How We Are Saving $50 a Month With No Extra Income - And How You Can Too! (2024)


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Hubby and I were sitting down at one of your budget meetings…. Ok we were sitting on the couch and I had just finished paying bills and was telling him where the money went. Somehow we got on to the topic of saving money hewe decided we should try to save $50 a month in addition to what we already put into savings. My eyes narrowed, I won't lie the thought of screaming ‘Are your INSANE' crossed my mind. The reason being we already budgeted down to $0 EVERY month. Every penny was accounted for! So how I was going to find an extra $50 a month without taking on an extra job, which I didn't have time for?

How We Are Saving $50 a Month With No Extra Income - And How You Can Too! (1)

Well I like a challenge so I started to think about it. The more I thought the more I was at a loss. Then one day I was walking through our garage and TRIPPED over my idea. No joke!

See the picture below? (you can click the picture to make it bigger although I don't know why you would want too) That is my 2 car garage that we can't fit a car into. See that path down the middle? That is how we come in the house. We pull into the dive away walk down that tiny path to the door that open into the dining room. This garage is pretty much the boxes that have not been unpacked since we moved in …. almost a year ago.

How We Are Saving $50 a Month With No Extra Income - And How You Can Too! (2)

I figured if in a year? We haven't needed them? We probably NEVER will.The mattresses are brand new and for the girls room, we are just waiting on the bed frames to get here but really other then that I didn't know what else is out there.

So I decided I was doing to clear the clutter, use the Facebook groups and sell the junk to make $50 a month. I figure I couldpace myself and not have to tackle the garage all at once.

So I took a run down of what I saw that I wouldn't touch,we have 2 freezers in there we use for our once a month grocery trips. There is some furniture, a dining room set that is a family heirloom, a crib, and desk I want to re finish, and then there is the baby stuff like the bouncer she will grow into.

So here is how I have done since January on my saving $50 a month.

So I go and look at find BOXES of diapers. We have 2 in diapers, our 2 year old is in size 6 and baby girl (who is 7months old can you believe it!) is in size 2s yet I found a box and a half of size ones.

Month 1

Sold the diapers for $30. Next I opened my first box. A Bunch of DVDs that we decided to get rid of some still at the plastic on them! Once I sold $20 I was done for the month. Took me about 15 minutes to find another 15 to list there was my $50!

Month 2

I sold the rest of the DVDs for $10. Then I found our old printer. We bought a new one that prints more paper about 3 months ago, this printer also had 8 full ink cartridges, Sold it for $40. DONE for the month.

Month 3

The next box I open had some kids toys since my kids have enough toys I put what pieces I could find together and sold what I could and made $20. The next box I opened was full of scrapbook supplies. I have never put a scrapbook together in my life, did I need to keep them? Nope! I made $40 selling everything in the box. $10 over this month!

Month 4

Month 4 I tacked the boxes of holiday decor. My fall/Halloween box had items that we hadn't even used, still new in the box and with tags. I probably could have made more if I waited to sell around October but I wasn't going to wait. I made $30 on it. I also sold our old grill for $40. $20 over score!

Sadly in 4 months there is still not a dent made in the garage! I have kids clothes, holiday decorations, kitchen supplies, household decor and more to sell.

So my tip to you is find someplace in your house that is cluttered and go thru it, If you haven't used it or needed in the last 6 months chances are are you can safely get rid of it! List it for sale and whatever you make is found money!

We recently started using Digit (use my link so you don't get waitlisted! Read more about Digit here.) it helps us save money without having to really think about it by analyzing out spending patterns! It's free to use! It has helped us save about $50 or more month as well!

How We Are Saving $50 a Month With No Extra Income - And How You Can Too! (2024)

FAQs

How much will I have if I save $50 a month? ›

If you set aside $50 a month for one year, you'll have $600 saved. That's better than $0. As you continue to contribute more money, your account balance will grow. By keeping your extra cash in a high-yield savings account, you can earn interest while your money sits in the bank.

Is saving $50 a month good? ›

Contributing $50 a month to an investment account can help create impressive savings, even at a moderate 5% annual growth. It's a common myth that you need a few thousand dollars to begin investing.

How can I save money without extra? ›

How We Make Money
  1. Focus on small changes in various budget categories.
  2. Automate your savings into a high-yield savings account.
  3. Earn interest on your checking account.
  4. Use those three-payday months to save more.
  5. Keep a budget.
  6. Shop around for insurance rates.
  7. Refinance your mortgage.
  8. Find a way to save on rent.
Oct 19, 2023

How can I save money if I don't make money? ›

Learn the power of “no” (or “not now”).
  1. Make a budget. A budget is just a plan for your money. ...
  2. Say goodbye to debt. ...
  3. Set a savings goal. ...
  4. Save money automatically. ...
  5. Buy generic. ...
  6. Meal plan. ...
  7. Cancel some subscriptions and memberships. ...
  8. Adjust your tax withholdings.
Apr 5, 2024

How much is $50 a month? ›

$50 monthly is how much per year? If you make $50 per month, your Yearly salary would be $600.

Can you survive on $50 dollars a week? ›

Planning out your meals so you use all of the ingredients, both raw and cooked, plus pantry staples and frozen goods means you can make a week's worth of dinners for around $50 in groceries.

Is saving $500 a month good? ›

The short answer to what happens if you invest $500 a month is that you'll almost certainly build wealth over time. In fact, if you keep investing that $500 every month for 40 years, you could become a millionaire. More than a millionaire, in fact.

What if you save $100 dollars a month? ›

Your Retirement Savings If You Save $100 a Month in a 401(k)

If you're age 25 and have 40 years to save until retirement, depositing $100 a month into a savings account earning the current average U.S. interest rate of 0.42% APY would get you to just $52,367 in retirement savings — not great.

How to invest 50 dollars a month? ›

  1. Invest in a high-yield savings account. The quickest way to put that money to work? Toss it into a high-yield savings account. ...
  2. Invest in the stock market. Invest in your financial health. Download a free investment app, and stick that $50 into your favorite company. ...
  3. Buy a $50 cure. I work from home. A lot.
May 19, 2023

How to save when you're broke? ›

Jaspreet Singh: 10 Ways To Save Money When You're Broke
  1. Quit Using Credit Cards. ...
  2. Cook More at Home. ...
  3. Plan Your Meals. ...
  4. Get Smarter About Free Stuff. ...
  5. Switch Your Provider. ...
  6. Visit Your Library. ...
  7. Look Into Refinancing Your Loans. ...
  8. See Which Perks You're Eligible For.
Oct 14, 2023

How to live off low income? ›

These seven tips may be able to help.
  1. Understand your current financial habits. Not sure how to start spending less? ...
  2. Create an effective budget and stick to it. ...
  3. Look for ways to reduce spending. ...
  4. Set financial goals for future success. ...
  5. Save for emergencies or major purchases. ...
  6. Pay down debt. ...
  7. Stay aware of lifestyle creep.

How to live poor and save money? ›

How To Save Money Fast On a Low Income: Making Ends Meet
  1. Create a Budget. ...
  2. Open a Savings Account. ...
  3. Save Money on Bills and Utilities. ...
  4. Cancel Unwanted Monthly Subscriptions. ...
  5. Pay Off Outstanding Debts. ...
  6. Always Look For Deals. ...
  7. Change Your Financial Institution. ...
  8. Get A Side Job.
Jan 26, 2024

How to aggressively save money? ›

Tips for Building an Aggressive Savings Plan
  1. Paying Yourself First. ...
  2. Getting Out of Debt. ...
  3. Tracking All of Your Spending. ...
  4. Utilizing a Budgeting Method. ...
  5. Cutting Down Expenses. ...
  6. Opening a High-Yield Savings Account. ...
  7. Starting a Side Hustle. ...
  8. Avoiding Eating Out at Restaurants.
Sep 21, 2022

How to go from living paycheck to paycheck? ›

10 Tips to Avoid Living Paycheck to Paycheck
  1. Focus Funds on Fundamentals.
  2. Get Better Deals.
  3. Refinance or Repackage Debt.
  4. Downsize Big Expenses.
  5. Boost Your Income.
  6. Pay Yourself From Your Paycheck.
  7. Manage Impulse Spending.
  8. Delay High-Ticket Purchases.
Jul 27, 2023

How to save money without a job? ›

How To Waste Less And Save More Money When Unemployed
  1. Batch your in-person job search activities. ...
  2. Find no- or low-cost ways to keep your skills updated. ...
  3. Resist the urge to splurge on yourself with a ready list of cheaper alternatives. ...
  4. Target money-making activities as part of your longer-term job search.
Feb 9, 2024

How much per month to save $10,000 in a year? ›

“To save $10,000 in a year, you need to save approximately $833 per month,” he said. “Having a monthly target makes the goal more manageable and trackable.” If a monthly goal still feels unmanageable, try breaking it down by week. If you want to save $10,000 in a year, you would have to set aside about $193 per week.

Is $500 a month enough saving? ›

Investing $500 a month could make you a millionaire in 30 or 40 years. You don't need to be a financial expert, but understanding how to build a balanced portfolio will go a long way.

How much will I have if I save $100 a month for 30 years? ›

Investing $100 per month, with an average return rate of 10%, will yield $200,000 after 30 years. Due to compound interest, your investment will yield $535,000 after 40 years. These numbers can grow exponentially with an extra $100. If you make a monthly investment of $200, your 30-year yield will be close to $400,000.

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