Epic Ways to Save and Earn $5,000 in Two Months
Recently Mark Cuban was quoted as saying people should aim to buy their toothpaste in bulk to save money. So, say I can save $1.50 a tube, and use 12 tubes a year, that means….. $18 dollars a year in savings! The effort required to buy in bulk is hardly worth the time investment.
To save two dollars on a coffee or five bucks on my second choice menu item isn’t being smart with my money. It’s being miserly! Life is meant to be enjoyed. Also, if I’m going to inconvenience myself in an attempt to save money, it better have EPIC returns. Here are 6 ways to save and earn $5,000 in two months.
Let’s start with a biggie. If you have an extra room you should consider a homestay. This is where someone lives in your house, and they are not a tenant but a boarder. Their room should not have a lock, and I would recommend you offer “grab and go” breakfasts (where they make their own toast, cereal, yogurt, etc, from whatever is in the fridge) and dinners with the family 5 times a week. You are already cooking, so what is one more mouth to feed? Plus you get to learn about another person and culture and get the enjoyment of being a host. Expect to earn $800- $1000 per month, plus you can claim a portion of your housing expenses (talk to an accountant).
Raise Your Deductible $100- $500
You can raise your deductible on your home and auto insurance for another big win. If your deductible is $500, consider raising it to $1000. If it’s $1000, consider raising it to $2000. The reason this saves you money is because small claims are very costly for an insurer to examine, compared to their dollar value. Where will the deductible money come from? It’s coming from the money you save from this article!
Dog and Cat Sitting $500
Let’s not argue here about whether you are a dog or cat person. Either owner needs peace of mind that their furry friend will be taken well care of while they are gone. Consider Rover to offer dog and cat sitting services, and Care to offer cat sitting. You can earn $30 twice a week, or about $250 a month.
Double Up on Your Mortgage $1,000
Especially if you are in the first five years in your mortgage, there is hardly a better investment for your money than to pay down your mortgage. In the first few years of your mortgage, the interest for each mortgage payment is almost worth as much as your principal payments. People tend to forget about that, as monthly payments remain the same. If your mortgage balance is over $150,000, you can save at least $1,000. If your mortgage is higher, doubling up your payments for two months can save a couple grand. Don’t tell me you wouldn’t miss that money!
Spend Nothing Weekend $250
Recently at work I went a day without buying a treat, lunch, or coffee and I was astonished to realize it was the first time in two and a half years. Of course, as I said earlier, life is meant to be enjoyed but we also need to enjoy the things in life that are free. On your spend nothing weekend, instead of drinks out, google a recipe to make do with what’s leftover in your liquor cabinet. Try something creative with the food in your freezer and pantry. Enjoy parks, outdoor events, biking, sitting on your patio and reading the book you can never get to. How liberating not to need your wallet for one weekend!
Downgrade Your Vacation $750
Take an hour to research and downgrade your next vacation. If you were going to fly to Europe, find somewhere you can drive to and enjoy for a week. If you were planning a road trip, look for a campground that you can stay at. Get rid of dinners by renting an air b n b and cooking it yourself. Enjoy lunches out instead. Instead of going to see a cultural show in your destination join a meetup and meet the locals. Have fun with it!
With an open mind, you can focus your efforts on saving money to big wins which will really have an impact.
What creative way do you have to save or earn an EPIC amount of money?