Most of us aren't the best at saving money — splurging just feels so good and gives us that instant satisfaction we crave.
However, it's nothing to beat yourself up over — even though we put out articles to advise you on budgeting and finance, we know slip-ups happen.
And when they do, you're going to need some extra assistance to get yourself back on your feet. Rather than asking for money or — even worse — going to your parents, why not earn a little money on the side to boost yourself up?
Here are seven side hustles you can do this month to make ends meet:
1. Lock screen apps
Apps like Slidejoy or S'more will pay you to advertise on your phone — specifically, your lock screen. My experience with Slidejoy has been positive for the most part — I used to get an extra ten bucks a month just by having ads on my phone. Although the apps may be annoying at first, you'll eventually get used to it. Not customizing your phone won't seem so bad when you get some cash in your PayPal — no pain, no gain.
2. Do small tasks or jobs for people
Using websites like TaskRabbit or Fiverr will let you do errands or jobs for people that need it. Usually, pay is pretty low, but it can add up when you run several of these a day. There's no set price for TaskRabbit, but Fiverr usually ranges from five to ten dollars per task.
3. Online tutoring
Websites like Chegg or Tutor.com will offer an hourly rate for online tutors — if you have a certain degree or are well versed in a particular subject, go ahead and apply for a position. Online tutoring is super low committal, and you can pick and choose which jobs to take.
For Chegg, pay starts at around $20 an hour, but for other sites, you can set your own rate or choose a student based on theirs.
4. Paid language exchange
Tandem is a website that matches language tutors with students on your phone or tablet — students book their own appointments and pay you right on the app. Lessons are also prepaid, so no matter what, you'll get the money.
5. Freelance jobs
Websites like Upwork or writing sites like Skyword will hire freelancers to create content or work for other companies that require temporary workers. This method is a bit more in depth than others on this list but may be more rewarding if you stick it through.
6. Mobile games
Cash Show is an app that allows you to win money when you answer correct trivia questions — prizes are given three times a day and for a set amount, which is usually a couple thousand or so dollars. You have to answer 12 questions with ten seconds for each question. The cash prize is split among the winners of that round of trivia, so your winnings may start off slow at first. Other than that, it's a pretty fun way to earn some side money.
7. Instagram campaigns
We've all seen the rise of Instagram models and paid advertisements on the app — however, did you know you can participate too? With programs like Heartbeat, you can also become a brand ambassador and get paid to post pictures of various products.
When you sign up, they'll decide what your pay rate per post is along with what campaigns are available. You can sign up no matter how many followers you have, but your stats will affect how well you're paid.
If you do all of these ideas, you're bound to make some extra cash this month. I'd hurry up and do it fast — these side hustles might disappear if more and more people find out about them!
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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.