Money Sense Tips

In the quest for living a more simple, and economical life, it can be difficult to make the necessary changes. It’s tough to know where to start. It’s also tricky to know where you should scrimp and where it makes sense to splurge. Here are five ways less can be more.

#1 Buy your clothing and gear off season. This practice takes a little preparation and forethought. However it’s a great way to save tons of money. Buy your swimsuit for next year during the winter months from a closeout website. You can get a suit that once cost $300 for $30. The same holds true for exercise equipment and even home goods. You can buy that patio table and chairs for a quarter of the cost when you buy it on closeout during the fall and winter months.

#2 Coordinate your wardrobe. Clothes are about two primary things, form and function. You want to look good and feel comfortable. One great way to make your clothing budget stretch further is to buy quality basic items like black pants, white shirts and navy or brown blazers. These items can be mixed and matched with other less expensive additions for a wardrobe that looks expensive and extensive but really isn’t.

#3 Get your pantry organized. A well-stocked pantry can make a busy evening mealtime easy. Generally, when the family has to be in four different places at once, we tend to order out or go through the drive though. That’s expensive. A well-stocked pantry can turn it around. A package of pasta, a can of sardines and some capers and voila – you have a ten minute gourmet meal that can be eaten right off the stove or heated up quickly and easily. Additionally, pantry items generally cost a tenth of what it’ll cost you to go through that drive through and it’s healthier too.


#4 Get rid of the landline, unless you really need it. Most families have a landline and a cell phone plan. The landline rarely serves a purpose anymore. You can save $30 to $50 each month by simply getting rid of it. And you can get rid of the cell phone contract by purchasing an inexpensive pay as you go phone and a Google phone number and simply forwarding your FREE Google calls, text and voice mail to your pay as you go phone. You can save hundreds annually by evaluating what you really need when it comes to phones and phone plans.

#5 Get rid of a car or downsize. It may sound extreme but many people are paying hundreds of dollars each month for a new car and a car payment. Stop for a moment and consider what you could do with that extra $300 to $500 dollars each month. A lot, right? In fact, simply saving that money for retirement would put you way ahead of your current savings target.

If possible, get rid of your car completely. If you’re close to town or public transportation, you can buy a bike for a few hundred dollars. You can buy a motor scooter for a few thousand. However, if getting rid of a car entirely isn’t an option, consider downscaling. A used car will take you the same places a new car will and it’ll save you thousands. Finally, if you have more than one car, can you cut back? Can you sell a car? Cars eat up a budget fast, and downscaling or eliminating them from your monthly budget is a great way to reduce financial stress.

Can you do more with less? Absolutely! These tips are only the beginning. Take a look at where you spend your hard-earned money and evaluate where you can cut back or modify your needs.

Passive income is income that is earned without any real involvement in the earning process. There are many ways to earn passive income if you know how to do the research and where to invest your money. While some methods of earning passive income may require periodical work involvement, many of them do not. Here are some tips.

* Publish yourself. If you have extensive knowledge on a topic or two, consider sharing that knowledge with others. This requires work in the beginning as you will have to write the book; however, you can earn passive income after publishing. Consider publishing your book as an e-book and posting it for sale on other websites. Do your research and determine which websites will offer you the highest royalties and the most exposure for your e-book.

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* If you own rental properties, you can earn passive income from renting out houses or apartments. While the rentals may require periodical maintenance, for the most part the income is earned passively. This is a great way to earn monthly income, especially if you have more than one property available.

* If you do not own rental properties, but instead own a house that has a few empty rooms, consider renting out your rooms for income. It will be an infringement on your privacy, though, so be careful in making that decision.

* Treasury bonds are another means of earning passive income. Treasury bonds are issued by the government, thus essentially assuring you that you can collect on your investment. Investing in treasury bonds is more expensive than investing in a regular savings or money market account. However, if you have the money to invest, it is a good way to earn passive income as interest is gained constantly on the money invested.

* Money markets or savings accounts can earn interest for you. You need to have a significant amount of money invested for the interest to add up, but many accounts offer compounded interest. Compounded interest means that even your interest gained on the original amount will earn interest for you.

* A less stable way to invest your money is on the stock market. That can be a scary thought for some people, especially with the market being unpredictable in today’s economy. However, if you are a risk taker and feel confident in being able to choose wise investments, this may be the route for you to take. You can gain a large sum of money, but be prepared to lose your entire investment as the stock market is never guaranteed.

Earning passive income can be easy if you know where to look. Take the time to research all of your possible options and then exercise them. You will have more time on your hands for vacation and spending time with your family if you decide to take the passive income route. Another bonus is that this can be done well into retirement and if set up properly, you will never have to worry about paying bills.