Depending on the stage of life you're in, an extra $1000 a month could make a huge difference for you.
Imagine having next month's rent paid without dipping into your paycheck at all. With these tips and tricks for an extra $1000 a month, that's a real possibility. With a little creativity, patience, and hard work, you too can have disposable income.
While this isn't the quickest way to make extra cash, it may be the easiest. All you have to do is turn on a sitcom, settle into the couch, and spend a few hours clicking through companies surveys. While you may only make a few dollars or cents per survey, it's an easy way to accumulate some extra cash with very little work. Check out this handy guide to online survey sites.
Sell Extra Stuff Online
With sites like Poshmark, Mercari, and ThredUp, it's never been easier to sell your unwanted clothes and other items online for cash. Name brand clothes sell especially well, as do lightly used electronics.
Install Phone Apps
While this might feel a little Black Mirror-ish, some apps will pay you to install them to run in the background and track your daily habits for research. Creepy? Yes. Easy? Yes. Some apps that do this are Nielsen Digital Voice App, Smart Panel, and Media Insider Panel.
Transcribe Audio Online
This option requires a little bit of skill, but is a very lucrative option as you can make around 24$/hr this way. All you have to do transcribe audio into text.
Sell Your Advice
If you're great at your PR job, why not sell your advice and make some cash on the side? Most specialized professions are very marketable online, and people are always looking for freelance specialists to help them out. Some sites you can use to do this are, Kgb, SmallbizAdvice, Chegg (Formally StudentOfFortune), JustAnswer, and PollBuzzer.
Rent Out What You Have
Do you have an extra bedroom in your apartment? Rent it out on air bnb. Do you have a wide array of tools? Rent them out. Some other things you can rent out are lawn mowers, camping gear, snow blowers, and even cars and boats.
- 7 Ways to Make an Extra $500 - $1000 per Month - Updated for 2017! ›
- Top 25 Ways to Make an Extra 1000 Dollars in a Month (It's Legit!) ›
- 12 Side Hustles Where You Can Make $1,000 a Month ›
- 20 Genius Ways to Make Money at Home (Earn an Extra $1,000 ... ›
- 101 Ways to Make $1,000 in 2018 ›
- 4 Ways To Make An Extra $1,000 A Month in 2018 - Amanda Abella ... ›
- Make Extra Money: 7 Ways to Make an Extra $1,000 a Month ›
- 22 easy ways to make extra money right now - Clark Howard ›
- Ways To Make An Extra $1,000 A Month - How To Make 1000 A Month ›
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.