Weâve heard the insurance tagline over and over: âSwitch and save money today.â Every insurance company claims to have the best deal. But, how can you get a good deal while maintaining the appropriate amount of coverage? Weâve got you coveredâliterally, and with no extra cost to you. Check out these ten ways to help lower your car insurance.
1. Get Quotes Annually
Insurance rates are increasing every year, so your insurance premiums will naturally increase over time. However, a huge spike in your insurance bill might mean itâs time to switch providers. Every year or two, use aÂ car insurance quote finder to compare your current insurance rate to competitors. You can also sign up forÂ Jerry.Ai, a tool thatÂ automatically checks for the lowest insurance rates before your policy renewal. Requesting quotes annually will ensure that your rates remain low and competitive.Â
2. Bundle Your Insurance Plans
Insurance companies often offer discounts when you bundle home, auto, or life insurance. Plus, you have the added convenience of paying all your insurance on one bill. If youâre satisfied with your insurance rates, you can stay with the same company to build up discount opportunities. Some insurance companies will give discounts to their long-term customers, also known as a customer loyalty discount. Bundling and customer loyalty can help you lower your overall insurance costs.
3. Get Rid of Insurance You Donât Need
Older vehicles require less insurance depending on their overall value. For example, you may not need collision and comprehensive coverage on a vehicle if its value is less than your deductible combined with your insurance premium. If you have a car thatâs only worth $1,000â$3,000, you might decide to get rid of some of your insurance and purchase a replacement vehicle out of pocket in the case of an accident. If you donât drop unneeded insurance, you can end up spending more on your premiums than what the total car is worth.
4. Increase Your Deductible
A deductible is the amount of money you pay out of pocket as a result of an accident. An increased deductible means lower premium rates. This is a great option for individuals who can keep enough cash savings to cover their deductible in the event of any emergency. Ask your insurance agent about raising your deductible to see how your premiums will fluctuate.
5. Drive Safely
This one might seem kind of obvious, but driving safely is the best way to keep your insurance rates low. Insurance providers record your driving history, including any accident reports or traffic tickets. These instances accrue points that eventually lead to increased insurance rates. Even if you switch insurance providers, companies will be able to access your driving history. Try your best to avoid speeding, running red lights, and driving recklessly. Be smart, and drive smart.
If you do get a ticket, take a defensive driving class to get the points taken off your record. A defensive driving class is an online or in-person course created by individual states to teach drivers how to anticipate dangerous situations and make educated driving decisions. In some states, taking this class canÂ reduce your insurance by 10 percent.
The defensive driving course may seem expensive for a single ticket, but it will end up saving you money on your insurance premiums. You can usually take driving school once a year. If you keep a clean driving record for three to five years, you could save on your insurance rates.
6. Improve YourÂ Credit Score
Studies show that drivers with a higher credit score are more responsible behind the wheel. Drivers with higher credit scores cost the insurance company less than individuals with a low credit score. A credit score is just another way for insurance companies to measure riskâthe very thing insurance companies seek to avoid. Improving your credit score can also help you qualify for auto and home loans. Study yourÂ credit report and find ways toÂ improve your overall credit score.
Are you looking for a way to monitor your credit needs? Check outÂ ExtraCredit by Credit.com. It has five killer features, each specifically designed to help you outâno matter what shape your credit is in.Â
Sign up for ExtraCredit today!
7. Pick the Right Vehicle
Insurance rates fluctuate based on the make and model of a car. This is something to consider when purchasing a new or used car. A car such as a Toyota or Chevy will be significantly cheaper to insure than a Porsche. Thatâs because itâs less risk for insurance companies. Remember, getting a cheaper insurance premium is dependent on your ability to minimize risk for the insurance company.Â Picking a car brand with an affordable initial price and reasonable upkeep costs can help you save money on insurance and your vehicle in general. You can also save on car insurance by selecting a smaller car with installed safety features.
8. Choose a Group Insurance Plan
People under the same household can create a group policy to save money. The plan will be more expensive as you add individuals to your group policy, but cheaper than if everyone was on their own insurance plan. Members of the insurance plan either need to be related or have joint ownership of the car. Each of the drivers will be insured for all the cars your family owns. Younger drivers will be more expensive to insure because of their added risk. Look for additional discounts to minimize your total group rate.
9. Ask Your Insurance Provider About Other Discounts
Car insurance companies often have additional discounts for specific groups of people. For example, if you are a member of the military, you can get a discount at some insurance companies. You can also lower the insurance premium for your teenage driver through a good student discount. Some other car insurance discounts include the following:
Government employees and retirees discount
Multiple vehicle discountÂ
Homeowners discount (separate from the bundling discount)Â
Paperless billing discountÂ
Hybrid or green vehicle discountÂ
Driver education discount for people under 21
Automatic payments or paid-in-full discountÂ
Ask your insurance provider about additional discounts to see if you qualify.
10. Find Out About Pay-as-You-Go or Usage-Based Insurance
If you donât use your car often, you may be able to save on your insurance. Some companies offerÂ a discount for driving under 10,000 miles in a single year. Other companies offer a pay as you go plan that allows you to pay a base rate and then pay per mile. These discounts could save you money if you do not have a long work commute or if you rarely use your car. This may also be a good incentive to use public transportation when possible.Â
We all want to save money on car insurance, but thatâs not the only factor in becoming a smart insurance customer. Before diving into savings, first determine your insurance needs and goals. Do your research to find out the difference betweenÂ liability and full coverage insurance. Once you have the right coverage, you can start chipping away at your rates by following these ten tips to lower your car insurance.Â
The post 10 Proven Ways to Lower Your Car Insurance appeared first on Credit.com.
The last thing you should do is pay for stuff. So weâve put together a list of 100 places where you can get birthday freebies, updated for 2021.
Most of these places require you to sign up for their email list or join their rewards club at least seven days before your birthday.
So get busy now and enjoy the free birthday stuff as it rolls in on your big day.
100 Places to Get Birthday Freebies
These restaurants and retailers will provide you with free treats for your birthday. Be sure to sign up in advance.
A&W All American Food
Get a free root beer float on your birthday by joining the Mug Club.
Sign up for ABC Liquor Access to get a âbirthday gift.â
Become an AMC Stubs Insider to get a free large popcorn during your birthday month. If youâre a Premiere or A-List member, youâll also get a free large fountain drink.
As a member of the Anthro Loyalty program, you will get a âspecial treat to celebrate your birthday.â
Sign up for the email club, and get $5 off when you spend at least $25. Youâll also get a free appetizer when you sign up.
Sign up for Arbyâs emails and get a free milkshake and curly fries on your birthday when you buy any sandwich. Youâll also get a free small fries and small soft drink when you sign up.
Au Bon Pain
Join the Eclub, and get a free coffee and pastry on your birthday. Youâll also get a travel mug and daily discounts on coffee just for signing up.
Download the Pretzel Perks app, and get a free pretzel on your birthday.
You need to spend $10 to join Avedaâs loyalty rewards program, but youâll receive a birthday gift valued at $23, as well as double points for your next Aveda purchase.
Sign up for Club Baja to get a âspecial offerâ on your birthday.
Sign up for the Friends and Benefits loyalty program to get âbirthday gifts.â
Create an account, join the Birthday Club, and get a free scoop of ice cream on your birthday.
When you sign up to receive Banana Republicâs emails, you can opt to also get a âbirthday gift.â
bdâs Mongolian Grill
Get a free meal on your birthday when you join the bdâs Rewards eClub, plus get a $5 coupon just for signing up.
Register for the Chefâs Table, and youâll get a $30 birthday certificate.
My Best Buy members get a âbirthday gift.â
Joining the I Love Big Boy email club gets you a free meal on your birthday.
Join Premier Rewards Plus and get a free Pizookie for your birthday. Whatâs that? Itâs a big, warm cookie smothered in ice creamâ¦ yum. Whatâs even better is you donât have to wait for your birthday â youâll also get a free Pizookie just for signing up.
Black Angus Steakhouse
Join the Prime Club to get a free steak dinner on your first birthday as a member.
Get a free Bo-Berry Biscuit with a purchase on your birthday as a member of the Bojanglesâ eClub.
Members of the Brueggerâs Bagels eClub will enjoy a âfree treatâ on their birthday, as well as a free bagel and cream cheese just for signing up.
Buca di Beppo
Youâll receive a free pasta after signing up, as well as a $20 birthday gift for joining the eClub.
Buffalo Wild Wings
Sign up for Blazinâ Rewards to get free birthday wings during your birth month.
Join Fudgie Fanatics to receive a free treat for your birthday. You can get a small soft serve birthday cone, take $2 off any cake (except for a small square) or take $3 off any sheet cake.
Chevys Fresh Mex
Members of the eClub get a free entree on their birthday, as well as a free appetizer for signing up.
Join Chick-fil-A One to get a âbirthday reward.â
Get a free dessert for your birthday when you join My Chiliâs Rewards Club, plus get free chips and salsa or a non-alcoholic beverage with every visit!
Join the Chipotle rewards program to get free chips and guacamole on your birthday when you make a purchase of $5 or more. When you sign up and make your first purchase, youâll also get free chips and a choice of guacamole, queso blanco or salsa.
Subscribe to Club Cinnabon to get a free iced coffee on your birthday and a free order of BonBites for signing up.
Cold Stone Creamery
Get a BOGO coupon for your birthday by signing up for the My Cold Stone Club. Youâll also get a BOGO coupon just for signing up!
Members of the Greater Rewards program get a âbirthday giftâ in addition to a welcome gift from the sportswear and outdoor gear retailer.
Join the POP! (Perfectly Organized Perks) program to get a birthday gift.
Enjoy a free sundae on your birthday when you sign up for MyCulverâs. Youâll also get a BOGO value basket when you sign up.
As a member of the ExtraCare Beauty Club, youâll get âbirthday gifts with beauty surprises,â as well as 10% off for joining.
If youâre a Raving Fan eClub member, you can enjoy a regular-size premium shake for your birthday, plus youâll get two free grilled chicken tacos when you sign up.
Sign up for Dennyâs Rewards program online or via the mobile app. Youâll get 20% off your next visit, plus a free stack of buttermilk pancakes on your birthday when you order online at Dennys.com.
Designer Shoe Warehouse (DSW)
Join the free DSW VIP Club to get a $5 birthday reward. Youâll also get $5 on your birthday if you spend $200 annually as a VIP Gold member, and youâll get $10 if you spend $500 annually as a VIP Elite member.
Get free Dippinâ Dots for your birthday when you join the Dot Crazy! Email Club.
Get a free beverage on your birthday by signing up for the DD Perks Rewards Program.
Join Edible Rewards and receive a free 12-count chocolate dipped fruit box (valued at $29.99) during your birthday month. Youâll also get a $5 coupon for signing up (valid for 30 days).
Einstein Bros. Bagels
Get a free egg sandwich with a purchase on your birthday when you join the Shmear Society â not totally free, but hey, youâll need something to help wash that sandwich down. Youâll have 14 days to claim your reward.
Join the Famous Nation and get a free dessert with a value of up to $9.00 for your birthday.
Famously You Rewards members get a $5 birthday cash reward.
Sign up for Firehouse Rewards for a free medium sub on your birthday or in the six days that follow it.
Get a BOGO breakfast, brunch or lunch for your birthday as a member of the Sun EClub.
When you become a BFF Club member, youâll receive a free birthday sundae.
As a member of the Godiva Rewards Club, youâll get a free birthday chocolate offer every year.
Habit Burger Grill
Be sure to join Habit Burger Grillâs CharClub to enjoy a free Charburger on your birthday.
Sign up for My Harkins Rewards and receive a $5 birthday coupon to use at the concessions.
Sign up for Hard Rock Rewards to get an âannual birthday offerâ from the cafe and shops.
Get 10 free boneless birthday wings when you sign up for Hootclub. Youâll also get $5 off your first purchase of $25 or more when you sign up.
Houlihanâs Restaurant and Bar
Email club members get a free birthday entree, plus $10 off just for joining.
Sign up for MyHop and get free pancakes on your birthday. Youâll also get free pancakes on the anniversary of your sign-up.
Challenge yourself to score as many birthday freebies as possible and make the celebration â and savings â last all month!
J. Crew Factory
When you sign up for Factory First, youâll get an extra 20% off and free shipping on your birthday. Youâll also get an extra 15% off your first purchase after signing up.
Receive a birthday gift when you sign up for JCPenney Rewards. If you are not a JCPenney credit card member, you must have earned points within the last 21 months.
Jersey Mikeâs Subs
Get a free birthday sub when you sign up for the email club.
Kendra Scott offers a 50% birthday discount on one fashion jewelry or color bar item. It also offers a 25% discount on fine jewelry, sterling silver jewelry or gold vermeil jewelry. You can also get 25% off a home goods item. Find out more information here.
Members of the Kohlâs Rewards program get a âspecial birthday gift.â
Krispy Kreme Rewards members receive a free Original Glazed Dozen. Youâll also get a free doughnut when you sign up.
As a member of the Longhorn Steakhouseâs eClub, youâll get âspecial offers and couponsâ on your birthday. Youâll also get a free appetizer when you sign up.
Join the eClub, and get $5 off the purchase of two entrees, plus two free slices of pie, the choice of a free âMarieâs Magnificent Sixâ or a free slice of pie with the purchase of an entree on your birthday. Youâll also get a special dine-in offer for signing up. The company also sends special offers for your wedding anniversary and allows you to add family members so they can get birthday rewards.
Moeâs Southwest Grill
Sign up for Rockinâ Rewards and get a coupon for a free birthday burrito, plus a free cup of queso just for signing up.
Nothing Bundt Cakes
Join the Nothing Bundt Cakes eClub and get a free Bundtlet on your birthday.
Opt into the Birthday Club when you subscribe to Old Navyâs emails to get a âfree birthday gift.â
Get a complimentary dessert on your birthday by signing up for the eClub. Youâll get a free dessert or appetizer when you sign up.
On the Border
Join Club Cantina and get free queso on your birthday, and just for signing up.
Members of the Pandora Club get a 15% discount during their birthday month. This offer can only be used one time and is valid on regular-priced jewelry only.
Sign up for My Wei Rewards and choose from these birthday freebies: crab wontons, traditional edamame, vegetable spring rolls or pork egg roll. The reward will automatically appear in your app seven days prior to your birthday.
Members of the MyPerkins Club receive a free Magnificent Seven meal on their birthdays. The meal includes two eggs, any way you like, plus two smoked bacon strips and three buttermilk pancakes. Plus youâll get a 20% off coupon for signing up. You will also be able to add your children ages 12 and under so they can get birthday rewards, too.
Sign up for a Pinkcard or download the app, and receive a free yogurt on your birthday.
Sign up for the Pita Pit Rewards Club and receive a free pita on your birthday.
Join the Hut Rewards program to get a âbirthday reward.â
Join the Planet Smoothie Club and receive a free smoothie for your birthday.
Sign up for Redbox Perks and receive a free birthday rental (it must be used within 60 days). Youâll also get a free one-night rental for signing up (that offer is valid for two weeks).
Enjoy a âbirthday surpriseâ when you sign up for the My Red Lobster Rewards program.
Register for the Red Robin Royalty Program, and get a free birthday burger.
Get a free Italian ice on your birthday when you download Ritaâs Ice App.
Romanoâs Macaroni Grill
Sign up for the email club, and get a free dessert on your birthday.
As a member of So Connected, youâll get a choice of a free burger or a free garden bar entree on your birthday. Youâll also get a free appetizer for signing up.
Beauty Insiders are eligible to choose a free makeup or skin care gift for their birthday.
Become a member of the Slice Society to get a birthday surprise. Youâll also get a free New York slice when you buy a beverage after signing up.
Get a free Big Deal Combo meal on your big day by joining the âQ Crew, plus a $5 coupon just for joining.
Receive a free cupcake (make that a bakerâs dozen if youâre a Red Velvet tier member) for your birthday when you join Sprinkles Perks.
Get a birthday beverage or food item as a member of Starbucks Rewards.
Sign up for the Subway MyWay Rewards program and the sandwich-making company will give you âsomething specialâ on your birthday.
As a birthday reward, âyouâll receive a Swag Up for a 55 SB credit when you redeem your next gift card.â
Be sure to check out our Swagbucks review for how to get the most out of Swagbucks.
Sign up for TCBY emails, and receive your first 3 ounces free on your birthday.
Sign up for the email club and youâll get a free appetizer or a sidekick of ribs on your birthday.
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The Melting Pot
Members of Club Fondue will get a âbirthday voucher.â
The Spaghetti Warehouse
Join the Warehouse Club, and get a free meal on your birthday, plus a free appetizer with an entree purchase for becoming a member of the club.
Become a Flathead and receive a free dessert for your birthday. Youâll also get a free Tijuana Trio when you sign up.
Tropical Smoothie Cafe
Download the Tropical Smoothie Cafe app to be eligible for a birthday reward. What you get depends on your loyalty tier, but it ranges from a $2 reward to a free menu item.
As an Ultamate Rewards member, youâll get an offer for extra bonus points on all purchases during your birthday month.
Download the Uniqlo app to get a birthday coupon during your birthday month.
Uno Pizzeria & Grill
Join the Uno Insiderâs Club, and receive a free dessert on your birthday, as well as a free appetizer with an entree purchase when you join.
Make sure youâre a member of the Waffle House Regulars Club to receive a free waffle on your birthday. Youâll also get free hashbrowns when you sign up.
Join the Wiener Loversâ Club, and get a free coupon each year on your birthday, plus a free chili dog for joining.
Members of World Market Rewards get a âsurprise offerâ on their birthday, plus a 15% coupon for signing up.
Join the YOMO Club, and get free yogurt on your birthday.
Sign up for the Zax Club and get a free Big Zax Snak on your birthday, plus a free sandwich meal for signing up.
Who doesn’t love getting something for nothing? Visit The Penny Hoarder Shop to see what freebies are available.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Weâre all looking for ways to cut down on expenses â especially fixed expenses that lock us into a contracted bill month after month. One common way to spare your budget is to decrease your living expenses, including your house payment. Refinancing your loan could help cut down on your mortgage payments and could update your loan terms, saving you money. If youâre considering refinancing, you may ask, âhow long does it take to refinance a house?â
Refinancing your home can be tedious but it could help your budget in the long run. Luckily, weâre here to help by sharing the typical refinancing process and detailing how to make it as efficient as possible.
How Long Does It Take to Refinance?
Typically, refinancing a house takes 45 days, but it may vary depending on your financial situation and your lender vetting process. Preparing your financials early and picking the appropriate lender for your case are a few factors that could help the timeline of your updated mortgage loan. To speed up the refinancing application process, skip to our section below or keep reading to refinance your home in seven steps.
Steps to Refinance Your Home
Refinancing your mortgage has its positives and potential negatives. You could decrease your monthly mortgage payments, get a shorter loan period, or lock in a better interest rate. But you could also end up spending more on application fees or face prepayment penalties. Before speaking with a lender, research the refinancing process, requirements, and added costs that could deter your ideal result.
Step 1: Define Your Financial Goals
Start by asking yourself what youâd like to get out of a refinancing loan agreement. Do you want to shorten your loan term? Do you want to secure an interest rate lower than your current rate? Or, do you want both? Determine your ideal end result, verify your investment choice, and seek a lender that supports your goals.
Step 2: Compare Lenders (and Reviews)
Ask around or search online to find the right lender for you and your goals. Pick out a few professionals youâd be interested in working with and ask them their rates, terms, and requirements. To help narrow down your lender options, seek out reviews online or ask for referrals in your network to ensure you pick the right choice.
Step 3: Double-Check for Additional Fees or Costs
Refinancing a loan can rack up a bill you may not be aware of until after you start the loan process. Attorney, application, inspection, appraisal, and title searches are a few refinancing tasks that you could be charged for. To budget for these expenses, save a bit extra from each paycheck or assess your current savings account using our app. If you have enough saved, start inquiring about this loan. If you donât, put extra cash into savings each month until you have enough to cover the extra charges.
Step 4: Apply for Your Best Loan Estimate
Once youâve found the right loan for your financial goals, the next step is to fill out your application.. To submit your application, you may have to provide proof of income, assets, debts, and other forms that complete your financial portfolio. These documents may be helpful in the application process:
Proof of income: W2 earnings statements, 1099 DIV income statements, Federal tax returns for the last two years, bank statements for the last few months, recent paycheck stubs.
Credit information: your credit score and your credit reports from the last three years will be pulled for you, upon your approval.
Proof of assets: reports from your checking, savings, retirement, and other investment accounts.
Proof or insurance: providing evidence of your homeowners and title insurance.
Debts statements: statements of any debt accounts open â student loans, credit cards, current home loan, auto loans, etc.
Step 5: Start the Loan Process and Appraise Your Home
Itâs now time to begin the loan process and appraise the value of your home. Once youâre approved for your loan, itâs time to get your home inspected, appraised, and conduct a title search. To ensure you’re on track with your timeline, prepare all your documents ahead of time. Skip to our section below for more ways to speed up this process.
Step 6: Wait for Underwriters to Cross-Reference
Now, the underwriters take it from here. Underwriters double-check your financial information to ensure everything is accurate before approving your loan. Your creditworthiness and debt-to-income ratio are generally the key factors underwriters will look at. Your property details, including when you bought your house and your home’s value, are a few other determining factors. This process may be the longest time constraint, taking a few days up to a few weeks.
Step 7: Close Your Loan to Lock in Your Interest Rate
Once your loan is approved and youâve agreed upon your terms, itâs time to lock in your rate. This stage is commonly known to stretch your timeline as well. It can take your lawyer anywhere from one day to two months to settle your current loan and redeem your property. Keep in mind, this is typically where you pay the brunt of your fees whether youâre approved or denied. These fees may include closing costs and application fees.
Ways to Speed up the Application Process
credit score of 620 or higher, it may be the right time to check in on your score. Use our app to see your credit score, your credit history, and helpful tips to boost your ranking.
Avoid taking on more debt: Your credit score is impacted by your debt. Maxing out your credit card could negatively impact your credit score and cost more in the long run. Focus on paying off debts and only spending your readily available money to free up more credit utilization.
Stay away from applying for new credit: Additionally, inquiring about new debt opportunities could drop your credit score up to eight points. Next time youâre offered a new credit card or a deal on a car loan, take a few days to analyze the potential credit changes that could impact your refinanced mortgage.
Do what you can to accommodate your appraiser and lender: During this process, you may run into a couple issues â such as needing different paperwork or extra signatures. While life can get busy, do your best to make your appraisers and lenders liveâs easy. Doing so could speed up your process and earn you a better home loan in no time!
Refinancing your home takes time, but it can be well worth it in the long run. Getting a lower interest rate and a shorter term length could lessen your payments going towards interest. Use our app and our loan calculator to see what refinancing could do for your budget.
The post How Long Does It Take to Refinance a House (+ 5 Ways to Speed Up the Process) appeared first on MintLife Blog.
Mortgage interest rates dropped dramatically over the summer, to the point where home loans have never been cheaper in most of our adult lifetimes. With rates at historic lows, you mightâve considered taking advantage of them, either by purchasing a new home or refinancing your current mortgage.
Recent figures from Freddie Mac show that mortgage refinances surged in the first quarter of 2020, with nearly $400 billion first home loans refinanced. However, as it turns out, refinancing your mortgage might actually be more expensive than purchasing a new home.
This surprised us, too â why would there be a difference at all?
We investigated how refinancing rates and new purchase home loan rates are set, and found several reasons for this rate disparity. On top of the rate difference, mortgage refinancing is even more difficult to qualify for, given the current economy.
Refinancing your existing mortgage can absolutely make sense in terms of interest savings, but donât rule out buying a new home instead.
Before rushing to refinance your home, read on to gather the information you need to make the right financial decision for your situation.
Pandemic Effects on Home Lending
Just as mortgage rates have stumbled, banks and lenders have tightened the screws on borrowers due to COVID-19, requiring higher credit scores and down payment amounts. Chase, for example, raised its minimum FICO score requirements for home purchases and refinances to 700 with a down payment requirement of at least 20%.
Low rates have also driven a massive move to mortgage refinances. According to the same Freddie Mac report, 42% of homeowners who refinanced did so at a higher loan amount so they could âcash out.â
Unfortunately, homeowners who want to refinance might face the same stringent loan requirements as those who are taking out a purchase loan. Mortgage refinance rates are also generally higher than home purchase rates for a handful of reasons, all of which can make refinancing considerably less appealing.
How Refinance Rates Are Priced
Although some lenders might not make it obvious that their refinance rates are higher, others make the higher prices for a home refinance clear. When you head to the mortgage section on the Wells Fargo website, for example, it lists rates for home purchases and refinances separately, with a .625 difference in rates for a thirty-year home loan.
There are a few reasons why big banks might charge higher rates to refinance, including:
Added Refinance Fees
In August of 2020, Fannie Mae and Freddie Mac announced it was tacking on a .5% fee on refinance mortgages starting on September 1. This fee will be assessed on cash-out refinances and no cash-out refinances. According to Freddie Mac, the new fee was introduced âas a result of risk management and loss forecasting precipitated by COVID-19 related economic and market uncertainty.â
By making refinancing more costly, lenders can taper the number of refinance loans they have to process, giving them more time to focus on purchase loans and other business.
Lenders Restraining New Application Volume
Demand for mortgage refinancing has been so high that some lenders are unable to handle all requests. Reluctant to add more employees to handle a surge that wonât last forever, many lenders are simply limiting the number of refinance applications they process, or setting additional terms that limit the number of loans that might qualify.
Also note that some lenders are prioritizing new purchase loans over mortgage refinance applications since new home buyers have deadlines to meet. With the housing market also on an upswing in many parts of the country, many major banks and lenders simply canât keep up.
Rate Locks Cost Money
Generally speaking, it costs lenders more to lock the rate for refinance loans when compared to purchase loans. This is leaving lenders disinterested in allocating resources on the recent surge in mortgage refinance applications.
This is especially true since many refinancers might lock in a rate with one provider but switch lenders and lock in a rate again if interest rates go down. Lenders exist to turn a profit, after all, and it makes sense they would spend their time on loans that provide the greatest return.
Tighter Requirements Due to COVID-19
According to the Brookings Institute, Fannie Mae and Freddie Mac have been asking lenders to make sure any disruption to a borrowerâs employment or income due to COVID-19 wonât impact their ability to repay their loan.
Many lenders are also increasing the minimum credit score borrowers must have while making other requirements harder to meet. As an example, U.S. Bank increased its minimum credit score requirement to 680 for mortgage customers, and it also implemented a maximum debt-to-income ratio of 50 percent.
This combination of factors can make it difficult to save as much money with a refinance, or to even find a lender thatâs willing to process your application. With this in mind, run the math and to see if refinancing is right for your situation before contacting a mortgage lender.
Related: The Best Mortgage Refinance Companies
How Mortgage Purchase Rates Are Priced
Mortgage purchase rates are priced using a similar method as refinance rates. When you apply for a home mortgage, the lender looks at factors like your credit score, your income, your down payment and your other debt to determine your eligibility.
The overall economy also plays a giant role in mortgage rates for home loans, including purchase loans and refinance loans. Mortgage rates tend to go up during periods of speedy economic growth, and they tend to drop during periods of slower economic growth. Meanwhile, inflation can also play a role. Low levels of inflation contribute to lower interest rates on mortgage loans and other financial products.
Mortgage lenders can also price their loans based on the amount of business they have coming in, and whether they have the capacity to process more loans. They might lower rates to drum up business or raise rates when theyâre at or nearing capacity. This is part of the reason rates can vary among lenders, and why it always makes sense to shop around for a home loan.
Many people believe that the Federal Reserve sets mortgage rates, but this is not exactly true. The Federal Reserve sets the federal funds rate, which lenders use to ensure they meet mandated cash reserve requirements. When the Fed raises this rate, banks have to pay more to borrow from one another, and these costs are often passed on to consumers. Likewise, costs can go down when the Fed lowers the federal funds rate, which can mean lower costs and interest rates for borrowers.
Related: What Are The Best Mortgage Rates Today?
The Bottom Line
Refinancing your existing mortgage can absolutely make sense in terms of interest savings, but donât rule out buying a new home instead. Buying a new home could help you save money on interest and get the space and the features you really want.
Remember, there are steps you can take to become a more attractive borrower whether you choose to refinance or invest in a new place. You canât control the economy or the Federal Reserve, but you have control over your personal finances.
Improving your credit score right away, and paying down debt to lower your debt-to-income ratio are just a couple of strategies to start. And if youâre planning on buying a new home, make sure you save a hefty down payment amount. These steps help you improve your chances at getting the best rates and terms whether you choose to move or stick with the home you have.
Keep Reading: Steps to Take Before Refinancing Your House
The post Why Refinance Rates Are Higher Than Purchase Loan Rates appeared first on Good Financial CentsÂ®.
Nothing says summertime like a BBQ, and getting friends and family together for some food and friends for the Fourth of July is the perfect way to celebrate. Iâm usually the host for these get-togethers, and even though I absolutely love having people over, feeding everyone can take a toll on your budget, especially with a big family like mine.
Now that Iâve been using Mint to keep track of expenses, here are some tips on how to have a cost-conscious Fourth of July spread:
1) Declare the BBQ a Potluck.
Thereâs no secret here: potlucks save money AND time. When you invite your guests to bring dishes to the party, that basically means theyâre not only helping out with the food budget, theyâre also taking the time to shop for the ingredients and deliver it to your house ready to eat! I would suggest setting some guidelines for your guests so that there is a variety of food in your spread and not just 5 versions of chips and salsaâ¦.and thatâs it. To divide up the dishes, you could try a few different methods:
Assign your guests by categories. If thereâs an easy way to divide up your guests, like by their last name, or their birthday month, then you could assign one set of guests appetizers, and another set of guests foods for the grill, for example. For this option, I would suggest asking your guests to confirm their choice with you and even post it on a message board if you are using a website to plan your party, so that you know and your other guests whatâs coming and to avoid too much of one type of food.
Ask guests to bring specific foods. If your best friend makes the most amazing potato salad, and you need potato salad, ask your best friend to bring potato salad. Thereâs no need to do all the work when you can tap into the strengths of your guests. For those who are known to shy away from cooking, ask them to bring something simple like a salad or lemonade.
2) Set a food budgetâ¦.and stick to it!
This tip comes directly from my previous post on Healthy Food on a Budget because itâs also important to serve your guests healthy food and stick to your budget. Just because itâs a party doesnât mean you should let your health and your money slip up! Itâs easy to set up budgets in Mint, like saving for a vacation, but you can also set up smaller budgets like for a summer BBQ celebration. Ideally, since youâre having everyone over for a potluck, this get-together wonât take a huge toll on your wallet, but itâs still important to set limits for what you can spend. I like to make it a fun challenge to see how much money I can save and get the most bang for my buck, while not cutting corners on the quality of food served for my guests.
3) Check out the weekly sales ads.
Donât throw away those ads because right before Fourth of July, the mail will be filled with sales on foods for entertaining. Gather those ads up to look through whatâs on sale for the week and map out your menu from those hot buys. If you have apps for your favorite stores, check those out too because Iâve seen in-app coupons that werenât in the print ads that have saved me some money. Once you cross-reference the sales and build your shopping list, also plan out where you will shop from. If you have to travel from 2 different stores to save $15 dollars, I think itâs worth it to take the time to shop smart. Sure, it may take an extra 15 minutes, but I can bet that youâll feel a lot better to have that extra money in your wallet.
4) Pick a dish that saves you money and time.
As the host of the party, youâll be pretty busy with all the details of the day so your time on the day of the party will be limited. From cleaning up the house to setting up the grill, thereâs plenty to do before guests show up. The last thing you want to do is prep a labor-intensive dish when there is so much more on that to-do list. To save money and time, I like to serve up a dessert dish that brings a wow-factor to the party, my Banana Boat Sâmores. These delicious treats light up the eyes of all my guests, and if they knew how cost-effective they are, theyâd light up even more!
To save money, I like to use fruit for dessert, especially in the summer season, because theyâre more affordable, easier to prepare, and most importantly, theyâre healthier! Bananas are only 19 cents each, so just make sure to have at least one banana per guest. I also know that marshmallows and Graham crackers are always on sale for $1 around this time of year, so already, this is a dish that costs less than 50 cents per serving.
To save time, I like this dish because you can have your guest prep their own Banana Boat. All you have to do is set up a station of the ingredients and let them make their creation as they please. When you get your guests involved in the food preparation, youâre saving some valuable time on your end, but also your guests are having fun! Theyâll leave your party with another recipe under their belt as well, so itâs a win-win for everyone.
5) Buy your food in bulk bins.
Donât pass up those bulk bins on your shopping trip, because buying from these can be 30-40% cheaper than packaged branded items. For the chocolate, I paid per ounce from the bin instead of buying packages. Since Iâm setting up a station for my guests at my own home, I donât need the packaging or extra chocolate so why should I pay extra for it? Half a pound only costs $2, whereas if I were to buy a bag or a bar it would cost me close to $5.
With these tips on how to have a cost-conscious Fourth of July spread, I hope you can spread out your budget and use some of that money you save on other fun activities this summer!
The post How To Create A Budget Friendly Spread For Fourth Of July appeared first on MintLife Blog.
Life happens, but you can be prepared for the unexpected with an emergency savings fund. These funds are designed to be set aside for unanticipated expenses, such as:
Unexpected job loss
Unforeseen medical expenses
Emergency funds serve as an important financial buffer in the event of an emergency, and itâs easy to get started with this savings task. In this monthâs financial checklist, weâre going to focus on tasks that will help you build an emergency savings fund.
Â June Financial Checklist: Emergency Savings
Determine how much you want to put away
Pick where to save your emergency fund
Set up automatic contributions
Pad your emergency fund
Review and adjust your contributions monthly
Let’s look at ways you can boost your savings, build your emergency fund, and keep your finances on track as we enter the second half of the year.
Determine how much you want to put away
Set a goal savings amount that is moderately challenging but attainable.
Less aggressive: 3 months of living expenses
More aggressive: 6 months of living expenses
Example: If you make $3,200 per month after taxes, youâll want to have $9,600 to $19,200 in your emergency fund.
2. Pick where to save your emergency fund
Consider emergency savings as untouchable for expenses that are just wants â keep this money here for when you really need it.
To help resist the temptation of spending these savings, put your emergency fund in the right place:
High-yield savings account
Money market account
Certificate of Deposit (CD)
Sometimes thereâs not a one-size fits all solution. Consider putting emergency funds away in more than one of the above options.Â
3. Set Up Automatic Contributions
Funnel some of your paycheck directly into your emergency fund
Start with a small percentage, and be sure you can still live comfortably
Make contributions more aggressive over time if possible
4. Pad your emergency savings
Sell old things you no longer use
Funnel âsurpriseâ cash into your savings
Save your tax refund
Try a no-spending challenge
Take on a side hustle
5. Review and adjust your contributions monthly
Check in each month to see how much youâre putting away
Adjust your contributions if your account isnât building quickly enough
Prefer to organize online? Create an editable copy of our June monthly template in three simple steps:
Open ourÂ Calendar TemplateÂ in Google Sheets
Select âFileâ, then âMake a Copyâ
Save in your own Google Drive to make edits
Our finance tips can help you throughout the year so be sure to take a look! Improve your finances in 2020 with our series of financial to-do lists tailored to each calendar month.
The post June Financial To-Do List + Calendar appeared first on MintLife Blog.
This weekâs Mint audit helps out a couple, Pasquale, 46, and Jillian, 39, who are starting a new life together after each experiencing divorce. Both work in software sales earning roughly the same income. When combined, their earnings average $450,000 a year.
The New Jersey couple shares a new mortgage and a savings account. They recently purchased a home together and pool a fraction of their incomes together into a joint account to pay for shared expenses such as the home loan, property taxes and utilities.
Pasquale and Jillian also arrived at the relationship owning their own properties. Pasquale has held onto his townhome in a nearby town that he bought after his divorce. He rents it out, earning a nice $500 monthly profit. Jillian also has a home in Florida, which she rents out. She more or less breaks even every month.
They would like advice related to managing their rental properties (should they sell them?), possibly buying a vacation home in the $250,000 to $350,000 range and, for Pasquale, saving up to help send his two daughters (ages 13 and 17) to college. Theyâre also wondering if theyâre saving âenoughâ for retirement.
They had lots of good questions, and after an hour on the phone and a review of their finances, I was able to fit together some of their puzzle pieces.
First, hereâs a break down of some their finances:
Pasquale: Contributes 5% to 401(k) and has about $500,000 in it. He also invests 15% in companyâs ESPP (Employee Stock Purchase Plan)
Jillian: Contributes 5% to a 401(k) plus employerâs match, totaling 10%. She has about $200,000 saved. She also invests 11% in her companyâs ESPP.
If they were to both cash out their ESPPs today, theyâd have about $250,000 in gains, which are subject to income tax.
Child Support Payments
Pasquale: $4,000 per month
Debt (Credit Cards and Student Loans)
Pasquale: $18,000 in student loans
Jillian: $40,000 in student loans
Real Estate Holdings
Each of their individual properties has about $80,000 in equity.
Here are my top 3 recommendations:
Max Out the 401(k)s
The couple is doing fairly well with their retirement savings, but I think they are too exposed to their ESPPs. They contribute more to their ESPPs than their 401(k)s, which is very risky, considering an ESPP puts all your money in a single stock. A 401(k) is far more diversified.
They may benefit from reallocating some of those dollars back into their company 401(k). In doing so, I recommend they both aim to max out their 401(k)s, which also means a bigger tax deduction. This yearâs maximum contribution is $18,500.
Transfer Some ESPP Earnings to College Savings
Every six months, each receives the chance to cash out some or all of the money in their ESPP. I recommend striking at the next opportunity to reduce their exposure to a market downfall and help pay for future college expenses. Taking 20 or 30 percent off the table and placing the dollars into a safer haven like a CD creates less risk.
For Pasquale, specifically, Iâd look into selling some of his shares at the next opportunity and placing it into a plain vanilla savings account to cover at least the first two years of his daughterâs education. His daughter will choose a school soon and expects to receive some grants and scholarships to reduce the cost. At that point Pasquale can better estimate how much to withdraw from the stock plan.
For his youngest daughter, itâs not too late for Pasquale to open a 529-college savings account. That money can later be used for higher education costs without being subject to taxes. Investing $500 a month in a 529 starting today could help to afford at least the first year or two of school, depending on where she lands. Pasquale may even consider using some of the ESPP gains to fund the new 529 for daughter #2, if his eldest doesnât need it.
Sell Rentals to Purchase a New Second Home
How emotionally tied are they to their individual properties? Pasquale said he could take it or leave it. The $500 cash flow is nice, but heâs open to selling it. Jillian, however, would be sad to part ways with the Florida home. While its rental income is just enough to cover the carrying costs, she likes the idea of keeping it. Sheâs always wanted to have a house by the water.
But I propose a scenario: What if they sold both rental properties and pooled the equity ($160,000) to afford a new second home that theyâd both own? Theyâre eyeing a cabin near the Poconos in Pennsylvania. The estimated cost for a home that suits them is between $250,000 and $300,000. A 50% down payment on a $300,000 home would mean that their monthly mortgage would be roughly $700 per month, given todayâs average interest rate of about 4.50% (or possibly higher for second homes.)
From selling the two properties they achieve their goal of affording a second home. Located in a popular resort area, they can also rent it out from time to time for more than $700 a week. Renting the place for just 8 or 10 weeks out of the year would probably cover the annual mortgage.
From there, any extra cash flow could be used to save more for retirement, travel, college, or whatever they wish.
Farnoosh Torabi is Americaâs leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, sheâs become our favorite go-to money expert and friend.
The post Money Audit: Should We Hold on to Our Rental Properties? appeared first on MintLife Blog.
Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that likeÂ at 50? Is it doable? Below are 10 easy steps to take to retire at 50.Â Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with Â a financial advisor who can help to work out and implement a retirement income strategy for you to maximize your money.
10 Easy & Simple Steps to Retire at 50:
1. How much you will need in retirement.
The first thing to consider is to determine how much you will need to retire at 50. This will vary depending on the lifestyle you want to have during retirement. If you desire a lavish one, you will certainly need a lot.
But according to a study by SmartAsset, 500k was found to be enough money to retire comfortably. But again that will depends on several factor.
For example, you will need to take into account where you want to live, the cost of living, how long you expect to live, etc.
Read: Can I Retire at 60 With 500k? Is It Enough?
A good way to know if 500k is possible to retire on is to consider the 4% rule. This rule is used to figure out how much a retiree should withdraw from his or her retirement account.
The 4% rule states that the money in your retirement savings account should last you through 30 years of retirement if you take out 4% of your retirement portfolio annually and then adjust each year thereafter for inflation.
So, if you plan on retiring at 50 with 500k for 30 years, using the 4% rule you will need to live on $20,000 a year.Â
Again, this is just an estimation out there. You may need less or more depending on the factors mentioned above. For example, if you’re in good health and expect to live 40+ years after retiring at 50, $500,000 may not be enough to retire on. That’s why it’s crucial to work with a financial advisor.
Get Matched With 3 Fiduciary Financial Advisors
Managing your finances can be overwhelming. We recommend speaking with aÂ financial advisor. TheÂ SmartAssetâs free matching toolÂ will pair you with up to 3 financial advisors in your area.
Hereâs how it works:
1.Â Answer these few easy questionsÂ about your current financial situation
2. In just under one minute, the tool will match you with up to three financial advisors based on your need.
3. Review the financial advisors profiles, interview them either by phone or in person, and choose the one that suits yourâ needs.
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2. Maximize your tax-advantaged retirement accounts.
Once you have an idea of how much you need in order to retire at 50, your next step is to save as much as possible at a faster rate. If you are employed and you have a 401k plan available to you, you should definitely participate in it. Nothing can grow your retirement savings account faster than a 401k account.
See: How to Become a 401k Millionaire.
That means, you will need to maximize your 401k contributions, for example. In 2020, and for people under 50, the 401k contribution limit is $19,500. Also, take advantage of your company match if your employee offers a match.
In addition to the maximum contribution of $19,500, your employer also contributes. Sometimes, they match dollar for dollar or 50 cents for each dollar the worker pays in.
In addition to a 401k plan, open or maximize your Roth or traditional IRA. For an IRA, it is $6,000. So, by maximizing your retirement accounts every year, your money will grow faster.
3. Invest in mutual or index funds. Apart from your retirement accounts (401k, Roth or Traditional IRA, SEP IRA, etc), you should invest in individual stocks or preferably in mutual funds.Â
4. Cut out unnecessary expenses.
Someone with the goal of retiring at 50 needs to keep an eye on their spending and keep them as low as possible. We all know the phrase, “the best way to save money is to spend less.”
Well, this is true when it comes to retiring 15 years early than the average. So, if you don’t watch TV, cancel Netflix or cable TV. If your cell phone bill is high, change plans or switch to another carrier. Don’t go to lavish vacations.
5. Keep an eye on taxes.
Taxes can eat away your profit. The more you can save from taxes, the more money you will have. Retirement accounts are a good way to save on taxes. Besides your company 401k plan, open a Roth or Traditional IRA.
6. Make more money.
Spending less is a great way to save money. But increasing your income is even better. If you need to retire at 50, you’ll need to be more aggressive. And the more money you earn, the more you will be able to save. And the faster you can reach your early retirement goal.
7. Speak with a financial advisor.
Consulting with a financial advisor can help you create a plan to. More specifically, a financial advisor specializing in retirement planning can help you achieve your goals of retiring at 50. They can help put in a place an investment strategy to put you in the right track to retire at 50. You can easily find one in your local area by using SmartAsset’s free tool. It matches users with financial advisors in just under 5 minutes.
8. Decide how you will spend your time in retirement.
If you will spend a lot of time travelling during retirement, then make sure you do research. Some countries like the Dominican Republic, Mexico, Panama, the Philippines, and so many others are good places to travel to in retirement because the cost of living is relatively cheap.
While other countries in Europe can be very expensive to travel to, which can eat away your retirement money. If you decide to downsize or sell your home, you can free up more money to spend.
9. Financing the first 10 years.
There is a penalty of 10% if you cash out your retirement accounts before you reach the age of 59 1/2. Therefore, if you retire at 50, you’ll need to use money in other accounts like traditional savings or brokerage accounts.
10.Put your Bonus, Raise, & Tax Refunds towards your retirement savings.
If retiring at 50 years old is really your goal, then you should put all extra money towards your retirement savings. That means, if you receive a raise at work, put some of it towards your savings account.
If you get a tax refund or a bonus, use some of that money towards your retirement savings account. They can add up quickly and make retiring at 50 more of a reality than a dream.
Retiring at 50: The Bottom Line:
So can I retire at 50? Retiring at 50 is possible. However, it’s not easy. After all, you’re trying to grow more money in less time. So, it will be challenging and will involve years of sacrifices, years living below your means and making tough financial decisions. However, it will be worth it in the long run.
How Much Is Enough For Retirement
How to Grow Your 401k Account
People Who Retire Comfortably Avoid These Financial Advisor Mistakes
5 Simple Warning Signs Youâre Definitely Not Ready for Retirement
Speak with the Right Financial Advisor
You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning to retire at 50, saving, etc). Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.
Money may not be the most romantic topic of conversation for couples sampling wedding cake and planning honeymoon adventures, but the way a couple approaches it can be a strong predictor of a marriage’s long-term success. Several studies have actually found that money is a top cause of stress in relationships.
But finances don’t have to cause friction for you and your soon-to-be spouse. A survey conducted by MONEY Magazine found that individuals who trust their partner with finances reported feeling more secure and having fewer arguments. Learning how to talk about money before you get married can be key to developing that financial confidence in your own relationship.
How do I talk about money before getting married, you ask? As you prepare to tie the knot, consider these five money questions to ask before marriage:
1. Do we understand our debt, assets and expenses?
One helpful way to talk about money before marriage is to sit down as a couple and take inventory of all the debt and assets you’re each bringing into your long-term commitment. This includes everything from student loans and mortgages to savings and retirement accounts. You may also want to get into the nitty gritty of your salaries and monthly expenses. Putting all of the details into a spreadsheet or an app that helps you manage your money can allow you to see your full financial picture.
While using this exercise as a way to talk about money before marriage may feel like a lot of work, it will come in handy when it’s time to make financial decisions, such as deciding what percentage of your joint income should go toward building an emergency fund, saving for retirement and paying down debt, explains financial expert Ginita Wall, co-founder of the nonprofit Women’s Institute for Financial Education.
“If one person in the relationship is maxing out her 401(k) contributions but eventually learns her husband is putting nothing toward retirement, it could become an issue,” she says. “An open dialogue that ensures that there will be no surprises about money, or any other topics for that matter, is important for a great relationship.”
2. Will we have joint or separate bank accounts?
Another way to talk about money before marriage is to consider whether you want to combine bank accounts, keep them separate or do a combination of both. The decision depends on each person’s preferences and the needs of the couple.
Dr. Bonnie Eaker Weil, a relationship therapist based in New York City, believes that having one joint account, but also guilt-free separate accounts for spending, can be helpful for many couples.
Keeping a joint account, she says, can provide a clear window into a family’s complete financial situation so the couple can make financial decisions accordingly. “This demonstrates that the couple is working together toward long-term financial goals,” she says.
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The guilt-free separate accounts, on the other hand, give both individuals “freedom to make small purchases as needed,” Weil adds.
As you’re addressing this money question to ask before marriage, know that in some cases, couples could benefit from keeping their investments separate.
“If two people have wildly different investment styles,” Wall says, “they just might decide to invest their money in their own ways.”
3. How has money impacted our upbringing?
When deciding how to talk about money before you get married, consider having an open discussion about how your parents handled moneyâincluding what you think they did well and what they could have done betterâand how this has influenced your financial expectations and goals, Weil says. This is a valuable, but often overlooked, component of how to talk about money before you get married.
In many cases, an adult’s upbringing shapes his or her financial goals.
“If you grew up vacationing at the shore, chances are you might aspire to own a shore house as an adult,” Weil says. “This can become problematic if your spouse would much rather have a mountain house. Talk about where your goals originate from and then work toward making compromises.”
Individuals who trust their partner with finances reported feeling more secure and having fewer arguments.
4. How could our financial dynamic shift over time?
Your financial situation today may be significantly different from your financial situation tomorrow. While it’s impossible to predict exactly what the future holds for your finances and lifestyle, there are ways to talk about money before marriage to lay the groundwork for decisions you may ultimately face. If you plan to have children, for example, you may want to discuss how career and financial priorities may shift. Will both spouses maintain their working arrangements? Will someone pick up more work or scale back?
Weil says other money questions to ask before marriage that could impact your long-term financial plans include:
Will you save for your children’s college education?
Do you plan to take care of aging parents?
How will you respond to family members who ask for financial support?
What measures do you want to put in place for disability and life insurance?
If there are children from a previous relationship, who will be responsible for their college or wedding expenses?
While the answers to these types of questions are personal and will vary from couple to couple, Weil says the most important rule is ensuring couples address them early on so there’s a clear understanding of how to handle each situation when it arises.
5. When will we sit down to regularly talk finances?
While determining how to talk about money before you get married is an important milestone, ongoing communication is necessary. Weil believes it’s constructive to have a weekly money dialogue, while other experts, like Wall, say sitting down for a casual money meeting once a month is a good rule of thumb.
Choose a meeting frequency that works for you and stay committed to your schedule. This signals to your partner that your finances are important and that you’re willing to set aside the time to talk about joint objectives, Wall says.
When it’s time to meet, run through any financial concerns that may have popped up since your last conversation, as well as any financial goals or factors that could have an impact on financial planning for young families.
When differences arise during these talks, Weil suggests trying to walk in the other person’s shoes to understand his or her perspective. Being mindful and polite, as well as listening, are among the best ways to talk about money before marriage and beyond.
“An open dialogue that ensures that there will be no surprises about money, or any other topics for that matter, is important for a great relationship.”
Why talk money before saying ‘I do’
Money can carry a lot of emotions, and Wall says that a lot of financial arguments aren’t actually about money.
“It’s often about equality, being respected, being listened to or being loved,” she says.
If the same types of arguments seem to resurface, it could indicate underlying issues about power and cooperation that couples should handle together, Wall explains.
While every marriage is bound to have some financial conflict now and then, starting a partnership off with these money questions to ask before marriage could help you get off on the right foot. Learning how to talk about money before you get married can also help align your financial hopes and dreams for your happily ever after.
The post 5 Money Questions to Ask Before Marriage appeared first on Discover Bank – Banking Topics Blog.
Do you want to know, “What can I do as a side job?”
Today, I have a list of over 80 possible side hustle ideas for 2021. With these side jobs, you can make extra money in 2021.
So, what is a side job? I say side job meaning something that you do on the side of your regular job.
Side jobs are sometimes called side hustles, and the idea is that you put some of your extra time towards making more money.
You can find side jobs online, side jobs from home, side jobs outside your home, and pretty much wherever else. There are many different options when it comes to finding side jobs for extra money.
Over the years, I have spent a lot of time making extra money through side hustle jobs.
In fact, I paid off my $38,000 student loan debt in just 7 months by side hustling. I did several of the things on the list that you are about to read through.
Learning how to find a side job changed my life in a crazy way — it helped me to stop living paycheck to paycheck, pay off my debt, and leave my day job to pursue my job as a full-time blogger.
And, this is why I talk about making extra money through a side job so much — because I believe that it can change your life for the better.
What I like so much about the ideas on this list is that there is something for everyone. There are really so many different options. While I have included over 80 different side job ideas, there are many, many more out there. You can find something to fit your lifestyle, interests, and the amount of time you have to dedicate towards earning more money.
Whether your goal is to pay off your debt, stop living paycheck to paycheck, start saving for retirement, plan an amazing vacation, or something else, finding a side hustle idea in 2021 can make that a reality.
Making extra money through a side job can help you:
Save up for a big purchase, such as for a down payment on a house
Pay off your student loan debt, credit card debt, or medical debt
Save for retirement and even retire early
Leave a job you don’t love to pursue something else
Diversify your income sources
Save for emergencies
What some people don’t realize about making extra money is that it doesn’t have to take all of your time. You can dedicate as much or as little time to it as you want. I started this blog on the side of my full-time job. It took a lot of work, but I was in control of when I worked.
That’s one of the reasons I love blogging and many of these other side jobs. Many of them are very flexible and let you pick your schedule. Below you’ll find great options if you work full time, are a parent, are in school, etc.
Besides starting a successful side hustle, there are some great small ways to earn extra money. The point is, there are so many ways to make money on the side with a full-time job that there is no reason not to start now.
Related content on how to make extra money:
How To Start and Launch A Successful Money Making Blog FREE Course
12 Work From Home Jobs That Can Earn You $1,000+ Each Month
Below are over 80 different side job ideas.
Find an online side job.
There are so many side jobs that can be found online these days. The internet has introduced more possibilities, many of which have extremely flexible schedules.
Working an online side job allows you to create your own business in your spare time or work remotely for a company. These are some of the flexible options for 2021.
For me, I love being able to work online as it allows me to have a flexible schedule, there is no commute, and I simply enjoy working from home more than working in an office.
Below are ways to work an online side job:
Create a money making blog – This is the first thing I recommend to anyone interested in learning how to make money with an online side job, and this is because it’s exactly what I did! I have a Free How To Start and Launch A Money-Making Blog Course that you can join, and it will help you start and launch a successful blog!
Answer questions online – Course Hero is a website that helps high school and college students with course-specific questions. Please read How To Make $300+ Weekly Answering Questions With Course Hero to learn more.
Get paid to answer surveys – Answering surveys online won’t make you rich, but it is one of the easiest ways to earn extra money online. Even though it’s a small amount of money, you can put it towards your debt payoff or savings goals. Survey companies I recommend include American Consumer Opinion, Swagbucks, Survey Junkie, Branded Surveys, and Pinecone Research. These survey companies are free to join and free to use! You get paid to answer surveys and to test products. To receive the most survey opportunities, it’s best to sign up for as many survey sites as you can.
Join a focus group– You can get paid $50 to $100 per hour by joining a focus group with User Interviews.
Write an ebook – Writing your own eBook is a great way to earn extra money online, and there is probably something super helpful that you could write about (even if you think otherwise!). In fact, my friend Alyssa self-published her first book and has sold more than 13,000 copies. She is now earning a great passive income of over $200 a day from her book ($6,500 in one month alone!). Learn more at How Alyssa is making $200 a DAY in book sales passively.
Run Facebook advertising for local businesses – Bobby Hoyt, a former band teacher who now runs the successful website Millennial Money Man, started running Facebook ads for local businesses to help him pay off $40,000 in student loan debt in only 18 months. In our interview you can learn about how Bobby got started, why businesses want to run Facebook ads, and how easy it is to start this flexible side job. Also, Bobby has free training on this too. His free email course (you can sign up here) will teach you how to start this business even if you’re brand new, how to find paying clients, and more. Read the full interview at How To Make $1,000 Extra In Your Spare Time With Facebook.
Edit content for others – Websites, books, courses, and more all need editors to help them improve the quality of their content. No matter how many times a person reads a piece of content, something will usually slip through. If you’re a grammar-nut, then this can be one of the best side jobs from home ideas.
Sell printables online – Creating printables on Etsy can be a great side hustle. Because you are creating PDF files, you can create and sell them an unlimited number of times. You can learn more at How I Make Money Selling Printables On Etsy.
Manage social media accounts for businesses – Being a social media manager can be a fun job for the right person. If you have social media skills and don’t mind spending more time on social media sites, then it might be something to look into. Learn more about How I Started a Pinterest Consulting Side Hustle and why it’s more than just sharing random content online.
Get paid to search online – Swagbucks allows me to earn Amazon gift cards with very little work. Swagbucks is just like using Google to do your online searches, except you get rewarded with points called SB for the things you do through their website. Then, when you have enough points called SB, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up through my link!
Proofread for a living – In just one year, Caitlin made slightly over $43,000 as a freelance proofreader, while also going on several fun vacations. If you are looking for a new job, or just a new way to earn extra money on the side, this may be something to look into. Learn more at Make Money Proofreading By Becoming A Freelance Proofreader.
Help job seekers improve their resume – A few years ago, I interviewed a reader who ran a resume business. She showed me how others can earn money by helping people create the kind of resumes they need to land their next job. Because having a good resume is an important part of getting the job you want, this is an in-demand option. If you are constantly reviewing resumes for your friends because you’re so good at creating them, then you may want to turn your skills into a paying job!
Post on social media – If you have social media accounts, even just a personal Facebook account, it’s possible to earn extra money by posting small ads on your account. One popular company that I recommend is Izea.
Become a freelance writer – A freelance writer is someone who writes for a number of different clients, such as websites, blogs, magazines, and more. These writers don’t work for one specific company, rather they work for themselves and contract out their writing. Learn more at How I Earn $200,000+ Writing Online Content.
Moderate forums – Some online forums will pay you to moderate their message boards. If there is a forum you visit often, you might want to see if they are hiring.
Become a transcriptionist – Do you know what a transcriptionist does? They take audio files and turn them into a text format. You can learn more about what this side job takes and how it’s possible to earn extra money on the side as a transcriptionist at Make Money At Home By Becoming A Transcriptionist.
Become a scopist– A scopist is someone who works from home and edits legal documents. Yes, this is a skill that you can learn. You can find a free course to learn more about how to become a scopist by clicking here.
Become a virtual assistant – Virtual assistant tasks may include social media management, formatting and editing blog posts, scheduling appointments or travel, email management, and more. Basically, you get paid to do any task that needs to be done for someone’s business but doesn’t need to be done by them. You can read more about how Kayla is earning $10K per month working from home as a virtual assistant.
Become a bookkeeper – Ben, founder of Bookkeeper Business Academy, explains how becoming a bookkeeper may be a possibility for you. Ben helps people start and grow their own online bookkeeping business with his online bookkeeping course. And, guess what? You don’t have to be an accountant or have any previous experience! You can read more about how becoming a bookkeeper at Make Money At Home By Becoming A Bookkeeper.
Create an online store – Did you know that you can create your own online store to earn extra money? Jenn, a reader of mine, started her online business a little over four years ago and since then she has developed and grown three successful online ecommerce stores earning an average of $19,000 per month. Learn more at How Jenn Makes Over $10,000 A Month With Her Online Store In Less Than 10 Hours Per Week.
Become a Google Rater – This is when you help Google improve the quality of their search engine results. You can learn more about this at Help Google Better The Internet And Make $1,000+ A Month From Home.
Build a course and teach others what you know – Before you think that you have nothing to teach, I want to tell you that you most likely do! Online courses are extremely popular right now, and you don’t need to have a blog in order to be successful with an online course. I use Teachable for my online course platform, and I highly recommend it. Here’s How I’ve Made Over $1,000,000 From My First Course Without a Big Launch.
Podcast editing – Podcasting has grown a lot in the past few years, and it’s estimated that there are now over 850,000 podcasts. Podcasters need help editing their audio and adding music, so if you have audio editing skills, this could be a fun side job. Listing your service on Fiverr could be a great way to find clients who need your service. Learn more at How I Make $1,500 A Month As A Podcast Virtual Assistant.
Teach English online to kids – Did you know that you may be able to make money from home by teaching English online to children? VIPKID is a company that allows you to work from home, create your own schedule, and earn $18-21 per hour (many teachers are earning over $1,000 per month) all while teaching English online. You don’t need a teaching degree, but you do need to have a four year degree in something. This is a great option for anyone who has a passion for teaching and looking for ways to earn extra money online. I recommend VIPKID and Education First.
Build a side business (or even a full-time business!).
If you’re looking for a side job, one possibility is to create a side business for yourself.
The ones you just read about above are online side jobs, but many of the ones in this section require in-person work. Not everyone wants to work online, and these side jobs will get you outside of the house and earning money.
For me, my side business of creating a blog actually turned into a full-time business for myself. And, I am so happy that I made that choice!
Here are some side business ideas:
Pick up garbage – This might not be the most exciting way to make extra income, but did you know that you can get paid $30- $50 an hour to pick up trash in your local area? Please read Get Paid $30 – $50 Per Hour To Pick Up Trash to hear more about this side hustle idea.
Sell on Amazon – If you want to learn one of the many real ways to make money from home, then you may want to start an Amazon FBA business! Jessica Larrew, of The Selling Family, explains how selling on Amazon may be a possibility for you. She is a friend of mine, and I am blown away by her success! In the first year that Jessica’s family ran their Amazon FBA business together, working less than 20 hours a week total, they made over six figures profit! If you are looking for a new job, or even just a side hustle, this may be something that you want to look into. Learn more at How To Work From Home Selling On Amazon FBA.
Maintain and clean yards – You can make money by mowing lawns, killing/removing weeds, cleaning gutters, raking leaves, and so on. Because every season offers the opportunity for some type of yard maintenance, this can turn into a year round job.
House sit for others – House sitting is becoming more and more popular these days, and there are many websites out there for house sitting. You may be paid to watch someone’s house, take in the mail, water plants, and so on. House sitting doesn’t just have to be in your own town either. It can be something you do while taking amazing vacations. You can read more about it at How We Became Professional House Sitters In Europe & Saved Over $5,000.
Rent out your RV – Many RVs sit unused in storage lots, driveways, and backyards, so why not try to make a little extra money while you’re not using your RV? Learn more at How To Make Extra Money By Renting Out Your RV.
Share your car – Did you know that you can share your car with travelers on a daily, weekly, or even on a long-term basis and make extra money? I’m talking about listing your car and making money on Turo, which is like Airbnb for cars. It takes as little as 10 minutes to list your car, and you can earn up to 90% of the trip price.
Walk dogs and/or pet sit for extra money – If you love animals, then this is one of the best ways to make money on the side! Walking dogs and pet sitting can be a lot of fun because who doesn’t love animals!? With this side hustle, you may be going over to your client’s home to check in a few times a day, you may be staying at their house, or the animals may be staying with you. Rover is a great company to sign up for if you’re interested in becoming a dog walker and pet sitter.
Groom pets – This is yet another animal related side business, and it could be a good one for you. With a mobile pet grooming business you will go directly to the pets rather than needing to find and set up a permanent business location.
Become a local tour guide – Do you love showing off your city to friends and out-of-town guests? If so, you can earn extra money as a tour guide in your city. You can create any kind of tour you like — touring restaurants or bars, historical tours, bike tours, and more. Tours By Locals is a great site to connect with if you’re interested in learning more.
Become a landlord – Whether you rent out a room in your home or start buying up properties to invest in and then rent out, this could be one of the more lucrative ways to earn extra money on the side. Check out my blog post to learn more: How This 34 Year Old Owns 7 Rental Homes.
Shovel snow – We no longer need to have our snow shoveled, but it was definitely something we didn’t enjoy doing while we were living in St. Louis. If you get snow where you live, then you may be able to knock on your neighbors’ doors to see if they would like their driveways and sidewalks shoveled. If you want to go a little further, you could even invest in a plow and market your services.
Become a Tasker – TaskRabbit is an online platform where people list odd jobs that they need done, like assembling furniture, running errands, or cleaning. You can find one-off jobs in your area using TaskRabbit to earn extra money.
Babysit and/or nanny children – When I was just 14, I was making $10 an hour babysitting for a neighbor. I babysat 40 hours a week and it was a great way to make extra money! If you have any special skills or can provide extra work, such as cleaning up around the house, teaching the child how to speak another language, picking up the child after activities, and so on, you will most likely be able to charge more than $10 an hour.
Become an Uber or Lyft driver – Spending your spare time driving others around can be a great money maker, and many rideshare drivers earn $15-$20/hour. Read more about this in my post How To Become An Uber Or Lyft Driver.
Help people fix things around their home – If you are a handy person, this could be a great option for you. Word of mouth is big when it comes to finding clients, but you can also post your services on Craigslist, post flyers to bulletin boards around your town, and more.
Clean homes – Cleaning is something that many people dread. If you are good at cleaning and enjoy it, then you may be able to find clients who want you to come to their home to clean. This can pay around $20 an hour or more in some areas. Because cleaning for others is such a personal job, you will often find loyal customers who want you to come back over and over again.
Help people move – Moving is another task that many people dislike. Movers can earn a broad range when it comes to hourly pay, but it’s usually somewhere around $25-$50 an hour if you run your own business.
Become a photographer – Do you love photography? Then this is a great way to earn extra money while doing something you love to do. Learn more at How To Make $25,000 – $45,000 A Year As A New Photographer.
Write and self-publish romance novels – This definitely isn’t something that most people will think about, but it is a growing and profitable industry. You can learn how Yuwanda Black, a freelance writer, started writing and self-publishing short romance novels in this interview. She earned over $3,000 in one month alone!
Find a part-time job.
Online side jobs are becoming more and more popular, but you can still make good money with more traditional part-time jobs.
I know many people who have part-time side jobs, and they love that they are low-commitment ways to make extra money.
You can find a part-time side job on sites such as Snagajob, Craigslist (yes, I’ve found a legitimate job through there before), and so on.
Deliver items through Postmate – Postmates is a service that lets people use their phones to order food, drinks, and groceries. Delivering those items is where you come in! Because the holidays are a busy time, many people are looking to make their life easier with delivery services like Postmates. And, you can deliver for Postmates with your car, scooter, motorcycle, or bicycle. How much can you make with Postmates? Postmates says that you can earn up to $25 an hour with their platform. Click here to check out Postmates and sign up.
Deliver RVs to dealerships – RVs are huge, and the majority of the time they can’t be transported by semi-trucks because of their size. Due to that, someone has to drive them from the manufacturer to the RV dealership. We met a couple who did this for a living, and they both loved what they did. They were able to travel a lot, earn a living, and got to see new RVs all the time. To make extra income doing this, you can contact transport companies in your area, RV manufacturers, RV dealerships, and more.
Find a part-time seasonal job – If you have a job that gives you the summers off (or whatever season), then finding a part-time seasonal job could be a good way to earn extra money during your time off. Employers like Starbucks, REI, and Costco even offer part-time jobs with benefits, which adds even more value to these side jobs.
Bartend – With bartending experience, you may be able to find a bartending job at a bar, restaurant, catering company, and more. Since the hours for this are usually later at night and on the weekends, it could easily fit with your regular 9-5 job schedule.
Work at a restaurant – You could be a host, wait tables, bus tables, and so on. You may even get to eat delicious food and receive a discount when dining out at the restaurant you work for.
Substitute teach – I know quite a few people who substitute teach both part-time and full-time and love it. Sometimes the schedule can be tricky as you may be called at the last moment, but other times you may secure a long-term position. In some places, substitute teaching can pay around $100 per day.
Teach during summer school – If you are a teacher, then spending part of your summer teaching summer school is a great way to make extra money. My brother-in-law is a teacher and he earns around $3,000 for three 4-day weeks of work, and they aren’t even full days. He and his wife use that money to fund their summer vacations.
Work at a hotel, motel, hostel, resort, etc. – There are many jobs in the hospitality industry. If you love meeting new people who are visiting your area, this can be a great way to earn extra money. When we were RVing, we met several RVers who make money at RV parks and campgrounds while they are full-time RVers.
Work at a retail store – I worked in retail for over five years and made lifelong friends in the process. The income is okay, but you usually receive a good discount when working in retail.
Deliver pizza – Pizza delivery drivers make $15/hour or more delivering pizza in their spare time. It might not be the most glamorous side job, but it’s a good way to make extra money.
Lifeguard – You could be a lifeguard at a community pool, a private pool, a water park, and so on. You don’t have to be a teenager to be a lifeguard either!
Work as a referee – Did you know that soccer refs for local community centers can make around $25/hour or more? You’ll have to know the rules to work as a referee, and you can learn more by contacting the community or sports center in your area.
Deliver newspapers – Delivering newspapers can be a good way to make some side money. You may have to wake up early, but maybe those are the hours you are looking for.
Run errands for others – Being someone’s assistant can be an interesting way to earn extra money. You may get paid to do someone else’s laundry, clean their home, pick up their food, answer phone calls, and more.
Sell items to make extra money.
There are so many different types of items that you can sell to make extra money.
You may be able to find things around your home that you can sell, or you may even search for items online or in-person to buy and resell for a profit.
Flip items – Melissa’s family was able to make $42,875 in one year through buying and flipping items for sale, and they were only working about 10-20 hours per week. Learn more in How Melissa Made $40,000 In One Year Flipping Items.
Sell/donate eggs and sperm – Yup, both of these can be sold for a price, and you can definitely earn extra money by doing so. Depending on your characteristics, women can earn anywhere from a few thousand dollars to $10,000 or more for their eggs. Egg donors are typically under the age of 30 and healthy. African American women and Asian American women usually make the most money as there is a larger need for their eggs. This is not easy money, though. There are a number of doctor visits, and extracting the eggs requires a medical procedure. For sperm, the average donation pays anywhere from $50 to $100, and some men donate as often as 2-3 times each week.
Sell items on eBay – Whether it’s clothes, a car, electronics, and so on, eBay is a great place to sell all sorts of things online. eBay also has a worldwide reach, which can be great if the market in your area isn’t large enough for what you specialize in. I know many people who earn extra money selling on eBay, and it’s very easy to get started.
Sell items on Craigslist – Craigslist has gotten a bad rap in the past, but I have always had great success when I have bought or sold things through this platform. Craigslist can be a great way to sell your items, while often earning a higher value for them too. However, be safe, because you will have to meet with strangers to complete the transactions.
Sell things on Facebook Marketplace – Facebook is a great place to sell your items to earn extra money. You can find buyers in your area, but for larger items, like cars and furniture, buyers are often willing to travel. Plus, because you are probably already on Facebook, this is one of the easiest ways to sell your stuff, and it’s free.
Sell on Poshmark – Poshmark is one of the most popular places online for people to buy and sell gently used clothing, shoes, and more. You should always be honest in your listings, take great photos, and ship items out as soon as they sell.
Sell to second hand stores – There are many second hand stores out there that will take your clothing and shoes. Stores like Plato’s Closet, Hut No. 8, and Buffalo Exchange will pay you upfront for on-trend young adult clothing, and they take all of the legwork out of selling items, which is really helpful. There are also second hand stores for designer items, women’s clothing, children’s items, and more. Some pay upfront, whereas others may not pay you until after the item has sold.
Sell your gently used sports gear – Play It Again Sports is one of several second hand stores that buys and resells sports equipment and workout gear. These kinds of items also sell well on eBay, Craigslist, and Facebook Marketplace.
Sell on Etsy – Etsy is a great place to sell handmade items, vintage finds, and craft supplies. If you are a crafty person, definitely check out this website if you are looking for ways to earn extra money.
Sell your gift cards – If you have gift cards that you aren’t going to use, why not sell them to earn extra money? There are many, many websites out there that will pay you cash for your gift cards. Gift Card Granny, Cardpool, and Raise are just a few.
Sell items through a garage sale – A garage sale can be an easy way to make extra money because people come straight to your house. The only downside is that you usually don’t make as much for your items as you would if you were to sell them on sites such as eBay, Craigslist, or Facebook Marketplace.
Sell your old books – Back when I was in college, I sold my textbooks as soon as the class was over. This helped me regain the amount that I originally paid for the book. You can sell your books online, and most university bookstores have a buyback option.
Flip cars, mopeds, or scooters – In addition to teaching summer school, one of the ways my brother-in-law makes extra money is from buying vintage moped and scooters, fixing them up, and selling them for a profit on online marketplaces, like Facebook or Craigslist. In one flip, he made more than $900 profit. This is a very specific skill, but worth looking into if you know what you’re doing.
Make extra income at the day job you already have.
If you’re already employed and not interested in starting a side hustle, by starting an online business, or taking on a part-time job, you can still learn how to earn more at your current job.
Work overtime – One way to earn extra money at your job is to see if your company will allow you to work overtime. In many cases, overtime is welcomed, and you can earn a decent amount of money by doing so. Plus, what’s an extra hour or two when you’re already there?
Ask for a raise – Asking for a raise may be the best way to earn extra money at your current job, as the work is the same and you most likely won’t be adding additional hours to your work week. Many people never ask for a raise, which means you might be leaving money on the table. Over numerous years, this can add up to a significant amount of income! If you’ve just successfully completed a big project or taken on new responsibilities, then it might be time to ask for a raise.
Get a promotion – If a raise is not possible, then you may want to try for a promotion that comes with a pay bump. Sometimes companies can only pay you so much for the job you currently have, but perhaps a promotion with different and/or additional job duties, a possible move, etc. may result in an increase in pay.
Earn bonuses – Depending on the industry and the company you work at, you may be able to earn bonuses. Bonuses often come in large chunks which makes them ideal for paying off large amounts of credit card or student loan debt. Or, you could even invest your bonus to earn even more in the long run.
Miscellaneous ways to make extra money in 2021.
Of course, I can’t include every single side job in this blog post, as there are way too many options to list in one place. But, here are some more that didn’t fit one of the categories above.
Cuddle with strangers – Did you know that you can get paid to cuddle with people that you don’t even know? Surprisingly, there are many cuddling companies out there, and this option seems to be growing more and more each year. Some people even make a few hundred dollars a day by cuddling with others.
Scoop poop – Okay, like picking up trash, this isn’t going to be the most glamorous job, but someone has to do it.
Place advertisements on your car, home, or even on your body – Yes, there are companies out there that will pay you to place an advertisement on your car, home, or even your body (such as a tattoo on your forehead). If there’s space on your car or fence that you don’t mind placing an ad on, then look into this! Carvertise is one company I recommend checking out if you’re interested in advertising on your car — they pay around $100/month.
Help crew a sailboat delivery – Because you need sailing experience to do this, this won’t be for everyone. But, if you know your way around a boat, then you may be able to earn extra money delivering sailboats. Wes actually helped out on a couple of sailboat deliveries in the past few years, and he traveled to many amazing places along the way, such as visiting several European countries.
Be an extra in a movie or TV show – If there’s a movie or TV show that is being filmed near you, you can apply to be an extra to make some money on the side. You won’t have to do much, and it could be a lot of fun, especially if you are able to meet someone famous!
Start investing with spare change – Investing through platforms like Acorns makes investing even more approachable. You simply link your bank or credit cards and Acorns rounds every transaction up to the next dollar. Read more at How To Start Investing With Little Money.
Sell breast milk – Only recently did I realize that some women do this as a side job. If you are breastfeeding, then you may be able to sell your breast milk to make extra money. Breast milk often goes for $1 to $2.50 per ounce, and sometimes it sells for as much as $4 per ounce. There are many people who are looking to buy breast milk, not just mothers.
Receive bonuses and rewards for using a credit card – There are many credit cards out there that will give you cash back just for using them. If you are good with credit cards (please skip this if you are not), this is something to look into as you can make money without having to do much. Read more at How To Take A 10 Day Trip To Hawaii For $22.40 – Flights & Accommodations Included.
Take part in medical research studies – Medical studies allow you to help with the research and study of diseases, medicines, treatments, and more. To find paid medical research studies, I recommend checking out your local Craigslist, contacting universities in your area, and seeing if there are any medical testing companies around you. Most cities have these options, and you just have to look for them.
Enter contests and giveaways – There’s no guarantee that you will win anything when entering contests, but if you get lucky, this would be a really fun way to earn extra money. You may win cash, gift cards, vacations, electronics, and more. The key here is to enter as many as you can. And, many stores and restaurants post drawings and giveaways at the bottom of your receipt.
Mystery shop – Yes, you can actually get paid to shop at stores and eat at restaurants. A few years ago, I mystery shopped a lot to earn extra money. I made anywhere from $150 to $200 a month mystery shopping and received free meals, makeup, and more as a mystery shopper. I used Bestmark for mystery shopping, so I know that they are a 100% legitimate company. Learn more at Want To Make An Extra $100 A Month? Learn How To Become A Mystery Shopper.
Use InboxDollars – InboxDollars is an online rewards website I recommend if you want to find ways to earn extra money on the side. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free!
Travel the world and be an au pair – In 2016, my sister was an au pair in Italy. It was an interesting experience, and she shares how you can become an au pair and travel the world in her blog post How To Become An Au Pair And Travel The World.
Open a high yield savings account. Savings accounts at brick and mortar banks are known for having really low interest rates. That’s because they have a much higher overhead — paying for the building, paying the tellers, etc. Betterment Everyday is an online option, which means they have lower costs, then passing the savings on to you. Simply click here and sign up.
How do I make an extra $1000 a month?
If earning $1,000 a month or more is your financial goal, there are lots of different approaches.
You can run Facebook ads for small businesses, deliver food for Postmates, start a freelancing side job, and more. Or, you can combine several smaller side jobs.
If you are willing to put in the work, starting a blog is something that can help you earn $1,000 a month or more. It takes time to grow your blog, but with time and effort, you can well exceed $1,000/month in blogging income.
How can I make money on the side?
There are so many different ways to make money on the side in 2021, and I just gave over 80 different ideas.
Look through the options above and make a list of the ones that interest you. Think about what skills you have, how much time you want to dedicate to your side job, and how to get started with each option.
There are honestly options for anyone, no matter how much time you have to spare. And remember, even just a $100 extra a month can begin to make a dent in your debt, can be invested for your future, or help you stop living paycheck to paycheck.
Have questions about finding a side job?
If you have any questions about finding a side job, I recommend heading to 10 Of The Most Common Questions About Having A Side Job.
Some of the questions I answer in that blog post include:
How do you find a side hustle?
How much money can I make from a side job?
How do you get paid with a side job?
How can I find time for my side job idea?
How can I balance my day job, side job, and life?!
How can I grow my side income? How can I find clients?
What is a good side job?
Should I tell my boss about my side hustle?
Do I have to pay taxes on a side job?
How do I avoid side job scams?
Out of the side jobs listed above, which one interests you the most? Which side job would you like to learn more about?
The post 80+ Best Side Job Ideas To Make Extra Money in 2021 appeared first on Making Sense Of Cents.