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Great Ways To Save Money And Increase Your Income

Every penny counts. There’s nothing like a pandemic (or an economy slowing recovering from a pandemic) to make that adage ring true. Unemployment. Closed businesses. Reduced work hours.

Work furloughs and leaves of absence. All have contributed to diminished incomes for millions of people who find themselves struggling to make ends meet – or to just cut corners when it comes to their spending.

Making even little changes in how you spend can add to your savings, help boost your emergency fund, or give you more financial breathing room when it comes to paying bills.

These 10 tips can add to your income by helping you make or save more money.

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Photo: Shutterstock/fizkes

Lower Your Homeowners Insurance Costs

By shopping around online for homeowners insurance rates, you’ll be able to see the best deals available in your area. You can compare quotes from hundreds of insurers just by answering a few basic questions.

Ditch Private Mortgage Insurance

Private mortgage insurance (PMI) is generally required if you take out a conventional mortgage and put less than 20% down at the time of home purchase. If you can manage making payments that will get you down to 80% of the original mortgage balance, you can then request to have PMI removed.

Photo: Shutterstock/ndrey_Popov

Invest In Free Stocks

Apps like Robinhood allow you to buy pieces of companies like Google and Tesla for as little as $1 — and when those companies profit, so can you. Robinhood enables you to invest in fractional shares of stocks, options, exchange-traded funds (ETFs), and cryptocurrencies without paying fees or commissions.

Sell Your Old Playthings

Check out your closets and desk drawers for toys, memorabilia, and collectibles that might be worth more than you ever imagined. Browse sites like eBay to see what the going rate is for items you haven’t looked at in years – their worth could open your eyes to the truth behind “One man’s trash is another man’s treasure.”

Photo: Shutterstock/Vitalii Vodolazskyi

Refinance Your Student Loan

Refinancing your student loan allows you to pay off your current debt with a new loan that has a lower interest rate. Because your monthly payment will decrease, you’ll have more money to budget for other things. You can find online quotes from multiple lenders in just minutes, which can help you find the best possible rate.

Decrease Your Debt Costs

If you’re paying high interest on your credit cards or personal loans, you’re putting a major strain on your income and savings. Taking out a debt consolidation loan allows you to trade in all of your current debts, including loans and credit cards, for a single monthly payment that comes with a lower interest rate. Services such as Credible can show you quotes from lenders in your area, which makes it easy to find an interest rate that fits your budget.

Photo: Shvets

Save When You Shop Online

Sure, shopping online is quick, easy, convenient – you could even say effortless. But you can’t price check every store, every time, to secure the best deal. Download a free browser extension like Capital One Shopping that will automatically find you the best deals and provide you with coupon codes every time you shop online.

Rethink Your Car Insurance

Car insurance rates vary from company to company, so it can pay off to shop around and secure quotes from providers. Car insurance websites can do the shopping for you, which means you could snag a better deal in as little as three minutes. Most of the sites are free to use, so you have nothing to lose by answering a few questions and seeing how much you could save.

Make Your Spare Change Really Add Up

Micro-investing accounts like Acorns put your spare change to work for you without you having to put in any effort. The ‘round-up’ feature lets you invest the spare change that’s left over whenever you make a purchase. For example, if you buy a coffee for $3.65, 35 cents will be added to your account. It may not seem like much to begin with, but over time – and over the many purchases you make in a single day, a week, a month, and a year — that spare change can really add up.

Photo: Pexels/ David Bartus

Turn A Hobby Or Skill Into A Side Gig That Pays 

Take a look at your hobbies, talents, or passions – can any (or all) of them be turned into a side gig that supplements your income? Online marketplaces for digital services make it as easy as pie to get paid for doing what you love (baking, maybe?). Just create a profile describing what you bring to the table, and people browsing the marketplace will be able to find you based on what they’re searching for.