Frugal Patti

Freelance work (writing, programming, web development, admin support, sales & marketing, finance, management, legal, etc) can also be a great way to learn extra income from home. In these opportunities you will need to bid on each job that some lists on the freelance sites. The freelance sites will list the work needed by each prospective employer. They will describe what you need to do, hopefully in enough detail that you will know how much time and effort that job will take. From this you will bid on the job (usually a flat amount for the complete job). You’ll be asked to write a proposal including the amount you bid on the job, something about yourself and why you think you should be selected for this job, and any other relevant information you would like to ad. It usually takes a few (if not many) bids for each job you are awarded. Some of the companies you can register with are odesk.com, elance.com, getafreelancer.com, and ifreelance.com.

Many people have hobbies that can easily be turned into extra income. Do you make your own soap? jewelry, wood craft, pottery, a needle craft, etc? These hobbies that you enjoy doing in your spare time can be turned into extra income as a side business or the beginning of a larger endeavor. At one time ebay.com was the easiest way to sell items online. Etsy.com is now an available alternative for homemade items. They only sell homemade items, craft supplies, and vintage items, so the typical person that is shopping is only looking for those types of goods. Etsy has gotten great press on shows like Martha Stewart, and continues to advertise through press releases and TV news shows. Since the prices are quite low in comparison to others like ebay, almost anyone can give them a try for only a small investment.

Consignment stores are available in most towns. Each consignment or 2nd hand store usually focuses on either different types or sub-niche markets. Most of the stores in my area are for clothing. Some will focus on children’s items, some will focus on women’s (sometimes men’s too) mall brands, and others will only sell high end designer labels. There are also other consignment stores that will sell children’s toys and/or furniture, household furniture and decorative items, or even sporting goods. I’ve heard so many newscasts lately pointing out how much you can save when you purchase from these stores, but money can be made by selling your items also. If it’s something that you don’t really need, why not make a little extra cash in this economy? I do offer you one caution when consigning your items. Many of these stores are privately owned and thus make many of their own rules. Make sure you read the fine print before you sign any agreements and that you are ok with the company’s policies. These policies can vary greatly from store to store.

Mystery Shopping or Secret Shopping can be a great way to either earn a little extra cash, or receive free goods or services. I have been a mystery shopper on and off for about four years. I have received a gourmet dinner with my husband, a day at a theme park, a workout at a gym (plus $20), and payments for reviewing other businesses. These are fun to do, and often interesting to learn what is important to the business. You can also feel good that you are making a difference by noticing and reporting details that the business owner may know be aware of (like a tree that needed to be trimmed and was covering the businesses sign). To be offered the greatest amount of jobs, you will need to register with many companies. You don’t have to pay for these jobs either (there are many scams out there), so care must be taken. These companies are available on the internet for free. 

For additional information you can refer to the following article with all the detailed information you need: How to Earn Extra Cash Through Mystery Shopping.

When we think of frugal living, most people only consider living on less and doing without. I do strongly feel that living excessively is a waste of both time and money, but just as strongly feel that we should not live in lack if it can be prevented (and only for as long as we have to). In this difficult economic time that we care living in, it’s even more important than ever to have a “side gig” to earn some extra cash. This can be a part time job outside the home, or one of the many money making ideas available on the internet. Over the next few weeks I will be sharing the ways I and others I know of have been able to make some extra cash. Whether you need that extra $20 for your family’s expenses or are able to save it for future needs, a little extra always comes in handy.

As many people are trying to postpone the purchase of a new vehicle, timely preventative maintenance is becoming more crucial. In a time where garages are having to stay open late and open on Sundays, it is obvious that we as Americans are repairing our automobiles instead of replacing them as frequently as we once did. Why not invest in preventative maintenance (some of which a handy person can do at home) instead of waiting for an expense repair that needs to be fixed? Regular oil changes will extend the life of your car’s engine. Additionally, a quick change of your car’s air filter will not only protect your car, but will also help the gas mileage. A little preventative maintenance will go a long way.

I’ve heard many stories lately about families not taking the medications that were prescribed due to their financial situation, or at the end of last year people were packing their doctor’s offices to get in that last visit before a new deductable season. This is one area of our lives that should be one of our highest priorities. Prevention and regular medical attention can highly reduce our medical issues and expenses. By eating properly and partaking in regular exercise (in this is not part of your regular routine try a 30 minute walk), you can feel better, reduce stress, have more energy, and fight off some of the typical ailments. If you do happen to be under the weather, make sure you take care of the situation before it can get worse, such as, by taking care of minor allergies, sinus infections can often be reduced or eliminated; or by doing prescribed exercises after a physical injury, further injuries or more complicated problems can be prevented.

Along with high interest savings accounts, Certificates of Deposit (CDs) are another good (and safe) savings vehicle. Make sure you research to make sure your CD is FDIC insured. myfdicinsurance.gov will provide detailed information about FDIC insurance, its rules, and its benefits. You can research to find the highest interest rate CD at BankRate.com . Here you can search by time limit and compare all the offers. Typically, you will need at least $1000 to open a CD. You will also need to be sure that you don’t need that money for the given period of time. There are usually very high penalties for withdrawing your money before the CD matures.

Since we are concentrating more and more on frugal living and saving money, we need to find the best investment solutions. The higher the interest rates that we can find, the more income (interest) we can earn without working for it. There are two main resources you will want for research. First, myfdicinsurance.gov will give you a breakdown of what FDIC offers and its benefits. Secondly, BankRate.com allows you to research the best interest rates for savings account, CDs, etc. Choose Checking and Savings from the home page and search for a high yield savings account. Once you find one that sounds interesting to you, make sure it is FDIC insured. Don’t count out online savings accounts. Many of them fit both of these criteria. eTrade and HSBC Direct are two well known online accounts that offer high interest.

While the memories of Christmas or Hanukah bills are still fresh in our minds (and sometimes painful), what better time to prepare for our next holiday season? Borrowing a concept from days gone by, why not start a Christmas fund now? By putting a little into savings each month or paycheck, you can have a nice fund to start your holiday season by the end of the year. First, how much did you spend last holiday season? This data will help you decide what your goals are. Next, decide how much you can afford to put into your holiday fund. You may not be able to completely fund your holiday spending for next season, but any amount will surely help. Just think, if you can put away only $25 per month for 11 months, you will have saved $275 + some interest. If you can save $50, you will have $550 + interest. Any funds will definitely help and make the next holiday season less stressful. After you make these decisions, you will want to open a high interest savings account (or at least the highest you can find) to start your fund.

Tomorrow: Choosing a high interest savings account…