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How To Save Up Money Without A Job

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A yellow piggy bank with sunglasses on

If you are unemployed, studying or cannot participate in the workforce because of a disability or medical condition, it can be very difficult to make ends meet. However, there are still several techniques you can use to save up money without a job. This article will share the best.

Cut down on unnecessary expenses

Most people have expenses that are unnecessary or can be greatly reduced. By targeting these expenses, you can free up some additional money which can be saved. Here are a few ways to eliminate or reduce your expenses:

  • Change utility providers to get a better deal
  • Get rid of your cable and streaming subscriptions (Netflix, Spotify, HBO etc)
  • Put an end to bad habits that are costing you money, like smoking and drinking alcohol
  • Get rid of the expensive gym membership and find free ways to exercise
  • Stop drinking soft drink and switch to water
  • Cook meals at home and eat less fast food
  • Use discount websites to find products and groceries that are on special
  • Cut your own hair
  • Shop for clothes at the op shop
  • Walk or ride a bike instead of driving a car or using public transport

Sell any possessions you no longer need

One of the quickest ways to save up money is to sell any items that you no longer use. You can either sell your possessions using a website like Gumtree or eBay or run an old-fashioned garage sale. Here are a few tips for running a successful garage sale:

  • Pick a weekend a week or two from now, as this will give you time to organise yourself
  • Gather the items you want to sell and attach a price to each item
  • Advertise the sale in craigslist and on local Facebook groups
  • The day before the garage sale, attach signs to power poles on any busy local roads, with the words “Garage Sale”, your address, and the time of the sale.
  • Go to the bank and get change the day before your garage sale
  • Consider selling baked goods to attract additional interest

Online surveys

Online surveys are an easy source of extra money for anyone with Internet access. You simply complete surveys on a range of topics from your shopping preferences to politics.

Participants receive anywhere from 30p (50 cents) to £3 ($5) per survey completed. There are many survey companies to choose from, including i-Say, Swagbucks, GlobalTestMarket, PopulusLive, and Crowdology.

Make money from your hobbies

Some hobbies can be monetised. For example, if you sew, you can make an income repairing clothes for people. If you can play guitar well, you could sell guitar lessons or busk on the street. If you are a crafty or artistic person, you can sell jewellery, painting, sculptures, drawings, or whatever other creative work you can make. If you can cook well, you can sell people homemade meals or baked goods.

Get paid to test websites

Web developers and designers often need to perform “usability testing” on the apps and websites that they create. This process tests the user-friendliness of their product and how well various pieces of functionality work for the end-user.  You can get paid to perform this kind of testing online at websites like User Testing and TryMyUI.

Become a blogger

Blogging can be a very profitable past time, particularly if you stick with it for the long term and are passionate about the topics you are writing on. To get started, create an account on a free blogging platform like WordPress, Tumblr, or Blogger. If you post enough high-quality content, you will eventually start receiving web traffic, which can be monetised with advertising or affiliate programs.

Become a virtual assistant

The way that people can work has undergone a radical transformation in the past few years. It’s now possible to work as “virtual assistant” that performs a variety of tasks for other people online. These tasks can range from data entry and research to content creation and search engine optimisation. Virtual assistants usually work with clients via a third party website like Upwork or PeoplePerHour.

Sell products featuring your artistic creations

If you are a designer, artist, jewellery maker, or craftsperson, you could use websites like etsy.com to sell your creations. You pay the website a small listing fee and it will be viewable by the millions of people who visit Etsy. It’s also possible to sell your designs to be used on t-shirts made by companies like Threadless and DesignByHumans.

Take part in the gig economy

There are already 5 million people working in the gig economy and this is expected to increase in the coming years. Companies like Uber, Amazon, Lyft, Shipt, and Deliver are constantly looking for additional workers who are eager to make some money.

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How To Save Money On A Low Income

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Stacks of money and money in a jar

Saving a portion of your income helps you build wealth and plan for the future. It is essential for reaching important financial goals like saving a deposit for a home or new car.

But how do you save money if you are living on a low income?  When it is a struggle to simply pay the bills, it may seem impossible to put money away for the future. There are actually several clever techniques that can be used to help you save money on while living on a low income. This article will share the best.

Research your entitlements

There are various government entitlements available to people living on low incomes in the United Kingdom. It’s important to research these entitlements to ensure you are getting all of the help that is available.

There is a useful savings assistance programme available, called Help to Save. It is a savings account where the government will contribute 50p for every £1 you save over a period of 4 years. Participants can claim this bonus on up to £50 of savings each calendar month. There are also two tax-free bonuses available during the 4 year period.

This programme is available to people who are:

  • Receiving Working Tax Credit
  • Entitled to Working Tax Credit and receiving Child Tax Credit
  • Claiming Universal Credit and your household earned £542.88 or more from paid work in your last monthly assessment period

Other entitlements to check for include assistance with energy bills, school uniforms, childcare, and medical costs. This page shares many of the entitlements available to low income families.

Reduce high-interest debt immediately

Many people living on a low income also have significant debts. The interest payments on these debts make living on a low income even more difficult. The best approach to dealing with these kinds of debts is to eliminate the debts with the highest interest payments first.

Let’s say you have a credit card debt of £1,000 which is attracting interest of 20%, and an old pay day loan of £500 with a staggeringly high interest rate of 400% (common in the UK) — pay the minimum amount on the credit card and pay off the pay day loan as aggressively as possible. The interest that you are paying on debt is “dead money” that could be used elsewhere.

If you have many different debts with a similar interest rate, you could also use the snowball method. The concept is simple — concentrate on paying off your smallest debts first. As you rid yourself of these small debts, your finances become much simpler to manage and you will become motivated by successfully paying off a debt.

Find a great savings account

Not all savings accounts are the same. You will find that some banks have monthly fees on their savings accounts while others offer lower interest rates than the market average. Look for a savings account that:

  • Does not have any account keeping fees
  • Does not require you to deposit a minimum amount each month
  • Has no overdrawn fees
  • Provides you with free monthly statements and free e-banking
  • Provides a competitive interest rate

Analyse where your money goes

Next, create a list of everything that you spend money on. Be realistic about how much you spend on incidental purchases like coffee and fast food — these costs can really add up over the course of a year. Knowing exactly where your money is going will help you make fiscal adjustments that are effective.

Find expenses that can be reduced

When you are living on a low income, you have to make some hard decisions about how you spend your money. Look closely at your current expenditure to identify ways that you can cut back. There are several approaches that work well when cutting down on expenses, including:

Cutting down on big expenses

Many people simply assume that they are stuck with certain kinds of bills. This is particularly true of big expenses like rent, car repayments, mortgage repayments and so on. But you can reduce or eliminate these costs if you wish. Consider moving to a cheaper neighbourhood or downsizing your home. Refinance your mortgage for a better rate. You could even sell your car and use public transport or a bike instead. You can make large savings by reducing the largest expenses in your life.

Cutting back on lifestyle expenses

Consider cutting back on entertainment expenses like streaming services (Netflix, Spotify), going to the movies, eating out, buying alcohol and so on. Look for free alternatives to these activities, like exercise, playing board games, playing sports, or spending more time with friends.

Instead of buying books, join the local library. Instead of buying furniture, make your own from scrap timber. You should also identify any expensive lifestyle habits that you have, like buying a coffee and donut on the way to work each day. Brewing your coffee at home could save you hundreds of pounds every year.

Buy food in bulk

One of the best ways to reduce your food bill is to buy non-perishable foods in bulk when they are on special. Cooking in bulk and freezing the meals can also dramatically cut the cost of your food. For more information on meal preparation, read this guide.

Look for ways to cut bills

Explore options for cutting your utility bills including changing to a cheaper provider, asking for loyalty discounts, cutting your energy/water consumption, and so on.

Set up a budget

Create a budget which factors in any new cost-cutting measures you are going to take. Assess how much money you should have left over at the end of each month and how close it is to your savings goals.

Get a side job

If you are still struggling to save enough money each month, consider taking on a little more work. You may be able to monetise one of your hobbies or perform odd jobs for people in your local neighbourhood. There are also plenty of opportunities for additional work in the gig economy, as a food delivery person or driver. If you save everything you earn from this new side gig, it could amount to thousands of pounds over the course of a year.

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How To Save Money As A Stay At Home Mom

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A mom with her son

Most stay at home moms have a lot on their plate. Between cooking, cleaning, and caring for the kids, they don’t have much time left for themselves. On top of all of that, stay at home moms usually have the responsibility of managing the household budget — which can be a difficult task if there isn’t much money to go around.

If you are a hard-working stay at home mom struggling to manage the household’s finances, this is the article for you. We are going to share several essential tips for saving money as a stay at home mom. Let’s check them out.

Buy groceries in bulk and prepare food in batches

This is one of the effective ways for stay at home moms can save money. It is also a major time-saver, which can make mealtimes simple and stress-free.

Start by becoming a grocery bargain hunter. Scan brochures, look at advertisements and use bargain websites that find the best deals available for groceries. Focus on finding non-perishable goods like canned or frozen foods. Also, look for long-lasting staples on special like sugar, spices, nuts, dry pasta, rice, and so on. When you see a great deal, buy it in bulk.

The groceries you buy must be items that you realistically will use within the next couple of months. Ensure that you have the appropriate storage available for the foods you buy, including airtight Tupperware, crates, and glass jars. There is no point buying 10 kilograms of rice if you don’t have containers available to keep it safe from mice and other pests.

If you have a large freezer, bulk buy meat and other frozen products when they are on special. Don’t bulk buy fresh produce unless you know the items will be used within the next few days. It is also a good idea to carefully inventory your food. You can use a spreadsheet for this, with details of how much of each food you have and their expiry date. This will help you use all of the food you buy and avoid wastage.

Next, purchase a large number of freezer and microwave-safe food storage containers and start cooking meals in large batches meals. Set aside one or two days each week where you cook for a few hours, making large lasagnas, stews, pies, curries, and other foods that can be frozen. Portion the meals up into the food storage containers and put them in the freezer. For the rest of the week, you simply take out frozen meals for each day and reheat them at dinner time.

The advantages of this approach are that you will make substantial savings on your grocery bills and the time you spend cooking will be greatly reduced. On some days, you will spend as little as 10 minutes in the kitchen. Read this guide to learn more about meal prepping.

Set a strict monthly budget

If you are currently operating without a budget, you are not using your money efficiently. That because without a budget, it is virtually impossible to identify all of the non-essential spending that is occurring each month.

Start by creating a spreadsheet where you detail every purchase that the family makes over the course of a single month. This will give you an idea of where the money is currently going. Next, identify frivolous purchases that can be eliminated. Take those off the list and create a budget that restricts how much money can be spent on different household purchases.

Your budget should include all of the income and expenditures in your household, including wages, house payments, groceries, utilities, clothing, fuel, and so on. Once you have created your budget, you will have much more control over your finances — and have more money left over at the end of each month. Read this guide for more information on budgeting.

Sell the things you no longer need

As your children grow older, they will quickly outgrow their clothes and their toys. Instead of discarding these items or giving them away, get into the habit of re-selling them. Use websites like eBay or Gumtree to sell these items — or have a garage sale every 6 months. This simple tactic could net you hundreds of pounds each year.

Drop the shopping habit

Another simple way to save money as a stay at home mom is to not go shopping!  This can prevent frivolous purchases and save you a huge amount of money each year. If you find yourself bored at home, have some friends over, go for a bike ride, have a clean up, do some gardening, read a book, or start a new hobby. You will think of dozens of activities you can do around the home if you put your mind to it.

Make more money

Take a look at the other side of the money-saving equation — your income. Most stay at home moms do have some extra time on their hands which they can use to supplement the household income. Some of the best ways for stay at home moms to make money include mystery shopping, blogging, completing online surveys, selling items on eBay, participating on focus groups, babysitting, or working as a virtual assistant.

Look for cheap ways to entertain the children

Children are inquisitive by nature and enjoy new experiences. You can use this fact to your advantage by having a constant stream of new games and activities that they can play at home. To get started, visit Activity Village, a website packed with hundreds of kid’s activities.

Save on your bills

Scrutinise your bills to find additional money saving opportunities. You may discover that you are paying too much for utilities like electricity, gas, and insurance. There could be hundreds of pounds of savings available by simply changing providers. Additionally, consider asking your current provider for a loyalty discount or if they will match a competitor’s price.

Another option for saving money on utility bills is to cut your usage. Be more mindful about energy usage around the home, install energy efficient globes, improve the heating efficiency of your home, fix leaking taps and so on.

It’s easy to save money on phone and Internet expenses as they are highly competitive markets. Look online for the latest deals. Another opportunity for saving on bills is to eliminate or cut back on optional expenses like streaming service accounts (Netflix, Spotify etc). For more ideas on the savings that are available, read this guide from the Money Saving Expert.

Pay off high-interest debt

If you have credit card debt or payday loans, you could be spending a massive amount of money on interest payments each month. Make a concerted effort to pay off these high-interest loans as soon as possible.

Make sure you are receiving all of the appropriate government benefits

The UK government provides families with all kinds assistance, ranging from help with children’s educational expenses to financial assistance for low-income families. You can make sure you are receiving all of the benefits you are entitled to by visiting Entitledto.co.uk.

Start a veggie garden

Gardening is a wonderful past time that can improve your health and provide you with a source of delicious food for your family. The food that your garden produces will also be extremely cheap compared to purchasing vegetables from the local supermarket — helping you save even more money.

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