Saving money

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. 

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. 

With the economy being what it currently is, many people are thinking about (or already are) tapping into savings, in some form or another. Whether it’s your regular savings account or your 401(k) plan, money is money when you’re strapped. It can be extremely tempting to dip into your 401(k), but here’s why you should resist if at all possible.

Times are tough now, but imagine how tough they’ll be if you get to retirement age and you have no savings. Basically, that’s what your 401(k) plan is — retirement money. In addition to what you put into your 401(k) account, many companies will match at least a portion of your money, so it’s almost like getting “free money” placed into your savings. You choose the percentage up to a certain amount and where you want to invest your money.

If you’re younger than 59 1/2, there are severe penalties for withdrawing money from this account if you’re still with the same employer, mainly a high tax percentage and having to pay state and federal taxes on the amount you withdraw.    

If you want to get the most out of your 401(k) plan, you should:

• Start as early as possible. The sooner you start, the more money you can accumulate and you won’t have to  play “catch up” later to secure that nest egg
• Contribute the maximum amount. Because this money is taken directly from your paycheck before you get it, get into the mindset that it’s not even there. Even giving the highest percentage your company allows won’t be missed if you accept that the money isn’t there for you to spend.   
• Invest wisely. You’ll likely be able to choose where to invest your funds. Instead of wearing a blindfold and playing “eenie meenie miney mo” before picking whatever your finger lands on, get some information on investing so that you make smart choices. The better you invest, the more you can earn.

If you absolutely have to get some money somehow and your 401(k) plan is the only way you know how, look into borrowing from the plan instead of withdrawing. In some cases, borrowing isn’t as penalty-laden as withdrawing, but you’ll have a time limit to repay the loan before it shows that you’ve defaulted on it.

Bottom line: Make your 401(k) work for you by always adding, not deducting.