Ideas for saving money!

Many people believe that in order to save money they must have a large amount to put into savings or to invest. Of course, this is not the case. There are many ways and many amounts that you can begin to save money. And the most important aspect is just to start. Some great ideas are a daily savings amount, a weekly amount, an amount taken from each paycheck, or a consistent automatic transfer.

Daily Savings

Any amount big or small is not the most important aspect of saving money. For instance, take an empty mason jar and commit to placing an amount in it every day. It can be as small as 50cents. If you place 50 cents every day for 1 year you will have 182.50. The key to this plan is consistently sticking to an amount that you can handle.

Weekly with envelopes

In this technique, the suggestion was to take 100 small envelopes and label them 1-100. 1x a week randomly pick 2 envelopes and place that amount of money in each and tuck it away. In this example, you will have saved 5,050 dollars in 1 year. The problem I had with this method is that let’s say I pick 2 large amounts. I don’t necessarily have that kind of money. so sometimes I would have to redraw a different envelope. What I found out was more manageable was using 50 envelopes and not 100. I pick 1 envelope a week. this was a more manageable method. Of course, you will only have 1,275 dollars. But again some is better than none.

weekly auto transfer

Sometimes, an automatic weekly transfer to an account that is not easily accessible is a good way to save. I use credit karma has a savings account option and I have a small set amount that is easy to handle but over time adds up to quite a bit of a balance.

paycheck method

There is a nice option that if your job has auto deposit of your pay check you can allocate an amount to a separate account and the rest goes in to your bills account. This helps in that you never really miss the amount placed in the separate account. This is especially true if you get a raise. By allocating that new raise amount to a separate account you don’t rely on it and you never miss it.

Conclusion

No matter which method works for you, it is most important that you start. I actually use 2 of the methods. I have a Kredit carma savings amount, I use the 1-50 envelope method. The 2 methods allows me to accumulate a small amount so that I can build an amount that I can invest when it gets to a certain amount.

Make Money online – Opportunities to work from home

There is an abundance of ideas and recommendations on the internet that seem alluring to make money online.  It is very appealing to believe that not only can you make money from home but that you have opportunities to work towards a life that is free from debt. Some of the main areas I have recently done a lot of searching and learning about are affiliate programs and dropshipping.   Of course, there are many more such as, promoting your own business or products especially if you have a specialty that you can teach or train.   But affiliate programs and dropshipping don’t take much cash to start up.

Affiliate progams

Affiliate programs are a fairly easy and quick way to get started.  Commissions can be anywhere from pennies to large dollar amounts depending on the Niche you want to focus on.  The great thing is that you don’t have to be an expert on a niche.  You will become an expert solely by being dedicated and doing your research.  Essentially any product or service company has an affiliate program.  For example, retail stores have affiliate opportunities.  With a click of a button, you will have the opportunity to place their information on your websites and promote their products.  When someone clicks on your link to buy the product you will get a commission.  It’s that simple

Dropshipping

Another great area is Dropshipping.  Here you create your online store name and begin to add products to your store.  The key to a great dropshipping business is finding those products that are unique.  Products that people don’t necessarily actively search for but unique items that they come across on your sites and realize it’s an item they really want to try.  It’s more like impulse buying.  I find myself impulse buying when I am on let’s say Facebook and some rare new item pops up.  I think wow that would be an awesome item to have and I find myself drawn to click on the site to learn more about it.

Product promotions

Promoting your own products is an area that may eventually return pretty good profits but the initial start-up costs could require more than most people can afford.  you will see these people on shark tank asking for capital for shares of their business.  The most important thing there is having a business plan as well as showing those shark tank investors that you have done your research and really have a sound business idea.  For some people, this can get more complicated than they can develop.  You almost have to be an expert on developing business plans and that really is an area that most people don’t know much about.  Just having a great product isn’t enough.  There is also the reality that you need to pay for a patent in order for others not to copy your ideas.  these can get pretty costly and sounds super boring to me.

Training and education

Another great idea is using youtube videos to promote training ideas and education material. For example, maybe you are great at creating something unique or even something that is common.  Let’s say for example quilting, if you are really good at training and teaching others you could build a complete business around developing training videos and training programs to sell.  This can be pretty profitable in that you have almost no upfront costs.  Profits can be near 100%.   The downside to this is do you feel comfortable enough to put yourself on videos?  Me personally it gives me some anxiety to think that I can create videos that anyone would want to watch or learn from.

No matter what area interests you the main objective is to pick something and get started.  There is a multitude of training videos and programs out there selling their services that will help support you in whatever area you decide to initiate.   But just like the lottery, you can’t win until you play, with regards to online money making,  you can’t make money until you get started!

About Theresa

Welcome to my site.

This is all new to me.  I want to develop a site that will allow people to follow me on my new journey.  My very first job was delivering papers when I was 12 years old and I would spend every bit of my weekly pay.  These are the trends and habits I have demonstrated my whole life.  I live paycheck to paycheck and create more debt.  It seems like making more money only causes more spending and the vicious cycle continues.

It seems we all are looking for those “other” options to working 9-5 jobs.  We have common wants, desires, and aspirations.  I want to have a safety net that will allow me to have other options than living paycheck to paycheck.  I think daily about what my life will look like if I remain on the same path I am on now.  I see myself in a future of homelessness, heavy debt, and daily stress levels that can lead to health issues.

I want to give people the benefit of my recent struggles and successes. That may be by seeing what didn’t work or does work will help others to get ahead more quickly.

The goal of my site is to be informational at the very least but to offer suggestions and solutions to areas that are very delicate.

If you ever need a hand or have any questions, feel free to leave them below or email me at tlundy@transcendfinancialindependence.com and I will be more than happy to try to help you out.

All the best,

Theresa Lundy