Habits

You need some extra money, but you don’t know how to get it. You can’t get a raise right now and you can’t work another full-time job. But there are side gigs you can take on to keep your head above water until your financial situation improves. Here I’ll show you five side gigs you can do for extra cash.

How do you know which gig is right for you? Ideally, your side job should be something you enjoy, even a hobby if you can parlay it into a money maker. If you love animals, maybe dog walking can be your side hustle. Like transporting people? Then a limo service could be your thing. A lot of what you choose to do on the side depends on your regular job’s hours, so keep that in mind.

1. Baker: Yes, you have to love to cook and know how to do it well for this one. I have a friend who began an on-the-side bakery business out of her kitchen and has turned it into a lucrative cake baking service which she hopes to eventually become her sole money maker.  

2. Party entertainment: You don’t have to dress up like a clown if you don’t want to, but if you’re outgoing and energetic and can perform simple magic tricks or juggle or sing (bonus if you do all three!), you can hire yourself out for kids’ parties and even corporate events.  

3. Tutor: If you’re exceptionally good in a subject, chances are there’s a kid out there who needs your tutoring. This is generally more true for math and science, but I’ve tutored kids on SAT tests as well. You can even do this online, so it doesn’t require travel.  

4. CPR instructor: You’ll have to take a class and become certified, but once you do, you can market yourself out to hospitals, public pools and YMCAs. Figure out what to charge and this is something you can do strictly in the evenings and on the weekends. 

5. Photographer: If you have a good camera and you know how to use it, you can become a freelance photographer. This is not for you if you only have a point-and-shoot, but if you enjoy photography, you can sell yourself for animal and family portraits. People who live with animals and kids are always looking for someone to take their photos.   

The best part about having a side gig is that if you love it, it could turn into your only gig, potentially your own business. You might be able to leave your full-time job and become your own boss, all from exploring your options of a side hustle. 

If you’re already into budgeting and have drawn up a monthly plan that tallies up regular expenses, good for you. If you’ve also figured in miscellaneous items like entertainment, even better (saving is hard, but you should still be allowed a treat now and then). But are you tallying up everything?

Sometimes, we forget about these expenses that don’t occur every month. They may occur only every few months or once a year. If they regularly recur, however, they need to be figured into the monthly budget. These aren’t “surprise” expenses — you already know about them and not counting them can seriously mess up your finance plan.

Any of these can fall into recurring expenses:

• Termite bonding and inspection for homes
• Beauty salon treatments
• Oil changes for the car/truck
• Buying start-of-school supplies
• Pet checkups/grooming
• Dental visits

There’s plenty more out there that may apply to you individually, but the point is, many of us don’t factor these in to our monthly budgets because they don’t happen every month. Here’s where it can hurt you:

Say you haven’t factored in any of the above expenses. Using what I typically spend on these, here are my figures:

• Termite bonding and inspection for the year: $500
• Hair cut and color: $80; five times a year: $400 
• Oil changes plus tire rotation: $50; four times a year: $200
• School supplies for two kids: $150
• Pet shots once a year: $100
• Pet grooming six times per year $45 each; over a year: $270
• Dental visit: $30 office fee (with insurance coverage); twice a year: $60

That’s $1680 over the course of a year or $140/month. If you’re on a strict budget that leaves no room for errors, $140 is a lot of money. Worse, what if an emergency happens and although you have some savings set aside, you’ve factored this money into that savings instead of factoring it into your monthly budget?

If you really want to know how much you spend every month, it’s important to figure in your recurring expenses. This way, you won’t end up one month wondering why you’re $60 “short.”

At some point and time, I think we’ve all spent money on something and thought later that it was a stupid way to spend it. But what about all the money we waste without thinking about it? We don’t even get to regret it because it’s almost like it unconsciously floats out of our accounts. Are you wasting money in any of these 3 dumb ways?

1. Unnecessary bank fees: In my next life, I’d love to come back as a bank. Goodness knows, I’d be rich just from collecting fees from my customers. These fees can come from:

• Writing more checks than you’re “allowed” that month
• Using ATMs outside of your bank’s network
• Not maintaining a minimum balance
• Arbitrary maintenance

I’m sorry, but I think it’s crazy to have an account at any bank that charges you fees for these things! Because all banks do not do this. There actually exist some banks who don’t nickel and dime you and trust that you’re adult enough to write the number of checks you want to each month. Loyalty is one thing, but handing over money when you don’t have to is reason enough to break up. 

2. Credit card fees: If you’re with a credit card company who charges you an annual fee, ask yourself why. Why? When there are other companies practically jumping up and down to lure you in give you a card with no annual fee? I know that a lot of secured credit cards come that way; if you’ve had credit trouble in the past and this is one way you’re trying to rebuild your rating, you may only be able to get a secured card. Do your homework and find a card with a low fee, but that also comes from a reputable institution, such as a Top 10 credit card issuer. And above all, don’t make late payments. That’s usually $30-$40 you’re handing over, even if you’re a day late.

3. Avoiding coupons: Some businesses are actually trying to help you save money these days, so why would you avoid them? It may take a little more time to take advantage of coupons, but it’s worth it. In the Sunday newspaper, in your mailbox, online – coupons are readily available. If you still don’t want to take the time to cut them or print them out, at least sign up for a grocery store card. They’re almost always free, you can get a keytag version to clip onto your keychain instead of digging it out of your wallet and the store sends you flyers to alert you to upcoming specials.   

No one said saving money was easy; sometimes you really have to research and do the legwork to figure out how to do it. But keeping your hard-earned money instead of wasting it in one of these three ways should be way more satisfying than being “convenienced” out of it. 

No matter how diligent you are about recycling, there are people out there who aren’t as diligent. When you consider the number of plastic water bottles that are thrown away and carried to landfills day after day (to survive like cockroaches survived the Ice Age, never to die), you might want to get your water out of something other than the long-living plastic bottle.

Reportedly, American landfills receive about 38 billion water bottles each year! Not only that, but the production of one billion bottles requires over 24 million gallons of oil (no wonder we’re in an energy crisis). I know sometimes people think “what can I, one person, do to make a difference?” and it seems as if you can’t make an impact on such staggering numbers, but just like pennies, every little bit of effort adds up.

Here’s an example of how you can save money and the environment, too:

1. Cost of 24-count 1/2 liter bottles at Costco: $6.97

If you drink water like you should for the health benefits, this case can last you about six days, maybe less if you’re very active and take in more than the suggested eight cups per day.

Cost per month - $34.85

Total cost per year - $418.20   

2. Consider a reusable bottle like Brita’s FilterForGood.

You can pick up one of these bottles for around $11.00 and it’ll last indefinitely. For people who don’t like to drink tap water, you can buy filtration systems, either in pitcher form or faucet mount form. This will cost around $26.00-$40.00. Filters need to be replaced about every two to four months at a cost of $9.00-$25.00 per replacement.

Let’s add this up over the course of a year:

Cost of reusable bottle - $11.00

Filtration system - $26.00-$40.00

Replacement filters - $54.00-$75.00

Total cost per year: $91.00-$126.00    

As you can see, you can save nearly $300 or more over the course of a year by ditching those individual disposable bottles and opting for reusable. Yes, there will be additional water on your utility bill for the amount you use to fill your bottle daily, but chances are good that it’s less than $300 per year.

Save money: check

Save the environment: check

Stay healthy: check

Put the money you save into an interest-bearing savings account and get even more out of your environmentalism. I think that’s reason enough to look into reusable bottles, don’t you?

Today’s lesson is a study in willpower. Don’t worry, it’s not hard, though some may have a harder time with it than others. Still, if you’re plagued with buyer’s remorse because you make so many impulse purchases, only to regret it later when you get that whopping credit card bill, here’s something you can try. I call it the 24-hour rule.

You see something you want. It’s not a necessity, but you crave it. It can be something relatively inexpensive or maybe something big. The point is, you want it and you want it now. Can you walk away?

If you summon up some willpower, you can. I’m not saying that you shouldn’t buy it — part of being mature about your finances is treating yourself from time to time and knowing when to do it. But what you should do is think.

Go home and think about that thing you want. Get out a piece of paper and make two columns: pros and cons. What are the pros of you buying said item? What are the cons? For example, say I want a $100 pair of running shoes.

Under my pros, I’d list:

1. Good for fitness

2. Investing in healthy lifestyle

3. Can afford to pay with cash 

Under cons:

1. A little more than I want to pay

2. Last pair of shoes still in good condition

You may have a pro list 10 items long and a cons list of 15. It all depends on what it is and what the benefits and disadvantages of you buying it are. If the pros outweigh the cons (especially if one of the pros is “can pay with cash”), chances are you can buy it without feeling guilty. If one of your cons is “have to charge on a high-interest/almost maxed out card” that’s a huge reason to not make the purchase.

After that, take a day to mull it over. I’ve used this tactic since getting financially smarter and in nine cases out of 10, after thinking over it for a day, I decide not to buy. And I realize it was the right thing to do because I don’t miss not buying.

In one instance, I did make the decision to buy. I saw a shirt for $50.00 and I loved it, but I didn’t want to pay $50.00 for it. I went home, thought about it and decided not to buy. A few weeks later, I went back to the store and the shirt had been marked down 50%. At that point, I bought it. I was able to pay with cash, too. I know that’s longer than 24 hours and in some instances, the shirt would’ve been gone, but I knew I could live without the shirt.

Most stores will hold things for you for a day, so there’s no harm in asking and waiting that long to see if you really want it. If, after a full day, you’re still dreaming about that item, go ahead and buy it…so long as one of the cons is not placing you further into debt. 

Guess which top-selling car on the road today gets you 48 mpg in the city and 45 mpg on the highway? Hint: It’s a hybrid.

The Toyota Prius wins top honors as best-selling hybrid and most fuel-efficient. If you already drive a Prius, you have my congratulations. I long for the day I can zoom around town in a hybrid car, but until they make one large enough for my family of five to comfortably fit in, I’ll have to keep driving my gas-guzzling minivan (by the way, for anyone who’s waiting for the hybrid minivan to hit the market, there’s whispers on the horizon that one is coming, but which maker will be first?).

In these days, fuel-efficiency is a priority. Car dealers report people trading in their SUVs for smaller cars that are better on gas mileage. Who can blame them? Although summer’s peak driving season is over – and gas prices have “mysteriously” dropped now that kids and their parents aren’t traveling to vacation destinations as much – many of us still have to drive.

If you’re in the car-buying market, which cars should you look to for the best fuel-efficiency?

• Honda Civic Hybrid
• Toyota Corolla
• Nissan Versa
• Honda Accord
• Honda Fit station wagon
• Volkswagen Passat wagon

If you look at the rankings by the EPA, you can see just how much hybrids outperform gas-only cars in mileage.

But what about the wait? I often hear that people wanting new hybrids have a four-to-six month wait ahead of them, so if you’re impatient by nature, you may have a hard time with this. Still, it gives you plenty of time to say goodbye to your current car, which, even if you love it, must not be perfect if you’re even thinking of going the hybrid route.

With hybrids only becoming more popular, I wonder what the status car will be for this generation? Maybe not a Porsche, but a Prius.

Consider this statistic: 40% of bankruptcy filings are made by women. Most of these women are single, usually on the other end of a divorce. As you probably know, bankruptcy will mess up your credit report for years and make it nearly impossible to get a line of credit anywhere. People who file for bankruptcy usually do it because they feel they have absolutely no other options, but women, if you’re out there reading, remember these 7 things so that you don’t wind up in that staggeringly scary statistic:

You need to know how to:

1. Balance your checkbook. Think this is a given? It’s not. Many women, especially those who hold joint accounts with their spouses, allow their partners to take control of the money while they live in a worry-free environment, free from the “stress” of money matters. Think how stressful it will be if your partner leaves or dies suddenly and you don’t know how to write a check and record it in your checkbook. 

2. Live within your means. While TV commercials and magazine ads would have you believe that you’re worthless if you’re not walking down the street with a $1,000 purse swinging from your arm, the only way you should be waltzing around with a handbag that costs a grand is if you can comfortably carry that much in it and have plenty left over. Too many Americans are so busy trying to buy the latest car, the latest gadget, the latest trendy whatever, that they don’t even realize they’re sinking into debt until they’re being swallowed up. Now is a great time to rein in these materialistic tendencies if you have them.   

3. Budget. This goes along with #2, but if you haven’t yet learned to do this, you need to start today. You have to be able to figure out what you have coming in and how much goes out each month. Are there some areas you can cut back or cut out? Do you really need satellite TV? If you calculate your numbers and you have more going out than you have coming in, you have to cut back and/or make more money and draw up a financial plan.     

4. Pay bills. If you don’t know what bills come in, what they cost on average per month and who you owe money to, now is the time to learn. This includes all accounts in the household: your separate accounts, joint accounts and your partner’s accounts. If he’s not forthcoming about what he owes, that’s a red flag you shouldn’t ignore. Likewise, you need to fess up to him about what you owe.  

5. Manage your finances on your own. I’ll admit, I’m not a huge fan of joint accounts. It’s not the 1950’s and even if you’ve always been a homemaker and never worked outside of the home, you should still have some money that’s your own and that you manage yourself.    

6. Earn more. In the event that you find it difficult to pay your bills on time, you may need to earn more income. This could be in the form of a raise, a second job or a side gig.   

7. Adjust. Things aren’t always going to be the same. That’s the nature of life. If you can’t roll with the punches, it’s going to be very difficult to cope when something changes. You can either curl up in a ball and mope or you can take control of your money and your life and face it head on.

Face it; things sometimes happen. Husbands die or run off with their secretaries to Tijuana. If that should happen, you don’t want to be left behind in such a financial mess that you have no idea how you’re going to get out. Bankruptcy should be an absolute last-resort option, but remember: bankruptcy courts have gotten much more strict in recent years. All of your debt isn’t going to magically disappear because you file. Instead of going through all of that headache, however, take some steps now so that if the worst occurs, you’re prepared.   

You’ve taught your kids not to talk to strangers and not to give out personal information online. You do your best to protect them and keep them safe. You provide educational material and expose them to learning opportunities. But have you taught your kids the value of a dollar? What your kids don’t know about money can hurt them and their credit rating when they’re adults.

Some children are naturally good with money; they instinctively save and don’t fritter it away on frivolous purchases. Other children, being impulsive as kids often are, don’t save – they want the latest toys, video games, cool shoes…and they want it now. It’s no surprise they’re impatient. Adults are often the same way. Fortunately, children are too young to have charge cards or they may rack up huge bills like so many of their parents have done.

There are some secrets to raising money smart kids that you should know.

1. Show them how to save. Vaguely, I recall my parents telling me to save, but I don’t ever remember them telling me how. For a lot of people – not just kids – it’s not enough to say “save.” They (and I) need to be shown specific ways to do just that. If you give them an allowance, you need to sit down and have a conversation about what they do with their allowance money. I know some parents think that their kids should learn these lessons the hard way, but isn’t parenting about providing guidance? Explain to your child that this amount should be put away for saving and this amount can be spent. Give them a blank check register and show them how to record money going in and money going out.

2. Don’t buy them everything they want. There’s want and there’s need and there’s a big difference between the two. When kids grow up seeing their parents charge everything, they begin to think buying things is easy. Children don’t pay attention to the bills you get in the mail afterwards – all they know is that Mom bought a new purse or Dad bought a new iPhone. Learning to control your own spending impulses will teach your kids that sometimes, you can forego a new, oftentimes unnecessary purchase. They won’t like it, but this is one hard lesson that will benefit them in the long run.

3. Make them earn it. When your son asks for the latest video game, do you jump in the car and head straight for Game Stop and buy it? Or do you ask him how much it is, if he has any allowance money of his own and how much more he needs before he can buy the game himself? If children get everything they ask for, they see their parents as endless supplies of cash flow; who cares how the cash gets there? Your kid certainly doesn’t. Instead of making it easy, make them earn their own money if they don’t have enough allowance money to buy what they want (not need). I’m not one of those parents who believe kids should be paid for chores like cleaning their own rooms, but they should be allowed to earn a little extra by doing tasks that aren’t normally assigned to them (weeding the garden, washing cars, etc).

4. Send them to camp; money camp, that is. This idea has sprung up recently and while there’s debate on how much fun it is for the kids, it is a smart idea. Apparently, you send your child to a summer camp where they learn about money: investing, saving, leadership, all taught by certified financial planners. There are different camps around the country, but it’s worth looking into if you really want your kids to get solid lessons that they can carry with them. At least they won’t come home with a poison ivy rash.

I imagine the only people in the U.S. who don’t know that the cost of living has shot through the roof recently are little children under the age of one. Everyone else knows just how much everything – gas, food, utilities – has increased. It all ties in together because you can’t have rising gas prices without it affecting the food prices (i.e., more expensive transportation), you can’t have higher food costs without it affecting the housing market: people need to eat more than they need to pay their mortgage. It’s like a domino effect that ends somewhere that’s kind of scary for a lot of Americans.

Unless you’re very independently wealthy or you’ve learned to survive on very little, you’re feeling the crunch. Until the economy improves and the cost of a gallon of gas no longer determines if you have a good day or a bad one, here are 10 ways you can survive the rising cost of living, or what’s become a difficult time for a lot of us:

Save Money on Gas

1. Carpool or bike. If you regularly read the comic strip Blondie, you know that Dagwood Bumstead was way ahead of the current green age because he carpools to work every day. Sure, he’s usually running late, but I think we can cut the guy some slack because he’s helping the environment. It seems that people don’t want to carpool as much anymore, though I’m not sure why.

Biking is another alternative, which I’m even more fond of because it requires no gas, releases no emissions and it’s good for your body. I know everyone can’t do this because they live too far from their job (and during the hot summer, it may not work for hygiene reasons unless your job has a shower you can use – otherwise, your coworkers may start steering clear of you, eco-friendly star or not).

2. Run errands one day of the week. This may require more organization on your part, but if you can plan to run errands that are in the same general area one day a week instead of making multiple trips, this will save on gas. 

3. Fill up first thing in the morning. Now the basis for this is a lot more scientific that I can get into, but it has to do with the air temperature, the temperature of the gas and the amount of space available in your gas tank versus how much gas actually goes in there. In short, fill up when it’s coolest to get all of the gas you’re paying for. 

4. Work flex hours if you can. If you have the option to work at home one or two days per week, this is worth looking into. You’ll save on gas, as well as the aggravation of driving in rush hour traffic.  

Save Money on Food

5. Make a grocery list and stick to it. When I don’t make a list, I often wander the grocery store aisles and just start grabbing stuff. Then I’m irritated when I get home and see that I already have these impulse items hidden in the back of the pantry. Look in your cabinets before you leave home, make a list and, most importantly, stick to it. I like to mark items off as I get them (this is very satisfying for listy types like myself).

6. Compare prices between stores. It’s worth it to sign up for those free discount cards that many grocery stores offer nowadays; you’ll get their weekly fliers in the mail advertising specials. When you get the fliers, look over your grocery list and see if anything you need is on sale that week. If different stores have savings, you may have to shop at more than one store (so long as it doesn’t involve driving across town, it make sense), but some stores accept competitors’ coupons.     

Save Money on Electric Bills

7. Use compact fluorescent bulbs. I know the initial cost is higher, but in the long run, these light bulbs last 10 times longer than standard bulbs and can save you around $60 in electricity bills per bulb. 

8. Set your thermostat higher during the summer. The most comfortable temperature in your home is going to vary, but you should set it about one to two degrees higher than what makes you content. If you can manage to increase the thermostat temperature by one degree a week, you can expect to save between five and 20 percent off your electric bill depending on where you live.

Save Money on Personal Services

9. Extend the time between services. If you get your hair colored every six weeks at $60 a pop, try going every eight weeks. Over the course of a year, this will save you about $130, which you can put into an interest bearing savings account to get the most from your newfound saving ability. 

10. Learn to do some things yourself. I’m a big DIY person, but even if you’re not, there are some tasks you can tackle yourself. Manicure, pedicure, eyebrow waxing, moustache trimming…these are simple services that many people can do themselves.

There’s no telling when this economic crisis is going to end. I know that some of these ways may seem small, but remember this: just as money adds up when it’s coming in, it adds up the same way when going out. You may think saving $5.00 today is no big deal, but when you save $5.00 here, another $10.00 there and an extra $15.00 someplace else, it does add up…to savings which you can keep.