore, depending on your contractual agreement and your employer’s policies, your salary could influence your bonus, but this isn’t a universal rule.
3. Type of Bonus
The types of bonuses vary greatly as companies have the discretion to decide the nature of the bonus, with the decision often driven by the organization’s performance, the individual’s job role, and the overall economic conditions.
They can be incentive-based, linked to performance targets, holiday-exclusive like Christmas bonuses, or tagged to specific business milestones, leading to significant variability.
Here are different types of bonuses you should know about:
Discretionary bonuses: These are given at your employer’s will. They might consider factors like company performance or your personal performance reviews. However, there’s no guarantee you’ll receive one.
Non-discretionary bonuses: These are part of your employment contract. As long as you meet certain criteria, you’ll receive this bonus on top of your salary during the Christmas season.
Non-holiday bonuses: Given outside of the holiday season, these can be extra pay or an item like a company car.
Remember, your bonus type dictates how much you could get for Christmas. Be sure to check your contract!
4. Company Culture
Company culture significantly affects bonuses as it underpins how employees perceive their value and recognition within the organization.
If the culture fosters transparency, fairness, and goal-oriented behaviors, bonuses can effectively serve as an incentive and boost morale. Statistics show that employee loyalty increases when they feel appreciated, which can often be demonstrated through financial bonuses.
Moreover, a culture encouraging open communication assures employees of fair dealing when it comes to awarding bonuses.
Hence, bonuses, when tied to clear goals, become more than just monetary rewards, ensuring employees understand their role in the company’s success.
5. Recipients of the Bonus
In the US, Christmas bonuses are usually gifted to all employees, irrespective of their role or position.
Some of the roles that may receive a Christmas bonus include:
Full-time employees: Usually part of the main workforce, these individuals are often at the receiving end of holiday bonuses.
Part-time employees: Even though they may work fewer hours, many companies consider them for bonuses.
Temporary workers: Though their roles are for a limited time, they are generally excluded as part of the company’s bonus scheme.
Contracted employees: If their contract includes a clause for a holiday bonus, they are quite likely to receive a Christmas bonus. If it does not, they will not receive one.
Remember, the goal is inclusivity, a policy aimed at making every employee feel rewarded and appreciated during the festive season.
6. Holiday Season
Christmas bonuses are commonly offered by employers during the holiday season in the United States. This bonus is seen as a way to show appreciation and respect to employees, which can help to mitigate feelings of burnout.
Companies may elect to give bonuses at other times of the year to motivate their employees and boost their job performance. These bonuses can incentivize individuals to achieve specific company goals, with the promise of additional monetary compensation driving their hard work.
Aside from motivation, off-season bonuses also serve as a token of appreciation, illustrating a company’s recognition and value of their employees’ efforts.
It’s worth noting that a bonus doesn’t necessarily have to be monetary. Examples can also include extra vacation days or other perks.
7. Amount Given to Employees
A Christmas bonus is an extra payment given to employees during the holiday season as a gesture of gratitude for their commitment and hard work.
Factors influencing the Christmas bonus amount include:
Length of service: Employees who’ve been with the company longer might receive a higher bonus. For instance, an employee with a decade of service might receive $1,000 at a rate of $100 per annum.
Based on Salary: Many companies may opt to give a flat percentage related to the salary of their employees.
Flat Amount: Others may give the same amount to all employees across the company.
8. Company’s Financial Resources & Performance
A stronger performing company is more likely to give more bonuses as it typically correlates with higher profits, enabling them to be more generous with employee rewards.
On a company level, if overall performance benchmarks are hit, Christmas bonuses may increase across the board.
In fact, the incentive of bonuses can create a highly driven workforce that pushes towards achieving and even exceeding business goals. Furthermore, companies that distribute bonuses, particularly holiday bonuses, can significantly boost employee morale, fostering both loyalty and a positive company culture.
How to Calculate Your Potential Christmas Bonus
Calculating your Christmas bonus can often seem nebulous, leaving many uncertain about the amount they should expect.
The elusive nature of the Christmas bonus can largely be attributed to the fact that unlike salary, it isn’t typically fixed and may vary based on several factors such as an employee’s performance, the length of their service, or the financial health of the organization.
Despite this, there are a few pointers that can shed light on how to calculate this anticipated festive season reward.
Step 1: Check if you are Eligible for a Christmas bonus
Figuring out your potential Christmas bonus firstly entails a careful examination of the terms of your employment contract, alongside other supporting documentation such as your employee handbook or job offer letters.
These documents accurately establish the contractual relationship between you and your employer and often contain crucial clues about bonus calculations.
For instance, if your contract states that you are entitled to an equivalent of one week’s salary as a Christmas bonus, then you can confidently expect that amount.
Keep in mind the discretion of the employer in case of confusion. Some bonuses might not be contractual but discretionary. Consult your HR department for clarification if needed.
Step 2: Calculate your percentage of the total bonus amount
To calculate your bonus based on your salary, you need to know the exact percentage your employer uses, which usually ranges from 2-5% of your annual earnings.
Multiply your annual salary by the bonus percentage to determine your possible holiday bonus.
For instance, if you earn a yearly salary of $100,000 and your employer gives a 2% bonus, you’ll receive a $2,000 bonus.
Step 3: Is my Christmas Bonus Taxable?
So, if you’re anticipating a hefty holiday bonus, remember, it might be subject to taxes.
Bonuses are often considered supplemental income.
As such, the Internal Revenue Service (IRS) requires a 22% federal income tax on this income, which can reduce your bonus significantly.
State laws also have a part to play. Your holiday bonus is taxed according to your state tax rate, which is another cut from your bonus.
For example, your bonus amount is $5000 after federal taxes of $1100 and state 4% taxes of $200 are deducted, your take-home bonus is $3700.
How to Spend Your Holiday Bonus
The anticipation of receiving that extra lump sum has many employees daydreaming about that eye-catching new car, an extravagantly relaxing vacation, or perhaps the latest tech gadget.
Although it’s tempting to indulge in the pleasure of immediate gratification, there are more finance-savvy alternatives to consider for the effective utilization of your annual bonus.
1. Invest your Christmas Bonus
Getting that skip in your heartbeat when you receive your Christmas bonus is a feeling like no other.
However, the real magic happens when you decide to invest this bonus, making it grow over time instead of spending it all at once.
Here are the top four ways to invest your Christmas bonus:
Wealth Creation: When you invest your bonus, you’re setting yourself up for future wealth. Learn how to invest 10k.
Earn Additional Income: Use your bonus as a kick-start to a side hustle. Many Americans already secure supplemental income this way. In fact, many people are interested in how to make money online for beginners.
Professional Growth: Investing your bonus into professional development is another smart move. Enrolling in online courses that build your technical skills or lead to certifications can enhance your earning potential. Learn to invest 100 to make 1000 a day.
Financial Security: Finally, investing your bonus helps to secure your financial future. Whether it’s putting money into retirement funds or investing in a high-yield savings account, every bit helps set you up for stability and freedom. This sets you up to become financially independent.
Your Christmas bonus could be the first step towards a future of financial growth and security.
2. Consider your financial needs for the coming year
Before you rush to spend your holiday bonus, consider your financial needs for the coming year.
Start by:
Assessing your monthly expenses. How much do you need for essentials like housing, utilities, and food? Compare with the ideal household budget percentages.
Evaluating your emergency fund. Remember, experts recommend at least $1000 in an emergency fund. Plus having three to six months’ worth of expenses stored away in a rainy day fund.
Big expenses coming your way: Do you have any costly expenses like home repairs or car replacement in your future?
You may want to set aside money for those future needs, so you will be financially stable when they happen.
3. Pay Off Bills
Don’t run to the stores before analyzing your debt.
If you have high-interest loans or credit card debt, prioritize paying these down. Our expert tip at Money Bliss is to tackle the highest interest debt first.
Use your bonus to pay off debts: Since a bonus is usually an unexpected sum of money not factored into your annual budget or salary, you can make significant headway in paying off your debts, particularly those with high-interest rates.
Save on interest charges by reducing debt: The bonus can help reduce your debt balance, leading to less interest accruing over time. This move could save you hundreds, even thousands, over the long term.
Consider debt management apps: Apps like UndebtIt help you find a debt free date. Platforms like Tally† can simplify your debt payoff journey with automated payments using a lower-interest line of credit.
Reconsider splurging your holiday bonus: Rather than spending it all on that coveted item or trip, you might want to consider other financially beneficial options.
4. Buy Christmas Gifts
Utilizing your holiday bonus wisely to purchase Christmas gifts can be a smart and rewarding way to use your end-of-year windfall.
Instead of splurging on high-cost items, consider thinking through your holiday gift list and budgeting accordingly.
Bear in mind that enjoying the holiday season doesn’t have to break the bank; as Christmas on a budget is possible.
Don’t forget to spoil yourself with a gift every now and then. You’ve worked hard for this bonus and deserve a treat too.
5. Splurge on Fun Things
It’s absolutely okay to treat yourself with a holiday bonus – after all, you’ve earned it! Using it wisely can add a dash of fun and pure enjoyment to your life.
Now, what do I want for Christmas?
Here are a few fun ways to splurge your holiday bonus:
Dream vacation: The bonus could be your ticket to the vacation you’ve been fantasizing about. Plan carefully to make the most out of it.
Invest in hobby: Whether it’s photography, painting, or gardening, investing in a hobby can prove to be quite rewarding.
Spoil yourself: Get that TV you’ve been eyeing or make a down payment for that new car you fancy.
Remember, pleasure is a great aspect of well-being. So, it’s great to treat yourself once in a while. Just balance it with other financial responsibilities.
6. Invest in Long-Term Goals
Ditch the instant gratification of spending your holiday bonus all at once. Instead, consider investing it towards long-term goals for an even greater payoff.
Here are some easy steps to set you on the right path:
Identify your long-term financial goals. Be it a dream home, kids’ education, or retirement, a clear goal will help you stay motivated.
Assess your current financial situation to gauge how much of the bonus you can invest.
Choose the right investment vehicle. Stocks, bonds, or real estate can be profitable, depending on your risk appetite and time horizon.
Remember, spending wisely today makes for a secure tomorrow.
7. Give Back to the Community
Giving back to your community during the holiday season is a fantastic way to share your fortunes. Not only does it bring joy to those in need, it fosters appreciation, empathy, and understanding.
Here are some thoughtful ways to use your holiday bonus:
Donate to a Local Charity: Identify a local charity that resonates with your values. Every donation counts and your contribution could make a substantial impact.
Sponsor a Family’s Holiday: Many organizations connect sponsors with families in need. Your bonus could help provide them with essential groceries, clothes, toys, and a memorable holiday experience.
Contribute to a Fundraiser: Participate in your community or workplace fundraisers. Your financial support could contribute towards a noble cause, be it medical aid, education, or relief work.
Volunteer Your Time and Skills: Although not a direct use of your bonus, volunteering can be another way to give back. Maybe your bonus might allow you some additional free time to offer.
Remember, volunteering often reflects individual happiness and improves overall well-being.
Do You Expect the Average Christmas Bonus?
Remember, Christmas bonuses can be diversified: from additional checks or sums of money to extra vacation days or tangible gifts.
Everyone always wants a Christmas bonus! So now, you can determine if yours is above or below the average Christmas Bonus!
Based on research, less than a quarter of employers offer a performance-based holiday bonus, so if you’re fortunate enough to receive one, consider investing it to reap greater returns in the future.
The best decision depends on your unique financial situation, so use the above tips to make a smart choice with your bonus money.
Know someone else that needs this, too? Then, please share!!
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:
Learn why a broken appliance doesn’t have to drain your savings, and how to fight financial fears to enjoy your money.
This Week in Your Money: Should you repair your appliance instead of replacing it? Hosts Sean Pyles and Liz Weston delve into the latest data from Consumer Reports and share handy tips that could end up saving you money and reducing electronic waste. They also discuss the “right to repair” movement and what it could mean for appliance owners in the future.
Today’s Money Question: Sean talks with Jenna, a 29-year-old listener in St. Louis, about how to overcome her financial fears and start enjoying her money more. They discuss how her upbringing may have led to her feeling the need to exert more control over her spending than she needs to at this stage in her life, and they share ideas for how to let go of some of that control in order to enjoy life more fully. They also delve into different methods of budgeting for hobbies, “lifestyle creep,” and saving for long-term goals like a down payment on a house.
Check out this episode on your favorite podcast platform, including:
NerdWallet stories related to this episode:
Episode transcript
Liz Weston: Sean, what would you guess makes up the majority of e-waste?
Sean Pyles: Electronic waste, you mean? I’m guessing computers, iPhones.
Liz Weston: Not a bad guess, but those actually make up less than 10% of electronic waste. The majority comes from appliances, and most appliances end up rotting in landfills where they release various poisons into our environment and contribute to climate change.
Sean Pyles: Oh, well, that’s depressing.
Liz Weston: This episode we’re going to give our listeners tips to extend the lives of their appliances to keep that from happening.
Sean Pyles: Welcome to NerdWallet’s Smart Money podcast, where you send us your money questions and we answer them with the help of our genius Nerds. I’m Sean Pyles.
Liz Weston: And I’m Liz Weston.
Sean Pyles: Listener, you’ve got money questions, and we’ve got a boatload of genius Nerds to answer them. So send us your money questions.
Liz Weston: You can leave us a voicemail or text us on the Nerd hotline at 901-730-6373, that’s 901-730-NERD. You can also email us at [email protected].
Sean Pyles: This episode, I chat with a listener about how they can overcome their financial fears and start enjoying their money more. But first, Liz and I are talking about how you can save money and cut down on electronic waste by being good stewards of the machines that come into your life. So, Liz, you just wrote a column about how to decide whether to repair or replace an appliance, and apparently Consumer Reports has changed their advice on this matter. What’s the latest?
Liz Weston: OK. Well, the old-school advice was to think about replacing an appliance if the repair cost would be 50% of a new unit. But then Consumer Reports took a closer look at all the data they collect from members, and those members bought over 500,000 appliances between 2012 and 2022. Once they crunched the numbers, they came up with interactive tools that you can use that take into account the cost of the appliance, how long you’ve owned it, its remaining useful life and the cost of the repair.
Sean Pyles: That’s pretty cool. So before you and I got on this recording, we were talking about how you have a 17-year-old refrigerator and that let you put this tool to the test. Do you want to tell us about that?
Liz Weston: Well, yeah. It was 17 years old when it started making this funny noise and I thought, oh, yay. I get to replace it. I get to have a nice French door version. It’s going to look great. But I called in a repairman just to try to be semi-responsible, and he wound up replacing the compressor, repairing it for less than $200. That was eight years ago, so now that refrigerator is 25 years old and it’s still plugging along.
Sean Pyles: Wow. OK. So you used this tool. Did it approve of your decision to repair this very old fridge?
Liz Weston: It did not, but sometimes I think stuff is worth repairing, even if it doesn’t make strict financial sense, just to keep things out of a landfill.
Sean Pyles: Totally.
Liz Weston: As we mentioned at the top, big appliances like dishwashers and refrigerators and smaller appliances like coffee makers and blenders make up a big chunk of e-waste. And in fact, the number of small appliances that we Americans toss in the trash quadrupled between 1990 and 2018, according to the Environmental Protection Agency. Less than 6% is recycled.
Sean Pyles: Yikes. This makes me think about how, like many financial decisions, there’s so much more than the dollars and cents to consider when you’re trying to figure out what to do with an appliance. I’m a big advocate of repairing your belongings if you can, even things like clothes and shoes. There’s also a right to repair movement that’s trying to encourage manufacturers to make it easier for us to fix our own products.
Liz Weston: Yes. I just had this whole saga trying to get a vacuum cleaner repaired that convinced me first, I’m never going to buy this brand again because they make their units incredibly hard to fix. And second, I should always talk to a repair person about what brand to buy next because the repair folks at the vacuum shop know what’s well-made and what’s not and which products the manufacturers make impossible to repair. So asking them what they recommend and what they have in their own homes really will help guide me for my next purchase. And by the way, some repair shops will take your old appliances and rehabilitate them for sale or at least use the parts to fix other units. So that’s another option when you’re replacing an old appliance.
Sean Pyles: Oh, good to know. OK, so I want to talk about another type of machine — one that just about every person has, whether they’re a homeowner or not — an electronic that many of us, myself included, seem helplessly addicted to, and I’m of course talking about our phones and tablets and computers for that matter. For so many years, many of us have been duped into the annual or biannual upgrade of these devices, and this is wild to me considering the price tag. Like if you replaced your washing machine every year because a new model came out that had shinier buttons or something, people would look at you like you had a screw loose. And yes, that is an appliance pun.
Liz Weston: Good one. OK. Well, Sean, what do you suggest people do?
Sean Pyles: Well, my motto for my phone at least is if it ain’t broke, don’t replace it. And if it is broke, try to fix it first. Here’s how I approach that in practice. First I get AppleCare for my phone, because I am an Apple fanboy unfortunately, and that lasts two years. Something usually happens to my phone around the two-year mark, so I do try to get it replaced with a new one before my AppleCare is up. I did that last year and I was able to get a new phone for no additional charge beyond what I had already paid for my AppleCare.
Liz Weston: Oh, nice.
Sean Pyles: Yeah, it worked out pretty well for me. But now that I’m living in the wild and dangerous world of not having a warranty, I have a solid case on my phone and I may be less reckless with my phone than I was when I had a warranty, which means I’m no longer texting in the shower.
Liz Weston: OK. But what about when something does go wrong with your phone, are you going to try to swap it out or try to repair it?
Sean Pyles: It depends on the issue. If it’s something like a battery going kaput, I can get that replaced for under $100 by Apple, and that is a heck of a lot less expensive than a new phone. But if something more catastrophic happens, like it falls out of my pocket and is run over by a bus, I will probably replace it.
Liz Weston: Just as an aside here, so it used to be you couldn’t replace the battery, so you can now?
Sean Pyles: You can have your phone serviced by Apple and they will swap it out for you. Although that actually brings up a good point. There is a new program from Apple that allows you to do self-service, but it’s in its early stages right now, and also repairing your own phone isn’t very easy, I’ll say, from experience. Years ago I had an old iPhone 4 that had a very shattered screen, and I tried to replace that screen myself. I ended up doing it, but when everything was assembled again, I found myself with about five extra screws that I had no idea where they went to. So yeah, next time my phone breaks, I will bring it into professionals.
Liz Weston: That’s a good idea.
Sean Pyles: Well, I’m always curious to hear how others approach this, whether to repair or replace devices from phones to dishwashers. Listener, if you have any strong feelings about this, let me know. Text me or leave a voicemail on the Nerd hotline at 901-730-6373 or email me at [email protected]. And that wraps up our This Week in Your Money segment. Today’s money question is up next, stay with us.
This episode, I’m talking with a listener, Jenna, who’s 29 and lives in St. Louis, Missouri. She has some questions about her financial anxieties and how to shake them. Jenna, welcome to Smart Money.
Jenna: Hi, Sean. So nice to be here.
Sean Pyles: It’s great to have you on. To start, I’d love if you could describe your financial situation in general right now.
Jenna: Sure. My husband and I recently moved to St. Louis last year. Before that and during the pandemic he was in law school, and so we were on one income going through law school during an uncertain time. And so he graduated. We moved, and now we have two incomes, no children, renting in St. Louis and trying to figure out what our financial lives look like with both of us working. We obviously have some financial goals to fulfill over the next couple of years, but the markets are a little bit uncertain right now, so we’re trying to navigate a balance of spending and enjoying being in a city and being young, but also saving for those larger ticket items down the road.
Sean Pyles: Got it. How long have you now had two incomes in your household?
Jenna: Oh, since August of 2022, so less than a year.
Sean Pyles: And how do you feel like that changed the way you’re managing your household finances on a monthly or even daily basis?
Jenna: For me, I think I had this idea that we would live on one income and completely save the other one, and my husband looked at me like I was crazy. And so I think for me, it’s been an exercise in releasing the control that I held on to so tightly for so many years and trying to maybe look at a larger apartment or go to a concert that maybe we wouldn’t have previously, and just try to enjoy some of the entertainment aspects that we’ve been cutting back so much on over the past couple of years. We want to enjoy our 20s and our 30s and being in a fun city, we can do that now. And so he’s been really good about being the other side of the coin, where I am the aggressive saver and calculate all of the things about retirement and down payments for a house, and he’s more of let’s try to enjoy it. Money is not only something to control, but it’s something to use as a tool, and so I’m trying to get more into that mindset.
Sean Pyles: Yeah. Well, one thing I’m hearing is that it seems like you and your partner have a really well-balanced dynamic and that you have an ongoing dialogue about your money, and I do love to hear that. I feel like you kind of need a little bit of both in a relationship. Like in my relationship with my partner Garrett, I would say I’m maybe a little more of the spender, willing to buy some new clothes, willing to go on a maybe more expensive vacation. And Garrett is saying, “Hey, we really need to save for this specific goal. Maybe we don’t need to eat out tonight.” And I’m like, “OK, that’s a fair point.” But I think it’s nice to have that back and forth. But I want to go back to a word you’ve mentioned a couple times now, which is “control.” In your original question to us, you mentioned that you have some financial anxiety that is tied to the way you control your finances. Can you talk about that a little bit?
Jenna: Sure. I think also something that I’m learning is how people grow up affects how they handle money maybe when they’re older. Growing up, I am from a rural town in Missouri, part of a blue-collar single-parent household and money was something that was not abundant, so to speak, and we were very conscious about how we spent it. And so growing up, I was rewarded for being able to be frugal and think through financial decisions strategically and have a level head about it. And it was always something that I thought I was being very, I guess, logical about, and I wasn’t using emotions at all. Turns out I was absolutely using my emotions. They were just emotions of control and anxiety of what happens if something out of my control happens and I don’t have the resources to do it.
So now whenever we have funds to do something with, I always want to control it to try to see what I can do with it, see what’s the most I can stretch it, and how I can utilize it to the best of my ability and be very resourceful. So it’s been something that I’ve been trying to work on because it’s not something that I want to continue by any means. But I think also you look at the news, is a recession happening, is it not happening? The housing market is a little bit crazy. And so in my mind, what I always seem to default to is if I can control something, then things are going to be OK, but that’s not always necessarily the case.
Sean Pyles: It’s great that it sounds like you’re giving every dollar of yours a job. That’s something we talk about a lot on Smart Money, and that can be a really empowering way to manage your finances. But you at the same time maybe don’t want your sense of control coming from a place of fear and maybe a fear stemming from a financial context in which you no longer live. When you were younger and money was tight, even going back to a year ago when you were living off of a single income, maybe that mindset was a right one. Things were tight, you wanted to save more money, you didn’t have a lot coming in. The world is precarious and scary. So I think you aren’t unjustified in a lot of those feelings because the idea of control is in some sense an illusion. We can do everything right, but no one really knows what the future holds.
So for me, the way I try to find a balance between those things, because I have similar fears sometimes, is that I like to focus on improving the conditions that I can control, like saving aggressively and limiting my spending. And I think that might be a way where you can try to exert an appropriate amount of control, but still find ways to enjoy what you have earned because you are working hard for the money, you’re spending your life earning this money, you need to then turn around and find ways to have it enrich your life, right?
Jenna: Exactly. And that’s something that my partner talks about constantly as well, is yeah, money is a tool, like I mentioned, and I don’t want to squirrel away money for retirement, as an example, and get to my 60s and not be able to do the fun things that I could have done in my 20s if I had just loosened up a little bit. So it is a balance, and it’s just been 20 years of this mindset, and so it’s definitely going to take a couple of years or so to try to find a middle ground. I don’t think it would be healthy for me to swing all the way on the other side of the pendulum and be a big spender, but also there is a balance to strike with this for sure.
Sean Pyles: Yeah, of course, to your point, you’re not going to totally change and rewrite the script of 20 years of viewing and interacting with money overnight. But it is important to think about how you can adjust your habits and financial outlook to get to a point where you feel better about the way you’re viewing money and interacting with it. And one of the best ways to adjust your money mindset is just to get super clear about those patterns and behaviors that you do want to change. So you can think about what those are for you and write them down, and then try to be really intentional in your day-to-day life and be aware of when you are feeling those feelings that you don’t like and doing those things that you want to change. And that can be difficult to do in the beginning, but it’s a really useful skill to break entrenched habits that you’ve established over 20 years.
And so when you do find yourself acting or thinking in a way that you don’t want, grasp that moment and think about that feeling in a full-body way. Think about the sensations that you have when you’re feeling anxious about money or you are putting something back on the shelf because you’re feeling hesitant about buying it. What is that for you? Being able to diagnose those feelings can be a good step toward recognizing them coming on and then changing the script in that moment. And maybe you are buying whatever it might be or you’re going to that concert and you’re able to enjoy the money that you’re earning a little bit more.
Jenna: That’s so funny that you say putting something back on the shelf that I initially grabbed. That happened over the weekend and my husband made me get the thing that I —
Sean Pyles: Oh, yeah.
Jenna: Yeah, I have curly hair, it was this very fancy, special curly mousse, and it was three times the amount that I would normally spend, and my husband made me get it. He’s like, “You’re getting this. I know you want it. It’s happening.” And it was great. So I think having people around you that can check you, and I’m obviously in a committed relationship, we share accounts, but sometimes friends don’t want to talk about money, but I think having someone be a little bit accountable to you to help you figure it out and guide you along that path is really helpful because it’s almost subconscious.
Sean Pyles: That’s so interesting. It seems like you have a really supporting partner that just knows you so well. So I love that for you. And this also is bringing to mind for me, ideas around lifestyle creep, and sometimes it’s framed as a really negative thing. Like, oh, you’re spending beyond your means because you have a higher salary. In this case, it seems like you could maybe afford to have a little bit more lifestyle creep. When I first got a pretty sizable raise earlier on in my career and I realized, “Hey, I’m tired of buying these $20 T-shirts at these fast fashion stores that disintegrate in a year or two.” I would rather invest in something that is higher quality and will last me longer, and that I really appreciate, even if it was twice the amount of what I typically felt comfortable spending money on.
Jenna: Yeah, I’m glad you brought that up as well, because I was listening to a financial podcast over the summer and they talked about lifestyle creep, and the host mentioned something about, I don’t want to live like I lived in college. I don’t want to live in a one-bedroom apartment —
Sean Pyles: You’re an adult.
Jenna: — next to the train tracks. Yes, I’m an adult, I make adult money, I have adult benefits. I should be able to discern what is the most important and where my priorities are and adjust accordingly at different stages of life. And so I think for people who may have control or anxiety, it just may take longer to balance that out and adjust that out over time. Whereas my husband was not concerned at all about lifestyle creep. If anything, he thought of it as a good thing and I’m still adjusting to it. So yeah, I agree, I think lifestyle creep has a bad rap, but in some ways it is necessary for mental health, for stability. So you know that you worked hard for a raise or you worked hard to change jobs, and we worked hard to get him through school and this is the final destination or the reward of all that hard work.
Sean Pyles: And it’s a day-to-day way where you can embody the idea of living for today while planning for tomorrow. Yes, you are putting away money for retirement. Yes, you have a savings account that you’re contributing to, but what are those things that you’re going to appreciate over the weekend? Are you going to go out to that nice brunch? Are you going to have a good date with your partner? What are those few things that you are just going to say, “This is for me, I’m enriching my life with the money that I earn.” And one thing that you and I talked a little bit about before was that you’re interested in getting a hobby that you could spend some money on. Can you talk about what that might be and how you are maybe working that into your budget?
Jenna: I think growing up, I didn’t really have many hobbies, and if I did have hobbies, they were pretty low cost, like something I could get at the library or something my friend was doing that I tagged along with. So I didn’t really have my own hobbies, which sounds crazy, and I want my own and I want to be able to formulate those. And so yeah, this summer I’ve gotten really into gardening. So I bought the nicest tomato cages I’ve ever seen in my life, which —
Sean Pyles: Some of them can be very beautiful.
Jenna: Yes.
Sean Pyles: I am a gardener, as you maybe know, listening to the podcast. So I also know there’s a lot of money that can be spent on gardening gear.
Jenna: Yes, the nice pots, the extra nice soil to make sure my tomatoes grow well because they’re a little needy and all those things. And I went to a local garden shop, paid for tomatoes that were a little bit more than what they would’ve been at maybe a larger box store. So I felt good about giving back to my local community. And so that’s something as well, whatever hobbies that I end up doing, I want to be sure that they’re rooted in supporting local businesses. I want to make sure I know where my money is going and supporting the families in my community. So that’s been something that’s been interesting and it’s paid off. My garden is doing really well, and so I think I found my new thing.
And so I typically try to have a summer hobby and a winter hobby, and I think my winter hobby, I might get into baking, and that can really go down a rabbit hole with what you can spend on baking, I’ve already learned. So it’s really good, it’s really healthy, and I’ve noticed it impacts other areas of my life. I mean, I can maybe have a stressful day at work, go out and garden for 30 minutes, so it’s worth it. And it’s taken me a while to understand why and how it’s worth it, but ultimately I think I needed to prove to myself that it’s worth it, otherwise I would’ve just kept doing, I don’t know what I was doing before, not hobbies. I guess I was reading and maybe watching TV.
Sean Pyles: Hearing you say that it’s worth it really makes me feel good, because it’s so true. When you find something that you really care about, you want to spend your time doing, whether it’s learning a skill like gardening or baking, and you begin to see yourself bear the literal fruits of it, in the case of gardening. You realize how much bigger it can make your life, that you have these different interests that are allowing you to connect with your community, to create things that you can share with your loved ones, in the case of gardening.
So that’s just fantastic to hear, but both of those hobbies can get really expensive. And I’m wondering if you’ve thought about how you are pacing purchases like this because with some things like gardening, yes, you want those tomato cages, yes, you want to get the really good soil, but there are some things that you can maybe actually get for cheaper at a used hardware store, like hoses, for example. Those things get dirty immediately and it’s pretty easy to find a cheap one elsewhere. So how have you thought about being frugal when it comes to approaching your hobbies?
Jenna: So I bought this very, very nice soil at the gardening store, and turns out my local parks and rec department has a compost pile right next to my local gym that I had no idea about. And so going forward, I’ll definitely be utilizing that. It’s free to the public, which is a wonderful service. And so utilizing that going forward, but also I think I might try to harvest the seeds from my tomato plants and reuse them next year, instead of buying plants that are already started and maybe try to do seedlings, starting in maybe, I don’t know, March or February. That’s a whole different ballgame. I didn’t feel confident enough in my gardening skills this year to try that, but maybe this year it could work.
Sean Pyles: That’s great. Well, I want to zoom out a little bit and talk about some of your longer-term financial goals and how you can maybe take steps now to work toward them, even if that means maybe allocating more money from your paycheck to a savings bucket than you would maybe previously have felt comfortable doing. So you’ve mentioned that you are interested in buying a house. Are you and your partner currently saving for a down payment right now?
Jenna: Yes. Yeah, very aggressively as well. But the housing market is still very active and doesn’t seem to be slowing down, so we are probably going to be saving longer than what we anticipated. We’re trying to buy a house right now; it’s not going very well, if I’m being candid with you.
Sean Pyles: It’s hard.
Jenna: Yeah, we’re looking at maybe trying next year or even the year after. There are worse things in the world than renting for a few more years than what you anticipated. So with that, maybe we were saving very aggressively for that and we will still continue to save, but I’ve thought about to maybe allocate towards a nice vacation or a place we’ve never been before, and just try to enjoy life in the meantime because the time will pass anyway, so I want to make memories while we still can. A year ago, I would have thought that’s crazy, we need to save as much as possible for it. But I think our experience with the current housing market is like, well, sometimes it’s very much outside of your control, and that’s OK. Instead, we’ve looked at a couple of places to go next spring or so and try to utilize some of those funds instead of just for the house.
Sean Pyles: Yeah, I think that’s great. Have you looked into any sort of first-time home buyer programs in your state? Because each state has their own programs.
Jenna: We have, and we don’t qualify. In Missouri, they’re very income-based and we are very fortunate in some ways we don’t qualify for them, which is totally understandable. Those should go to people who need them the most.
Sean Pyles: So, Jenna, can you also talk with me about your current savings and debt situation right now?
Jenna: Yeah, so my husband was very fortunate to graduate without any student loan debt. So we don’t have any debt to speak of, either consumer wise or education wise. And so we’re able to save pretty aggressively for the things that we kind of pushed off while he was in school. So that could be anything from a new car to his retirement accounts, a house down payment and all those things. So we understand that we are in a very fortunate position to be able to do those things at our age. A lot of our friends aren’t in that position, so we don’t take that for granted. And with that, I mean, we are a little behind, I guess, technically, because he was in school for so many years, and so in some ways we are trying to play catch up, but that is easier to do without any debt.
Sean Pyles: Yeah, I would say being behind or ahead is an illusion in some ways.
Jenna: Fair enough.
Sean Pyles: You’re just where you are and that’s fine.
Jenna: Yes.
Sean Pyles: Everyone has their own pace; that’s how I think about these things. But I have another question for you around your savings, since you mentioned that you are able to save. How do you approach savings accounts? Do you have a high-yield savings account? Do you have savings buckets like we talk about a lot on the podcast? What do you and your husband do there?
Jenna: Yeah, it depends on the term of the savings that we’re trying to reach, I guess. So for shorter term, like a car, for instance — we’re trying to buy a new car for him — we have a shorter-term savings account that’s just at our bank, and so we’re hoping to buy a car in the next two months here. But for longer-term things like a house down payment, we are in a high-yield savings account. So it depends on the item, and also we want to possibly take a trip to Europe in the next five years, so that’s a longer-term thing, obviously, and that’s also in a high-yield savings account.
Sean Pyles: OK, great. We stress these accounts a lot because especially right now, the yields are so fantastic that if you have money in them, it’s really working for you in a way that if it’s sitting in a more traditional non-high-yield savings account, it just wouldn’t be doing as much for you.
Jenna: A quick question on that. So are high-yield savings accounts recommended regardless of the time frame that you have to save or does it matter?
Sean Pyles: It’s a personal preference, but I use high-yield savings accounts for everything, even regular pots of money that I have to pay my credit card balance monthly. And with student loan payments resuming, I recently opened up a new high-yield savings account, so I have my money for my monthly amount that I’m paying for my student loans dedicated into that fund. So for me, it helps me break out the way I have different pots of money allocated, those savings buckets that we discuss a lot. So you can do it for a short-term goal, it is earning you more on a regular basis than a traditional savings account would. I don’t see much of a downside of having any savings at all in a high-yield savings account because it can be pretty accessible in a pinch.
Jenna: OK. That’s good to know. I think I had just assumed that that was for kind of a longer-term savings goal, but it seems advantageous regardless of what the savings goal is, short term or long term.
Sean Pyles: Yeah, I mean otherwise you could just be leaving money on the table, and I always advise people against that.
Jenna: Yeah, exactly.
Sean Pyles: OK, great. Well, Jenna, now that we’ve talked about a few ways that you’re thinking about changing your money habits and your mindset, and will be working toward your longer-term and even shorter-term financial goals, do you have any thoughts around how you might work to lessen some of the financial anxiety that you feel and really enjoy your financial success?
Jenna: Oh, that’s a great question. I think continuing to invest in things that matter to me, whether that is gardening or maybe giving to organizations that I feel passionately about or know what I’m working towards when I’m working towards a goal at work. Great that I’m getting possibly a raise, but is that raise just going to maybe invite me to be more stringent with my money, or is that going to be a raise that I can utilize to do something for myself or for my community? So I think changing the mindset that I have about money, again, into it being more of a tool or something that I can utilize to make my life maybe a little bit easier, more enjoyable, and enjoy the people around me, versus something that I feel like is scarce, that I’m fearful about it.
I think it might help for me to maybe not check the news so much. I can’t control the federal interest rates or what the Fed does at all really, and no one really knows what’s going to happen in the future. And so I try to be informed about what’s happening in the world, but sometimes you can be a little bit too informed to where that causes you to overthink and have anxiety about things that you cannot control or maybe don’t even impact you.
Sean Pyles: Yeah, you have to know when you need to step away and maybe go tend to your garden and touch some grass, as the kids say.
Jenna: Right, exactly. So it’s twofold, I think changing my mindset into where money is a tool more than something to control, and maybe not look at the news so much. So we’ll see where that goes; I might delete some apps off my phone.
Sean Pyles: I think that’s a good piece of advice for everyone, regardless of your financial situation. But I’d love to hear about how intentional you’re being around your mindset and your habits, whether it’s for news consumption or for managing your finances, because those two things are so interlinked. When you are trying to establish a new habit, whether it’s being able to enjoy your money more or saving more money, you need to think about the way that you’re going to get there psychologically. What is it going to take you to overcome any sort of hurdles that you have? And then what are the actual physical day-to-day tasks that will allow you to bring that goal to life? And then once you start building on that, whether it’s saving more or enjoying your money more, it just becomes easier to do overall. And you’ll be surprised how far you can come just by regularly working on these things. Well, Jenna, thank you so much for talking with me.
Jenna: Yeah, thank you, Sean. I listen to the podcast regularly and I always find something to take away from it, so I’m just happy to be a part of it.
Sean Pyles: Well, that makes me really happy to hear, and please keep us posted on how things go for you and your husband.
Jenna: I will, yeah. Thank you so much.
Sean Pyles: And that’s all we have for this episode. If you have a money question of your own, turn to the Nerds and call or text us your questions at 901-730-6373, that’s 901-730-NERD. You can also email us at [email protected]. Visit nerdwallet.com/podcast for more info on this episode. And remember to follow, rate and review us wherever you’re getting this podcast.
This episode was produced by Liz Weston and myself, with help from Tess Vigeland. Kevin Tidmarsh and Kaely Monahan mixed our audio. And a big thank you to the folks on the NerdWallet copy desk for all their help.
Here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances. And with that said, until next time, turn to the Nerds.