Making saving fun while getting serious about your finances
Ways to make and save extra money
If you have a job, the first thing you must do before anything else is paid is to pay YOURSELF first.
So as not to overwhelm yourself pick a percentage of your check you can easily handle. 5% is a good start.let's say your weekly check is $350, 5% of that is $17.50. Put that amount away in a jar or security safe and don't spend it. Out of sight and out of mind should be your mantra.
Turn off those lights!! Stop doing several loads of laundry!! If you feel you dont need the heater or AC on at a particular time, don't use it. Little things to save money on your utilitities will show in your monthly bill.
You don't always have to have all your meals cooked. Having a salad and sandwiches and other things that don't require turning on the gas or electric stove will save you money. Eat more at home to save gas and money eating out at fast foods or restaurants.
What can you do to make a few extra bucks to stuff in that jar? Here's a quick list of easy ways to make extra cash:
1. Give whole blood or plasma. Plasma you can give twice a week and can get up to $45 or so by doing it twice. More for whole blood depending on your location.
2. Sell metal.Local metal recyling plants will pay pretty good for copper, brass, silver, aluminum, tin. It doesn't have to be a big operation. A 55 gal drum is sufficient to bring to the center. More extra bucks.
3. Do online surveys or blogs. Its not bill gates wages, but a small check ever so often that you can sock away. I use inboxdollars and they do actually send you a check.
4. Hey guys, even if you have a job, make some money on a hobby. Do you work on computers or lawn mowers. Put an ad on craigslist or thumbtack professionals or any site that caters to your niche.
THE ENVELOPE SYSTEM
Save and pay the envelope way
Make your budget on paper first. We divide our bills in 2 ways. My wife and I call them simply ONESIES and MONTHLIES. What is the have to pay bills monthly. Well of course a car payment is a monthly. A tag payment is a onesie. Cause you get them changed every year. Insurance for a car or house insurance is usually a Twosie. We pay every six months to cover half a year. So we are free the other months to not worry about a monthly insurance payment.making a small payment every month for those types even if the total seems a lot. You arent saving extra money that way. We pay $189 twice a year for our car insurance and that's just part of a bi weekly paycheck. Its done and done. Take care of it and like loans try to pay more on the principle instead of the interest because it will eat you alive.
Ok, you've done your budget, you have your envelopes. Now what?
Have your envelopes 2 different colors. One is for bills and the other is for saving.
Mark on the envelope the bill and the amount and if its monthly. A one time payment or whatever the case may be. Don't forget that envelope that pays YOU first.
What do you need to save for? Long term or short term. Establish that first. You may need another oil change. Put money back each week for that. Whatever the case may be. An emerceny money envelope for unexpected things that come up. Put in about 10% of your check for that.
By keeping track of the bills and making an effort to save with the envelope system makes it not abstract, but something physical you can put your hands on and know for sure what you need to accomplish.
Quit using credit cards. More and more college students are already in debt before they can use their degrees on their first job.