The majority of traditional budgeting websites will tell you that the easiest way to trim your budget is to completely eliminate all of the little luxuries you indulge in each day.
The idea is that you spend so much money each and every day on little non-essential things, that overtime it can add up to a large amount that you should be saving.
While there is no arguing that cutting out the unnecessary coffee trips each morning will save you money, there are also ways to budget your money where you can still enjoy those little things. You are more likely to keep up with budgeting if you get to treat yourself to the things you want to purchase, just in a smarter way.
While you are looking for legitimate ways to earn some extra income, if you have a car, your job pool just got a lot bigger!
By monetizing your personal vehicle you can start jobs right now from the comfort of your car. There are different categories that range from driving people, delivering food, and even advertisement options.
Below are some of the top ways to earn money by driving your car:
We all shop. It doesn’t matter if you’re rich, broke, young, old, happy, sad, whatever.. We all have to shop and we all need to buy stuff. But did you know that you can literally get paid to buy groceries? Did you know that you can get paid to shop on Amazon or Ebay?
There are multiple cash-back shopping services, apps, and providers that pay you for shopping at places you’re likely already spending money at. Some of these services even pay you for what you buy in person at the store.
Almost every single person in this country is in debt. In fact, there are many people that aren’t even American citizens that owe some form of debt in this country. With Coronavirus causing more people to live off of borrowed money, consumer debt is well over $14 Trillion (with a T!)
Some people are able to pay this debt off properly. Some people struggle but they manage to get by. But what about people who simply cannot pay their debts at all? Well, for them, there are a few options.
These days consumer lending is a way of life. Your credit score will directly affect whether or not you can get a loan and what interest rate you will pay for borrowing that money. Credit scores can also affect many other aspects of your life:
Some property managers won’t let you move in without a credit check You can’t work at certain jobs if you have poor credit
A majority of Americans’ credit scores are impacted by credit card debt. Why is this true? Well, 189 million Americans have credit cards. And a HUGE majority of those cards are in use right now.
In fact, the average credit card debt per household is around $9,000 as of the last count. However, those calculations were before Covid-19 which likely has many people living on borrowed money at the moment.
Tracking your expenses makes you aware of your spending habits which in turn can lead to smarter financial decisions and an overall better understanding of how to best utilize your money. By tracking your purchases and spending you know exactly where your money goes and can ensure that you use your money wisely.
Why Should You Watch Your Spending So Carefully
There are some key benefits that come with watching your spending that can benefit you tremendously in the long run. A budget is a great way to get an overview of your spending and what areas you may need to adjust.
Having a side hustle that earns you extra money is great. Who doesn’t like making some extra cash? Having a hobby is a great way to pass the time and entertain yourself. But what if I told you that you could mix these two ideas and find hobbies that are also a side hustle?
You probably already have some kind of hobby, or have some kind of passion about something. Is your hobby or passion one that can be turned into a source of income?
Or maybe you’re looking to learn something new and want to make money with it on the side.
According to a study that interviewed 1,034 people with a 7-figure net worth or higher, 82% of millionaires admitted that they have a budget at all times to help them achieve their long-term and short-term goals.
Compare this to 34% of middle-class individuals, and only 9% of those living below the poverty line and you can see that budgeting is obviously part of the recipe to being financially successful.