Are you tired of living paycheck to paycheck and struggling to make ends meet? Are you looking for a way to increase your monthly income without having to take on a second job? If so, you’re in luck! With a little bit of creativity and a lot of determination, you can easily earn an extra $700 each month. In this article, we’ll share 10 frugal ideas that can help you do just that.
Rent out a spare room
Do you have an extra room in your home that you’re not using? Consider renting it out on platforms like Airbnb or VRBO. Not only will this help you earn an extra $700 each month, but it will also allow you to make some new friends from all over the world.
Sell unused items
Take a look around your home and ask yourself, “What do I no longer need or use?” Whether it’s clothing, furniture, or electronics, there are a number of websites and apps where you can sell your unwanted items for cash.
Cut your monthly bills
Take a closer look at your monthly bills and see where you can make some cuts. You may be able to reduce your cable bill, lower your cell phone plan, or even cut out unnecessary subscriptions. The savings you achieve can add up to a significant amount over the course of a year.
Offer your services as a freelance worker
Do you have a skill that you can offer as a freelance worker? Whether it’s writing, graphic design, or social media management, you can easily earn an extra $700 each month by offering your services to others.
Start a side business
Are you passionate about a particular hobby or skill? Consider turning it into a side business. This could include anything from selling handmade crafts to offering pet-sitting services. The possibilities are endless!
Rent out your car
If you have a car that you’re not using all the time, consider renting it out on platforms like Turo. This is a great way to earn an extra $700 each month without having to do much work.
Take on odd jobs
Do you have a handyman or landscaping skill that you can offer to others? Take on odd jobs in your neighborhood or offer your services on websites like TaskRabbit.
Invest in stocks
Investing in stocks can be a great way to earn an extra $700 each month. Do some research and consider investing in a low-cost index fund or other diversified portfolio.
Save on groceries
One of the biggest expenses for most households is food. By creating a budget and meal planning, you can easily save hundreds of dollars each month on groceries.
Reduce eating out
Finally, consider reducing the amount of money you spend on eating out. Whether it’s cooking more at home or finding cheaper dining options, you can easily save an extra $700 each month by reducing your food expenses.
FAQs
Q: Can I really earn an extra $700 each month with these frugal ideas?
A: Yes, it’s possible to earn an extra $700 each month by implementing these frugal ideas. However, the exact amount you earn will depend on your personal circumstances and the effort you put into it.
Q: Do I have to be good with finances to implement these ideas
A: No, you don’t have to be an expert in finances to implement these ideas. Many of them, such as cutting your monthly bills, reducing eating out, and saving on groceries, simply require some common sense and a willingness to make changes in your daily habits. However, if you’re interested in investing in stocks, it may be wise to seek the advice of a financial advisor.
There are plenty of frugal ideas that can help you earn an extra $700 each month. Whether it’s renting out a spare room, selling unused items, cutting your monthly bills, or starting a side business, the key is to get creative and take action. So, take a look at the 10 frugal ideas we’ve shared, pick the ones that appeal to you, and start earning an extra $700 each month today!
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