Josh Elledge - Chief Executive Angel
Where to find hidden money
Listen to me talk about this article in my podcast.
Trying to make more money each year seems to be an ever-moving target. The cost of living continues to go up, but our income doesn't keep pace. What's a hard-working family to do? How about finding the hidden money that's all around you!
Hidden money in your home:
– Evaluate energy spending and consider cost-cutting ideas: Use power strips to fully turn off electronics. Test hand-washing versus using your dishwasher. Cook larger quantities at once, to use more of the heat and energy your oven or stove is already producing. Wash loads of clothes in cold water. Experiment with taking cooler and shorter showers, and even turning off the water while you lather your hair and body, then turning it back on to rinse.
– Go through every closet, cupboard, drawer and box to find anything you don't need, then sell your finds, and use the money for needed new items, or to pay down debt.
Hidden money in your budget:
– Track what products and foods your family consume the most. Stock up when they are a great deal, and avoid paying retail. Likewise, avoid buying things that sit unused, even if they are a good deal. Buying something for 50% off that you never use isn't a worth your time, space, or money.
– Honestly add up what you spend on convenience foods, like running through the drive-thru, grabbing a bottle of water at the gas station, or even getting an occasional snack from the vending machine. Rather than running out the door unprepared, make the cost-saving commitment to not leave empty-handed.
– Flip your thinking on what is an “amazing deal”. Some offers, even when touted as being 75% off, really aren't worth it. Analyze the starting point. If a shirt is 75% off, but the original price was $100, it was likely inflated to begin with. Is the item really that high in quality? You can probably find a similar quality shirt, for $15 online, rather than the $25 it would be, even at 75% off.
Hidden money in your bills:
– Go through all your bills and what every charge covers. You may find that you are paying for things you don't need, like an extra cable TV receiver in a room you rarely watch, or overkill on mobile data allotments.
– Are you over-paying your utilities? If you pay on a budget plan but haven't recently checked your payments versus your usage, you could be overpaying. Of course, don't change your amount without contacting the company first.
– Re-shop your insurance, your cell phone plan, your television service, and other obligations. You could be paying a lot more than you need to be; or for unnecessary services and coverage. At the very least, contact service providers and ask for available discounts.
Hidden money in your hobbies, skills, and interests:
– Everything from hand-made baby blankets and jewelry, to organizational and office skills; from audio and video expertise to personal improvement and educational coaching”¦ all are sought after these days. Take some time to research if you could be making extra money doing things you love, are skilled at, and are passionate about. This is one of the best ways to increase your income, with the bonus of feeling empowered doing it.
