Being told to save more money is often frustrating. You intuitively know that spending less than you make is a good thing, but often life gets in the way. The car needs a new battery, an appliance breaks down, the dog gets sick, and the savings you thought you had suddenly go away in an instant. Does this sound a little too familiar? At the end of the day, if you wait for everything to be “perfect” before you start saving money, you will be waiting forever. Life will always throw punches our way; that is a fact. The good news is we are in complete control of how we respond to those punches. There are plenty of straightforward and practical ways to save money regardless of your financial situation. They might not feel like you are getting anywhere or making a significant enough dent, but a slight change made daily has a dramatic impact on your future. Here are 12 practical tips to save more money and get you a little extra breathing room in your budget and your life.

1) Shop in Bulk.

Stores like Costco and Sam’s have their business models wholly based on customers buying in bulk. When buying in bulk, the number one thing to consider is that it’s not the price of the item you should focus on; it’s the price per unit (or ounce) that really makes a difference. My wife and I have been buying diapers from Sams Club, and we have reduced our unit price from $.25 to $.11 per diaper. This may not seem like a substantial savings amount, but she used 12 diapers a day for the first three months of her life. That’s a significant amount of diapers! By dropping the unit price by a little over half, we were able to get a savings of $151.20 just on diapers alone!

As long as the expiration date of the items you are buying you feel confident will be used by that date, buying in bulk can save you a substantial amount in the long run!

2) Coupons! Coupons! Coupons!

When used efficiently, coupons are one of the most practical tips to save more of your money. Couponing for my wife and I have become a way of life. I’m not sure we have paid full price for anything in our house. If it is not on sale, we aren’t buying it. It’s as simple as that. The average couponer, which is defined as using at least one coupon in a 30 day period, averaged a savings of $36.80 a month, which equates to an annual savings of $441.60.

Sites like Ibotta, RetailMeNot, Honey, and Groupon are just a few examples of ways to get great savings very easily.

3) Just Because It Is On Sale Doesn’t Mean You Should Buy It.

This might be the most effective of all of the practical tips to save more of your money on this list.

Do you know what’s cheaper than purchasing something on sale? Surprisingly the answer is not a better sale—it is not buying the item in the first place. Often this is a lot easier said than done though, especially if your money archetype enjoys spending.

If sales are traps for you to spend more money, knowing that about yourself is half the battle! Try some of our budgeting methods to ensure that the savings you get are not chains you are putting on yourself.

4) Compare Insurance Policies

Shopping and comparing insurance policies can be a total pain. It can feel challenging to look through all the options and find a policy that works for you. Fortunately, that’s where sites like Policy Genius come into play! Policy Genius users report an average savings of $690 a year by switching their coverage. They make it easy to compare policies, and the savings are substantial. At least take a look because you may be paying more than you need to!

5) Check Your Recurring Expenses

It seems like everyone is offering a subscription these days. It is almost scary how easy it is to pay for multiple different subscriptions such as Netflix, Hulu, Apple Music, gym memberships, Amazon Prime, etc. These prices are manageable individually, but when stacked together, the cost starts to add up.

It’s healthy and necessary to cancel any subscriptions you don’t use regularly. It may feel daunting even to know what subscriptions you have, and if that’s the case, I recommend TrueBill. They can track and let you see all your subscriptions for free in one place!

6) Compare Phone and Internet Plans

Depending on where you live, this may not be entirely possible because you might only have one provider that will service the area. However, if you live in a city, make sure you compare the cost of phone and internet plans. By eliminating data plans, phone insurance, and unneeded warranties, you can save a substantial amount on your bill.

Also, think about sharing a family plan with friends to cut back on the cost because they typically offer discounts with more than one phone line. This way, everybody wins!

7) Cut The Cord

The average monthly price for cable TV is over $217 a month, equating to $2,604 a year. With how expensive TV has gotten, the cut the cord revolution that is occurring is of no surprise to anyone. There are so many alternatives to cable, thanks to streaming services like youtube, Hulu, etc…

The goal of cutting the cord is to save money, so only purchase a subscription you will use. It is very easy to have ten streaming services with prices over what it would cost for cable if you aren’t careful. But if you are diligent, you can dramatically increase your margin with one or two streaming providers while not sacrificing any of your entertainment value.

8) Stop Buying Brand Names.

One of the most effective on our list of practical tips to save money is to ditch brand names and buy generic. Almost every major retailer has a value brand that is highly comparable to its Name brand partner at fractions of the cost. This goes from everything from medicine, food, cleaning supplies, etc. 99 times out of 100, you are just buying the marketing of the brand name rather than a superior product. Yes, the logo may be cool, but your savings are far superior to any logo.

9) Cook Your Meals.

The average family in the United States spends roughly $3,526 each year on food outside of the home. That’s almost $300 a month on eating out! It is so easy and convenient to buy food on your way home from work, or if you are just simply too tired to cook after a long day, bringing dinner home is often the choice.

By budgeting and cooking your own meals, you can save and eat better on a regular basis! For the cost of a dinner out, you can have steak for a few meals at home. It’s more cost-effective, better for you, and will produce financial margin in your lives without too much sacrifice.

10) DIY Time.

Yes, it is sweat equity time! Thanks to youtube and a quick google search, you can practically learn how to do any home project for a fraction of the cost. Want to learn how to tile, add a deck, fix your brake light, and change your car’s oil? Youtube can help with all of these things, and your savings will be substantial.

My good friend has a Costco membership, and he profits from it every year just by buying oil and following a youtube video to learn how to change his car’s oil. By rolling up your sleeves, how much you can save and learn is remarkable!

11) Bye-bye, Starbucks!

Yup. I went there. This is a tough one for many of us coffee addicts out there. Unfortunately, the math doesn’t lie to us. The $5 daily cup of coffee adds up to over $150 a month! We can still enjoy coffee; we just need to work smarter, not harder.

By buying local beans and a quality coffee maker, your return on investment will still be much quicker than buying a cup of joe, and the savings over the long run will be substantial.

12) Sell old stuff (well, really anything that doesn’t bring your joy!)

My wife loves Marie Kondo. There was a period in life when that was all we had on tv, but you know what? She has the right idea. Clutter causes stress in your life, and by selling things you don’t need, you gain a little cash plus peace of mind.

From personal experience, my own home feels like a magnet for unwanted stuff. My wife and I regularly go through our home and get rid of things that we don’t even know how, when, or where we got them. The best feeling we have is decluttering our home from unwanted or unneeded things, plus the extra cash is always a nice bonus.

The post 12 Practical Tips to Save More Of Your Money appeared first on Affording Freedom.

Whether you are trying to save up towards your goals, climb out of debt, or create more financial margin in your life, it has never been more straightforward to generate a side income with today’s gig economy and the emergence of side hustles.

With all of the online platforms available today, they offer something precious to you other than the obvious monetary benefit, flexibility. Working how, when, and where you want while not sacrificing your full-time income is a fantastic opportunity to help you reach your goals.

We have researched these products below and frankly use several of them internally to provide some much-appreciated income boosters.

1) Tutor Online

Are there subjects you know very well and feel like you could help someone learn them? Sites like tutor.com, tutorme and studypool hire tutors to share their knowledge with students on their platforms under a wide variety of topics. Don’t worry. You didn’t have to be a straight-A student to qualify; you just need to be passionate and knowledgeable on a given subject.

2) User Experience Testing

One of the easiest ways to make some extra money is through rating websites. Companies like TrymyUI and usertesting pay you for helping them build better products and experiences for their customers.

It is pretty typical to make $10 for a 20-minute test, but you won’t qualify for all the tests on their site. Finding 1 test a week is very doable, and if you get the chance to do a live review, they will pay you up to $120 for an hour of your time!

3) Take Surveys

Getting paid for sharing your opinion is a pretty easy way to make some extra cash, and that is precisely what Survey Junkie pays you to do. They value your opinion but just like with the user experience testing, you won’t qualify for every survey, but it is still an excellent way to grow some extra income.

4) Get Paid for being creative

Are you naturally creative? If so, freelancing on Fiverr may be the perfect fit for you. If you are a designer, developer, writer, video editor, musician artist, or have a unique skillset, Fiverr is an excellent opportunity to make some extra money on your schedule!

5) Sell Your Photos

Are you an avid photographer? Always capturing gorgeous pictures of sunsets or perfectly staged nature scapes? Make some extra cash without being a professional photographer with FOAP.

Sell your photos for $10 – $60 per photo, but they take a hefty 50% cut of your sale. There is no guarantee, but making money on the pictures you already have isn’t a bad gig.

6) Drive for Uber/Lyft

If you have reliable transportation and have some free time to work, becoming a driver for Uber or Lyft might make a good deal of sense. You can drive as little or as much as you want and set your schedule to what works best for you.

The amount you make is variable based on time, location, and demand for a driver. But if you have a free night or weekend where you want to make some extra cash, this could be a great way to make some extra cash and meet some interesting people along the way.

7) Deliver Food

While driving for Uber/Lyft is a great option, there are more ways to make money using your vehicles, such as delivering food through sites like GrubHub and Ubereats.

Similar to ride-sharing apps Uber and Lyft, the amount you make will be variable based on location, restaurant, and order size. Here in DFW, Uber boasts of drivers making $1,600 from food delivery!

Combining this with ride-sharing is a great way to maximize the number of money-making opportunities and increase your earning potential from your vehicle.

8) Start a Blog

If you are passionate about a given topic, chances are people will be interested in reading it! One of the great things about blogging is you can blog literally about any topic you can think of!

Blogging is one of the most lucrative options on the list, and it has never been easier to start one, thanks to BlueHost. BlueHost makes it extremely quick and straightforward to set up a blog in minutes rather than months! The templates they offer look great, and it makes creating and maintaining your blog easy. Plus, with plans as low as $2.95 a month for hosting your blog, what do you have to lose!

I trust BlueHost with my site, and I have nothing but positive things to say about my experience with them!

9) Take Surveys

Have you ever noticed how many 5 minute windows we have in the day where we do absolutely nothing? How about getting paid for taking surveys from sites like Surveyjunkie during those windows instead?

Surveys take less than 5 minutes, and typically, you will qualify for enough surveys to cover your Netflix bill. Not too bad if you ask me!

10) Start pet setting

Do you love animals? Did you know you can get paid to play with pets on Rover? You get to set your schedule and offer any combination of pet services like dog walking, boarding, daycare, or house sitting.

Only want to work with older dogs? You can filter by size, age, and other preferences you can think of! If you love animals, give them a look. Is there such a thing as too many puppies in your life? I very much doubt it.

11) Babysit on the weekends

Babysitting is a great, easy, and rewarding job that has historically been difficult to find gigs. Most parents are eager for a night out with their loved ones, but finding a sitter you can trust at an affordable rate has previously been a bit harder to manage. Now seeing these opportunities has become much easier with Care.com.

They match caregivers with those who need help efficiently and quickly. You can list your references and any certificates you have so families can correspond with you quickly.

Also, word of mouth in baby-sitting is never a bad way to go. Try reaching out to local community centers, neighborhoods, or social groups to promote your new side hustle!

12) Deliver for Amazon

Amazon is slowly (well, not that slowly) taking over the world. They are in constant need of drivers to deliver their packages. Driving for Amazon is extremely simple now, thanks to Amazon Flex.

There are several restrictions in order to be able to drive for Amazon, such as age, type of car, and it is only available in participating cities. Still, it pays between $18-$25 an hour if you qualify, and you can work your schedule.

13) Rent your home

Unless you have been living under a rock, in which case I have many questions for you, you have used or at least heard about Airbnb or VRBO. There is still a lot of potential for passive income by renting out your home or spare room for extra cash on these sites.

You select the dates your listing is available, the rate you wish to charge, and that’s it. Pretty simple. This strategy is so effective that people have made full-time incomes from using these sites! If you have extra space or want to make money from a property you own, give it a look!

14) Rent your car

Have a car you barely use, or how about your primary vehicle is not needed very often? You can rent out your car on sites like Turo.

Think of Turo like Airbnb but of the car world. You control the rates for the car, set the schedule, and provide the vehicle.

Turo claims that an average car on their site makes an annual income of $10,516. I haven’t personally used this site, but I am currently looking into it, and I have heard great things.

15) Start an online store

Starting an online store is a great way to grow a side income and potentially a whole business. Creating an online store used to be very intimidating but now, with sites like Shopify and Wix, creating online stores has never been easier.

Shopify and Wix have great templates that make it very easy to design your site and sell your products quickly. They both have free trials and options available with many resources on learning how to use their platforms easily.

I have done web design in the past and have experience using both platforms. Wix has the lowest learning curve with a drag and drop editor, but Shopify is slightly more robust.

16) Sell unwanted stuff

My wife is an avid Facebook marketplace shopper. At any point in time, we will have 5-10 random items in our garage that she is flipping on other sites or just reselling back on Facebook Marketplace. We typically pull in anywhere between $800-$1,200 a year just on passive marketplace purchases and sell them back on Facebook or another similar platform like Craigslist or Offerup. There is also a free section for either picking up at no cost.

17) Sell your old technology

Do you have a mountain of old DVDs gathering dust in the corner? How about your old iPod, kindle, or any other technology that is stuffed in a drawer and not sure what to do with? Thank goodness for Decluttr.

Decluttr gives you an instant valuation for all of your old technology without auctions or fees. Pretty great, right? Time to do a little spring cleaning and get some extra money in your pocket for it.

18) Rent out your baby stuff

Yes, you read this right. You can really rent out your baby stuff on babyquip. My wife and I just had our first child back in October, and we had no idea this existed until I started writing this article.

It is an excellent service where you can offer cribs, night lights, strollers, accessories, and really everything your baby could need for families visiting or just in the area. If you have extra baby stuff just sitting around, start making some money on it!

19) Get cashback for shopping

Wouldn’t it be nice to make money to buy things you already need? Welcome to the world of cashback apps like Ibotta.

Ibotta allows you to save with your shopping by simply pushing a button every time you shop in-store or online. It’s that simple. Most users save over $150 a year just from shopping. A little free cash never sounds too bad.

20) Teaching English

Do you have a teacher’s heart or have a passion for helping people learn? Then this side income offered through platforms like VIPKid might be for you. They have mastered online teaching, where they create the lesson plans, curriculum and even handle the grading for you! There are no minimum hour requirements, so you have complete control over your schedule.

If teaching feels a little scary, don’t worry! You simply need to be passionate about others and want to help them succeed. Helping people while earning a side income; everybody wins!

Now what?

Hopefully, you can utilize one or a few of these strategies to boost your income. It will all be for not, though, if you don’t have a financial plan and a way to execute it. The easiest way to start is by budgeting so this newfound income doesn’t slip out of your pockets.

Your money is always working. Make sure it works for you, not against you. Check out our financial coaching program if you want to gain financial freedom sooner than later!

As always, YOU GOT THIS!

The post Easy Ways To Create A Side Income In 2022 appeared first on Affording Freedom.

Almost every day, I hear someone say, “It’s going to be tight this month,” or, “I wish my money could go further!” When we live paycheck to paycheck or with no money leftover at the end of each month, we have no financial margin. We don’t have total control over how much we make, but we control how much we spend and what we spend that hard-earned money on.

Simply put, financial margin gives us more options. Financial stress and worry is the only long-term option available without financial margin, no matter how much we make. These are significant changes that make a huge difference.

The great news is that financial margin is available and attainable to everyone regardless of your budget! Not saying that it will be easy, but great things very rarely are. But if we are purposeful and committed to our goal of financial margin, we will get there. Here are ten practical steps to get there as quick as possible.

1) Get A Financial Plan

The importance of a financial plan can not be understated. Without a plan, you may think you have margin, but in reality, you do not. A great financial plan will consider your goals and preferences and give you a strategy today that grows with you in the future.

Check out this article for Financial Planning 101 for more information.

2) Make a Budget

The easiest way to create more margin… Budgeting! It is incredible how much money slips out of your pocket without a budget; let’s add that to the bottom line instead! It will feel like a raise once you get the hang of it.

Not sure where to start when it comes to budgeting? Check out this article on making a budget your new best friend!

3) Downsize Your Home

Your most significant expense is typically your home, and so naturally, it is a place to look at when cutting expenses. A good rule of thumb is if your house payment is more than 25% of your income, you are sacrificing margin for a home you really can’t afford. Sacrificing today will lead to better outcomes tomorrow.

4) Create A Side Income

With the internet, there are so many ways to create a little extra cash each month, from taking surveys to teaching classes and a whole lot in between. Finding something that you can add to your bottom line makes a difference!

There are numerous ways to make a little extra on the side with a bit of research and creativity and maybe even replace your 9-5 in the process.

Check out my favorite Side Hustles for 2022 here!

5) Reduce Transportation Costs

The moment you drive your car, bike, boat, really anything with a motor, off the lot, it is losing value. Not to mention the maintenance cost and payments you have on them can eat into your margin. Having money tied into things that go down in value is not a great way to create margin, so think about downsizing, public transport, or maybe renting out your vehicle on a site like Toro to make these costs more manageable.

6) Track Your Subscriptions

Subscriptions can be the straws that break the camel’s back. Netflix, Cable, HBO, Disney +, Spotify, apple tv, pandora, amazon prime, the list goes on and on. Take a hard look at these and see what can be eliminated and substituted to a free version. My personal favorite free alternative for music is youtube. You can save and share playlists and even watch some movies and tv for free on their platform!

7) Do It Yourself

Luxury is often just that.. luxury. Are you buying coffee from Starbucks every day? Maybe it’s time to make your own. Are you paying for yard service, house cleaning, pest control, or errand running? It might be time to roll up the sleeves, get a little dirty, and see what you can do without sending your hard-earned money out the window.

8) Check Insurance Options

Insurance can be confusing, and there is an excellent chance you are overpaying. Policygenius is an insurance marketplace that helps users find and compare insurance easily. Being an independent insurance broker, they offer a wide range of insurance products, such as life insurance, home insurance, auto insurance, and many others.

Their payout for life insurance is the highest among all insurance types on their platform. Take a look at their free comparing tools and get the best rate possible!

9) Shop In Bulk

If you are strategic about when you shop and what you are shopping for, buying in bulk is an easy way to add to your margin! Coupons and shopping in bulk can make your grocery budget go further! Costco and Sam’s club often have deals that make their membership practically free, and you get access to great deals.

10) Rethink Entertainment

Eating out, going to the movies, whatever your guilty pleasure is, these can eat into your budget. If you strategize and plan your entertainment, there are ways you can really save and still have a fantastic time; sometimes, it just requires a little more thought. Museums, parks, lakes, farmer’s markets, there are a number of free things to do. It may take some good ole fashion googling to find some in your area.

I know these changes can feel daunting and maybe even unrealistic. Start with focusing on one thing you can do this month to create financial margin. Just being aware of your situation gives you the power to change it. There is so much more freedom available to you, and it all starts with creating margin. You are not alone in this journey, and I would highly recommend getting someone to walk through this journey with you.

As always, you got this!

The post 10 Steps To Create More Financial Margin In Your Life appeared first on Affording Freedom.