Finding little ways to save and make money can add up and help you transform your finances.  During Week 2 of the One Month Finance Challenge we want to give you 7 strategies that we use to save money and make a little extra cash.  

During this One Month Finance Challenge we want to share with you the different methods that have worked for us.  Over the past few years we have gotten ourselves completely out of debt, have paid off our mortgage (in 2 years) and have significantly increased our net worth.  

The fact that you are reading our blog post about transforming your finances shows that you are ready to make some changes in your life too. This Challenge is a great way to start.  I know for a fact that you will benefit from all of the ideas that we provide to you. And if you haven’t already, check out WEEK 1 for even more suggestions.  

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WEEK 2:

1. Sell Unwanted Items Online

It actually feels really good to declutter our home and to get rid of material things that we just don’t need or want anymore.  If you are like us, you have a house full of stuff that is just taking up space. Why not sell your unwanted items and kill two birds with one stone: Declutter and Make Some Money while you are at it. 

Yes, we all have that one friend who had a horrible experience, meeting that weirdo from Craigslist.  But, I have never had a bad experience selling (or buying) an item online.  

For larger items we use OfferUp, Craigslist, or Facebook Marketplace.  One thing that I like about OfferUp is that you rate (and get rated) as a buyer/seller, all correspondence happens on the app, and everyone has a profile.  Ebay is also a great resource to sell smaller items that will not cost too much to ship.  

2. Take Advantage of Cashback Sites

If you are going to make a purchase online you should first go through a Cashback Site. A Cashback site receives a percentage of your purchase (from the store) as payment for “referring you” to the retail outlet that you are purchasing from.  They are then able to pass part of (or all of) that percentage on to you as an incentive for using the cashback site. It’s pretty simple to sign up, search for a store, and essentially receive free money for making a purchase that you would have made anyway. 

Some of the Cashback sites that we use are: TopCashBack, Rakuten, and MrRebates. 

Bonus: Use this link to Sign up for Rakuten, spend $25 within 90 days and get $10!

3. Unsubscribe to Store Emails

Do you receive daily store emails promoting sales?  Do you click on all of these emails then spend hours of your time going down the rabbit hole of online shopping? GUILTY.  Here’s a simple solution to save you time AND money. UNSUBSCRIBE. 

4. Cook Your Meals at Home/Bring Your Lunch to Work

It’s a pretty simple change that can make a big impact.  We all have those co-workers who go out to lunch a few times a week, or maybe that someone is you.  If you go out to lunch 3x/week and spend $10 each time you will be spending $120/month. That $120/month turns into $1,440/year.  

Instead of spending all of that money going out to eat, that money could be used to make extra student loan payments, to pay off your credit card bills in full, or to invest.  Also, by cooking at home you will probably make much better food choices than when eating out at a restaurant.  

Related Articles:

What You Can Do In One Month To Save Money And Transform Your Finances: Week 1, Week 3, Week 4

Frugal Living Tips That Make A Big Impact

5. Create a Budget

Budgeting is the development of a plan to spend your money.  It helps you to know in advance where your money is going and ensures that you will always have enough money for the things that you need.  

Budgeting isn’t necessarily about restricting your spending and cutting out all of the fun things that you do in your life.  It is more about knowing how much money you make, how much money you spend, and allocating your funds to the appropriate places. 

Creating a budget and sticking to it takes discipline but it’s a great tool to use to keep your finances on track.  

6. Renegotiate Your Salary/Ask For a Raise

Did you just cringe while reading that?  I think it’s fair to say that most people don’t ask for a raise and evade this subject like the plague.  But if you feel that your pay is not where it should be and that you bring a lot of value to your company then you should ask.  Negotiating a higher salary is never comfortable and you should always do your research and prepare beforehand. You never know, it may just surprise you when your request for an increase in pay is granted.  

7. Go on a Spending Fast

A spending fast is when you decide to only spend money on necessities.  You can choose a weekend, a whole week, or a whole month where you don’t spend money on unnecessary items.  It forces you to look at your spending habits. A spending fast may also drive you to try new activities and discover new ways to spend your time.  It may not be easy at first but it will hopefully turn into a lifestyle change.