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Simple and easy ideas to put cash in your wallet – quickly.
Get a pen and paper! Jot your favorite ideas down. I’m about to give you some virtual gold.
I make no secret of the fact that I am a huge fan of Dave Ramsey and the methods he teaches. I am a big believer in learning from others mistakes, and Dave is easy to relate to because he filed for bankruptcy at one point in his career. Yet through a lifestyle change and a lot of commitment, he is now a multi millionaire.
Whatever he did worked. In my life I try and model people who have the results I want. And as my husband and I have applied all that we learned in Financial Peace University, it has WORKED. Baby Step #1 is to put $1000 in a beginner emergency fund. Below are some simple ideas to give you a head start on that rainy day fund so that when life happens and you are thrown a curve ball, you are up for the challenge.
First off – believe you can do this!!
I know you can do it.
1. Set up a budget
If you have never budgeted before, you may want to check out my article here on the budget method that we found works the best for us. We were fairly careful with our spending in the past, but were both taken aback at how much more money we had in the bank once we began giving each dollar a name.
I refer to it as Our Moxie Budget. This should easily free up a good chunk of cash. When you cut back on spending, you save more money! Open a special “Emergency Fund” savings account at your bank set aside solely for this purpose and have fun watching the numbers grow.
2. Bring in more money
“Your income is your biggest wealth building tool.” -Dave Ramsey
This can be a lot easier than it sounds. Remember, this is a goal that you want to get done quickly, so upping your hours at work or taking on a temporary part time job will be worth the sacrifice in the long run.
Maybe you can deliver pizzas. Babysitting for friends. Offering to be a personal shopper. (I hate grocery shopping and succumb to the $5 fee more often than I’d like to admit for those stores that offer shopping and pick up.) Dog walking. Pet boarding. House sitting. House cleaning. Metal Collecting. (Check out my post on that here.) Be creative with your talents and time.
3. Sell Stuff!
Yes! A perfect opportunity to make money while minimizing and cleaning. You would be amazed – truly amazed at how much money you have sitting around your home.
We utilize Craigslist a lot for this, and I have heard that Facebook Marketplace can be extraordinary! Never used Craigslist before? Visit this article I wrote on how to utilize Craigslist like a pro! I have sold (or purchased) literally hundreds of things via Craigslist – anything from an extra Christmas tree stand, to a mirror, to furniture, vehicles, watering cans, blankets, you name it!
When we were gearing up for our move cross country we made over $1000 with the extra things we wanted to sell instead of transport. Ebay or a yard sale are also viable options. Be creative! You’ve got this.
4. Negotiate your bills
Have you ever paid attention to the way different services hike their prices up after a year? You get hooked on a certain internet plan because they have the lowest pricing, but when that one year anniversary comes around suddenly they are more expensive than their competitor. However sometimes a simple phone call can make all the difference for you!
This happened to us one year in Denver. The local company suddenly jacked up their pricing to an astronomical amount for internet. They were a company with notoriously horrible customer service, and I am fairly confident that I spent most of a day on hold waiting to talk to the right person. However when I finally got to the right department and explained my quandary, I was able to negotiate our almost $80 per month bill down to $19 per month for the next year! It will be worth your time to make those calls and ask.
5. Lower your costs
Shop around for health, home, or life insurance and see if you can’t find a better price! Independent agents are great to work with because they have the ability to “shop insurance” and get you the best prices possible. This tip alone can save you a LOT of money right away.
We recently saved over $1000 dollars a year by making the switch from a captive agent to an independent. And just this week, we tweaked some life insurance policies and lowered costs yet again.
I know I harp on this, but once again go over your budget and see where money may be slipping through the cracks and find ways you can cut costs.
Phone bill too high? You might want to check out the amazing company I have been using for several years now that allows me to have a smart phone for an average of $12 per month! Review coming soon!
Eat at home. Perhaps consider getting a more fuel efficient vehicle if you have a long commute. Get movies from the library instead of Redbox. Turn off lights in the room when you leave.
Remember, a penny saved is a penny earned! IT ALL ADDS UP.
Challenge yourself to go over every area of expenses and spending and see where you can nip it. The security of a funded rainy day account will be worth the temporary headache.
What has changed since you began reading this article? You now have tangible ideas (if you were taking notes!) to put some cash in your wallet. You have a “to do” list for this next week. These are things that I myself have implemented and know they WORK! So go with enthusiasm and knock one or two off the list, then come back and tell me how they worked for you.
What ideas have you come up with to save pennies? I’d love to hear about them!