Mortgage rates edged further toward 7%, rising for the fifth consecutive week, as the Federal Reserve suggests rate increases will continue amid stubborn inflation.
The 30-year fixed-rate mortgage averaged 6.73%in the week ending March 9, up from 6.65% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 3.85%.
After hitting a 2022 high of 7.08% in November, rates had been trending down. However, they started climbing again in February, rising half a percentage point over the past month. Robust economic data continues to suggest the Federal Reserve is not done in its battle to cool the US economy and will likely continue hiking its benchmark lending rate.
“Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” said Sam Khater, Freddie Mac’s chief economist. “Overall, consumers are spending in sectors that are not interest rate-sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.”
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
Fed signals it will continue with rate hikes
Coming into 2023, inflation seemed to be cooling. But strong employment numbers and a rising Consumer Price Index revealed inflation remains stubbornly high.
In testimony to Congress on Tuesday, Federal Reserve Chairman Jerome Powell said the central bank will likely raise interest rates higher than previously forecast to fight inflation.
“While last month Fed officials said that a smaller increase in the federal funds rate would help create a soft landing for the economy, Powell’s testimony on Tuesday made it clear that the central bank is prepared to return to a faster pace of rate increases if the incoming February economic indicators remain strong,” said Jiayi Xu, an economist at Realtor.com.
This suggests that investors were not fully prepared and are anxious about the Fed’s upcoming actions, she said.
The Fed’s next rate-setting meeting is scheduled for March 21-22, where a half-point rate hike is now back on the table.
“Uncertainty about how high rates will go and how long they will remain elevated makes it challenging for investors to make well-informed decisions,” Xu said. “Therefore, it’s crucial to keep a close eye on the latest developments from the Federal Reserve.”
The Fed does not set the interest rates that borrowers pay on mortgages directly, but its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasury bonds, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.
Housing market chilled
Rising mortgage rates have put a damper on the spring selling season.
While applications for a mortgage rose slightly last week after three weeks of declines, according to the Mortgage Bankers Association, activity is muted.
“Even with this jump in activity, both purchase and refinance applications remain well below year-ago levels when rates were much lower,” said Bob Broeksmit, MBA president and CEO. “The recent increase in mortgage rates, right at the start of the busy spring buying season, could cause prospective buyers to delay decisions until rates moderate.”
Home buyer sentiment returned to record lows in February, according to a survey from Fannie Mae. After three consecutive months of improvement, sentiment dropped, returning the index closer to its all-time survey low set last October. The most notable drops in sentiment were in those associated with job security and home-selling conditions.
“While the current housing market may not look promising for sellers due to factors such as an increasing number of unsold homes, longer time on market, and decelerating price growth driven by high mortgage rates, there are still opportunities to be found,” said Xu.
For example, Xu said, recent sales data show that the share of first-time homebuyers is up compared to one year ago.
“As a result, sellers with starter homes may see robust demand and retain some bargaining power,” she said.
In addition, she said, the lasting presence of hybrid working models offer home buyers more flexibility in where they choose to live. Rather than competing for a home in denser, more central areas, some buyers will move further away from work if they aren’t commuting every day.
“This trend could make homes with easy access to public transportation systems more attractive to home buyers which, in turn, enhances bargaining power for the sellers,” Xu said.
For sellers who are also buyers, she said, “it is important to note that they can still leverage their record-high equity, even if they have to adjust their expectations to lower asking prices.”
Nobody ever said finding “the one” was easy. It takes some time, a great deal of persistence, and definitely the commitment to make your way through a few bad eggs before finding one with potential.
The same is true for finding your ideal apartment– it really does take the same amount of dedication. However, in the same way that it’s hard to know if you’ve landed a guy or gal you could commit to, it’s also tough to know while apartment searching when you’ve found the place you want to snatch up.
Every place is going to have its advantages and disadvantages. So, to give you a little assistance on your apartment quest, here’s how to know you’ve found the one:
You Like Your Landlord (and Your Lease)
It’s important to enter into a lease confident in your landlord’s expectations and dependability. You don’t want to get stuck with no heat mid-December, only to find out you have a landlord who’s no help at all.
When talking (whether in person or over email or phone) to potential landlords or building managers, pay attention to how they answer your questions or concerns and how quickly they respond. Find someone who you like and feel you can trust.
Also, be sure the terms of your lease are OK. If no utilities are included and the rent is already on the high end of your budget or there are strict lease terms you can’t really agree to, the situation may not be the right fit for you.
It’s Well-Maintained
No renter should have to live in a place that’s constantly in need of repairs, small or large. During your apartment search, observe the overall condition of the building and the apartment, including its floors and walls.
Then, inspect appliances, heating and cooling systems (if applicable), and faucets and fixtures in the kitchen and bathroom to make sure everything is in good working order. Don’t feel bad about taking the time to do this– as they say, it’s better to be safe than sorry.
Your Location is Ideal
You should have done ample research on the best neighborhoods for you before beginning your apartment search. If not, consider whether the locations of the apartments you’re viewing are a good fit for you.
Is the neighborhood safe? Is the commute to school or work reasonable? Is the area easily accessible by public transportation or is there parking nearby? Are all of your everyday necessities in the vicinity (i.e., a grocery store, coffee shop, pet store, etc.)?
The Price is Right
It’s always best to go into apartment hunting with an ideal budget in mind, but you should nail down a maximum price you’re willing to stretch to in case you aren’t finding anything within your optimal price range.
Your apartment may be “the one” if it’s a little over what you’d like to spend but makes up for that with amenities and location. Perhaps, for example, an apartment with a nice workout facility is more expensive, but then you could also cancel your gym membership to offset that added cost.
However, that doesn’t mean you should go over what you can reasonably pay per month.
It Has Your Non-Negotiable Amenities
Personally, I can’t live in an apartment without a dishwasher. In my experience, that will result in a sink constantly full of dirty dishes and an overextended food budget. Why? Because I’d rather buy food than clean my dishes and make meals at home.
Decide what your non-negotiable amenities are before apartment searching. Your ideal apartment should have as many of these as possible.
It’s the Right Fit for Your Furry Friend
Do you have a pet? Or are you considering getting one in the near future? Then the apartment has to be the right fit for your furry friend too. You wouldn’t marry someone your kids (assuming you have them) didn’t like, would you?
In any case, look for a place that has the right setup, amenities and location for your pets, and make sure the added deposits, fees and monthly rent will still keep the place within your budget. If you’re wondering how to know if a place is good for animals, look for other signs of dogs or cats in the building, like an outdoor doggie play area or a jar of treats at the front desk.
Keep in mind that it’s rare to find a “perfect” apartment. Much like finding the man or woman who is “the one” for you (you know, if you believe in that sort of thing), finding the right apartment may mean having to make a few compromises. While you shouldn’t settle for something that truly isn’t a good fit, give yourself a little wiggle room in all of these categories and look for a place that meets your most important criteria.
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.
Yep, you are reading this because you need an extra $300 ASAP.
In this post, you will learn the exact ways I have made 300 dollars fast or other methods that I truly know that work. Around here at Money Bliss, we research everything! That way we know you can put in the hustle and make it happen, too!
But with so many ways of making money on the internet these days, which one is best for your situation?
Hey, do you ever wonder how some people seem to make money the way they do?
It’s not by getting lucky–you’ve got to be smart about it.
I’ve looked at different options and ranked them from my favorite method all the way down to what I think is least desirable in terms of time investment and return.
Let’s get started…
How can I make $300 right now?
There are multiple ways to make $300 in a day.
You have to decide what works best for you! Preferably it would be a way that you naturally find enjoyment.
Even better, if you find a way to make 300 dollars fast that you can do repeatedly – that is called passive income.
What are ways to make money fast?
With so many ways to make money, sometimes figuring out what you should do can be a little overwhelming.
There are plenty of ways to make money fast.
You have to decide what you want to do.
35 Specific Ways on How to Make 300 Dollars Fast
Let us break it down for you with some of the most common and well-known methods of earning money.
For each way to earn 300 dollars in 24 hours, we will provide tips on how you could go about doing it.
1. Get a part-time job
One way is to get a part-time job.
You can look online or walk around any business for job postings.
Right now, there are SO MANY places that are DESPERATE for workers! You can easily find a part-time job making $15 an hour to $20 an hour.
2. Do a No-Spend Challenge – Budget to Find $300
A no-spend challenge is a great way to save money fast. I guarantee you can find $300 from your spending.
During a no-spend challenge, you commit to not spending any money on non-essential items for a set period of time. This can be anything from a week to a month.
There are a few different ways you can approach a no-spend challenge. One option is to cut out all non-essential spending for the duration of the challenge. This includes things like eating out, entertainment and shopping for new clothes. Another option is to allow yourself a set amount of money to spend each day during the challenge. This could be $10 per day or $50 per week.
No matter which approach you take, a no-spend challenge can help you save money fast. It’s also a great way to get creative and find new ways to have fun without spending money.
3. Open A New Bank Account & Get a Cash Bonus (Yes, get 300 dollars free)
A simple way to make money fast is by opening a new bank account. In fact, I just did this and received $300!
One way is to sign up for a new account and receive a sign-up bonus. Many banks offer these bonuses, which can range from $25 to $500, just for opening an account and meeting certain requirements. For example, you may need to deposit a certain amount of money within the first month or maintain a minimum balance.
Another way to make money fast with a new bank account is to take advantage of interest rates. Many banks offer higher interest rates for new customers, so you can earn more on your deposited funds.
Finally, some banks offer cashback or reward programs when you use your debit card or credit card for certain purchases. For example, you may get cash back when you use your debit card at grocery stores or gas stations.
4. Hop on TaskRabbit
TaskRabbit is a great way to make some quick money in one day. You can sign up to be a Tasker and choose from a variety of tasks that need to be completed in your area. Once you complete the task, you’ll get paid.
TaskRabbit is great for people who are looking for extra income and don’t mind doing odd jobs. Some of the tasks you can do on TaskRabbit include:
Cleaning
Yard work
Furniture assembly
Grocery shopping
To become a Tasker, you’ll need to create an account and fill out your profile. Once your profile is complete, you can start applying for tasks. Once you’re approved for a task, you’ll need to complete it and submit proof of completion in order to get paid.
5. Sell items you no longer need for quick cash
There are a few things you can do to make some quick cash if you find yourself in a bind and selling items that you no longer need ranks at the top.
This could include clothes, furniture, electronics, or anything else that you have around the house that you don’t need.
You can list these items for sale on websites like Craigslist, Nextdoor, or Facebook Marketplace.
6. Join an in-person or online focus group
Focus groups are a great way to make some extra money fast. You can join a face-to-face focus group or an online focus group. Online focus groups are usually conducted via Skype or a similar video conferencing platform.
In a focus group, you will be asked to provide your opinions on various topics, products, or services.
The company conducting the focus group will use your feedback to improve its offerings. Focus groups usually last for 1-2 hours, and you will be compensated for your time with cash or gift cards.
Typically, I have made $50-300 for each focus group I completed. The exact amount will depend on the company conducting the research and the topic of the focus group. Learn more.
7. Move to freelance work
The best way to make money fast is to find a need that you can fill and then fill it. For example, if you’re good at writing, you could start offering content writing services. If you’re good at design, you could start offering design services. There are always businesses and individuals who need help with things like this, so if you can provide it, you’ll be able to make money quick.
There are a few different ways to offer freelance services. You can offer your services through a freelancing platform like Fiverr, or you can reach out to businesses directly and offer your services. You can also set up a website and promote your services through that.
Of course, the amount of money you can make will vary depending on the quality of your work and the size of the projects you’re working on. But if you’re able to deliver high-quality work quickly, you should be able to make decent money doing freelance work.
Also, this is a great way to start building consistent income from work from home jobs without investment.
8. Advertise On Your Car As Easy Ways to Make Money
There are a few companies that will pay you to advertise on your car. You can usually sign up for a short-term contract and get paid per month, or sometimes per week or day.
This can be a great way to make some quick cash if you have a car that you don’t mind driving around with ads on it.
Here are a few companies that offer this service:
To sign up, you’ll need to provide some basic information about yourself and your car, and then you’ll be able to browse the available campaigns and choose the ones you want to participate in. Once you’ve been approved for a campaign, the company will send you the materials you need to apply the wrap to your car, and then you’ll be on your way!
Double bonus if you do this while driving for Uber or Lyft!
9. Become A Virtual Assistant:
There are many ways to make money fast, but becoming a virtual assistant is one of the most viable options.
Virtual assistants provide administrative, secretarial, and clerical support to clients from a home office. They can perform tasks such as scheduling appointments, handling customer inquiries, managing social media accounts, and more.
To be a successful virtual assistant, you will need to have strong organizational and time management skills. You will also need to be comfortable using computers and various software programs. Additionally, it is important to be able to communicate effectively with clients via email and phone.
If you have the necessary skills and qualifications, becoming a virtual assistant can be a great way to earn money fast. Check out this free virtual assistant training!
10. Clean Houses
Cleaning houses is a profitable business and most people charge from $35 dollars to $45 an hour, so you can quickly make $300 by cleaning houses. You could start by advertising your services on platforms like Craigslist orNextdoor.
Once you get a few clients, you could start a Facebook group or Instagram account to showcase your work and attract more customers.
You could also look into joining a local house cleaning company as an independent contractor. This would give you the benefit of having a regular income, while still being able to set your own hours and work as much or as little as you want.
10. Give Blood OR Sell Plasma:
There are a few ways to make money fast, and giving blood or plasma is one of them – especially if you live in a college town.
You can usually make around $50-75 for giving blood or plasma. Also, many centers offer first time donors a big bonus!
The process takes around an hour, and you can usually donate once a week.
11. Do Grocery Shopping With Instacart:
Instacart allows people to shop for groceries and other items from the comfort of their own homes. As a shopper, you would be able to set your own hours and work as much or as little as you want.
For someone who loves shopping, this is perfect because you are not spending your own money!
You would also be able to earn tips from satisfied customers. If you are looking for a flexible way to make money, then becoming a shopper with Instacart could be a good option for you.
12. Test Websites for UI/UX
Testing websites for UI/UX is a great way to make money fast. Here are a few things to keep in mind when testing websites:
Make sure the website is easy to navigate
Check for broken links
Test the forms and checkout process
Provide feedback on the overall design and user experience
Companies want their online experience to be great, so this is a top gig.
13. Tutor Online
There are a few different ways you can tutor online, and each has its own benefits. You can use a platform like Chegg or Wyzant to connect with students who need help in your area of expertise. If you’re more of a self-starter, you can also look for online tutoring gigs on Upwork or Fiverr.
Benefits of tutoring online include:
You can work from anywhere with an internet connection
You can set your own hours
Tutoring is a great way to make $30 an hour
If you’re looking for ways to make money fast, tutoring online is a great option. You can work from anywhere in the world, and set your own hours so that you can fit tutoring into your busy schedule. Plus, tutoring is a great way to make extra money.
14. Writing Skill? Become a Freelance Writer
Also, making money is becoming a freelance writer. There are many websites and online publications that are always looking for new content, and a freelance writer can easily provide this. In addition, a freelance writer can often command a higher rate than other types of writers because of the specialized nature of their work.
Another way to make money fast as a freelance writer is to offer services such as ghostwriting or editing. This can be especially helpful for businesses or individuals who need assistance with their writing but do not have the time or resources to do it themselves. By offering these services, you can still earn a decent living while helping others improve their own writing skills.
Check out this course on how to Earn Money while Writing.
15. Manage Social Media Accounts to Make $300 a Day
There are a few different ways you can make money by managing social media accounts. You can offer your services to businesses or individuals who need help with their social media presence. Here are a few ideas:
Offer to help businesses with their social media strategy. This can include creating and scheduling posts, engaging with followers, and monitoring analytics.
Offer to manage an individual’s personal social media accounts. This can include anything from posting updates to responding to comments and messages.
Start your own social media management company. This will require more work upfront, but you can potentially earn a lot more money in the long run.
If you’re looking to make some quick cash, managing social media accounts is a great option. With a little effort, you can easily make $300 or more per day!
16. Become An Uber Or Lyft Driver:
If you’re looking to make some quick cash, becoming an Uber or Lyft driver might be a good option. This past weekend, we met a driver who would not tell me the exact amount he makes, but it was hovering six figures.
You can work on your own schedule and earn money by picking up passengers and taking them to their destination. Plus, you can get paid even more if you’re willing to pick up additional passengers or drive during peak hours.
Key Tip… Learn the routes and areas in which you are more likely to make more money. This may mean driving outside your hometown.
17. Ask for Extra Hours
A simple way to make $300 fast is to ask for extra hours at work. If you’re able to put in the extra work, you’ll likely see a boost in your paycheck.
This can be a great way to make some quick cash if you’re in need.
Many employers will be happy to pay overtime hours or just under the requirements of a full-time position.
18. Rent Your Car
Have you ever thought about renting your car out?
You can do this by signing up with a car rental service like Turo or Getaround. Once you’re approved, you can start renting out your car for quick cash.
Typically, you can earn around $30/hour for each rental, and you can get paid weekly. This is a great way to make some extra money if you have a car that you don’t use often.
19. Rent out a spare room in your house
Renting out a room in your house is a great way to make money fast.
You can charge daily, weekly, or monthly rates, and you’ll get the money right away.
This is a great option if you have an extra room in your house that you’re not using. Just make sure to list the room on a site like Airbnb so people can find it.
20. Open a Shopify Store and Sell
Opening a Shopify store is one of the quickest and easiest ways to start making money online. Shopify is an eCommerce platform that allows you to create an online store in minutes, without any prior experience or technical knowledge.
There are a few things to keep in mind when opening a Shopify store:
Choose a niche: When choosing what products to sell, it’s important to pick a niche that you’re passionate about. This will make it easier to market your store and stand out from the competition.
Research your products: Once you’ve chosen a niche, it’s important to do your research and make sure you’re offering quality products that your customers will love.
Set up your store: The next step is to set up your Shopify store. This process is relatively simple and can be done in just a few minutes.
Start promoting your store: Once your store is up and running, you’ll need to start promoting it through social media, blogging, and other marketing channels.
Once your store is up and running, you can start selling products and making money right away.
21. Events Assistant
Thankfully, large events are making a comeback, and thus it is now one way to make money fast is to work as an events assistant.
Events assistants help with the planning and execution of events, such as weddings, corporate functions, and parties. They may be responsible for tasks such as booking venues, arranging transportation, and decorating the event space.
Working as an events assistant can be a great way to earn quick cash, as many events take place on weekends or evenings. You may earn tips in cash, too.
22. Apply For A New Credit Card & Get a Signup Bonus
Applying for a new credit card is one of the easiest ways to make money fast if you have a good credit score.
You can often get a sign-up bonus just for applying, and if you use the right card, you can earn cash back or points that can be redeemed for free travel.
Just make sure to pay off your balance in full each month so you don’t get hit with interest charges.
23. Get Paid To Walk
There are a few ways to make money by walking, including becoming a pet-sitter or dog-walker, delivering food or packages, and even participating in research studies.
Pet-sitting and dog-walking are great ways to get some exercise while making some extra cash. You can advertise your services on websites like Rover or Care.com, or even on local community Facebook groups. Once you build up a clientele, you can set your own schedule and rates.
If you don’t mind doing a little bit of extra work, you could also sign up to deliver food or packages for companies like DoorDash, Postmates, or Amazon Flex. You can typically set your own schedule and rates for these gigs.
24. Wait tables
Working as a waiter or waitress can be a great way to make some extra money fast. In fact, it is easy to net over $300 if you are personable and do your job well!
In most cases, you will be able to keep all of the tips that you earn, which can add up to a significant amount of money over time.
Additionally, many restaurants offer their employees discounts on meals, which can further increase your earnings. If you are looking for a way to make some quick cash, waiting tables may be the perfect solution for you as you can start within days.
25. Provide Yard Work Help
Another way to make money fast is by providing yard work services. This could involve mowing lawns, shoveling snow, trimming hedges, or any other type of outdoor work.
You can use online platforms such as TaskRabbit, Nextdoor or Craigslist to find clients, or you can reach out to local businesses or individuals who need help with their yards.
From personal experience, my kids have averaged over $300 a day – just for snow shoveling! Good hustle for those preteens!
This is yet another way to make some quick cash by doing odd jobs for people in your community.
26. Read Books and be Paid as a Reader
There are a few ways to make money by reading books. You can start a book blog and get paid to review books, you can work as a freelance book editor, or you can even get paid to read books!
If you want to start a book blog, you first need to find a niche. What kind of books do you want to review? Once you’ve found your niche, the next step is writing reviews. You can use sites like Amazon and Goodreads to find books to review, and then post your reviews on your blog.
If you’re interested in working as a freelance book editor, there are a few things you need to know. First, you need to have experience editing books. Second, you need to be able to showcase your work. And third, you need to be able to market yourself so that potential clients can find you.
One way that you can make money by reading books is by becoming a beta reader. Beta readers are people who read manuscripts before they’re published and provide feedback on the story and the writing. If you’re interested in becoming a beta reader, the best way to find work is by networking with authors and editors who might need your services.
27. Sell a Skill on Fiverr
There are many ways to make money fast, but one way you can monetize a skill you have is to sell it on Fiverr.
Fiverr is a marketplace where people can buy and sell services starting at $5.
If you have a particular skill or talent, you can create a gig offering that service. Once your gig is created, buyers can purchase your service and leave a review.
If you deliver quality work, you will get repeat customers and your gigs will start to rank higher in the search results. This will help you make more money faster.
28. Profit from Baked Goods & Get Rewarded
Cake pops are hot! As most professional bakeries, charge between $1-4 per cake pop, you would need to sell 75 cake pops to make your goal of $300 a day.
Same with sourdough bread! people are selling homemade sourdough bread for $5-8 per loaf. So, you need to sell around 40 loaves to hit 300 dollars fast.
Another option is to offer baking classes in your community to make extra money. This is a hot thing to do for couples and kids.
There are many delicious ways to make money fast from baking.
29. Flip Stuff Online and Be a Reseller
One way to make money fast is to resell items on eBay, Facebook Marketplace, or Craigslist.
You can find items to resell at garage sales, thrift stores, and even online. Once you have found an item to resell, list it on eBay and set a starting price. Be sure to research the item so you know how much it is worth and what similar items have sold for in the past. You can also offer to ship if you are selling a larger item.
Check out this free training from Flea Market Flipper!
30. Negotiate a Pay Rise
There are a few key things you can do to increase your chances of successfully negotiating a pay rise:
Do your research: find out what the average salary is for your role in your area, and what other people in similar roles at other companies are being paid. This will give you a good starting point for negotiations.
Build a case: put together a document or presentation detailing your successes and value to the company. This will help you make your case in a clear and concise way.
Be prepared to walk away: if the company isn’t willing to meet your demands, be prepared to walk away. This may mean looking for another job, but it’s important to stand up for yourself and not accept less than you’re worth.
This is a great way to increase your paycheck!
31. Do odd jobs for people
One way to make some quick cash is to do odd jobs for people in your neighborhood.
This could be anything from mowing lawns and shoveling snow to painting fences and washing cars. If you have a knack for handyman work, you can list your services on websites like TaskRabbit or Craigslist.
You can also sign up with a local home improvement store, such as Home Depot or Lowe’s, to find customers who need help with small projects around the house.
You can house sit for people in your community who are going out of town and need someone to watch their home while they’re gone. Check out a great place with Trusted Housesitters.
32. Start Copywriting
Copywriting is a skill that can help you make money fast. If you can write persuasively, you can earn quick cash by writing articles, sales letters, and web copy.
Here’s how to get started:
Find a need. Look for businesses that are in need of content and start pitching them your services.
Write a great proposal. Your proposal is your chance to sell your services, so make sure it’s well-written and persuasive.
Get paid! Once you’ve landed a client, get to work and start earning money fast!
Check out where to find copywriting jobs.
33. Play with Dogs with Pet-sitting Services
If you love animals, you can offer pet-sitting services to earn some extra cash.
Pet owners often need someone to watch their pets while they’re away on vacation or business trips. If you love animals, this can be a great way to earn some extra cash.
You can also dog walk or pet sit for neighbors or friends.
34. Invest in Stocks or Cryptocurrency.
If you’re willing to take on some risk, you could make money by investing in stocks or cryptocurrency. However, these investments can also lose money, so be sure to research before investing.
This is one way I consistently make an extra 300 dollars a day.
However, this is after I took an investing course and months of practice. If you are analytical and enjoy patterns, this could be for you.
35. Complete online survey and earn extra cash
This is probably my least favorite, but you can make cash fast for very simple work. The amount of money you can make depends on the amount of time you’re willing to spend, and some other factors like your demographics.
Join a paid survey panel.
These panels usually work with marketing research companies who pay panelists for their participation in online and offline surveys. To join a paid survey panel, you’ll typically have to fill out a short sign-up form and provide some basic information about yourself. Once you’re signed up, you’ll start receiving survey invitations by email.
Here are the top legit survey platforms:
How much money can you make with each method?
The goal is to make 300 dollars fast, right?
It depends on the way you want to make money and the effort you put into it.
Some like virtual assistants or active trading will take longer to build up and get your experience, but it will be more lucrative as you go. On the flip side, pet sitting or house sitting is quicker to start but could be less consistent with clientele.
What are the pros and cons of each method to make money today?
There are a few different ways to make extra money, and each has its own pros and cons. For example, you could get a part-time job, start a side hustle, or take on some freelance work.
Idea #1 – Another job or More Hours
Getting a part-time job is one of the most common ways to make extra cash. The main pro of this method is that it’s relatively easy to find a part-time gig these days. You can use sites like Indeed or Craigslist to find open positions near you.
The main con of this method is that it can take up a lot of your time, which might not be ideal if you’re already working full-time or taking care of other obligations.
Idea #2 – Start a Side Hustle
Starting a side hustle is another popular option for making extra money. The biggest pro of this method is that you can often make more money with a side hustle than you would with a part-time job.
The biggest con of this method is that it takes time and effort to get your side hustle off the ground.
Idea #3 – Freelance Work Online
Taking on some freelance work is another option for making extra cash. The main pro of this method is that you can often set your own hours and rates.
The main con of this method is that it can be tough to find consistent work.
Best Way to Earn Money Fast
Ultimately, the best way to make extra money is the method that works best for you and your situation.
If you need to make some quick cash, a part-time job might be the way to go. If you’re looking to consistently make a bit more money, starting a side hustle is best.
Top ways to make money fast online
There are many different ways you can make money online.
Some of the most common include affiliate marketing, selling your own products or services on social media platforms like Instagram and Facebook, using your blog as a source of passive income, and creating e-commerce stores.
In fact, learning how to make money online for beginners is a hot topic!
Which methods are best for making long-term income?
There are a variety of methods you can use to make 300 dollars fast. While some methods may only provide you with temporary or one-time earnings, others have the potential to provide you with more long-term income.
Some of the best methods for making long-term income include:
Finding a high-paying job: If you’re looking for more sustainable earnings, then finding a job that pays well is one of the best options. While it may take some time to land a high-paying position, once you do, you’ll be able to earn a steady income that can last for years.
Starting your own business: Another great option for earning long-term income is starting your own business. This can be a great way to earn a passive income, as well as give you the flexibility to work on your own schedule.
Investing in real estate or stock market: Another option for those looking to make long-term earnings is investing in real estate or the stock market. This can be a great way to earn passive income and build up wealth over time.
What are some tips for making money fast?
These are just a few ideas to get you started.
Remember, the key is to be creative and think outside the box. There are many opportunities out there for those who are willing to look for them. With a little effort, you can find a way to make money fast.
Do you need to know how to make 2000 fast?
Tips to Earn Real Money and Make Extra Money Fast
How can you make sure you make the most money possible?
There are a few key things to keep in mind if you want to make the most money possible:
1. Be Clear On Your Expectations
If you want to make extra money, you need to be clear on what you want. Specifically how you are looking to make and how many hours you are going to commit.
Also, you need to communicate this to others around you like friends, family, or kids.
2. Set Prices People Make in Reality
Making sure that you have a clear understanding of the services you’re offering and what the going rate is for those services is crucial.
If you don’t know how much your time and effort are worth, it’s easy to undervalue yourself and end up making less money than you could have. Likewise, if you overprice yourself, people are less likely to use your services.
3. Negotiate a Ton
Don’t be afraid to negotiate. If you feel like you’re worth more than what the other person is offering, try to negotiate for a higher price.
Don’t be afraid to negotiate when it comes to prices. If you feel like your time is worth more than what the other person is offering, try negotiating for a higher price. It never hurts to ask, and often times people are willing to pay more than they initially offered if it means getting better quality work.
4. Work Hard and Make Real Cash – Not Free Cash
Be willing to work hard. The more effort you put in, the more money you’re likely to make.
If you’re not willing to put in the extra effort, you’re not going to make as much money as you could have.
Free cash won’t just happen; that isn’t someone you strive to be. Work hard and be paid.
Start Earning 300 dollars and Make Money Quickly
There are a lot of ways to make 300 dollars fast.
You just have to be creative and resourceful.
With this guide, you now know 35 ways to make 300 dollars fast. You can start earning extra cash today by following these methods.
You can start by looking for ways to make money in your free time, at home, or online. With a little effort, you can make 300 dollars in no time. Then, on to make 500 dollars fast.
Remember to have fun while you’re earning money! Thanks for reading and good luck!
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
Whether you’re deciding on a new career path or wondering whether you’re being paid enough, it can help to know what the typical American worker earns per year.
Based on the latest data available from the Social Security Administration (SSA), the average annual pay in the U.S. in 2021 was $60,575 — an 8.89% jump from the previous year. The U.S. Bureau of Labor Statistics (BLS) estimates the average worker made closer to $67,610 that same year. The amount you make may depend on a number of factors, including your occupation, where you live, your gender, and your level of education.
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Key Findings
Let’s take a closer look at how the average annual pay in the U.S. has changed over a three-year period based on data from both the SSA and BLS.
Year
Average Annual Salary per SSA
Average Annual Salary per BLS
2019
$54,099.99
$59,209
2020
$55,628.60
$64,021
2021
$60,575.07
$67,610
It can also be helpful to look at median earnings, which represent the midpoint of salaries in the U.S. In other words, half of the salaries fall below the median, and half are higher than the median.
The following table shows the median annual salary for a three-year period.
Year
Median Annual Salary
2022
$54,132
2021
$51,896
2020
$51,168
Source: BLS
As you can see, average and median incomes have risen each year. However, average salaries can be affected by various factors such as your occupation, age, and gender. Note that the numbers above also don’t include unearned income.
Examples of High-Salary Jobs in the US
Some industries tend to pay more than others, which means the career you choose may affect how much you earn. Here’s a sampling of high-paying jobs and their average annual salary, according to the BLS:
• Cardiologist, $353,970 per year
• Dentist, $177,770
• Aircraft pilots and flight engineer, $169,540
• Lawyer and judicial law clerk, $146,220
• Public relations manager, $138,000
• Air traffic controller, $127,920
Recommended: How to Reduce Taxable Income for High Earners
Average American Income by Occupation
While salaries tend to vary based on geography, seeing how much certain types of jobs pay can be informative. Let’s take a look at different occupations and how much they typically pay.
Occupation (Type)
Average annual salary
Management
$123,370
Legal
$113,100
Computer and Mathematical Operations
$99,860
Architecture and Engineering
$91,740
Healthcare Practitioners and Technical
$91,100
Business and Financial Operations
$82,610
Life, Physical, and Social Science
$80,730
Arts, Design, Entertainment, Sports, and Media
$66,100
Educational Instruction and Library
$62,140
Construction and Extraction
$55,900
Community and Social Service
$53,960
Protective Service
$53,420
Installation, Maintenance, and Repair
$53,380
Sales (and Related)
$46,080
Office and Administrative Support
$43,430
Transportation and Material Moving
$41,340
Farming, Fishing, and Forestry
$34,730
Building and Grounds Cleaning and Maintenance
$33,750
Personal Care and Service
$33,620
Healthcare support
$33,330
Food Preparation and Serving Related
$29,450
Source: BLS, May 2022 data
Keep in mind that average salaries may differ depending on the specific occupation you have. For example, although claims adjusters fall under the business and financial operations category, their average salary is around $70,960.
US Income by Gender
Demographics, specifically gender, are another factor to consider. By and large, men tend to outearn women throughout their career. The median annual salary for a 16- to 24-year-old man is $33,800; a woman of the same age earns $31,460, per the latest data available from the BLS. Likewise, the median annual salary for a man aged 25 and older is $60,320; a woman of the same age earns $49,608.
Median Income by State
Wages often vary based on where you live. In many cases, states with higher costs of living also have higher wages. For example, the median annual income in Hawaii is $100,532 — much higher than Mississippi’s median annual income of $61,205.
Below is the median income by state for a household of three people, according to data compiled by the Census Bureau between April 1 and May 14, 2022.
State
Median annual income
Alabama
$70,250
Alaska
$108,072
Arizona
$79,110
Arkansas
$70,169
California
$97,092
Colorado
$100,744
Connecticut
$108,409
Delaware
$96,841
District of Columbia
$138,342
Florida
$75,057
Georgia
$79,980
Hawaii
$100,532
Idaho
$76,635
Illinois
$97,067
Indiana
$81,783
Iowa
$85,758
Kansas
$88,369
Kentucky
$71,501
Louisiana
$71,371
Maine
$87,051
Maryland
$113,994
Massachusetts
$117,415
Michigan
$84,245
Minnesota
$106,445
Mississippi
$61,205
Missouri
$80,022
Montana
$79,652
Nebraska
$91,076
New Hampshire
$113,013
Nevada
$91,076
New Jersey
$117,697
New Mexico
$66,183
New York
$96,854
North Carolina
$76,386
North Dakota
$94,950
Ohio
$82,734
Oklahoma
$71,397
Oregon
$93,773
Pennsylvania
$92,441
Rhode Island
$101,104
South Carolina
$75,128
South Dakota
$87,475
Tennessee
$75,394
Texas
$80,733
Utah
$90,629
Vermont
$92,628
Virginia
$102,869
Washington
$104,644
West Virginia
$71,757
Wisconsin
$92,586
Wyoming
$88,902
US Income by Race
As the BLS data below shows, there is often a pay disparity among workers of different races and ethnicities.
• Asian, $69,056 per year
• White, $52,936
• Black or African American, $41,652
• Hispanic or Latino, $40,404
How Does Your Income Stack Up?
Now that you’ve seen some of the average and median annual salaries by occupation, location, gender, and race or ethnicity, how does yours compare? If you’re not making as much as you’d like, you may want to research wages in your industry and region, and use that information to help you negotiate a higher salary. If you’re ready to make a bigger change, you can use this data as you consider whether to switch to a more lucrative field or relocate to a higher-paying region.
Recommended: How to Negotiate Your Signing Bonus
How to Stretch Your Income
Here are some different strategies to help you make the most of the money you make:
Track Your Spending
Understanding exactly where your money is going can help you keep tabs on where your money is going and identify areas where you can cut back. Consider using a spending app to track your spending and saving.
Negotiate Bills
Want to lower monthly expenses, such as your cell phone or internet services? Consider calling up various providers to see if you’re able to get a better deal or if there are promotions you can take advantage of.
Cut Back on Large Expenses
Housing, food, and transportation tend to be the largest line budget items. Explore ways to trim your biggest costs. Examples include refinancing your mortgage, negotiating your rent, shopping at discount grocery stores, and taking public transportation when possible.
Sharpen Your Marketable Skills
Accepting networking opportunities and taking professional development courses could help you become more marketable as an employee. This in turn could set you up to earn more in the long run. If you’re on a tight budget, look into no- or low-cost ways to cultivate high-income skills, and ask your employer if there are any free resources are available.
Pros and Cons of a High Salary
A high income can be great, but it does come with some downsides.
Pros:
• Improved quality of life: With more money, you can afford a higher standard of living and be able to afford different amenities such as better access to healthcare and food.
• Financial security: The more you earn, the more you can feel secure you have enough money to afford the things you want and need.
• Ability to achieve financial goals faster: Having more disposable income could mean you can set more money aside for long- and short-term savings goals, like retirement or going on a family vacation.
Cons:
• Higher taxes: Earning more can put you in a higher tax bracket. However, there are ways to reduce your taxable income.
• Pressure to maintain income: If you’re accustomed to a certain living standard, you may feel like you need to keep earning the same amount or more to maintain it.
• More work stress: In many cases, higher-paying jobs come with more responsibilities and at times, longer hours.
The Takeaway
Understanding what the average American worker makes in a year can come in handy, especially if you’re considering a new career path, negotiating a higher salary, or looking for a new place to live. According to the latest data from the Social Security Administration, the average annual pay in the U.S. is $60,575. But the amount you earn may depend on a wide range of factors, such as the industry you work in, where you live, your gender, and your race or ethnicity.
If you’re looking to make the most out of the money you earn, consider using amoney tracker app. The SoFi Insights app connects all of your accounts in one convenient dashboard. From there, you can see all of your balances, spending breakdowns, and credit score monitoring, plus you can get other valuable financial insights.
Stay up to date on your finances by seeing exactly how your money comes and goes.
FAQ
What is a good salary in the USA?
There’s no one set amount that would be considered a good salary in the U.S. However, the average salary is around $60,575, according to the Social Security Administration.
What is the real average wage in the US?
The average wage in the U.S. is $67,610 according to the most recent data available from the U.S. Bureau of Labor Statistics.
What is the top 10 percent income in the US?
According to the Economic Policy Institute, the top 10% of workers in the U.S. earn $133,482.
How much should you be making at 30?
While there is no definitive amount you should earn by the time you’re 30, the average salary for U.S. workers aged 25 to 34 is $52,832, according to statistics from the U.S. Bureau of Labor Statistics.
Photo credit: iStock/VAKSMANV
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Last year, I was talking with a friend right after she had returned from a relaxing week in the Caribbean. “We did an all-inclusive,” she said to me with a glimmer in her eyes. “A what?” I had no idea what she was talking about. After chatting about it for a quite a while, she clued me in on how an all-inclusive vacation works and what some of the perks were. To say I was intrigued would be an epic understatement. According to my friend, she could travel to any all-inclusive vacation spot in the Caribbean or Mexico and have almost everything included in one low price. I couldn’t believe what I was hearing; my friend and her husband had paid only $700 per person for an entire week at an all-inclusive resort in Cancun. Not only were their flights and lodging included in her cost, but all of their food and drinks (even alcohol) were included as well. She seemed downright enthusiastic about their experience and went on and on about how amazing the whole thing was. I had to find out more.
To satisfy my curiosity, I started playing around with dates and locations on travel sites like Expedia and Travelocity. What I found out was a complete jolt to my system: all-inclusive vacations were cheap. Dirt cheap. Since I love to travel and hate to spend money, I started to wonder if I should go on an all-inclusive vacation myself. My husband and I had been putting off a honeymoon for nearly seven years at that point, mostly due to being stingy with our cash. Could an all-inclusive vacation provide the answer?
Our First All-Inclusive
Once I showed my husband my research, he quickly got on board. Of course. Why wouldn’t he want to travel to a tropical beach and enjoy unlimited food and drinks all day and night? We bounced back and forth between several locations. I initially had my heart set on going to Aruba. However, my enthusiasm waned as the price crept slowly upward with each passing week. Then it was Club Med in Turks and Caicos. Then Jamaica. Then Mexico. We ultimately chose to do our first all-inclusive vacation in the Dominican Republic. When all was said and done, we paid less than $1000 per person including airfare to spend 7 days and 6 nights at an all-inclusive resort in Punta Cana.
The hotel’s website made it look too good to be true — with tropical beaches and lush landscaping, live entertainment, and six restaurants and seven bars at our disposal. As our vacation date approached, I started to wonder if the resort could possibly deliver what it promised for the price we paid. Regardless, I decided to go with an open mind and low expectations. Even if it was awful, I would still get a kid-free week with my husband and the honeymoon that we never had. “I’m going to have a good time no matter what,” I told my husband as we boarded the plane.
All worries were completely dashed from my mind when we arrived at the resort. It definitely delivered what it promised –and then some. I nearly cried when I saw the pristine beaches and absolute beauty of the area where we would be staying. It was then and there that I totally understood why my friend had promised that “once you go all-inclusive, you never go back.” It finally made sense.
The Pros of an All-Inclusive Vacation
Most all-inclusive resorts are located on beaches in Mexico and in the various islands scattered throughout the Caribbean. However, some all-inclusive resort chains like Club Med offer all-inclusive vacations in varying landscapes all over the world. Regardless, the general premise for all-inclusive resorts is the same: they offer lodging, entertainment, and all food and drinks for one low price. It is also possible to book a package including airfare which can trigger an additional discount.
The benefits of choosing an all-inclusive vacation are too numerous to count. First, they take the guessing game out of the cost of your vacation by letting you pay for all of your meals up front. Second, aside from the cost of transportation to your resort and some money to tip the staff, you may not need to fork over any cash during your trip at all. Every all-inclusive resort is different, but some offer live entertainment, live music, and high-quality shows on the premises. Others include some activities in the cost of your trip, such as zumba classes, water aerobics, kayaking, boogie boarding, and board games.
All-inclusive trips are also incredibly easy to plan. Aside from selecting a resort, choosing flights, and arranging for transportation, very little else needs to be done. Once you arrive at the resort, you also don’t have to worry about how to get from one place to another or where you’re going to eat. Everything has already been thought of and is ready and waiting upon your arrival.
The Cons of an All-Inclusive Vacation
Although an all-inclusive vacation can get you a lot of bang for your buck, it doesn’t really allow you to immerse yourself in the local culture and customs of the country you’re visiting. If all you do is plop yourself down on a tropical beach with a drink in hand, you may not get to experience much of what the country has to offer. However, staying at an all-inclusive resort shouldn’t hold you back from experiencing some local culture. Most resorts offer excursions by trained guides who will take you off of the resort to visit some of the local attractions. If you’re staying in a particularly safe area, you can even take a taxi into town to explore on your own.
If you read vacation reviews, the number one complaint about all-inclusive resorts is the food. Although some all-inclusive resorts have restaurants where you can order off of the menu, almost all of them offer the main portion of their meals buffet style. I personally don’t mind eating at a buffet as long as there is something that I can eat. However, not everyone is a fan of buffet-style dining. If you can generally find something to eat wherever you go, the food selection would probably be fine. However, those looking for a culinary experience should probably choose a vacation where the dining options are more varied.
Tips for Selecting an All-Inclusive Resort
I’ve written about the value of vacation before, and I truly believe that all-inclusive resorts offer a lot of value for your money. If you’re looking for a relaxing trip on a budget, an all-inclusive vacation may be right up your alley. Here are some tips for those looking for the perfect all-inclusive resort:
Shop around. Make sure to check travel sites like Expedia, Travelocity, and Priceline for the best deal. You can also use these sites to include airfare in your total cost.
Be flexible with dates. Consider arriving and departing mid-week or vacationing off-peak to get the best deal.
Be flexible with your location. If you have your heart set on a particular resort, you may end up paying more. Instead, be flexible when it comes to where you stay. Consider a resort that is having a sale or even staying in an alternate location.
Have you ever been on an all-inclusive vacation? If so, what did you think?
Consistent with past promises, President Trump has donated his first quarter’s salary. This time, the president is donating his money to Veterans Affairs.
“The president’s gift underscores his promise to do all that he can for veterans,” acting VA Secretary Robert Wilkie said in a briefing. The money is going to go to caregiver support programs, an area that has been a point of contention in recent months.
President Trump has promised to donate his entire year’s salary to different causes, and he has previously donated to the Department of Education, Department of Transportation and more.
The salary for the president is $400,000 annually. It isn’t uncommon for presidents to donate some or all of their salary. Trump’s donations have been timely, this time coinciding with the current $52 billion veterans package going through Congress.
VA medical overhaul
On Thursday, the House voted 347-70 in favor of a $52 billion plan to overhaul medical care options for veterans. The goal is to give veterans a stable option for healthcare through the VA, something that has been an issue in the past.
Now that it has been approved by the House, the Senate will need to vote on the plan for it to go into effect. If the House’s vote was any indication, the bill should have no trouble getting approved by the Senate.
If and when the bill goes into effect, it will give VA members more healthcare options outside of the Veterans Health Administration. Opponents of the bill have said that this will eventually lead to the privatization of VA healthcare, but proponents disagree.
By giving veterans outside options, the VA is going to be able to reduce the painfully long waits that many veterans have had to put up with. It also gives veterans more options, and that can reduce travel time.
Even with the size of the bill, the effects will only be a temporary solution to a growing problem. The effectiveness of this VA bill will likely determine the direction lawmakers move in the future.
New VA Secretary
Funding for healthcare isn’t the only big item for the VA.
The VA is still looking for a new permanent secretary. President Trump’s first nominee stepped out of the running after it started to look like they would not secure the position.
Fortunately, the VA could be seeing a new secretary soon.
Acting VA Secretary Robert Wilkie was nominated by Trump to be the new permanent secretary earlier today. Wilkie has done a good job as the acting secretary, and he had started to emerge as a popular candidate for the position.
The VA has been without a secretary since March when Trump fired David Shulkin, and the position has been open since then.
While the VA has had uncertainties over the past few months with both financing and leadership, it seems that all the pieces are starting to come together. While some of the fixes are only going to be temporary, they could prove to be steps in the right direction.
Are you tired of being broke? It’s been a long time since I’ve been broke, but I can still remember exactly what it felt like. I can picture all the ugly details of the way I used to struggle; the empty bank account, the awkward moments, the feelings of despair…. And honestly, one particularly awkward conversation with my sister still plays clearly in my mind to this day:
“Hey sis, I’m coming into town this weekend,” she said innocently. “Maybe we could go grab dinner.”
“Ummm, let me think about that for a second.” I struggled to find a tactful way to tell her that I couldn’t afford it.
It’s been about ten years since then, but at the time I was 22 years old and flat broke. A series of bad decisions meant that I was trapped in a desperate situation that felt nearly impossible to get out of. And although I was going to school part time, I was living off a full-time job that only paid a whopping $9.15 an hour. Oh, and it gets worse.
Related >> Financial advice to my younger self
Bad Decisions Have Consequences
Have I ever mentioned that I once bought a $22,000 car while making just a little over minimum wage? The resulting $500 monthly car payment meant that almost half of my take home pay was being spent on transportation. And by the time I realized what I had done, it was much, much too late. Since I had always had wonderful credit, I refused to let a car repossession ruin everything in one fell swoop. I was (and still am) stubborn. So, instead of letting the car go, I struggled. This often meant that I didn’t have the money to put gas in my car or to go to the doctor. And I certainly didn’t have the money to go out to eat with my sister.
Related >> The best way to buy a new car
“Sorry, I don’t have the money to go out to dinner,” I said with shame and emotion I may never forget.
“You can’t afford to go to Applebees?!”
<insert awkward silence here>
I could tell by my sister’s tone that she thought it was ridiculous that I couldn’t afford to eat at the cheesy neighborhood bar & grill. And honestly, I thought it was ridiculous too. Living so close to my means meant that I was always just one step away from disaster. One day off work, one prolonged sickness, or one unfortunate incident had the potential to leave me completely desolate. I knew that I had to change something. Unfortunately, I struggled to figure out where to start.
The Truth About Being Broke
Shortly after realizing I couldn’t afford to eat at Applebee’s, I learned the truth about being broke. As much as I didn’t like it, I was going to have to make some drastic changes in order to improve my situation. So, I sucked it up and moved back in with my parents. As sad and pathetic as that must’ve looked to outsiders, I knew that this was my chance to get on solid financial footing. Since I no longer had to pay for living expenses, I used the opportunity to start paying additional car payments. I also began cleaning houses on the side while I went to school. I would often make $1000 or even $1500 payments on that stupid car, and I felt a sense of victory each and every time. It became a matter of principle. Every inch of my being wanted to pay off the darn thing, and I was itching to mail in that last and final payment. Fortunately, it was only a matter of time.
After a year or so at home, my car was completely paid off, and I pledged to drive it into the ground. Well, I ended up owning it for seven years before the events of getting married and having my first child necessitated a family-friendly (used) minivan. However, I still learned an important lesson from the whole ordeal. When I finally sold it, I was shocked to learn that it was only worth $2,500. I couldn’t believe it! I cringed at the thought of all I had given up for that car. After all, I had just spent several years of my life living like a pauper to own a car that lost 90 percent of its value in seven years. And, for what? The unfortunate truth is that I did it for no reason at all, except perhaps the opportunity to learn a lesson that I may never have learned otherwise.
What I Learned From Being Broke
Being broke gave me an entirely different perspective on cash flow, debt and my own financial well-being. I learned that there was a big difference between looking like you have money and actually having money. I also learned about living within my means and the real-life consequences of unplanned purchases. And most importantly, I became willing to do anything and everything to make sure that I was never broke again. Once I was out of debt, I pledged to never let that happen again. I promised to rise above my situation and start with a clean slate. And I did.
Of course, things haven’t gone perfectly since then. As I’ve written about many times before, my husband and I took the concept of lifestyle inflation to a whole new level in the early years of our marriage. Fortunately, we’ve reigned things in over the past few year years, and we’re now building wealth like never before. We’re debt-free aside from a small mortgage and we’re hell-bent on staying that way for eternity. And even though I’ve strayed several times since becoming an adult, some of the lessons from that part of my life have stuck with me.
Related >> Getting rich slowly on your own terms
Here’s what I learned from being broke:
Don’t rely on one income stream. I was never going to get ahead while relying on one full-time job for my entire livelihood. In fact, I never really started making progress against my debt until I started picking up cleaning jobs on the side. Sure, cleaning houses wasn’t much fun. But the truth is, the extra income that it brought in completely altered my financial situation over the course of a few years. Now that I’m older, I still strive to have several streams of income coming in. I started a profitable blog with my husband and have secured a multitude of part-time jobs that create a full-time living. I’ve also diversified my investments as much as possible including the acquisition of rental properties. I’ve learned that having one “job” means that you’re only one step away from not having a job at all.
Only you can solve your problems. As I look back, I realize that I would probably be much better off if I had filed bankruptcy and taken the car back to the dealership. I could’ve easily bought an old beater to drive around. It would’ve taken time, but I would have eventually restored my credit rating back to its former glory. Although that sounds tempting, I know that I wouldn’t be where I am now if I had chosen that path.
Live below your means. In retrospect, I now realize that spending half of my income on transportation is absolutely ridiculous. What was I thinking? Unfortunately,I wasn’t. Amazingly, I never once crunched the numbers to see what the real cost of buying that vehicle would be. Now that I’ve been broke, I realize how important it is to live below my means. And now that I make more money, I choose to live much further below my means that I really need to.
Life After Broke
The truth about being broke is that it can be exhausting and demoralizing. And although that part of my life caused a lot of heartache and embarrassment, I’m so glad that I was able to learn all of those lessons firsthand. Now that I’m on the other side, I use those experiences as motivation to continue my quest for financial independence and security. And now when someone calls to ask me to dinner, I have a choice. And when I say no, it’s not because I don’t have ten dollars in my bank account or because I’m saving to pay my electric bill. It’s because I’ve been broke and I want to make sure that I’m never broke again.
Have you ever been flat broke? If so, what did you learn from it?
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46k salary is a solid hourly wage when you think about it.
When you get your first job and you are making just above minimum wage making over $46000 a year seems like it would provide amazing opportunities for you. Right?
The median household income is $67,521 in 2020 which decreased by 2.9% from the previous year (source). Think of it as a bell curve with $68K at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $48,672 for a 40-hour workweek; that is an increase of 4% from the previous year (source). That means if you take everyone’s income and divided the money evenly between all of the people.
But, the question remains can you truly live off 46,000 per year in today’s society since it is below both the average and median household incomes? The question you want to ask all of your friends is $46000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $46000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $46k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$46000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 46k a year hourly. That way you can decide whether or not the job is worthwhile for you.
$46000 a year is $22.12 per hour
Breakdown Of How Much Is 46k A Year Hourly
Let’s break down how that 46000 salary to hourly number is calculated.
For our calculations to figure out how much is 46K salary hourly, we used the average five working days of 40 hours a week.
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $46000 by 2,080 working hours and the result is $22.12 per hour.
46000 salary / 2080 hours = $22.12 per hour
Just above $22 an hour.
Key Points….
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
Just an interesting note… if you were to increase your annual salary by $5K to $51000 a year, it would increase your hourly wage to almost $25 an hour – a difference of $2.40 per hour.
To break it down – 51000 salary / 2080 hours = $24.52 per hour
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $46K salary Per Month?
On average, the monthly amount would be $3,833.
Annual Salary of $46000 ÷ 12 months = $3833 per month
This is how much you make a month if you get paid 46000 a year.
$46k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $46k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$46000/52 weeks = $884 per week.
$46000 a year is how much biweekly?
For this calculation, take the average weekly pay of $884 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of$46000 / 260 working days = $177 per day
If you work a 10 hour day on 208 days throughout the year, you make $221 per day.
$46000 Salary is…
$46000 – Full Time
Total Income
Yearly Salary (52 weeks)
$46,000
Monthly Wage
$3833
Weekly Pay (40 Hours)
$884
Bi-Weekly Pay (80 Hours)
$1769
Daily Wage (8 Hours)
$177
Daily Wage (10 Hours)
$221
Hourly Wage
$22.12
Net Estimated Monthly Income
$2,926
Net Estimated Hourly Income
$16.89
**These are assumptions based on simple scenarios.
46k a year is how much an hour after taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all-salary range up to $142,800.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 46000 a year after taxes?
Gross Annual Salary: $46,000
Federal Taxes of 12%: $5,520
State Taxes of 4%: $1,840
Social Security and Medicare of 7.65%: $3,519
$46k Per Year After Taxes is $35,121
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$35121 ÷ 2,080 hours = $16.89 per hour
After estimated taxes and FICA, you are netting $35,121 per year, which is $10,879 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody that lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $46000 income can range from $31441 to $36961 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $46,000 income.
46k salary lifestyle
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person. And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $46,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live cheap and prioritize where you want to spend money and where you do not. Whereas, if you live in a low-cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $46,000 a year is below the average income that you would find in the United States. Thus, you have to be wise in how you spend your money.
What a $46,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
Have some fun money in your budget.
Know being frugal green is helpful to stretch your budget.
You are able to rent in a decent neighborhood in LCOL and maybe a MCOL city.
You should be able to meet your expenses each and every month.
Participate in the 200 envelope challenge.
Ability to make sure that saving money is a priority, and very possibly save $3000 in 52 weeks.
When A $46,000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 46k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck-to-paycheck cycle.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$46k Salary to Hourly
We calculated how much $46,000 a year is how much an hour with 40 hours a week. But, more than likely, you work more or fewer hours per week.
So, here is a handy calculator to figure out your exact hourly salary wage.
$46K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.
If you want to know how to manage a 46k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $46000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$268
Savings
15-25%
$690
Housing
20-30%
$1052
Utilities
4-7%
$134
Groceries
5-12%
$288
Clothing
1-4%
$23
Transportation
4-10%
$153
Medical
5-12%
$192
Life Insurance
1%
$10
Education
1-4%
$10
Personal
2-7%
$31
Recreation / Entertainment
3-8%
$77
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$907
Total Gross Monthly Income
$3833
**In this budget, prioritization was given to basic expenses and no debt.
Is $46000 a year a Good Salary?
As we stated earlier if you are able to make $46,000 a year, that is a decent salary. You are making more money than the minimum wage and close to double in many cities.
While 46000 is a good salary starting out in your working years. It is a salary that you want to increase before your expenses go up or the people you provide for increase.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. It is okay to be driving around a beater car while you work on increasing your salary.
This $46k salary would be considered a lower middle class salary. This salary is something that you can live on if you are wise with money.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per-person income (source).
The question you need to ask yourself with your 46k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, in many modest cities 46k a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 46000 per year.
If you are looking for a career change, you want to find jobs paying at least $52000 a year.
Is 46k a good salary for a Single Person?
Simply put, yes.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Learn exactly what is a good salary for a single person today.
Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably at $46000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 46k a good salary for a family?
Many of the same principles apply above on whether $46000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.
That means that amount of money is coming out of the income that you earned.
So, the question really remains can you provide a good life for your family making $46000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Your lifestyle choices.
You can live comfortably as a family on this salary, but you will not be able to afford everything.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 46000 per year, then the combined income for the household would be $92,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on $46000 Per Year?
As we outlined earlier in the post, $46000 a year:
$22.12 Per Hour
$177-221 Per Day (depending on length of day worked)
$884 Per Week
$1769 Per Biweekly
$3833 Per Month
Next up is making $50000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than in Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 38,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making $46k, then you probably need to look at asking for pay increases, picking up a second job, or finding a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to create a biweekly budget to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
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In recent years, there has been a growing trend in environmental sustainability and the need to address pollution in cities. Because of the growing awareness, many cities have made significant strides in this area, implementing measures to reduce pollution, promote clean energy, bring awareness around Earth Day and protect natural resources.
From innovative transportation solutions to community-based initiatives, these cities are leading the way toward a cleaner, more sustainable future. In this article, we will take a closer look at some of the cleanest cities in the US, exploring their approaches to sustainability and the impact of their efforts on the environment and the community.
What defines a clean city?
Cities have been scored and ranked based on numerous, measurable factors. These factors include alternative fuel resources, recycling jobs and air pollution, registered alternative fuel vehicles and traditional fuel vehicles.
These factors were scaled, scored and ranked scored and ranked while controlling for differences in population and land area. Based on this ranking, we’ve compiled the top 10 cleanest cities worthy of analyzing.
Located just two hours outside of New Orleans, Lafayette is a smaller Louisiana city making a true difference for the environment. The city has about half a million alternative fuel vehicles registered, helping it secure this top 10 spot. The city’s “Cleanest City” initiative includes regular litter pickups, community beautification projects and environmental education programs for local schools.
Lafayette has also implemented policies to reduce pollution and promote sustainable practices. The city has installed energy-efficient LED lighting in public areas and established a recycling program to reduce waste. Lafayette has also introduced a public transit system that utilizes hybrid buses, reducing emissions and promoting sustainable transportation.
Top apartments in Lafayette:
Rapid City has launched several initiatives to promote cleanliness and sustainability in the city. One of the most significant efforts is the “Keep Rapid City Clean and Green” program. Through this program, the city has organized numerous community clean-up events, including litter pickups and recycling drives. Rapid City has also implemented a public education campaign to raise awareness about reducing waste. This initiative has also helped contribute to the city’s level of recycling jobs available.
Rapid City has also implemented policies to reduce pollution and promote sustainable living. For example, the city has established a bike-sharing program to encourage more people to use sustainable transportation options. Rapid City has also introduced a public transit system that utilizes hybrid buses, reducing emissions and promoting sustainable transportation.
Top apartments in Rapid City:
One of the most significant efforts Duluth is making is the “Clean and Green Duluth” program, which encourages residents to take an active role in keeping the city clean. Through this program, the city has organized community clean-up events and litter pickups and has implemented a “zero waste” program at many public events. The zero-waste program has contributed to the city’s low pollution score along with its energy-efficiency initiatives.
Duluth has installed energy-efficient LED lighting in public areas and has introduced a public transit system that utilizes hybrid buses. In addition to these green initiatives, the “Bag it Duluth” initiative aims to reduce the use of single-use plastic bags by promoting the use of reusable bags through monetary rewards with partnering businesses.
Top apartments in Duluth:
Located 63 miles outside of Denver, Greeley is a green city securing our seventh spot. Greeley has implemented several initiatives to beautify their city. One of the most significant efforts is the “Greeley-Evans Transit” program, which provides public transportation services using hybrid buses. The use of hybrid buses reduces emissions and promotes sustainable transportation in the city.
Another notable initiative in Greeley is the “Clean Energy Plan,” which sets a goal of 100% renewable energy by 2030. As an extension of renewable energy efforts, the city has installed energy-efficient lighting in public areas and has a bike-sharing program to encourage sustainable transportation.
Top apartments in Greely:
With a low pollution score and 1 recycling job per 1 resident, Cedar Rapids has earned the title of a clean city. The city has committed to using renewable energy sources, such as solar and wind power, to reduce its carbon footprint. The city has installed several solar panels, including a large array at the Cedar Rapids Ice Arena.
Cedar Rapids has also launched several programs to help residents and businesses reduce their energy usages, such as the “Bright Ideas” program that offers free energy audits and incentives for energy-efficient upgrades. Additionally, the city has implemented a “Green Building Policy” that requires all new city-owned buildings to meet certain environmental standards, such as LEED certification.
Top apartments in Cedar Rapids:
Laredo is taking proactive steps to become a more sustainable and environmentally friendly city, with a focus on recycling, energy efficiency and green spaces. This Texas metro has a network of parks, open spaces and natural areas that provide residents with opportunities to enjoy the outdoors. The city has also implemented a program to plant more trees in the community, further beautifying these spaces.
Laredo is showing commitment to improving energy efficiency in municipal buildings, as well as promoting energy efficiency in homes and businesses. The city has implemented a program to replace streetlights with energy-efficient LED lights.
Top apartments in Laredo:
Lincoln’s goal of achieving 100% renewable energy by 2040, along with other initiatives, has earned it the fourth spot on our list. The city has already installed several solar arrays and wind turbines to work towards this goal in addition to implementing several programs to help residents and businesses reduce their energy usage. One program called the “Green Challenge” program offers free energy audits and incentives for energy-efficient upgrades.
Lincoln is working to promote sustainable transportation options, such as walking, biking and public transit, which is reflected in the city’s low number of traditional fuel-registered cars. The city has implemented a bike share program and is expanding the network of bike lanes and trails. The city also has a public transit system that runs on compressed natural gas (CNG), which is a cleaner-burning fuel than traditional gasoline.
Top apartments in Lincoln:
Known for its stunning scenery, Cheyenne is doing its part to protect these views and surrounding plains. Cheyenne has implemented several programs to help residents and businesses reduce their energy usage, such as the “Green Business Program” which offers energy audits for free and rewards for energy-efficient upgrades.
Through these initiatives, Cheyenne has a goal of achieving 100% renewable energy for its municipal operations by 2025, and the city has already installed several solar panels on city buildings. Water conservation is also top-of-mind, through the implemented programs to promote water conservation, including a program to install low-flow showerheads and toilets in homes and businesses.
Top apartments in Cheyenne:
Hot Springs takes the second spot with a low pollution score and ample recycling jobs along with other green-friendly initiatives. This Arkansas city has a comprehensive recycling program for residents, which includes the collection of paper, plastics, glass and other materials. The city also provides free recycling bins to residents and has a curbside recycling program.
Additionally, Hot Springs has implemented green building standards for new construction and renovations. The city provides resources and incentives for developers and homeowners to incorporate energy-efficient and sustainable features into their buildings.
Top apartments in Hot Springs:
Also known as the Quad Cities, Davenport-Moline-Rock Island has taken several steps to become a more environmentally sustainable region, earning our title as the cleanest city. The Quad Cities has several renewable energy projects, including a solar farm in Moline, Illinois, and a wind farm in Iowa. The region is also exploring additional opportunities for renewable energy development, setting a precedent for green initiatives.
The Quad Cities recycling program has diverted millions of pounds of materials from landfills. In 2019, the region’s recycling rate was approximately 43%, which is higher than the national average. With the highest number of recycling jobs on this list, at a whopping 530, the quad cities are clearly investing in the future of the area and of the earth as well.
Top apartments in Quad Cities:
Creating a better world for present and future generations
These cities are setting an example for the rest of the country to follow. Through their commitment to recycling, low levels of pollution and the adoption of alternative fuel vehicles amongst residents, these cities are taking significant steps towards reducing their environmental impact and creating a healthier and more sustainable future.
In sum, these metros demonstrate that clean, green living is not only possible but can also lead to greater economic prosperity, improved public health and a higher quality of life. As more communities adopt similar measures, we can work towards a cleaner, more sustainable future for all. For more green-friendly apartment cities, search here.
Save more, spend smarter, and make your money go further
Teenagers tend to have few financial obligations. They may need to work a part-time job to earn spending money, but generally, no one is expecting them to put food on the table or manage important assets. It’s usually understood that high schoolers don’t yet have the life experience or maturity for those kinds of responsibilities.
And yet, we allow them to take out tens and even hundreds of thousands in student loan debt before they turn 18. That’s a financial obligation on par with buying a home, entrusted to kids who can’t even rent a car. Unfortunately, it’s a reality for most young people looking to get a degree.
That’s why every student needs to be prepared for the harsh reality of borrowing so much money. The more prepared you are to pay back those loans as soon as possible, the less likely you’ll be struggling financially in your adult years. A strong repayment approach can mean the difference between a debt-free life in your 20s and a lingering debt burden in your 30s – and thousands in owed interest. Using a loan calculator with amortization schedule will show you how much your payments need to be in order to pay down the loan in a given time frame.
If you’re about to take out student loans or already have them, here’s what you need to know.
Know What Kind of Loans You Have
Student loans often get lumped into one group, but they can vary widely. The two main types are private loans and federal loans. Like their namesake, federal loans are offered by the federal government. A private loan is a loan offered by a private bank or credit union. Most students have federal loans or a mix of both federal and private.
Federal loans are considered a better option than private loans because they have more repayment and forgiveness options. They also tend to have lower interest rates.
Private loans often require a cosigner, someone who will take on the responsibility of paying off the loan if you default or can’t make payments. Most students have their parents act as the cosigner.
Write down what kind of loan you have, the account number, the interest rate and the amount you originally borrowed.
Know How Much You’re Borrowing
Many students sign up for student loans assuming they’ll be able to pay them off easily after graduation. Most don’t realize how much they’re borrowing until they’ve graduated and the loan comes due.
The best thing you can do for your future self is to look at how much you’ve borrowed so far, how much you’re taking out currently and how much you’ll need for the duration of your time in school.
In 2012, Indiana University started sending out letters to current students explaining how much they owed and how much they would have to pay each month after graduating. Those letters proved to be very effective, reducing how much students borrowed by more than 10%. Three years later, the Indiana General Assembly passed a bill mandating that all state schools release similar letters to their students.
Knowing how much you’ve borrowed will make you more aware of your financial reality, and motivate you to find alternate ways of paying for school. You may try to take more classes per semester and graduate early or apply for more scholarships and grants. Even working a few hours a week in the student library or behind the front desk at your dorm can make a significant difference.
Most students borrow the maximum amount they’re allowed, but that’s not always necessary. Do a projection of how much your expenses will be this semester, including rent, groceries, transportation, utilities, parking, books and other fees. If you end up needing less than you anticipated, tell your loan provider that you’d like to take out less. If you need the same, then stick with that amount.
Looking at your loans on a semester-by-semester basis can help you borrow more or less depending on your circumstances. Create a budget each semester and stick to it, so you can be confident in the amount you’ve chosen to borrow.
Know Your Interest Rate
Every loan has its own interest rate which depends on the kind of loan, when you borrowed and other factors. Interest rates for federal student loans are determined by the government, but private lenders are allowed to charge as much as they want. Currently, federal interest rates for undergraduate loans are 5.05% and graduate degree loans are 6.6%. In 2017, the average variable interest rate for a private student loan was 7.81% and the fixed-rate average was 9.66%.
Know You Can Pay Back Your Loans Early
If you have federal loans, you can start repaying them while still in college. If you borrow too much or find a lucrative part-time job, you can use some of your income to pay back your loans. Doing that now will mean lower payments after you graduate.
If you have private student loans that don’t allow early payments, you can still save money in a savings account and put that toward your loans once they become eligible for repayment.
Know If Your Parents Took Out Student Loans for You
It’s not uncommon for parents to take out loans either from the federal government or a private lender. Some parents do so without telling their kids, because they want to help fund their education. Even if your parents don’t expect repayment, it’s always good to have an idea of how much they’ve sacrificed to get you there.
Other parents take out student loans and expect their children to repay them, as well as any individual bonds they borrowed. As a student you won’t have access to your parents’ loan information, so you have to ask them for the specifics. If you know you’ll eventually be on the hook for any debt your parents took out, you need as much information about the loans as possible.
Ask Your Parents if Any of Their Financial Information Will Change
How much grant and scholarship money you’re eligible for is often dependent on your financial need. Your parents’ income is the single most important factor in determining that eligibility.
If your parents’ income doesn’t fluctuate, you’ll generally receive the same amount every year. If your parents get divorced or your single parent remarries, then your FAFSA could look quite different for the coming year. When my friend’s dad lost his job, she immediately qualified for more need-based grants the following semester.
Know When Your Loans are Due
Even if you’re a freshman in college, it’s important to know when your student loans will come due. Federal loans give you a six-month grace period after graduation, so you don’t have to start repayment until the fall if you graduate in the spring. Private loans have their own system determining when the first payment is due, which varies from lender to lender.
If you’re a senior in college and plan to graduate this year, it’s not a bad idea to look up when your first bill is due. You don’t want to graduate May 15 and find out you owe $500 on June 1. Knowing when that first payment will hit can save you months of worry, and help you create a repayment plan in anticipation.
Know That Student Loan Debt is Real Money
When you first take out student loans, it’s easy to feel like the amount you borrow is just a number. You won’t be forced to deal with it for years, so that $50,000 total doesn’t actually feel like $50,000 dollars. For a teen used to making minimum wage at a coffee shop, that amount is hard to wrap your head around.
But make no mistake, that money is very real – and you will have to pay it back eventually. Acknowledging the reality of your situation can help inform the decisions you make about applying for grants and scholarships, working a side job and managing expenses throughout the year.
Talk to a friend or family member who graduated college with student debt and ask them about their experience. They may be able to shed some light on the reality of living with debt after graduation.
Where to Find Help
The financial aid office at your university can help you suss out where your loans are coming from, how much you’ve borrowed and how to contact your lenders. Once you know who your lenders are, you can reach out to them for more specific information.
You can find a list of the loans you’ve taken out by checking your credit report, which you can do via AnnualCreditReport.com. There are three credit bureaus that publish credit histories, so you’ll want to check all three if it’s your first time looking at your report.
Some lenders may fail to report student loans on your credit, so don’t rely on that exclusively. However, if your credit report shows student loans or other loans that don’t look familiar, contact that lender. It’s possible for lenders to report student loans to the wrong person if you have a similar name or social security number.
If you know you’ve taken out student loans and don’t see them on your credit report, that doesn’t absolve you of the debt. Mistakes made by the lender will still affect you, so be vigilant.
The views and opinions expressed in this content are those of the author and do not necessarily reflect the opinion or view of Intuit Inc, Mint or any affiliated organization. This blog post does not constitute, and should not be considered a substitute for legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.
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Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. Read about how she paid off $28,000 worth of student loans in three years at Conscious Coins. More from Zina Kumok