How to sell photos online is a question I have been working on for almost a decade. I have tried almost a dozen different ways to sell photos. While some avenues have been more successful than others, I am excited to share with you the most successful ways to sell photos online.
As many of you already know from other posts, I love photography. While I am in a season of life that does not let me shoot new photographs right now, I still have a passion for photography. Even though I am not making new photographs, I actually still passively make money off of them.
Over the years, I have been fortunate to shoot photographs all over the U.S. and the world. It took a lot of honesty with myself, patience, and persistence to build my skills to produce good photographs. Many of my photos have been sold to people around the world using several different platforms of selling. To have someone purchase a photograph that you created from scratch is an extremely rewarding experience.
Enough about me, we are here to help you sell photos online.
1. Stock Photography
My guess is you have heard about stock photography, especially if you are a fellow blogger.
For me, this has been my most successful way on how to sell photos online.
Using Shutterstock or iStock Photo is probably the easiest way to earn extra money online selling your photos. All you have to do is head over to one of these sites, sign up, upload, get accepted, then sit and wait to get paid.
I have used stock photography to make truly passive income for the past ten years.
A Personal Story
About five years ago I was in St. Louis. While there we visited a high vantage point in the hotel we were staying at. It just happened that vantage point looked over the St. Louis Gateway Arch. I snapped a quick shot (this article’s featured image) through the glass window not thinking anything about it. Later on, I decided to add it to Shutterstock and iStock Photo.
To be honest, compared to the other photos I was uploading, I was not too excited about this photo.
To my surprise, this photo has been a best seller for me since that day. Between the two hosting services I have made well over $1,000 off of the photograph.
Why did this photo do so well? My theory is because it is from a different angle than your typical St. Louis Arch photograph. Go ahead and take a look at the top St Louis Arch photos on ShutterStock and compare them to mine above. Notice how it is completely different from the other top sellers. This is what you should do for your stock photography. Find a topic on one of the stock photography sites that is selling well. Then analyze the competition to figure out how you can do your photo better bringing fresh content to the topic.
2. Direct Sells
A few years back I was very active in marketing my photographs. I was blogging every day, creating conversations on Twitter, and gaining visitors like crazy. This is when I had a few people directly contact me to use my photos. One client was a hospital in Iowa looking for photos to use on their website. The second client was a marketing company out of Sweden looking to use my Portland Headlight photo for one of their clients.
Overall, I made over $75 off of these two deals. While not much, I was still very excited.
Lesson Learned: One thing I learned was to only work with clients who have a budget. The hospital did not so I gave them a one-year license for free as long as they gave me credit for my work on the site. I thought this would give me exposure. It did not.
Never give your work for free! It usually never works out.
I learned from this mistake when the Swedish deal came up. Here I made sure that I was going to get some money out of them. We came up with a deal for $75, they signed the license, then I sent them a digital copy of the image. It was essentially a direct stock photography deal.
3. Etsy
If you read my 8 Extremely Flexible Part-Time Jobs for Us Grown Ups article, you know I once started an Etsy shop a while back. I did not spend much time on my shop to get it going but did sell a couple of photographs there. I have heard that if you work fairly consistently on your own shop for about a year that it can become pretty lucrative.
As I said, I did not really work very hard on my shop so nothing huge ever materialized with Etsy. Out of the photographs I did sell, I made around $100.
Hopefully, in the near future, I can get back into my Etsy shop. I think this could be a really nice way to make some extra income.
Etsy allows you to sell your own crafts as a part-time gig.
4. Magazines
One time, I had the editor of a digital magazine contact me to take some photographs around the Denver area. They were doing a spotlight on the city and wanted me to take photos of local landmarks, things to do, and my favorite, food! I went around taking these photos, signed a contract with them, and then got paid a couple of hundred bucks. Later on, the article was published which was an incredible feeling!
To start your own freelance journey on how to sell your photos online, I recommend you to contact editors of any magazine around the country. This will let them know you exist and that you are hungry for some work. Do not get discouraged if they say no right away. If they turn you away, remember to follow up every couple of months or so.
Also, I am sure there are freelance websites around the internet to help you find new gigs. I do not have any personal experiences with these websites though. Oh! Article idea!
5. Consignment Shops
Alright, this idea is not about how to sell photos online but rather at a physical store. It is very similar to Etsy and Direct Sells so I wanted to include it for you. Here you can find locally-owned gift stores that sell items from local artists. Most of these stores sell items as a consignment shop would. They give your item space in the store for a certain amount of time. Once it sells then they take a cut of the income and you get the rest. Pretty sweet!
Personally, I was able to sell a couple of photographs this way. I made a modest $150 from the sales. Overall, this is a very time-consuming method compared to stock photography but you are not competing against as many photographers so the likelihood of you selling a photo is much greater. Plus you might have to sell 30 stock photos to make what you do by selling one photo in a consignment shop.
Here in Denver, there is a group of people that sell tons of photos at consignment shops around the city. As you can imagine, this takes time to build relationships with shop owners, get prints, deliver them, check in on inventory, and pick up checks. While easy work, it takes up time.
Wrapping it All Up
Here are five fantastic and very probable ways on how to sell photos online. Most of which I have done myself. Some of these methods take more time than others. Some are truly passive while others require you to reach out and find work. If you are ambitious it is possible to do all five of these methods to sell photos online.
I would recommend starting with only one at a time instead of trying to start with all five at the same time. Eventually, I think you can make photography a full-time business if you are consistent.
It takes time, patience, and persistence to sell your photos online. Do not give up if you have not sold anything in the first week. Keep pushing forward analyzing your work to make sure that it actually looks good compared to others. If not, learn how you can make your work better. Remember that failure is okay and if you learn from your mistakes you will come out ahead.
Like many, your home is the most valuable asset. It is something you build over your life with love, time, and energy. Once constructed, the primary concern is its safety from weather damage, fire, structural wear, tear, etc.
The first thought that pops up in my mind is home insurance. However, choosing the right home insurance may sound easy, but it’s not. There are several factors that you need to take into account before choosing the suitable one.
You need to evaluate the risks, where you live, compare rates, analyze the claim process and consider customer service. These are some primary objectives you need to think of.
However, the following are some of the steps you can take in choosing the right option.
What does the insurance cover?
The first step is to understand what the insurance covers. Which claims it entertains, and which scenarios it covers.
Any home insurance typically covers dwelling coverage, which covers structural damages to your house.
Miscellaneous structure coverage covers the outer side of the house like fences, sheds, guest houses, and any other structure on the property.
Additional living expenses cover your costs on hotel stays and meals when your house is unlivable and under repair.
There’s liability coverage in which insurance covers the medical cost and other expenses if a visitor gets hurt/injured on your property.
Lastly, there is building code coverage, which covers the cost of repair in the event of damages incurred by a covered peril.
One thing you need to know is that the policy must cover and protect you against most or all of the universal perils. These perils can cause damage to your house. It includes fires, floods, or any damage by cold weather.
Also, you can add customary perils in the insurance, which will cost you extra, but the insurance will reimburse the remaining expenses.
Besides, there are some policies that will not cover less frequent perils like wildfires and thunderstorms if your area is prone to such incidents. It also affects coverage of the damage caused by natural disasters. In these scenarios, insurance holders will pay more than a claim before reimbursement.
Choosing the reimbursement form
This step determines what reimbursement method you prefer in case of damages. The reimbursement arrangement varies from paying the depreciated value of the damaged area to a complete bill for the replacement.
To make it more clear, there are two types of reimbursement options: cash value and replacement cost. In a cash value policy, the insurance company reimburses the cash value of damaged items after depreciation. For example, if your old TV gets destroyed, you will receive the cash value of the old TV and not the new one.
In a replacement cost policy, insurance companies reimburse you with the repair or replace value. If your old TV gets damaged, you will receive the price of a replacement. However, such policies have conditional applications and do not cover everything.
More importantly, if you live in a porch area, where prices of houses keep increasing or have high-value fixtures, you need to consider guaranteed replacement cost coverage. This coverage extends the repairing cost limited by the policy.
Compare and save
It’s your right and duty to compare home insurance from different providers. The cost and conditions vary very much based on circumstances. In this case,Assurance insurance quotes help people like you get the best insurance possible. Make sure whatever policy you choose covers all the necessary perils and any other additional options.
Here’s a bonus tip to save on home insurance.
Consider getting a bundle. You can choose your home insurance along with auto insurance to receive a discounted price. While combining other insurances, the cost will come down, and you can enjoy good discounts.
Which deductibles to choose?
Insuring a home, there are two types of deductibles: dollar amount and percentage deductibles. In the dollar amount deductible, you specify the amount you will cover at the time of the claim. In percentage deductible, you set a percentage you will cover at the time of repair.
One last thing to keep in mind, the higher your deductible is, the lower your premium will be and vice versa. So choose wisely and take all considerations into account before choosing the right home insurance for you.
Personally, the term “sinking fund” is new to me. Because of my parents, I have known the principles behind a sinking fund for a long time but the term is new to me. My parents used to set up a dedicated savings account and name it based on what they were saving up for. In most cases, they would save up for a new car over a few years so they could buy one without having to finance a car.
In a nutshell, this is what a sinking fund is but there is so much more you should know.
Culturally, I think the idea of a sinking fund has been lost in the United States. We want instant gratification. The patience to save up for a new car over a few years is hard to find. It is also so easy to finance items now! Nowadays, we can even finance buying simple items such as a new shirt from Lululemon with Afterpay or Klarna. Having easy access to financing options only reinforces the habits of impatience we have developed.
People not using a sinking fund is something I have observed over the last couple of years.
We have actually started doing the opposite. We take out a loan to pay for the item first. As a cost for instant gratification, we pay interest on that loan. To save us money, we should be saving up first, maybe even earning some interest on that savings, then purchasing the item.
What is a Sinking Fund?
As I have hinted, a sinking fund is a special savings account you set up to save up for a large purchase. We will talk about what the fund can be used for later.
The term “sinking fund” comes from the business world.
“A sinking fund is a fund containing money set aside or saved to pay off a debt or bond. A company that issues debt will need to pay that debt off in the future, and the sinking fund helps to soften the hardship of a large outlay of revenue. A sinking fund is established so the company can contribute to the fund in the years leading up to the bond’s maturity.” (Investopedia)
Difference Between a Sinking Fund and an Emergency Fund
There is one big difference between a sinking fund and an emergency fund.
As we have already learned, a sinking fund is used to help save up for a big purchase. An emergency fund can also be used for large purchases. The main difference between the two is one fund is used for planned purchases (sinking fund) and the other is used for unplanned purchases (emergency fund).
I do not want to go too deep into emergency funds because we have an article about them already. In this article, we learn they are for those unplanned expenses that life can throw at you. Some expenses that an emergency fund can be used for include:
Broken Appliance
Car Repairs
Job Loss
Sinking funds on the other hand are intended to help you save up for large one-time expenses.
Types of Sinking Funds
Some types of large one-time sinking funds include:
New appliances
Home Repair
Home Renovation
New car
Medical Expenses (Human or Pet)
Vacations
They can also be used for larger recurring expenses. My wife and I use our normal checking account for these expenses. We tend to keep a solid five-digit balance within our checking account on top of our emergency and sinking funds just for these recurring expenses.
Car Insurance
Car Registration Renewal
Christmas/Birthday Gifts
Summer Camp
Back-to-school shopping
Annual Subscriptions (software, streaming, etc)
Best Ways to Save for One
Starting to save for a sinking fund really is not too hard. First, you start with a dollar amount for what you want to save up for such as a $5,000 vacation. Then you figure out how long you have to save up for that vacation. Let us say 10 months for this example. We can figure out how much we need to save monthly by dividing $5,000 by 10 months. In our example, we will need to save $500 every month.
Once you know this monthly amount, you need to figure out how this will fit into your monthly budget. Our vacation sinking fund is the third in line for priority. First, we need to contribute to retirement, then our emergency fund needs to be full ($15,000 in our case), then we fulfill our monthly amount for our sinking fund. The remaining amount goes into our checking account to make sure that it is filled enough for those recurring expenses.
Lastly, you should be putting your funds into an account that will earn you interest while you save. This account can be a high-yield checking account or even a money market account. We personally keep ours in a conservative fund within Betterment. I like this option because we can set up an auto-deposit into the fund. It takes the effort to save out of the equation.
5 Tips for Success With a Sinking Fund
1. Separate
Keep your sinking fund money separate from the rest of your money. This gives that money a focused purpose. It is easy to get distracted from your goals. If your funds were in with your general pool, it would be easy to tap into it.
2. Name
Naming your fund will also help you stay focused. You can name your fund “New Furnance” or “Disney Vacation”. A name helps remind you what you are saving for.
3. Automate
When possible, automate the deposits into your fund. This helps make sure a deposit is not missed so you stay on track with your saving goal. Auto-deposit also helps eliminate the opportunity to make an excuse to not deposit this month because you want to purchase something else.
4. Windfalls
If it makes sense, deposit any extra money you might earn such as from a bonus or tax refund. This will help accelerate the saving process and get you to your goal sooner.
5. Prioritize
Some sinking funds will have a higher priority than others. Be sure to focus on those first compared to ones that might be a “want” rather than a “need”.
Conclusion
A sinking fund is a powerful but simple finance tool that can help you save up for large one-time or recurring expenses. They help you purchase items such as cars or vacations so you do not have to take on more debt.
This article is not to knock you, the reader. I am not perfect either. My wife and I financed a new vehicle we bought this past summer. We did a cost-benefit analysis and waited for a deal on the financing, 1% APR. The moral of this short story, financing sometimes does make sense. I am not here to make you feel bad if you make a well-thought-out decision to finance something.
While they take a lot of patience and focus, sinking funds can help you keep your finances in better health instead of just financing to purchase items.
If you are looking to earn more income to help you save up your sinking fund then we have a page for you! Over the years, Andrew and I have slowly been putting together a massive list of Ways to Earn Money. Check it out! You might find something you love!
Wallet Squirrel is a personal finance blog by best friends Andrew & Adam on how money works, building side-hustles, and the benefits of cleverly investing the profits. Featured on MSN Money, AOL Finance, and more!
Today I want to give you my honest ibotta app review. We will look at the application together to see if it is worth the time spent for the cash ibotta give you back.
Today’s ibotta app review is reasonably short because ibotta’s process is just that simple. As I write this review, I keep scrolling through the ibotta app to find more to talk about. Simplicity is why I was thoroughly impressed with the overall process of getting the rebate deposited into my account.
The question is, “Was it worth my time?”
Spoiler Alert! Yes, it is very much worth the time. Here is why.
Who is ibotta (I bought a…)?
First, let us start off with a quick review of who ibotta is.
Ibotta is a startup based in Denver, Colorado, specializing in giving you cash back for purchases you make at particular stores. They have over 300 stores to select from, including Amazon, Uber, Target, Kroger, etc.
Ibotta makes their money from affiliate income from the stores they partner with. For example, a consumer goes to a store to purchase an item and redeems the rebate within the ibotta app. That store then credits ibotta for pointing the consumer to them. Ibotta also makes some money off of the little tasks you have to complete before adding a rebate (more up next).
Here is how that works. A consumer goes to a store to purchase an item and redeems the rebate within the ibotta app. That store then credits ibotta for pointing the consumer to them. Ibotta also makes some money off of the little tasks you have to complete before adding a rebate (more up next).
Ibotta also makes some money off of the little tasks you have to complete before adding a rebate (more up next).
How does the app work?
Within the ibotta app, you will want to add rebates from your favorite stores. In the ‘Find Rebates’ section, click on the plus symbol on items that interest you.
Every time you do add a rebate, you must complete a concise task. So far, all I have seen are one-question surveys. I am not sure if there are other tasks, though I have heard there are videos they have you watch. So far, these tasks have been straightforward.
There are three different ways to get money back through the ibotta app:
By sending a receipt back to ibotta.
You can link a loyalty card from your favorite stores.
You can make mobile in-app purchases.
My favorites are the last two methods because they require essentially no work. We will walk through all three ways for this ibotta app review, though.
By Receipt
The process was pretty simple as it only consisted of four significant steps:
1. Find Rebates
You will want to hop into the ibotta app to search for rebates here. I like to go into the ‘Find Rebates’ section, which allows me to see my favorite stores that I bookmarked. Once I selected a
store, I started searching for any rebate that applied to what I needed.
2. Go Shopping
After getting the rebates locked and loaded, it is time to go shopping! Don’t forget to head to the store before the rebate expires.
3. Redeem
Once you get back from the store, it is time to hop back into the ibotta application. Here you will want to select the ‘Redeem’ button to take a picture of the receipt and the bar code of the product you bought.
4. Get Cash
They promise you will get your rebate within 48 hours. Mine was dropped to me within an hour. I was impressed with how quickly I received my cash!
Link a Loyalty Card
This is my favorite method to gain rebates through the ibotta app. Here you only have to link up a loyalty card to your favorite stores, for me, King Soopers.
Here is what you need to do to get it set up:
1. Link Loyalty Card – Link your loyalty card from your favorite stores (in the ibotta network) to your ibotta account. You can either use your loyalty card number or phone number.
How cool is that?!?!
2. Find Rebates – Like in the ‘By Receipt’ method, head over to the ibotta app to search for rebates add the rebates you want.
3. Go Shopping – Head to the store you linked up to, using your loyalty card or phone number during check out. Because ibotta can see that transaction through your loyalty card, they will care for the rest.
4. Get Cash – Within 48 hours, you should see the rebate deposited into your account.
Mobile In-App Purchases
1. Find Rebates – Before heading to any of the mobile shopping apps that ibotta has partnered with, find the correct rebate for what you need.
2. Launch App – Within the ibotta app, open up the mobile shopping app such as Amazon.
3. Go Shopping – Find the product you are looking for, and make sure it qualifies for the rebate!
4. Get Cash – Ibotta will confirm that the rebate is pending. Within 48 hours, you should see the refund deposited into your account.
Getting Your Cashback
When I first set out to start researching for this ibotta app review, I thought to myself, “There is no way it is going to be this easy to get the rebate back.” Instead, I found from past experiences that most companies make you go through so many loopholes just to get paid.
To my surprise, receiving the rebate back was super-efficient. It was not 60 minutes later when I received my cash into my ibotta account.
There are many options to withdraw this cash to be able to use. They give you the option to deposit to your PayPal or Venmo account. There are also options to buy gift cards as well!
Sadly, there is one loophole you have to jump through. There is a $20 minimum before you can withdraw your rebate cash.
But, Hey! This ibotta app review could not be all positive news!
That is better than the $100 minimum the Stock Photography sites that I participate with have.
Other Helpful Tips
When I first launched the ibotta app for this review, it prompted me to find my favorite stores. Do not skip this step, as I enjoy having my favorite stores easy to find at the top of the ‘Find Rebates’ section. On the ‘Featured’ page, this will automatically pull any featured item from your favorite stores to the shelter, making it easier to find more awesome stuff.
Secondly, a teamwork feature allows you to link with friends through Facebook. This program will enable you to earn cash quickly. I have not tried this feature yet, but ibotta claims, “The bigger your team, the faster and easier it is to earn Teamwork Bonuses.”
Finally, check out the ‘Bonuses’ page under your ‘Account’ page. Here there are some more direct rebates from companies. For example, you might find something special for yourself.
My Final Thoughts
So, now that we have looked over all of the significant elements let’s take a final glance at this ibotta app review.
I like the app and its concept to the shopping front. Ibotta has nailed the process down to a science that provides a smooth experience. Because everything runs like a well-oiled machine, I do not see this company slowing down at all.
I am not sure that my shopping methods work well for ibotta or any couponing. My personal belief is that I do not need to go shopping just because I have a coupon. My wife and I make a menu for the upcoming week based on recipes we enjoy a lot. Then we see if there are any coupons for those recipes. Typically, there are not many.
Maybe we need to change our menus to revolve around the coupons instead.
How do you handle coupons? Have you tried Honey yet?
Ready to Sign Up?
Does this review have you excited to get signed up for ibotta? That’s fantastic news!
Head over there now and sign up using our Affiliate Link. This helps us fund Wallet Squirrel to continue to bring more awesome reviews like this one.
More Ways to Make Money
Looking for more ways to make money for you and your family? Well, the search is over!
Wallet Squirrel is a personal finance blog by best friends Andrew & Adam on how money works, building side-hustles, and the benefits of cleverly investing the profits. Featured on MSN Money, AOL Finance, and more!
This past year my wife and I set out to trim our monthly budget with some creative ways to save money. Our kids are getting older and we are wanting to start traveling with them to places like Disney World. Besides adventures, we also are wanting to get more aggressive with our retirement savings. To help us save up for those adventures and savings we decided to start trimming our already lean monthly expenses.
The cuts we found save us over $700 a month!
When you already have a lean budget as we do, it can be tricky to save money. Sure you can cut out the fun stuff but I want to be able to enjoy life a little bit as well! The trick is to get creative and continuously be learning. Below are some examples of creative ways to save money every month. These are all personal examples my wife and I have implemented over the last year.
1. Internet ($15 a month)
I briefly mentioned this in a recent article but I had no idea you could use your own modem instead of renting one from the internet company. I knew we were paying $15 a month just to use their modem but apparently, you do not have to do this.
It is not that hard either! We ended up purchasing one from Amazon for about $50. It will pay itself off in 3.5 months!
Once you get it, you will unplug the cable company’s modem then plug in your new modem. While waiting for it to start up I plugged my computer directly into the modem. This allowed me to follow the instructions from Xfinity (URL provided by the modem company). Once done, I unplugged my computer and plugged that ethernet cable into our wireless router. This took maybe 10 minutes overall.
Once done, I returned the Xfinity modem and they took the charge off our monthly bill.
2. Phone Bill ($60-$70 a month)
We took a giant leap here. We have been with Verizon for almost 10 years but at $136 a month we decided this bill was WAY too expensive. After some research, we decided to move over to Google Fi.
Google Fi is a unique network that switches between the T-Mobile, USCellular, and secure WiFi networks depending on who has the strongest signal. We have only had the service for two weeks now. I have no complaints yet.
To help you save more money, you can bring your own phone. We ended up doing this. Be aware that the auto-switching between networks only works with compatible phones. You can see if your phone is compatible through the Google Fi website.
3. Subscriptions ($30 a month)
Subscriptions for streaming services or monthly boxes can really add up. This is what happened to us. We had way too much so we both discussed what needed to be cut.
Together we discussed what service we, individually, watched the most. My wife said Netflix and I said Hulu. The kids watch Disney+ the most which is another favorite for my wife and me. After our discussion, we decided to cut everything but Netflix and Disney+.
We also decided to get rid of my Adobe subscription because I was barely using it anymore and had access to the very old but still very usable Adobe CS5. Lastly, we decided to cut our Microsoft Office service and use Google Docs instead. This is a very viable substitution.
I recommend writing down every monthly subscription you have. Most of these subscriptions are wants, not needs. Because of this, I would go through your list asking yourself, “Do I really use this much?” and ranking them with how much you use them. Once you have finished your ranking, cut the bottom of the list.
With the COVID-19 pandemic, King Soopers (Kroger) has made all of their digital which makes it easier to find deals for the week. We make sure that we take advantage every week. King Soopers also gives us loyalty coupons that will give us free items such as eggs or $10 off produce.
Some weeks, these coupons can drop our $125 grocery bill down to $100.
We also enjoy using the Ibotta App. This app is a creative way to save money which saves us anywhere from $5-$10 a week. This might not seem like much but it can add up throughout the month! Check out our Ibotta review if you would like to learn more about this awesome application.
5A. Refinance (Net Zero)
Refinancing and the next item, student loans, are tied together so that is why I named them 5A and 5B.
In the summer of 2021, we decided to refinance, not to lower our interest rate though. We already had the lowest interest rate. Instead, we were trying to tap into the $115,000 of value our house had increased in the first 12 months of ownership.
One main goal of our refinance was to get rid of our private mortgage insurance (PMI). After the 2008 housing collapse, PMI is required for homeowners to carry in they have less than 20% down in the home value. My wife and I were able to put 10% down on our $500,000 home. We needed to come up with another $50,000 to get above the 20% downpayment. This is where part of the $115,000.
The rest would go into helping us restructure our debt.
5B. Student Loans ($550 a month)
We refinanced with a goal not to take on more debt but to restructure our current debt. This time around we focused on paying off my $45,000 in student loan debt with the remainder of the $115,000.
While that debt still exists, we were able to cut the interest rate in half. We can now take this extra $550 and put it into our retirement fund so it can hopefully earn more money for us.
Creative Ways to Save Money Conclusion
It feels great to be saving this much every month ($8,400 annually). This money can go a long way for our future and for having adventures with our kids.
What is your favorite creative ways to save money!
Wallet Squirrel is a personal finance blog by best friends Andrew & Adam on how money works, building side-hustles, and the benefits of cleverly investing the profits. Featured on MSN Money, AOL Finance, and more!
Price Inflation is something that has been affecting the whole world during 2021 and most likely will continue well into 2022. We thought we would take a look at how we can fight price inflation during these times.
Let’s be honest, these ideas are a great way to save money every day even when price inflation is not rising costs on us.
One of our goals at Wallet Squirrel is to save money every day to help us reach financial independence.
1. Bulk Buy to Fight Price Inflation
If you tend to buy a lot of items that are non-perishable, buying in bulk can help you fight price inflation. For example, my wife and I tend to eat at least one pasta dish each week so we can buy our pasta in bulk to save money. The pasta will stay good for a couple of years which we will go through way before then. We also do this for toilet paper, dog food, and other household items that do not expire quickly.
Bonus: Buying in bulk will not only help you fight inflation but will also help you prepare for any emergency such as if you are trapped in your house for a few days after a major snowstorm.
2. Cut Back on Meat
Meat is expensive! Especially red meat. Cutting back on meat and relying on plant-based protein can help you save money each week. We tend to eat 2-3 meatless meals a week. Outside of this, we tend to do chicken or shrimp because they are much cheaper compared to red meat. I will watch out for deals on red meat before putting it on our menu.
3. Meal Prep
Prepping your meals ahead for the week has several benefits and one of them is to help you fight prince inflation. The theory behind prepping your meals is that you are more likely to stick to your weekly menu. While this might sound silly, it really does work! My wife and I spend a couple of hours each weekend prepping our lunches and breakfasts for the upcoming week. I then cook the dinners for the week on Monday and Tuesday evenings.
Meal prep also helps save time throughout the week. It opens up time for me to get other projects done throughout the week.
4. Embrace the Leftovers
I love leftovers so this is easy for me. Not everyone is a big fan of them and that is perfectly understandable. I ask that you learn to love them though because they can save you a lot of money but can save you a lot of time. What would you do with an extra hour in the day? That is what you could be doing instead of cooking dinner and eating leftovers.
Not only do leftovers save you money to combat price inflation but they also limit food waste which is a good thing for the environment.
5. Store Brands
We have a culture in the United States that you need to buy name brands because they are the best. Those brands’ marketing teams have done a great job. While this is true in some cases, most of the time, it is not. We try buying generic brands such as Kroger, Kirkland, Walgreens, and so on. This helps us save on food, dog food, and medicines.
I won’t buy the Kirkland laundry divergent though, it just isn’t as good as Tide.
6. DIY Things
Doing projects around the house can save you thousands of dollars. With Youtube and a little confidence, you can accomplish almost anything around the house. I have saved over $30,000 by completing projects myself. Some of these include:
General maintenance on our cars
Fixing issues on our cars
Sanding and restaining our deck
Redoing the landscaping of our yard
Small electrical jobs
Blowing out our sprinklers
Painting
And so much more
7. Save on Gas
We tend to only shop at one grocery store, King Soopers. This allows us to accumulate a lot of gas points to purchase gas at their Loaf & Jug locations. We tend to save 10 to 40 cents per gallon each time we fill up. This adds up over the year! If you don’t have any rewards then use apps such as Waze or GasBuddy to help find the cheapest gas in your area.
There are also other rewards programs that help you save on gas such as Pay With GasBuddy.
8. Get to Know Your Neighbors
Knowing your neighbors can be very helpful because you can help each other out. We do this in our neighborhood with items such as trading pet sitting favors. I also helped out our neighbors blow out their sprinklers which saved them $75 each! In return, they help me with other projects or lend me tools they have that I don’t have. It is a win/win situation for everyone!
9. Buy Nothing Group
Buy Nothing Group is such a cool concept! It is working to create a culture of ‘We’ not ‘I’ by developing a community of people who gift, receive, share, lend items with their fellow community members. The idea is to help others with gifts we have knowledge or an abundance of. It’s a very similar concept to getting to know your neighbors that I mentioned above.
10. Buy Second-Hand
Sometimes you can find amazing deals buying second-hand. My wife and I have been buying second-hand clothes for our two kids over the years. This is great because they will grow out of the clothes within six months or the season changes again. There are so many other items you can buy second-hand that will help you save money.
Tools
Bikes
Cars
Clothes
Buying second-hand is nothing new but the way we do has flourished in recent years. Craig’s List is a well-known online option but Facebook Marketplace, Nextdoor, and many other apps have jumped into the game. There are also the box stores such as Goodwill and Habitat for Humanity. There are plenty of options to buy second-hand gear to help fight price inflation.
11. Couponing
Couponing is something you should be doing already but if you are not, it is a great way to combat price inflation. I enjoy using the King Soopers mobile app to clip digital coupons. Ibotta is another great application I use to help save money on groceries. We also keep an eye out for manufacture coupons for items that we often buy such as toothpaste and toilet paper. While shopping online, I make sure that I use the Honey App to help me find discount codes.
Make More Money to Fight Price Inflation
These are just ways to combat price inflation by saving money throughout your monthly expenses. Other people are looking towards side hustles to make extra money each month as well. If this seems like something for you, check out our Ways To Make Extra Money page to get some ideas.
Wallet Squirrel is a personal finance blog by best friends Andrew & Adam on how money works, building side-hustles, and the benefits of cleverly investing the profits. Featured on MSN Money, AOL Finance, and more!
At the end of last year, I was in a career funk. So I considered going back to school to get my MBA (Master’s of Business Administration). I figured with an MBA, you can practically do anything from advancing in your current field or make a complete switch to a new one. Every company values an MBA.
I was so excited! I previously considered the possibility of getting an MBA and my life was in a good position to do night classes. So I began picturing myself adding the letters “MBA” behind my name on business cards and looking up schools.
However, I quickly hit the brakes!
Ask These 2 Questions Before You Pursue an MBA
With many of my friends going back to school or are currently in school. I ALWAYS ask them these 2 simple questions that BLOW THEIR MINDS.
So I decided to ask myself these 2 simple questions to see if I can pass my own “Should You Get An MBA” test.
1. What is the EXACT dream Company and Job Title you want after graduation?
You should know this.
Most people get an MBA because they want to do something in business. They think they need an MBA for potential promotions or career growth.
However, what you should do is FIRST figure out what your dream job is.
You can’t just say “something in business”. If you are going to spend $140,000 or more on an MBA (average MBA costs according to Investatopia). Plus years of your life. You should identify the exact company and job title you want before you even start school. Come on, it’s your DREAM job.
This is a role you’ll potentially be doing for the rest of your life. You should have a clear idea of what it should be. Knowing this will guide every future decision you make within your MBA program, including the electives you take and the networking events you attend.
What’s the point of getting an MBA if you don’t know what you’ll do with it? Seriously? So take a moment and write down your dream job title and company.
2. Have you reached out to your dream company yet?
Once you can identify the exact job title and company you want, you should reach out to that organization and ask what they look for. This should ideally be less intimidating than pondering a future $140,000 MBA student tuition bill.
Usually, a company’s Human Resources department would be willing to meet with you if you tell them you’re considering going back to school to gain the skills necessary to work at their company.
When you meet with your dream company’s Human Resources Department (or any department), you should ask them some of these questions.
My dream job at your company is a Marketing Manager (or whatever it is), what is the typical salary range they get paid?
You should ABSOLUTELY know how much your future job pays because this will inform you how long it’ll take you to pay off your newly acquired student debt. Plus it’ll give you an idea of the lifestyle you can expect once you graduate with an MBA.
While it’s not all about money, you should be aware if your post-MBA salary can cover your student loans for the next 20 years. Are you ok with only eating peanut butter and jelly sandwiches?
What degrees or education do your current Marketing Managers have (or whatever your dream job is)?
This will give you an idea of the education level of their current employees. Some employees may have MBAs and some may not. You should probe deeper into what the HR team looks for in your dream position. Perhaps you don’t need an MBA and you may have the necessary experience to apply that day.
If you need to get an MBA for that position, ask if they have a preferred school or partner with any specific schools. If your dream job regularly partners with a local university and hires exclusively from there. That university may need to be on your radar for potential schools.
Does your dream company offer internships?
Yes, you’re getting an MBA but knowing if your dream company has an internship program is huge. Many companies will hire interns who are working towards their degree and help them grow into the position. There is no reason to wait till after you receive your MBA to apply to your dream company. You should use every opportunity to start making connections.
What does career growth look like at that company?
If your dream job is to be the Chief Executive Officer (CEO), they won’t just hire you out of school. What entry-level roles will you need to start off with and how does one become a CEO? How did the current CEO get his role and what did they do before that? Some jobs aren’t attainable right out of school, even with an MBA. You need to understand what your career path would look like moving into your dream position. You should understand what this looks like.
When I considered an MBA, I failed this checklist
Last year when I considered getting my MBA, I went full-throttle and visited 3 different universities. This included dropping in classes and meeting with professors.
I received all the brochures, met with all their “advisors” and compared costs ($39,000 – $80,000). I did soft applications and confirmed I would be accepted to each of them.
I was so freaking close to full-out applying.
I knew I wanted to do something in finance because I LOVED writing about finance (hence why I started a blog). So I figured I’d get an MBA focused on finance.
This is how most people start the MBA journey. They love the idea of a degree, so they first get an education THEN figure out where they want to work.
I know this because that’s how I choose my bachelor’s degree. I went into Landscape Architecture without actually knowing if it was my dream job. I just thought it would be fun to draw and select plants. I didn’t learn till after internship opportunities and after graduation that it’s not what I wanted.
So I took this MBA checklist and failed.
When I looked at my dream job, there were some finance positions like Financial Planner, Mutual Fund Manager, Financial Analyst that sounded interesting. Yet when reviewing, I wasn’t drawn to them with such vigor that I could stomach another $140,000 in student loan debt.
Only one position that I was excited about, sounded fun, but it earned even less than I was making now. So I had to ask myself if I would be willing to take on $140,000 debt for a lower-paying job? It wasn’t a great option even with all the extra ways to make money out there like selling photos and earning money from walking.
Do the Math on your Future Tuition
According to Investatopia, the average MBA program costs $140,000, with higher-ranking schools costing more. They’re factoring in tuition, living arrangements, books, and peripheral expenditures. That’s more than the average night-only MBA program I was looking at.
Now factor $140,000 student debt at 6.8% interest which is the average Subsidized Federal Stafford Loan according to Federal Student Aid. Having that kind of student loan debt is similar to buying a house or literally thousands of lego technic sets for my kids.
However, the common response to seeing these numbers is that you’ll be paid more after your MBA. That is perhaps true. The average salary of MBA graduates in a full-time program was $126,919. This was taken from US News when they interviewed companies mainly on the east/west coasts which usually provide a higher salary than the Mountain States and Midwest.
Conclusion
Most people like me had to make an insane decision in high school to pick a college major before entering college. So at the same time, I was focused on rehearsing for the school musical and wondering if the homecoming queen liked me (she didn’t). I was asked to choose a degree that would affect the rest of my life. I was not ready.
Going back to school for your MBA doesn’t have to be like that. There isn’t any timetable, no matter what college recruiters try to tell you about upcoming semester deadlines. You have all the time in the world to choose if an MBA is right for you.
So if you’re considering going back to school for an MBA, you should have an idea of what your future will look like. You should identify your dream job at your dream company. This is your opportunity to do WHATEVER you want in the world, and create a plan that extends after graduation.
Wallet Squirrel is a personal finance blog by best friends Andrew & Adam on how money works, building side-hustles, and the benefits of cleverly investing the profits. Featured on MSN Money, AOL Finance, and more!
For some of us, frugality comes naturally. But for others, frugal living conjures up images of a miserly, meager existence. No wonder so many tune out when the topic of frugality comes up!
But what if I told you living frugally doesn’t have to be painful or boring? And—what if I also told youit could bring financial peace, security, and even freedom? It’s true. A frugal lifestyle canprovide all this and more.
In this article, I’ll share the whys and hows of frugal living. Then, I’ll get you inspired and motivated by sharing my 53 favorite frugal living tips. Ready to start saving? Let’s go!
Why Embrace Frugal Living
As someone who’s always been frugal, I can vouch for the benefits of living a frugal life. There are so many! For those who need a little more convincing, here are my top reasons to embrace frugality:
It’s Easier Than Earning More
Frugality is the simplest, quickest way to improve your finances. When compared with increasing your income, living frugally is far easier. You don’t need special training, knowledge, or tools to save money. Simply pick a tip and get started TODAY!
I think of frugality and saving as low-hanging fruit. Take those easy wins and use them to propel your finances forward.
It’s Powerful
Underneath the simplicity of frugal living is its incredible power. With a few frugal choices, you could save thousands of dollars every year. Those thousands of dollars could become tens or even hundreds of thousands when saved and invested over time.
Imagine the options and freedom that kind of money could bring to your life. Frugality can help you get there.
It’s Freeing
Being frugal can play a huge role in helping you reach financial freedom. How? It increases the gap between your income and expenses. This gap is your savings. When invested wisely, your savings are what will get you to financial freedom.
While a decent income also plays a part, you won’t get far if you spend it all. Frugality is the other half of the financial freedom equation. Embracing it can help you reach your goals sooner.
It’s Painless (When Done Right)
Some people think frugality is difficult and takes the fun out of life. They’re just doing it wrong! The truth is—living a frugal life can be completely painless.
The key is to focus on your values. Cut back hard on things you don’t value. Then, enjoy spending on things you do. That’s the secret to frugality without deprivation.
It’s Rewarding
Maybe I’m a money geek, but I find frugality and saving to be incredibly rewarding. Seriously though—how can you not feel good about slashing an expense in half? Or cutting a no-longer-needed expense?
Frugal changes like these are undeniably rewarding—both emotionally and financially. If you’re having a hard time embracing frugal living, try focusing on the rewards. That may be what you need to get started.
It’s Fun
I honestly find frugal living to be lots of fun. That’s because it’s not ALL about cutting back and saving money. In fact, much of it is about getting creative and learning new skills and ideas.
Also, it often requires connecting with and learning from others. This, too, can bring more fun and enjoyment into your life. All of this just makes frugality even more rewarding!
How to Embrace Frugal Living
So, now you know the whys of frugal living. It’s time to learn how you can start embracing this way of life. It isn’t hard—especially if you break it into manageable steps.
That’s what I’ve done for you in this section. Have a read and get ready to start your frugal living journey.
Gather Ideas
Get started by learning about the many ways to save money through frugality. To give you some ideas, I’ve listed my 53 best frugal tips in the next section. If that’s not enough, there are plenty of websites, podcasts, and books on the topic.
Start Thoughtfully
Try to be thoughtful when choosing your initial money-saving tasks. Don’t start with overly difficult or drawn-out ones. This could sap you of motivation and derail the whole process. Instead, select tasks that are relatively easy to accomplish and give you a boost.
Keep Your Values in Mind
When considering frugal ideas, always keep your values in mind. As mentioned, this is the best way to prevent feelings of deprivation. You’ll also gain a greater sense of satisfaction when your frugal decisions are true to your values. In turn, this will motivate you to keep going.
Take on Higher-Value Tasks
Once you tick off some of the easy tasks, it’s time to take on some of the harder ones. They may require more time and effort to complete, but they’ll usually make up for it with bigger savings. Make the leap and go for it—it’ll be worth it!
Tally up the Savings
Keep a running tally of the money you’ve saved. (It might be fun to display your progress using a coloring sheet or wall chart.) This will increase your motivation to continue working through your money-saving tasks.
Make Plans for the Savings
Start making plans to put your savings to work (or enjoy a portion of it)! This can also help to keep your motivation high and feed the virtuous cycle of frugality.
Put the Savings to Work
Finally, it’s time to put your newly-gained savings to work. You could pay off debt, deposit it in a high-interest savings account or invest it. As you watch your net worth increase, you’ll further fuel your desire to find even more ways to save money.
53 Ways You Can Embrace Frugal Living Today
Okay, now we’ve got the whys and the hows of frugal living covered. Are you pumped up and ready to start saving? In no particular order, here are my 53 favorite frugal living tips to help you save money and spend less. (And maybe even reach FIRE (financial independence, retire early!)
1. Regularly revisit recurring expenses
Revisit your recurring expenses to see if you can reduce, cut or optimize them. For example: do you still read that magazine? Could you get away with less mobile data? Revisit your expenses annually (at minimum) plus anytime your needs or life situation changes.
2. Shop around and get new quotes
Every year or so, shop around and get two to three new quotes on your recurring expenses. Switching to a competitor or taking advantage of promotions could save you hundreds.
3. Ask for loyalty discounts
Instead of leaving for a competitor, try negotiating with your biller. Call and ask to speak to the retention department. Mention how long you’ve been a customer, then negotiate for a discount or get them to meet (or beat) a competitor’s rate.
4. Pay annually (or all upfront) instead of monthly
Some billers offer a discount to customers who pay their bill once a year or all upfront versus monthly. Insurance, online services, and some medical services often offer this payment option.
5. Pay with a credit card
Maximize your spending by paying with a rewards credit card. Even better—use a card that offers higher-earning categories. (For example, groceries, gas, restaurants.)
6. Pay in cash instead of with a credit card
Often, smaller businesses will offer a discount if you pay in cash or with your debit card. (This tip goes against my previous tip. But in some cases, the savings are greater than any credit card rewards you might earn.)
7. Register for refer-a-friend programs
Many billers and banks offer refer-a-friend programs where you and/or your referred friend receive a bonus. Sometimes, the referral bonuses can be quite lucrative, so always check to see if your biller or bank offers them!
8. Skip extended warranties
Resist the alluring sales pitches to buy extended warranties. They’re rarely worth it. Since you’re now a frugality expert, you should be saving enough to cover any issues that arise.
9. Raise your deductibles
This is an easy way to potentially save hundreds on your insurance. Raise your deductibles as high as you can afford. Your coverage will remain the same, but your policy premiums won’t—they’ll be much cheaper!
10. Fine-tune your coverage
Thoroughly read the details of your insurance policies. Are you paying for coverage you don’t need? For example, jewelry and fine collectibles on your home insurance; rental car coverage on your car insurance. Remove unnecessary coverage and enjoy the savings!
11. Ask about discounts
Most insurance companies offer senior, group, corporate, alumni, or profession-specific discounts. These discounts are sometimes not publicly shared, so you may need to ask to access them.
12. Use an insurance broker
When purchasing insurance or applying for a mortgage, you’ll often do better by working with a broker. Brokers can access quotes from multiple companies. That means they can often find you a better rate than you’d be able to find yourself.
13. Ditch bank accounts with fees
So many banks now offer fee-free accounts. There’s no longer any reason to use accounts with fees or minimum balance requirements. You can also do even better than that! Try to find a no-fee account that pays you high interestand functions as a checking account.
14. Understand your account fees
Keep[ in mind that fee-free bank or investment accounts may still have hidden charges. You could incur them if you’re not aware. Be sure to understand any potential fees and how to avoid them.
15. Request a fee waiver
Even the best of us make mistakes! Call your bank or brokerage to plead your case if you slip up and are charged an account or transaction fee. Often, they’ll offer a one-time fee waiver. It’ll cost you a mild scolding and a promise not to do it again—but it’s worth it!
16. Invest in low-cost index funds or ETFs
Consider investing your money in index funds or ETFs when you’re ready to put your savings to work. They’re effective, easy to use, and the fees are ultra-low. (Tip: I highly recommend The Stock Series by JL Collins to learn more about this style of investing.)
17. House hack
Want to live in your house for free (or close to it)? Try house hacking! Some ideas include: renting out your basement, taking in roommates, or Airbnbing your guest bedrooms. You may also want to consider my family’s house hack of choice—hosting international homestay students.
18. Live in a walkable/bikeable area
Save big on transportation costs by living in an area that’s walkable and/or bikeable. By avoiding the need for a car, you’ll save money, get healthier and help the environment! (Tip: visit walkscore.com to find walk, transit, and bike scores for most cities in the world.)
19. Meal plan
Plan your meals one to two weeks at a time, basing your meals on what’s on sale (see the next tip below). This frugal living skill not only saves you money but time and stress as well. (No more coming home and wondering what’s for dinner!)
20. Check flyers and shop sales
One of the best ways to save money on groceries is to check flyers and shop sales. Doing so could easily save you thousands every year. (Tip: use flyer apps like Flipp and Reebee to quickly and conveniently find the best deals in your area.)
21. Buy discounted food
This is one of my favorite frugal hacks! Look for services like Flashfood or Imperfect Foods. They sell close-to-expiry, ugly, or overstocked food at heavily discounted prices. We use Flashfood regularly, and it saves us 50% or more on quality, still-tasty groceries.
22. Get a freezer
Make the best of sales by stocking up and buying in bulk—then store the excess in your freezer for future use. By doing this, you won’t need to buy groceries at regular prices or wait for sales. You can simply ‘shop’ from your freezer!
23. Reimagine leftovers
Combat food waste and boredom by getting creative and reimagining your leftovers. For example, turn a roast chicken into chicken noodle soup, chicken salad sandwiches, or fried rice. (Tip: look online to find recipes for your leftovers. Often, you’ll discover new dishes that may be even yummier than the original dish!)
24. Clean your fridge
If you notice your food’s spoiling sooner than expected, try this simple fix: clean your fridge. You’ll likely find this fixes the problem. You will save your food from an untimely early demise, and you’ll save money!
25. Cook pasta (and other noodles) efficiently
Instead of keeping your cooktop on the entire time, try this energy-efficient technique:
Bring the water to a boil.
Drop in the pasta.
Stir the pasta to prevent clumping.
Bring the water back to a boil, then turn off the heat.
Put the lid on the pot.
Let the pasta soak for 10 minutes.
Try it for doneness.
If it’s not done, try it every 2–3 minutes until fully cooked.
Did you know that most dishes don’t require a preheated oven to start cooking? Save energy and time by putting your dish into the oven when it’s still cold. During preheating, your food will slowly come up to the right temperature. This, in turn, reduces the overall cooking time and energy use.
27. Use the smallest appliance possible
If a smaller appliance will get the job done, use that instead of a larger one. For example: use the toaster oven instead of the wall oven, the Instant Pot instead of a pot on the stove, the hand mixer instead of the stand mixer. This saves you energy and, in turn, money!
28. Eat out at lunchtime or during happy hour
If you enjoy eating out, you could save big by avoiding the dinnertime timeslot. Many restaurants offer happy hour specials or the same meals at a discount for lunch. As a bonus, you’ll also avoid dinnertime crowds!
29. Share meals
My family can usually fill up on three restaurant dishes between the four of us. A typical restaurant dish costs $20 or more (plus tax and tip). Sharing dishes can add up to significant savings and helps to avoid overeating!
30. Take leftovers home
If you can’t finish your meal, ask to have your leftovers wrapped to take home. Don’t forget to also pack uneaten dipping sauces, side dishes, and bread. They’ll get tossed anyway—why waste delicious food that you spent your hard-earned money on?
31. Use coupons and group deals
Don’t be shy about finding and using coupons and group deals when eating out. They’re a fun and frugal way to try new restaurants (and you could discover a new favorite spot). But don’t forget: being frugal is the goal. Being cheap is not—so make sure you tip on the undiscounted amount!
32. Avoid ordering drinks and desserts
Drinks (alcoholic or not) are often the most marked-up items on restaurant menus. Desserts have a lower markup but are nonetheless costly for what you get. By enjoying your drinks and dessert at home, you’ll not only save on the menu price but also taxes and tips.
33. Shower less often
This may seem weird or gross to some, but it could become the norm if discussed more often! Unless you live in a hot, humid climate, you could very likely shower every other day (or less) without issue. Your skin, wallet, and the planet will thank you for it!
34. Wash your laundry less often
Not only can you wash your body less often, but the same goes for your laundry! Clothing, towels, and bedding do not need to be washed after every use. If the item still smells and looks clean, keep wearing or using it until it truly needs a wash. It’s a time, energy, and money-saving win-win all around!
35. Hang dry everything except the smallest items
Save money, energy, and wear and tear on your laundry by hang drying and avoiding the dryer. I realize it can be a pain to hang up many small items. So, reserve your dryer for socks and other tiny items. (Don’t forget to throw your hang-dried towels in the load—see the next tip!)
36. Add dry towels and dryer balls to your dryer loads
To soften your ‘crunchy’ hang-dried towels, pop them in the dryer with your damp laundry. The moisture from the wet laundry will soften the towels. And the towels and dryer balls will speed up drying time and fluff up the rest of your laundry. (It really works!)
37. BYOD (Bring Your Own Device)
Did you know that ‘free’ or discounted cell phones from cellular providers are financed via your phone plan? It’s rarely a good deal, so opt instead to buy your phone elsewhere (preferably used) then BYOD to your carrier. You could easily save hundreds this way.
38. Keep your devices longer
So many of us have fallen into the ‘normal’ routine of upgrading our devices every two to three years. It’s time to stop the madness! For the sake of your wallet (and our planet), resist this cultural norm and hang onto your devices for as long as you can. Four to five years is a more reasonable lifespan for phones (and five or more years for tablets).
39. Buy used
Always shop the used market first! Even like-new items sell for a fraction of their original purchase price. Buying used does require patience and effort, but it usually pays off. This is especially true when you’re done with the item and resell it for the same price or more! It’s essentially like renting items for free (or close to it).
40. Use Camel Camel Camel
If you do a lot of shopping at Amazon, you’ll love Camel Camel Camel. It’s a website that helps you monitor Amazon for price drops on items you’re interested in. When an item you’re watching drops in price, Camel Camel Camel will send you an alert. (Tip: prices can change quickly on Amazon, so jump on it when you get an alert!)
41. Use rebate sites
Sign up for rebate sites like Rakuten, Mr. Rebates, and Great Canadian Rebates. These sites allow you to earn cashback on your online purchases. Watch for bonus events when you can earn 2x, 4x, or even 10x the normal rebate on your purchases! (Tip: check multiple rebate sites before making purchases. Often, the cashback amount is significantly higher on one site.)
42. Buy discounted gift cards
Discounted gift cards are a great way to save even more at your favorite stores! (You can purchase them in both physical and electronic formats.) Shop for them at websites such as Raise, CardCash, and Cardswap. Typically, you’ll get bigger discounts on gift cards in larger denominations and for less-popular stores.
43. Stack strategies
For maximum savings, stack every money-saving shopping strategy that’s available to you. Here’s how:
Pay for your discounted gift cards with a rewards credit card.
Use a rebate site to earn cashback on your purchase.
Use a discounted gift card to pay for the purchase.
44. Shop clearance and sale items only
Train yourself to ignore regular-priced items. Instead, head to the sale/clearance section of your favorite store or website. You’ll typically save 25–50% on these items, but the discounts can be even higher. (This blows the typical 5–10% off offers on regular-priced merchandise out of the water!)
45. Find and use promo codes
These are getting harder to find, but it’s always worth a try. Search online for promo, discount, or coupon codes for the stores you shop at. Typically, these coupons will get you free shipping or 10% off your purchase. (Tip: if you’re also using a rebate site, check the terms and conditions. Sometimes, using a coupon will void the cashback offer from your rebate site.)
46. DIY everything you can
One of the best ways to save a lot of money is to DIY everything that you can. Here are some ideas to get you started: cooking, baking, home, car maintenance and repair, renovations, haircuts, pet grooming, vegetable growing. The possibilities are endless! (Tip: YouTube is one of the best, free ways to learn how to DIY just about anything.)
47. Mend and repair your stuff
Mending and repairing things is, sadly, becoming a relic of the past. This is terrible for our wallets and the environment. Thankfully, the right to repair movement is gaining steam. Fight back against disposable culture. Turn mending and repairing into a normal part of your frugal living routine!
48. Maintain your stuff
Maintaining your stuff goes hand-in-hand with the previous tip. Take care of your belongings and regularly maintain them. It will save you money and prevent the need to mend or repair them in the first place. (Tip: set recurring reminders on your phone so you don’t forget to take care of routine maintenance tasks.)
49. Travel as a group
Travel can be very costly. Fortunately, there are lots of ways to save on vacations and trips. Traveling as a group is one of them. Group travel can net you valuable discounts through bulk purchases and shared accommodations, and transportation.
50. Stay in Airbnbs
This is my family’s favorite form of travel accommodation! Airbnbs are typically more affordable than hotels. Also, there’s usually a kitchen to cook or reheat meals (which saves money on eating out). We also love that Airbnbs are actual homes. This gives us a more authentic travel experience.
51. Embrace slow travel
Slow travel is one of the best ways to make travel more affordable. How? When you slow travel, you can spread out the cost of transportation (e.g., flights, trains, etc.) across many more days. This brings your per-day cost way down. Slow travel also gives you time and flexibility to select slower, more affordable modes of transport.
52. Travel hack
Travel hacking is the process of earning credit card points to pay for your travel expenses. You could end up paying little or nothing for flights, hotels, and other expenses. It’s a fantastic way to turn your regular spending into free or discounted travel!
53. Put your frugal living thinking cap on
This final tip will help you go beyond the tips in this post. Anytime you’re faced with a spending decision, get creative. Ask yourself how you might be able to do it more frugally. Over time, you’ll get better and better at it. (It’s like exercising a muscle—so practice often for best results!)
Conclusion
I hope this post inspired you to embrace frugal living. When you live frugally, you’ll save money and time and lighten your footprint on the Earth. What’s not to love? Take action now by picking one (or a few) tips from this article and get started!
When you’re ready to learn even more ways to save money, visit my How Much Does it Cost to Live the FIRE Life interview series. Through the interviews, my interviewees and I share our actual expenses along with a plethora of frugal tips—from all over the world!
Wallet Squirrel is a personal finance blog by best friends Andrew & Adam on how money works, building side-hustles, and the benefits of cleverly investing the profits. Featured on MSN Money, AOL Finance, and more!
If you are looking to start investing your money, you may wonder how much it costs to invest, from the not so simple fees associated with investing to the costs of getting started.
In this complete guide, we will discover all of the costs associated with investing to give you a thorough understanding of how much is needed to start investing.
Types of Investing Costs
From tools to get you started if you are a complete beginner to the costs associated with having a brokerage account, it is worth knowing the facts before you go in.
How Much Does It Cost to Invest: Costs Before You Start Investing
Before we dig into the fees of a running brokerage account, there are optional costs you may consider, especially if you are new to investing. Here are five things to consider:
How Much Does It Cost From Your Monthly Budget?
It’s essential to have a monthly budget before you start investing. The main reason is that investing is a long-term play. So bSo by having a clear budget and way to manage your expenses, you will make sure your investments stay invested.
Using a budget like the 50/30/20 budget will calculate how much you can afford to invest every month. For example, your monthly investment could be as much as 20% of your monthly income after taxes if you have an emergency fund.
If you struggle to stick to your monthly budget, it’s worth looking into banks like Starling, which have built-in spending categories to help you see where your money is going each month.
Takeaway: Look at your monthly income and expenses and work out how much you can realistically invest each month. Treat investing as a monthly bill/fixed cost.
How Much Does It Cost for a Stock Advisor Service?
Putting investing fees aside, you may be concerned with the costs of losing money on the stock market by investing in the wrong stocks. This is where a Stock advisor service comes in handy.
If you are starting and are not sure which Stocks are worth investing in, then it’s good to get tips from experts.
An example is Motley Fool’s Stock Advisor, which you can expect to pay $99 for a year’s subscription. Depending on how much you plan to invest in the stock market and your free time to research stocks, this could be a cost that gives you a return on investment.
Here are some of the benefits of a stock advisor service like Motley Fool:
For example, Time-saving – The Motley Fool comes with 15 starter stocks that Motley Fool invests in and knows to be good long-term investments. This is a great way to get you off the ground with your first stocks instantly.
Up to date advice from experts – Each month, you get various stock picks based on what is going on in the market so you can invest at the right time.
They tell you when to sell too – If you go with their advice (which you should if pay for the service), they will also tell you when it’s time to get out of a nasty stock.
The Motley Fool Stock Advisor service at the time of writing delivered 566% in returns since 2002, so if you want some guarantee of success, then this could help you.
How Much Is Needed to Start Investing?
Many people think investing is just for the rich, and whilst this might have been true in the past, investing can be for everyone in today’s world of technology.
With the rise of platforms such as Robinhood and Trading 212, you can invest from the comfort of your own home.
Of course, just because you can invest with $1 doesn’t mean you should. So it’s good to understand the fees involved before jumping in.
How Much Does It Cost to Invest: Common Investment And Brokerage Fees Explained
You may need to pay several different fees when investing, so we’ve broken down the most common ones below.
Platform/Brokerage Fee
Brokerage fees can come in different forms, so it is good to research your broker before committing to any account.
Here are some of the typical fees that you should look into before committing.
Account Maintenance Fee
This can be in the form of either a monthly or an annual fee. In addition, you are charged for the maintenance of your account Or any subscriptions for premium research or investing data.
You can even be charged for inactivity, so good first to understand how often you plan to invest.
This is also called a stock trading fee, and this is a brokerage fee charged when you buy or sell stocks. You may also pay commissions or fees for buying and selling other investments, like options or exchange-traded funds. Some platforms now offer 0% commission fees, but the investment rate isn’t always as good.
This payment goes directly to the broker. This cost usually ranges from $1 to $5 per trade and, in some cases, will be waived if the investor reaches an account minimum.
Sales Load
This is not often in most cases, but it still does happen. A sales load is paid on some mutual funds sold by the broker who sold you the fund.
It would help if you were wary of these charges as most mutual funds today don’t have these, and remember, the broker is trying to sell these to you because they get a commission. So be sure to make sure the fund is right for you!
Mutual Fund Transaction Fee
Another brokerage fee, this time charged when you buy and sell some mutual funds.
Expense Ratio
This is an annual fee charged by mutual funds, index funds, and exchange-traded funds as a percentage of your investment in the fund. The charge is to manage the fund.
Management or Advisory Fee
Typically a percentage of assets under management, paid by an investor to a financial advisor or Robo-advisor.
401K Fee
An administrative fee to maintain the plan, often passed on to the plan participants by the employer.
Ways to Minimize The Costs Of Investing
With all of these different costs involved, you are maybe wondering if investing is worth it. But, for many people, it is, if done correctly, investing can be an excellent way to beat inflation.
Here are some tips to help you minimize some of the costs of investing to turn over more profit!
Avoid these by doing proper research before buying stocks and hold for the long term. Take the steer from successful investors like Warren Buffett, who has held on to stocks of Coca Cola for more than 30 years.
What does long-term investing mean? Well, according to Investopedia, you should be looking for investments to stay put for at least five years if you want to ride out infatuations in the market.
If you are unsure what to put your money into long term, then considering a stock advisor service could be a good option. Think of it to offset the costs of buying and selling investments all the time.
Get Tax Credits
No matter where you are in the world, tax implications can impact your investing profits.
Short-term capital gains are taxed as ordinary income. These rates range from 10% to 37% again, depending on your income and filing status. You can find out precisely what percentage of long and short-term capital gains tax you’ll pay by visiting FactCheck.org.
Sign Up To 401K or Companies Retirement Scheme
The reason many people decide to start investing is for longer-term financial security. But before you begin investing freely, making sure you take advantage of any company retirement scheme, especially if your investment goals are retirement.
This is because many employers will contribute if you contribute, meaning you can make more money! As long as you don’t withdraw before 59.5 years old, this account is also tax-deferred. Tax-deferred accounts, which safeguard investments from taxes as long as the assets remain untouched
Cheaper Platforms Don’t Consistently Save You Money
When it comes to investment companies, it’s important to remember that the cheapest isn’t always best and that you will often get what you pay for. For example, a company might be more expensive, but it could have a website that is easier to use, has telephone support, and even sends research out to make decisions that you feel confident about. Conversely, other providers charge lower fees for a more basic service.
You need to weigh the fees (and the reasons for them) when choosing where to put your money. Either way, make sure you aren’t paying too much for the service you receive – after all, high fees will eat into your returns over time.
How Much Does It Cost to Invest: Bottom Line
You may have heard that investing is a great way to top up your income, but it isn’t free. Make sure you do your homework and pick the right platform for reaching your financial goals. If you are looking at investing in stocks, bonds, mutual funds, or ETFs, make sure you understand how these investments work before deciding which one to buy into. The key takeaway here is don’t invest without doing your research first!
While some investments may obscure their costs in the fine print, anyone can quickly get to the bottom line with the wealth of information available online. Use reviews and comparison sites to find the right broker that fits your investment goals.
Mary Elizabeth is a self-taught finance nerd and money master. At the age of 21, she bought her first house, and by the time she was 30 had paid off all student debt and saved 100k. She founded MeMoreMoney.com to help others achieve their own financial goals with uncomplicated advice that works for everyone from just starting out to those who have been saving for decades.
You’ve likely seen billboards for “Cash For Junk Cars,” jingles played on radio stations, and ads filling magazines, but that marketing barely touches the surface of the cash for cars business. An industry made up of hundreds of different companies capitalizing on a lucrative market of flipping used cars for profit. Here’s how cash for junk cars works and how most pay an average of $500 per car.
How Much Junk Cars Sell For?
Most companies pay between $100 to $1,000 for used cars, with an average payout of around $500. Some advertise up to $1,500, but it’s rare.
While the car’s condition helps determine the price, the amount is dependent mainly on the year, make, and model of the vehicle. That’s why most cash for junk car businesses can give you an instant quote over the phone.
Now, this isn’t a lot of money, but most people only consider cash for cars after first trying dealerships and private sellers or simply wanted to get rid of the vehicle quickly. It’s typically one of the easiest ways to sell your car.
Average Pay is $500 Cash For Junk Cars
Most cash for junk car companies pay around $500 for used cars. Because once your car is sold, the cash for cars businesses will sell your vehicle for a profit. Similar to how house flippers buy up foreclosed properties to sell for a profit or domain flippers sell domains.
This is usually done by selling at auction if the car is in good condition or sold to a junkyard for parts. Due to their pricing power and connections, cash for car businesses are in better positions to get more for your vehicle than you ever could.
Free Pick Up & Towing
One of the primary benefits of cash for junk car businesses is often they’ll pick up your car and tow it away for free! A perk included in their fee and a nice luxury for selling vehicles that may no longer run. Most towing companies will charge $150 – $200 for a tow.
If you talk to a cash for car company or a junkyard that doesn’t offer free pick-up service and towing, find another offer. Free pickup is a staple of the cash for cars business, and anyone trying to charge you for this service is simply trying to take advantage.
The Process for Cash For Junk Cars
Here is the step-by-step guide to how cash for junk cars works and if you ever considered selling your car, this is what you’ll go through.
1. What You’ll Need Before Calling
Most cash for car businesses have a general number where in 5 minutes, they’ll give you a quote over the phone without ever having to take photos. As long as the information holds true when they pick up the vehicle, they’ll hand you cash and take your vehicle away in minutes. It’s a straightforward process that makes cash for cars so compelling.
What You’ll Need
Year, Make & Model of the Vehicle
Vin Number
Odometer
Title
If you don’t have the title, it’s not difficult to contact your local Department of Motor Vehicles and request a new one.
If the vehicle is so old, you no longer have the title. Some cash for junk car places may still take the car if you show a history of registration and proof you own it. However, this is incredibly rare.
Aware if the car can start and drive
A running vehicle will increase the value of your car. Yet, it’s not a requirement for many cash for car businesses. The spare parts alone make the car worth something.
2. Get An Instant Quote Over The Phone
Once they have your vehicle’s information, they’ll plug numbers into a formula and identify the best purchase price. The most significant factors are the year, make & model but condition and ability to drive also matter. This information in an algorithm will be able to provide an instant quote in minutes.
Once the quote is provided, there isn’t any room to haggle. Usually, the person over the phone is only allowed to price what the computer algorithm identified.
3. Shopping Around Is Often Not Worth It
Many cash for car companies use similar formulas for providing vehicle quotes over the phone. These algorithms are constantly changing as the supply and demand of cars fluctuate. So once you get one quote, most other companies will provide a similar quote. Shopping around doesn’t often get you a better price.
As cars often lower in value every year, it doesn’t benefit in waiting.
4. Schedule A Pick Up Or Drop Off
Most cash for car companies will pick up your vehicle or tow it for free. If someone is trying to add this as an additional charge, find another company. There are too many companies that offer this service for free to ever pay.
Simply schedule a time to pick up, and as long as the vehicle information you described over the phone is accurate, there shouldn’t be any problems. In a matter of minutes, they take the vehicle and title off your hands.
Alternatively, you can drop off your vehicle at a drop-off location if you prefer.
5. Get Paid
Most cash for junk car companies will pay cash when picking up the vehicle. However, some companies have started to use more checks as it’s easier for bookkeeping.
If this makes a difference to you, simply ask how they will pay for the vehicle over the phone. If cash is crucial to you, shop around to find companies that still offer this option.
6. Contact the DMV for Release of Liability
Most of the paperwork is completed by the cash for junk car company. Still, it’ll be your responsibility to contact the Department of Motor Vehicles in your state for a Release of Liability.
This simple online form lets your state know you are no longer the vehicle’s owner. Otherwise, you’ll continue to receive notices to renew the car and may be on the hook for late fees. Most states only need the vehicle’s VIN and date of sale.
That’s it! A super simple way to get cash for junk cars you no longer want or need.
Why Cash For Junk Cars Are So Popular
Cash for cars has grown massive popularity in the last 20 years because it provides car sellers a whole new way to sell used cars and make money. An easy way to avoid haggling prices with dealerships or the hassle of meeting with private buyers. Cash for Cars brings an extra convenience with instant offers over the phone and free pick up.
Who Buys Cars For Cash?
Many companies have flocked to the cash for junk car market for the same reason people flock to antique auctions. They hope to find undervalued cars and flip them for more money. Many cash for car companies are independent and focus solely on buying used cars, however over the years, many dealerships, mechanic shops, tow companies and junkyards have also created their own cash for car companies to compete in the market.
As it’s a highly lucrative market, hundreds of companies have jumped into the car flipping industry. Even if the car can’t be flipped, the used car part market is also largely lucrative.
What Kind of Junk Cars For Cash Sell Best?
In most cases, the kinds of cars that sell best are Japanese economy cars such as Honda, Toyota, and Subaru. They are relatively inexpensive and incredibly popular on the road. These vehicles are one of the easiest cars to flip because of the low cost and high demand.
The second best type that sells well are classic cars. Their parts are incredibly tough to find, so even junk cars can be extremely profitable containing parts no longer made. Items such as the chassis or the frame only can be flipped for a nice profit.
Common Questions
Anytime someone is selling a car, it can feel like a complex process simply because it’s not something people do every day. Here are some common questions we’ve seen people search for relating to cash for cars.
Is There Any Benefit To Keep The Junk Car Myself?
Since cars lose value every year, there is no benefit to holding onto a junk car yourself. In fact, simply having the car will still require registration and insurance. Even if the vehicle is old and requires little money, it’s still going to cost you something. Including space it takes up.
Often it’s better to sell your vehicle whenever you no longer need it to keep costs down. The only reason to hold onto a car is if you intend to use it in the future or want to attempt to sell it yourself.
Will Scrap Cars For Cash Work?
Scrap cars and junk cars are terms used interchangeably to describe cars that no longer run. These are often ideal vehicles to sell because cash for car companies will pick them up for free and pay you more cash than a junkyard would.
How Do I Find Cash For Junk Cars Near Me?
A quick Google search will find plenty of different cash for junk car companies in your area. Their popularity in every major city will make them easy to find. Try calling a few different companies or dealerships to get a good idea of the price for your junk car.
Where Can I Buy Junk Cars Near Me?
If you’re looking for auctions to find junk cars near you, most cities have several auction blocks with times throughout the year. You can usually find cars at auction that sell $1,000 to $2,000 cheaper than at dealerships. The trade-off is you are buying them as is and often don’t have the same verified inspection process a dealership would have.
Wallet Squirrel is a personal finance blog by best friends Andrew & Adam on how money works, building side-hustles, and the benefits of cleverly investing the profits. Featured on MSN Money, AOL Finance, and more!
How to sell photos online is a question I have been working on for almost a decade. I have tried almost a dozen different ways to sell photos. While some avenues have been more successful than others, I am excited to share with you the most successful ways to sell photos online.
Like many, your home is the most valuable asset. It is something you build over your life with love, time, and energy. Once constructed, the primary concern is its safety from weather damage, fire, structural wear, tear, etc. 
This past year my wife and I set out to trim our monthly budget with some creative ways to save money. Our kids are getting older and we are wanting to start traveling with them to places like Disney World. Besides adventures, we also are wanting to get more aggressive with our retirement savings. To help us save up for those adventures and savings we decided to start trimming our already lean monthly expenses.
Price Inflation is something that has been affecting the whole world during 2021 and most likely will continue well into 2022. We thought we would take a look at how we can fight price inflation during these times.
