Tips on how to save and earn extra money
Published Wed, Apr 6, 2016 Updated Tue, Feb 16, 2021
Everyone dreams of being able to say they are completely financially independent. However, this isn’t always as easy as we would hope. Many people have trouble getting to this state due to poor financial management or inadequate knowledge on the subject. It’s important to be in control of your money, and there are loads of simple things you can do to save and make extra money.
1. Purchase goods and services while on offer
It might seem obvious, but one of the easiest ways to save money is to always be on the lookout for stores with offers on the items you need. This will ensure you buy goods and services at a lower price. As well as this, it’s worth shopping around as often the first price you find for an item will, in most cases, not be the cheapest.
2. Shop in bulk
Similarly, shopping in huge quantities tends to attract discounts. For instance, instead of buying groceries daily, do weekly shopping. Easy habits like this not only help in terms of saving time but will also be likely to get you a discount too.
3. Practice DIY
Instead of hiring the services of basic household technicians, learning to fix simple problems in the house by yourself will help save on the money you would have otherwise paid out for the service. Do It Yourself tips are available online and in different publications – so they’re really easy to access.
4. Cut down on unnecessary expenses
To be a good saver, you need to tame yourself. Learn to say no when you have to and always stick to your budget. Minimize on your entertainment by reducing the time you spend in bars and clubs, the number of times you eat out and by renting instead of buying movies.
5. Start collecting shopping coupons
At a glance, shopping coupons may not seem to save you a lot of money but in the long run they actually do. Collecting coupons is tricky but once you learn the art and live by it, you can end up getting yourself up to 50% discounts while shopping.
Earning extra money
1. Get a part-time job
If your current job leaves you with a lot of free time, taking up a part time job will not only earn you extra money but it will also help you make good use of your time. Simple jobs such waiting tables, delivering pizza, letters and parcels, baby-sitting or being a retail assistant can come in handy.
2. Sell your old items
With time, some items you own, though they may be in perfect condition, are just not of use to you. Sorting out such items and putting them up for sale will prove more valuable than having those items stored in your loft. The sale of the items can simply be conducted online or in your backyard. Again, even older, more worn items can be sold to earn some extra money.
3. Make use of your talents and hobbies
Using your personal skills to create items or help others can also earn you pocket some extra money while at the same time you enjoy yourself and improve on those skills. You can make craft items, design logos or bake biscuits and cakes and sell them to friends and neighbours. You can also provide services such as tutoring and coaching at a fee.
4. Take extra time at work
If your income is determined by how much time you put into your work, dedicate and sacrifice yourself to more time at work in order to earn more. You’ll earn more and you may also be lucky to receive incentives or a promotion from your boss.
5. Rent out your used car or other properties
If you posses properties that you hardly use such as a garden and a used car. You can rent them out to others at a fee when they need them for short term purposes. Used cars can be hired by friends for certain occasions or even tourists visiting your area for a certain duration. Properties such as gardens and ranches can be hired for events and other special occasions.
These are just some of the useful tips in helping you having better control over your finances. Practicing the art of saving and making extra money will help you in the long run to achieve your financial goals swiftly and sooner. Keep in mind that the economy keeps on changing and with a firm financial status, you can be able to go through these changes with less difficulty.