There is nothing better than finding $20 in your pants’ pocket before doing a load of laundry. Less rewarding, but still great, is finding spare change in the couch. While finding money in unexpected places such as these is nice, it doesn’t happen too often.
Instead of relying on the luck of the Irish, there are sound and practical ways to find, save and make money in unexpected places. Saving money can be tough any time of year, but now it’s especially difficult with the shape of the economy. Despite this, there is hope to find some extra cash here and there. By cutting spending and turning over some rocks, your money will add up to a tidy sum faster than you might have thought possible.
Upgrade your savings account
Having a sufficient amount of money saved for an emergency is crucial to your financial success, and a good place to keep that fund is in a savings account. If you are like most people, then you don’t know the rate of interest that you’re earning on the money in your savings account. So, the first way to make money in unexpected places such as a savings account is to upgrade the account. The difference between 1% and 2% more per year could mean a few hundred dollars in your pocket.Most of the large banks with walk-in branches offer low interest rates on your savings. As a result, many people are opting for internet savings accounts where rates are higher because transactions are conducted online instead of at a banking location. Even if you keep a checking account at your current bank, you should still set up an online checking account to boost your annual return.
Raise insurance deductibles
The next thing you can do to make money in unexpected places is raise your insurance deductibles. And the best place to start is with your car. The deductible for auto insurance is usually set at around $500, but raising this amount to $1,000 will lower your monthly premium payment. At the same time, you won’t be put in a major financial hardship if a collision happens. Be sure to have enough money in your savings and plan for the worst.Although you can lower your deductible, don’t skimp when it comes to insurance coverage. Insurance is important for your financial health as well as for legal reasons. Always consult the expertise of a financial professional before buying insurance.
Take advantage of rewards programs
Many credit cards and debit cards have rewards programs, which is another way to make money in unexpected places, for customers who use plastic instead of cash. One large bank has a program that allows you to earn up to three cents for each debit transaction. Another bank has a debit card that earns rewards points as well.Using your credit card is a smart choice if you can pay the balance back each month. In doing so, you are effectively getting a free loan for up to 30 days without paying interest. On top of that, you can get reward points for airline tickets, gift cards and cash back. However, if you are not disciplined enough to pay the bill each month, then don’t bother using a credit card. In that case, a debit card is a better option because you can’t spend money you don’t have.
Get cash for coins
A wise person once advised to watch the pennies and the dollars will take care of themselves. Even if you don’t use a debit card or credit card, there is a way to save and thereby make money. Start collecting all the change from your purchases and empty out your pockets each night in a large jar. When it gets full, you can roll the coins and take them to the bank for cash.Start a small business
Starting a business involves a huge amount of work and can bring on added stress in your life. On top of that, it is often very difficult for people to work a day job while getting a new venture off the ground. However, there are ways to start slow and keep from getting overwhelmed.Start by making a list of everything you are passionate about or like in general to generate ideas. You could also visit a bookstore, as it could be a great tool to help you get started. Go to the sections you enjoy most, such as the animal or travel sections. If these are your interests, you could start a dog-walking business (especially if you already walk your own dog, which means that it’s not adding to your plate) or a travel consulting company. Be sure to fully research your idea and get professional advice before starting up your side gig.
a pot of gold
Nobody likes being preached to, but it is important to be honest with yourself regarding your spending habits. But the truth is that by cutting out a few extra lattes per week or letting go of that movie rental service, you could save hundreds of dollars per year.When it comes down to it, you may not miss these luxuries very much and you will have more money in the bank at the end of the year. While reviewing your budget, make a spreadsheet to help track your spending behavior. After the totals are added up, you might be surprised at the result. Then again, if you make money in unexpected places, maybe you can afford your daily luxuries.
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