side jobs

How to Turn Your Instagram Account Into a Paying Gig

Camilla Cheung — Thu, 16 Nov 2017 09:30:10 +0000

When it comes to digital marketing, Instagram is at the top of the heap. With 800 million users as of September 2017, the visually-driven platform is a big moneymaker for brands who are savvy about social media marketing.

So how can you leverage that marketing power to make some money off your own Instagram account? Assuming that you're just a regular individual who has built an engaged following, there are certainly ways to make an extra buck or two, or even support yourself, using your Instagram account. (See also: 5 Social Media Stars Who Earn Way More Than You)

1. Create sponsored posts

If you have a lifestyle or product-driven Instagram account, doing a few sponsored posts can provide a neat little side stream of income. Once your account has amassed a few thousand followers, you can start reaching out to brands (or they'll reach out to you) about doing a paid post. How much you'll be compensated varies greatly depending on the brand, how specialized your niche is, how engaged your followers are, and whether you'll include other services, like writing a blog post or hosting a giveaway.

Be wary of fatiguing your followers with constant sponsored posts, however. The whole reason why Instagram marketing is so popular is because it seems more authentic and engaged with its audience than traditional forms of marketing. Too many sponsored posts could make you look like you're just a brand mouthpiece.

2. Create content

With the growing importance of Instagram marketing, many brands are focusing more of their ad budget on creating content for social media channels, and often they hire freelancers for this rather than employ full-time staff. With this comes a whole new job category, the content creator — someone who is paid to create photos and written content for Instagram posts.

You don't need to have a huge following to sell your services as a content creator, but you do need creative photos and captions. Many brands are finding that it is less expensive to hire a content creator than to hire a professional photography studio — the photos don't need to be as detailed or as formal-looking, and can often be taken with natural light. You can also sell your Instagram photos through services like Snapwire, Foap, and Lobster Media. (See also: Earn Extra Income With Your Smartphone Camera)

For written content, instead of going through a marketing firm, some brands (especially smaller ones) are hiring freelance copywriters instead. What this means is that Instagram users with clever captions and descriptions are able to find work in content creation by using their Instagram accounts as an online portfolio.

3. Turn free products into paid work

Influencers, even small ones with just a few thousand followers, are often inundated with offers of free products in exchange for an Instagram post, a review, or a shoutout. While free products can be fun, they don't pay the bills.

What you can do, however, is turn these offers of free product into paying gigs. For products that I'm interested in, I'll often create an Instagram post using the free products. If the brand reacts favorably, I might email my contact at the brand offering freelance writing or photography services. Quite often, pitching brands for paid work turns into an opportunity to blog for them, create a set of product photos, or for long-term collaboration. (See also: How I Scored Tons of Free Stuff By Building a Small Social Media Audience)

4. Become a brand ambassador

Becoming a brand ambassador can set you up for steady income every month. Brand ambassador programs can vary greatly in compensation, from free products and an affiliate incentive, to monthly paid partnerships. Here, your status as an influencer will play a large role — the more engaged your followers are, the better a package you can negotiate. It's always best to work with a brand you truly believe in, so that you are authentic to your followers when you promote it on a consistent basis.

5. Do brand consulting

Once you have amassed a good number of followers who respect your opinion, some brands recognize that you may have good feedback to give them on how they market their brand. They may be willing to pay for that feedback. I personally know a few bloggers/Instagrammers who have been paid to spend a few hours chatting with a company about their products and how they can improve their brand image. There's also a whole category of Instagram consultants who help small or new accounts and brands polish their social media strategy and their Instagram feed.

6. Earn through affiliate networks

Earning money through an affiliate network means that every time someone makes a purchase based on your influence (by clicking an affiliate link with your unique code attached to it), you gain a commission. Affiliate sales can be a great way for influencers to earn income, but they tend to be more effective if you have a large following or if the product you're marketing is super popular. Nevertheless, affiliate sales can be another way to diversify your income stream, and for some influencers they can be extremely lucrative.

Because personal accounts on Instagram allow only one live URL (the link in your profile bio), and do not allow direct linking through Instagram photos, affiliate marketing on Instagram is different from blogs or other forms of social media. Some influencers have turned to third-party apps like LIKEtoKNOW.it, which send subscribed users an email with links to buy the products when users click "like" on an influencer's photo. You can also send users to your blog or another website where you have your affiliate links available.

7. Adhere to federal requirements

It's important to remember that the Federal Trade Commission notes that all Instagram posts (even the temporary posts on Instagram Stories) should fully disclose if the creator received compensation in any form for the post. This applies to free products as well as to monetary compensation. On Instagram, you can use the hashtags #ad, #sponsored, or an explanation in the caption. If you're going to be making money off your Instagram account, you must be upfront about it with your followers.

You must also be responsible for reporting your income and paying taxes on it, so you will want to factor that into your asking rates. Brands who pay you are reporting their expenses on their end, so you must also report them when you file your income taxes to avoid a potential penalty.

If you've spent time building a following on Instagram, why not make it work for you financially? You might be surprised at how our growing social media use has resulted in a growing industry where you could earn some extra money, or even start an unconventional new career.

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This article is from Camilla Cheung of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

8 Seasonal Side Hustles That'll Cover Your Holiday Spending

Paul Michael — Mon, 06 Nov 2017 09:00:07 +0000

The stores have been stocking decorations for months now. Seasonal music is starting to play. Catalogs are being mailed out. There's no escaping it: The holidays are coming, and with them, wallet-emptying events, gift purchases, and groceries.

If you're thinking, "How am I going to afford it all?" then maybe it's worth looking into a seasonal side hustle. These suggestions will put a bit of extra cash in your pocket — and you may even find yourself having a lot of fun along the way. (See also: 14 Best Side Jobs For Fast Cash)

1. Mall Santa (or one of his elves)

It wouldn't be the festive season without a visit to Santa at your local mall. Almost every shopping center in the country will set up a grotto of some kind, and outfit it with a Santa look-alike and perhaps an elf or two.

Obviously, the first and biggest qualification for this job is that you should kind of look like Santa to begin with. Although fake beards and wigs are used, most of the mall Santas these days have their own flowing white beards. Not only will you need to look the part, but sounding jovial and belting out the "Ho, ho, ho" tagline is also a must. You should be ready to wear a smile all day, be very excited for every kid, and have a genuine love for children and the season.

Although the average mall Santa makes around $10 per hour, some establishments pay up to $20 per hour or higher. If you don't bag the part of Santa, there are also openings for Mrs. Claus in some malls, or elves and other helpers.

2. House decorator

While most of us like the tradition of putting up the tree and decorations after Thanksgiving, some people either cannot do it themselves or would rather someone else do it. That's where you can come in and make a tidy sum.

As you would expect, this is a very seasonal business model and is only going to give you about three to four weeks of work at best. But even if you only do it on nights and weekends for a few weeks, you can earn anywhere from $50 to thousands of dollar per home, depending on the scale, the difficulty, and the wealth of the family. Do a couple of these gigs, and you'll have more than enough to fulfill every gift wish on the list.

You will need some basic equipment, including a long ladder, staple gun, and working knowledge of electrical systems, and should be prepared to work in the rain, snow, and hail. You'll also need to be able to transport your equipment and be ready to come out and fix issues after you have installed the lights.

3. Package delivery

'Tis the season to completely overload the mail system. And there have never been more opportunities available to help deliver those packages and make a bundle of extra cash in your spare time.

Right now, Amazon is boosting jobs in many areas of its business, and one of those is delivery. It's called Amazon Flex and it pays $18–$25 per hour. You set your own schedule, so it's ideal as a side hustle that you can do after work and on weekends.

There are also services like Doorman that put you in touch with a wide range of companies looking for help delivering packages. You may also be able to deduct the mileage and transportation costs from your taxes. And with every smartphone having some kind of GPS map service installed, you don't have to know the area well to deliver packages in a timely fashion.

4. House and pet sitting

We're approaching some major holidays, including the mother of all get-togethers — Thanksgiving. Before the big day, thousands of people pack their bags and travel around the country to be with family and friends, leaving homes and pets in need of caretakers. And that's when you can step in and make a nice chunk of change.

Put an ad up on Craigslist, or make your services known on an app like Nextdoor, Rover, or DogVacay. Obviously, you will want to get a group of solid references together; people are not going to entrust their home, valuables, and pets to a complete stranger without some great reviews. And if you have done this kind of thing before, even better.

The owners may want to do a background check on you, and you should be willing to help pay for that. However, for just a few days of work doing basically nothing, you can net $250–$300 easily. It can be a lot more if there are many pets to look after. And if you need to be walking the dogs, too, that can also add to your fee. (See also: How to Make $400+ a Week as a Pet Sitter)

5. In-store gift wrapping

Are your gift-wrapping skills the envy of your family and friends? Can you wrap all sorts of gifts, including those with weird shapes and sizes? Are you OK standing on your feet for almost the whole day? If you were nodding your head through that whole intro, you could pick up some great seasonal work as a gift wrap associate in one of the many stores in the mall.

This time of year, free gift wrapping is a big lure for shoppers. Department stores, toy stores, and lingerie stores in particular love to offer free gift wrapping, and you can make $10–$12 per hour, plus tips, for providing this much-appreciated service.

You will have to perform under pressure at times, especially during Black Friday and the week before Christmas, and you may also have to smile through the comments of irate customers. But if none of this phases you, you can make enough money to easily cover your own holiday spending.

6. Warehouse associate

As the demand for products increases toward the end of the year, many companies take on part-time warehouse associates to help out. From Amazon and Walmart, to UPS and FedEx, the type of job you will be doing varies from company to company.

For example, Amazon warehouse workers could be selecting and boxing up groceries for their Fresh and Pantry services, or packing up regular orders from its massive inventory. Amazon fulfillment centers are located in many states around the country, and chances are your state has one already, or one is coming soon.

Although it is part time work, the flexible hours may not be an ideal match if you have a current full time job. This is shift work, and working from 4 p.m. to 2 a.m. is common. Also, you'll need to dress warm in some states, as the warehouses can get pretty cold. You'll also be expected to lift around 50 lbs. with ease, and as this is a very physical job, you should be in fairly good shape. You can expect to earn around $10–$12 per hour, plus you'll probably get overtime pay and other benefits.

7. Uber or Lyft driver

A lot of people are already doing the "taxi driver in my spare time" gig, but things get really busy during the holiday season. Additional drivers are always going to be welcome, especially this time of year. So if you have a car that's in good condition, reliable, and you don't mind putting on extra miles and wear, you should consider the Uber and Lyft option around the holidays.

Uber and Lyft drivers make around $15 per hour, and Lyft offers weekly income guarantees that vary by city. You should be prepared to work most evenings and weekends leading up to the end of the year, and even with all the extra cabs on the roads, you can still expect to take advantage of surge pricing and make a handsome profit.

On Halloween, Thanksgiving, and Christmas Eve, it's not unusual to see the fares surge by six or seven times. And on New Year's Eve, people have paid 10 times the normal fare to get home. That's $300 for a cab that would usually cost $30. Do a few of those and you're really in the money.

If you prefer not to chauffeur, Uber also offers the Uber Eats service. That would simply mean picking up and dropping off food without ever having anyone in your car. (See also: How to Make More Money as an Uber Driver)

8. Mystery shopping

With the holiday season comes a massive influx of traffic to brick and mortar stores nationwide. And to ensure standards are kept high, these businesses employ mystery shoppers to evaluate and report back.

If you aren't familiar with the role, mystery shopping is a job that you do in your spare time, based on assignments sent to you by companies as varied as grocery stores, car dealerships, restaurants, and even liquor outlets. You will shop at the store like a regular customer, and never reveal your intentions to the employees. You make a purchase, interact with the staff, and report your findings to the company that employed you. You will be reimbursed for the item you purchased (there will be a limit based on the store you're in) plus additional money for your time. (See also: Check Out These 5 Legit Mystery Shopping Gigs)

You can have a lot of fun getting paid to do things most people have to pay money to do. However, there are plenty of scams out there, so make sure you register with a legitimate Mystery Shopping Providers Association of North America member.

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Don't Get Audited! How Your Side Gig Needs to Handle Taxes

Damian Davila — Thu, 26 Oct 2017 09:00:06 +0000

The gig economy is booming. In 2016, a TIME poll found that 45 million Americans offered some kind of good or service through an online platform, whether it was running errands, renting out their homes, or offering rides in their cars. With so many people earning extra income this way, you can bet that Uncle Sam wants its fair share of those earnings. Understanding some basic rules about taxes in the gig economy can help you avoid frustration and penalties.

Renting out your home

At $924 per month, Airbnb hosts command the highest average monthly income out of all others taking part in the sharing economy. Here are some key things to keep in mind if you rent your space. (See also: 13 Things I Learned From Renting Out My Home on Airbnb)

1. The 14-day rule

According to the IRS, if your rental property also serves as your residence, and you rent out the space for no more than 14 days during the year, you don't have to report those earnings as income. Note that you also cannot claim any deductions from rental expenses if you rent for fewer than 14 days per year.

Airbnb and similar companies will still report your earnings even if you're under the two-week threshold. But as long as you provide documentation that you meet the 14-day rule, you don't have to include rental income on your federal return. If you do have to report income, use Schedule C or E of Form 1040.

2. Deductible expenses

The IRS allows you to deduct a long list of applicable costs for your rental operation, including advertising, cleaning and maintenance services, utilities, property insurance, and property taxes. Check the rental section on IRS Publication 527 for a full list of eligible expenses.

You can deduct 100 percent of direct rental expenses such as fees to Airbnb and rental insurance, and allocate a portion of general expenses such as mortgage interest and utilities. If you only rent out a room that is one-sixth of the size of your home, you can only allocate one-sixth of a general expense.

3. Form 1099-K

When you earn over $20,000 and make over 200 transactions in a calendar year, Airbnb will issue you a Form 1099-K. Airbnb will mail you this form and keep an electronic copy under "Payout Preferences." This form is an IRS information return used to report certain payment transactions, which improves your voluntary tax compliance.

4. Pay attention to local occupancy taxes

On top of the IRS, you should also keep an eye on state and local government agencies. For example, throughout 2017 the House Finance Committee of Hawaii is evaluating an "Airbnb bill" to collect hotel room and general excise taxes from Hawaii-based short-term and vacation rentals.

5. Report rental losses

In the event that your rental operation goes sour, you can deduct losses up to applicable limits. Let's imagine that you own a $400,000 home and that you spent $400 to get a room ready for rental. However, nobody took you up on your offer. Per the IRS at-risk rule (for property placed in service after 1986), you can write off up to $400,000 in rental losses. So, you can deduct the $400 as a rental loss on your return.

Driving people in your car

Lyft and Uber drivers make an average $377 and $364 per month, respectively. Here are some tax-related pointers to keep in mind when declaring that income. (See also: How to Get a High Rating and Make More Money as an Uber Driver)

1. Keep track of all 1099s

Unlike a full-time employer, Uber and Lyft won't issue you a W-2. Instead, these and other ride-sharing companies issue two types of 1099 forms to most drivers.

Form 1099-K: Includes all payments that you received from customers directly related to driving.
Form 1099-MISC: Keeps track of all other non-driving income, such as payments for referrals and other types of bonuses.

While companies aren't required to issue a 1099-K unless you process 200 transactions or more (and make at least $20,000), and they're not required to issue a 1099-MISC unless you make at least $600, Uber and Lyft generally will issue those forms anyway just to remind you to report your income made through ride-sharing.

On Uber, access your tax documents by logging in to partners.uber.com and clicking "Tax Information." On Lyft, look for tax documents in the "Tax Info'" tab of the "Driver Dashboard" of your Lyft app.

2. Deduct applicable expenses

You'll quickly notice in Box 1a of your 1099-K that the reported amount is actually greater than what you received. The reason is that the reported amount in that box includes Uber's commission and other fees. On your Schedule C, Profit or Loss from Business (Form 1040), you can deduct those fees and other applicable expenses. Some examples are:

Bottled water and snacks for your passengers.
Business taxes and license costs.
Highway tolls.
Car cleaning expenses.
Car maintenance costs.
Gas.

It's a best practice to keep a copy of all receipts so that you can back up your claims. One great way to do so is to open a bank account or credit card and use it solely for driving-related expenses. That way, your monthly statement becomes your monthly expense report. (See also: When You Should Get a Business Credit Card Over a Consumer Card)

3. Include mileage in your return

Within your 1099s, you'll also receive a summary for "On-Trip" mileage. For all business miles driven in 2017, you can deduct 53.5 cents per mile. So, if you were to drive 2,000 miles, you would deduct $1,070 (2,000 x $0.535) on your return.

You may also deduct additional miles that Uber and Lyft didn't report as long as those miles are directly related to your gig. Some examples are miles that you drove before a ride was canceled or on your way to meet an Uber or Lyft inspector. Keep a detailed log of those miles and include date, time, initial mileage, and final mileage.

4. Consider getting a separate smartphone

An internet-enabled smartphone is a key part of your operation. To make it easier for the IRS to identify what mobile phone expenses are related to your driving, get a new phone and use it exclusively for Uber or Lyft. This way you'll be able to deduct 100 percent of all phone costs, including cost of the phone, monthly charges for voice and data, and any essential accessory (chargers or mounts) from your driving income.

Tips for all side giggers

Whatever your gig, be sure you're keeping up with your taxes.

1. Report all income

From assembling furniture through TaskRabbit to delivering business supplies with Postmates, there are plenty of other ways to make money through the sharing economy. (See also: 13 Ways to Make Money Online That Aren't Scams).

All companies have to issue you a 1099-MISC once you make $600. Even when you don't hit that threshold and don't receive a form, report the income on your return. The IRS charges a 25 percent inaccuracy penalty on top of applicable taxes and interest for late payments.

If you happen to complete additional tasks or services for a client that aren't tracked on an app or website, it's a good idea to still include them in your income. When you're making the bulk of your income through the gig economy, your federal tax return becomes a key document to prove how much you make per year. This can be useful when applying for a credit card or other form of credit.

2. Make estimated federal and state tax payments

Lessen the tax blow by submitting estimated tax payments throughout the year. Use Form 1040-ES, Estimated Tax for Individuals to submit tax payments up to four times per year. For tax year 2017, you can submit payments on April 18, June 15, September 15, and January 16, 2018.

Most states also allow side-giggers and freelancers to submit estimated tax payments. To learn more about your state tax obligations, contact your local state tax office.

3. Adjust withholding from your day job

Don't pay more taxes than you have to. If a full-time employer is already withholding taxes from your paycheck, use the IRS Withholding Calculator to adjust how much is taken out. It has been estimated that 75 percent of Americans pay too much in taxes throughout the year. The calculator will provide you suggestions to adjust your withholding so that you meet your tax liability and keep the most out of your day job paychecks.

4. Hire an accountant

Using Schedule C from Form 1040 is a great way to reduce your taxable income, but is also a way to increase your chances of receiving an audit from the IRS. Individuals using Schedule C are more likely than corporations to get an audit. If you're planning to include a very long list of deductions, paying a professional will be worth your while to hedge against a potential audit. You can deduct what your accountant charges you as a business expense, after all.

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This article is from Damian Davila of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Handle a Sudden Loss of Income

Annie Mueller — Thu, 17 Aug 2017 08:30:10 +0000

Life happens. Sometimes, life can throw a sudden job loss or drop in income your way. Beyond saving up an emergency fund, you'll need to make a few key moves while you stay afloat. These steps will help minimize the damage and stabilize your finances, quickly.

Alert the people who need to know

There are some exceptions to this rule, but it usually pays to be proactive and honest about your financial situation. If you make the first move and have an honest talk with your landlord, for example, you might be able to negotiate a reduced rent for a few months, set up a split payment agreement, or mutually decide on a later due date for the payment. If you wait until the rent is overdue, and your landlord's patience is already stretched thin, those negotiations might not go so well.

It can be intimidating to initiate these conversations; there's no guarantee they'll go your way, and it's humbling to admit that you're struggling financially. However, it's worth the effort. The worst you'll get is a, "No." In the best case scenario, you may gain some extra time, waive some late fees, or find a much-needed reduction in what you have to pay.

Put payments on hold

If you have automatic payments, particularly large ones, call your bank and put them on hold. While your income is low, you need to assess and prioritize each payment you make, rather than let things flow automatically. You'll also avoid potential overdraft fees by holding those automatic transfers or payments.

Some banks charge a fee for putting payments on hold; if that's the case, see if you can put the payment on hold from the payee-side of things rather than through the bank. In other words, if you have an automatic payment scheduled to your insurance provider, for example, and the bank will charge you to put a hold on that auto payment, call your insurance provider and cancel the automatic payment plan until you're ready to reinstate it.

Be sure that you keep a spreadsheet or other record of all the payments you put on hold; they still need to be paid. You're just going to manually send those payments according to the best timing for each one. Don't lose track of the payments that need to be sent: Note the amount, the payee information, and the due date for each payment.

If you know you'll be late on a bill or payment, call ahead. You may be able to negotiate a temporary, reduced payment plan for credit card debt, car payments, or other bills. Most companies would rather have some money than no money and will work with you, at least to some extent. (See also: Pay These 6 Bills First When Money Is Tight)

Reduce your expenses

Take a good look at your budget and cut out all but the essentials. This usually means that you're paying bills and handling necessary expenses such as food and fuel in the car. Every other expense goes on hold: clothing, travel, entertainment, and so on need to wait. You can — and should — still have fun, but now is the time to opt for free activities. (See also: 5 Budget Overhaul Tricks for the Recently Unemployed)

For the time being, pay for your expenses in cash. First, you'll stay more aware of what you're spending if you're handing over a stack of bills. Second, you won't be buying things you can't really afford if you're paying cash. You either have the cash, or you don't; no cash, you don't buy it. This is a very simple way to reduce your expenses to the essentials, only.

Remember that this is a temporary state of being. It's stressful to deal with income loss, and having to do without your favorite luxuries can make it even more difficult. However, reducing your expenses is key to getting your finances under control. Splurge on free experiences that help you relax and enjoy the moment, such as watching the sunset, taking a walk, meditating, listening to music, or volunteering.

Get money coming in

Now is the time to polish up all your side-hustle skills. You may not be able to get back to your original income level, but you can definitely pay some bills. There are numerous ideas for side gigs; you might start by offering your professional skills within your network. You can tutor, write, advise, consult, pick up a weekend job, do yardwork, become a virtual assistant, or any combination of those. (See also: 14 Best Side Jobs for Fast Cash)

Side work will help your mentality; it's important to keep working and be active rather than sink into helplessness. And more importantly, side work will bring in some money.

Don't panic

Last, but certainly not least: Don't panic. It's scary to watch your income plummet and your savings dwindle. But a sudden loss of income is not a reflection of your value as a person. It does not define you, and it does not limit your potential or your future. Many people have walked through the financial fire before and come out stronger than ever on the other side. By taking some of these smart steps now, you can start moving along that path yourself.

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This article is from Annie Mueller of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

15 Lucrative Side Hustles for City Dwellers

Andrea Cannon — Wed, 09 Aug 2017 08:30:11 +0000

One of the benefits of city living is having easy access to a wide range of income opportunities. If you need to make some extra cash, these lucrative side hustles are the perfect way to take advantage of your city-dweller lifestyle. (See also: 14 Best Side Jobs for Fast Cash)

Use your car

In large cities, most people are stuck taking public transportation. If you're lucky enough to have a car, that set of wheels can be in high demand. There are several ways you can use your ride to bring in extra dollars. (See also: 7 Ways to Earn Extra Money With Your Car)

1. Drive people around

Driving for Uber, Lyft, or other ride-share companies can be a lucrative side gig, especially if you live in a large city. In fact, some drivers in big cities like New York report earning as much as $90,000 a year. If you don't feel like signing up for something so official, consider charging for transportation or carpool services in your neighborhood. (See also: How to Get a High Rating and Make More Money as an Uber Driver)

2. Deliver items

Whether it's delivering takeout or groceries, you can find food delivery gigs through sites like TaskRabbit, Instacart, Postmates, GrubHub, DoorDash, and UberEATS. If you have a pickup truck or cargo van, you can also charge to deliver or help move large items through services like Buddytruk and GoShare. The salary ranges based on where you live, courier availability, and overall demand. According to Glassdoor, Postmates couriers make an overall average $11.37 an hour, while Instacart shoppers make an average $12.15 an hour.

3. Rent out your car

If you don't drive your vehicle much, put it to work for you. Use sites like Turo and Getaround to rent out your car while you aren't using it. You can set your own daily price or choose automatic pricing. You could potentially make up to $10,000 a year, according to Getaround.

4. Use your car to advertise

If you live in a heavily populated area, companies like Wrapify and Carvertise will pay to lease ad space on your car. They do this by applying laminated decals to your vehicle, turning it into a billboard on wheels. Carvertise pays qualified drivers $100 per month, and all you have to do is drive the vehicle like you normally do.

5. Rent out your parking space

In cities like Los Angeles and New York, parking lots charge upward of $200 and $800 per month, respectively, for an available parking spot. If you have an extra space in a driveway or private lot, sites like JustPark can help you find interested drivers who need a place to leave their car.

Rent your space

If you live in a big city, your home may be in high demand for tourists and out-of-towners.

6. List your place on Airbnb

If it works with your schedule, consider renting out your home, or even an available room, on Airbnb. While you can potentially make a considerable income, you'll also need to factor in the associated higher utility costs and cleaning fees before determining what your revenue will be. (See also: 5 Easy Ways to Make Good Money From Airbnb)

Offer your acting talent

If you live in an entertainment mecca, like Los Angeles or New York City, you can get paid just for being you.

7. Become a background actor

Anyone can sign up to be a nonunion background actor (or "extra"). Television, film, and music video sets are always looking for background actors of all sizes, ages, and, well, backgrounds. If you live in New York City or Los Angeles, you may be able to make quite a bit of money just by being present in the background of different sets.

In most cases, you will get paid a guaranteed nonunion rate of $80 for the day (according to Central Casting), will be fed onset, and may be eligible for pay bumps due to small things like being near smoke. There is usually quite a bit of downtime, so you may be able to multitask. Sites like Central Casting and Casting Networks Inc. can get you started.

Sell your local expertise

As a knowledgeable local, there are a variety of ways to offer your expertise about your city.

8. Start a blog

If you're interested in writing about your city, you may want to start a blog that offers your insight, opinions, and recommendations about things to do or see in your area. If you earn a decent following, you can monetize the blog and see some passive income roll in. This can be lucrative over time, but just note that you likely won't see a large payout until you've built up your content and an audience. (See also: 5 Easy Ways to Make Extra Money Blogging)

9. Become a tour guide

If you live in a popular tourist destination, and you know your city well, then you can make some money as a tour guide. You can also explore some of your passions with this side hustle because there are so many different types of tours now available. For instance, you can lead a bike tour, food tour, walking tour, or Segway tour. The hourly pay for a tour guide can vary drastically depending on the gig and location, so explore your options to find the best fit for you. (See also: Make Money in Your Hometown: Become a Tour Guide)

Be a home helper

In large cities, there is high demand for people to help around the house and with the kids.

10. Become a dog walker

You can offer your dog-walking services to friends and neighbors, advertise on Craigslist, or sign up with a site like Wag! Angie's List estimates that you can make up to $30 for a 30-minute walk. (See also: How to Make $400+ a Week as a Pet Sitter)

11. Be a baby sitter or nanny

In large cities, baby sitters and part-time nannies are always in high demand. If you are good with babies and children, consider offering your services through sites like SitterCity or Care.com. According to a Care.com survey, the national average salary for baby sitters was $13.97 per hour as of 2016 — but this amount will vary based on where you live.

12. Become a house sitter or housekeeper

Opportunities for house sitting or cleaning abound in large cities teeming with busy professionals and families. You can offer your services through sites like HouseSitter.com or Housekeeper.com. According to Housesitter.com, most house sitters charge between $25 to $45 per day. According to PayScale, housekeepers make between $8.05 and $15.56 per hour.

Sell your services

In a big city, there are many more opportunities to take advantage of the gig economy.

13. Do someone's personal shopping

Sell your knack for style by becoming a personal shopper through sites like Thumbtack. If you're a shopaholic, imagine making an average $14.32 per hour (according to Indeed.com) just for shopping for a busy city-dweller who can't find the time to do it themselves.

14. Offer your interior decorating expertise

According to PayScale, interior decorators can make anywhere from $11.15 to $74.67 an hour for their services. It all depends on where you work and the type of clientele you take on. You can conveniently offer your interior decorating services through sites like Houzz.

15. Give music or dance lessons

Cities with big entertainment offerings, such as Los Angeles and New York, have much higher demand for dance instructors, vocal instructors, or professional musicians who want to share their expertise. Advertise lessons on Craigslist or Facebook, and tap your network of friends and family members. A few students per week can bring in decent side income.

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This article is from Andrea Cannon of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Fast Ways to Restock an Emergency Fund After an Emergency

Annie Mueller — Wed, 09 Aug 2017 08:00:06 +0000

You worked hard to build up your emergency fund — and then you needed to use it. That's OK! That's why you had an emergency fund in the first place. Now it's time to rebuild that financial safety net (and your peace of mind). Here are six quick ways to replenish the savings.

1. Take on a weekend job

If your regular job is on a Monday-Friday schedule, you could look for a part-time weekend job. Retailers and restaurants are often on the search for dependable staff. You can also look for weekend positions in janitorial work or temp staffing positions. There are often various part-time positions available at any business or service that has to operate 24 hours a day, seven days a week. For example, elderly care homes, emergency services, and gas stations all need part-time help.

You won't make big bucks at most of these jobs, but if you put 100 percent of your weekend paychecks into your emergency fund, you can rebuild it fairly quickly: If you net $150 per weekend, you can save $3,600 in six months of consistent weekend work.

2. Work retail for the holidays

Seasonable businesses depend on the profits they make in the high season, which is sometimes only a few key months out of the year. For example, retailers depend on holiday sales, so they increase their people power accordingly, hiring thousands of additional workers. You could be one of those workers, bringing in a decent hourly rate for all those extended shopping times. If you're willing to put in overtime, you can seriously raise that seasonal paycheck. Working retail during November and December could net you enough to rebuild your emergency fund, and get you a sweet employee discount for doing your own holiday shopping.

3. Work at other seasonal businesses

Other seasonal businesses include landscaping and lawn care companies, which get busiest in the spring and summer months. They often need additional help to do the landscaping work, and may also need help with office jobs, such as answering the phone, responding to customers, scheduling appointments, and handling invoicing and billing.

Seek out the seasonal businesses in your area and apply for a position. If you have experience in any of the work that seasonal businesses need done, negotiate for a higher rate; since it's seasonal work, they don't have a lot of time to spend on training. If you can jump in at full-speed, you're worth a higher salary, which means your emergency fund gets rebuilt even sooner.

4. Clean out and sell

Cleaning out your house, garage, and yard can be a great way to bring in some funds quickly. For higher-value items, such as appliances, furniture, or specialty wear like a wedding dress, list each one individually. Lower-value items, like books and everyday used clothes, can often be bundled for a faster sale and higher profit. (See also: Make Money and Declutter by Selling These 5 Unlikely Treasures)

You can approach selling your items in two different ways.

First, you can do it yourself using online classified services and social media. With this method, you keep all the money but you have to do all the marketing and work yourself.

Second, you can take your items to a resale shop that will take them in on commission or purchase them outright. You'll make less money, but the shop will handle the work of selling.

Here's one important note on selling your stuff: If you have specialty items, such as antique furniture, jewelry, or collectibles, seek out an appraisal from a qualified dealer. General resale shops often won't know the value of specialty items. A dealer, however, can help you set a fair price that reflects the value and may even be able to help set up a sale for a fee.

5. Offer your services

If you have any specialized skills or services, you can make the most of them now to rebuild your savings.

Child care

Parents of young children are often searching for dependable, trustworthy care for their kids. And the hourly rate can be much more than minimum wage, depending on the area you live in. Provide references and make your child care services available through your local network of friends and social media.

Tutoring

Kids in school need tutoring, and adults in continuing education or returning to college often need tutoring as well. You can find a local tutoring service in your area and apply for a position, or work solo. Find a public location (such as a library) to meet for your tutoring sessions. (See also: How to Earn $1,000 a Month or More as an Online Tutor)

Marketing

Local businesses often need help with social media, content marketing, flyer or brochure design, or script-writing for ad or television spots. How can you help? Put together a short list of your services and rates and approach local business owners via email, phone, or at their location.

The list of services you can offer is really only as limited as your capabilities. If you have a hobby, special interest, or any sort of experience in something other people need help with, you've got a service to offer.

6. Cut down to minimums

If you have little time to spare, take a hard look at your budget. Cut down to absolute minimums on all your spending for the next three to six months, and dedicate the difference to rebuilding your emergency fund. While living on a bare-bones budget isn't a lot of fun, it helps to know it's only for a limited time. Once you rebuild your savings, you can revert to your normal budget.

For maximum speed in rebuilding your emergency fund, combine a couple of approaches. For example, if you can sell some high-value items and also pick up seasonal work, you'll move that much faster toward a replenished savings account.

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This article is from Annie Mueller of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

14 Best Side Jobs For Fast Cash

Paul Michael — Tue, 08 Aug 2017 08:00:06 +0000

When you need money fast, you have several options. You could sell a bunch of stuff, refinance the house, or borrow money from friends or relatives. Or, you could look into something much simpler: getting a side gig. (See also: 13 Ways to Make Money Online That Aren't Scams)

Side gigs are not exactly second jobs, because they come with a lot more flexibility and leave you in control of your hours and commitment. But, they can still be invaluable sources of income when you're really in a pinch. If you're ready to start bringing in some extra money, quickly, here are some great places to start.

1. Drive for Uber or Lyft

If you have a car, and you don't mind adding some extra miles, you can drive for Uber or Lyft and earn extra money in a very short amount of time. As a driver, you can set your own schedule and work on your own time. You could even sign up to drive up for both services. Uber drivers can earn between $13 to $30 an hour, while Lyft drivers can earn anywhere from $8 to $25 an hour. (See also: How to Earn Extra Money Driving for Uber or Lyft)

2. Rent out a room in your home with Airbnb

This isn't for everyone, but if you have a guest room, or can find a way to make one in your home, you can rent out the space on Airbnb. Some people do this seasonally, and others rent their space year round. It can become very lucrative, especially if you live in cities that experience tourism surges throughout the year. Some people have made up to $60,000 a year from Airbnb. (See also: 5 Easy Ways to Make Good Money From Airbnb)

3. Become a mystery shopper

If you are out and about a lot, you can turn that into a profit. Mystery shopping is something that happens daily around the world in thousands of stores. The idea is to help businesses improve their experiences, and they are willing to pay for genuine feedback. While you may only earn $5–$20 per store, it can really add up. In 2013, one person made $14,000 in one year. (See also: Check Out These 5 Legit Mystery Shopping Gigs)

4. Become a "tasker"

There are other sites offering similar gigs, but TaskRabbit is the leading provider of small services right now. The idea is simple enough; you make yourself available to do small tasks, and the site matches you with people who want things done. It could be hauling large items, assembling furniture, cleaning, yard work, or even small repairs. You set your own rate, your own hours, and your availability. You could do it on weekends, mornings, or evenings. The site takes roughly 15 percent to 30 percent of the advertised rate. For example, if the customer sees $100/hr, you would get between $70–$85 for the task. It all depends on the type of service. So far, taskers have loved the experience. (See also: 4 Ways to Make Money Doing Household Chores)

5. Sell things on eBay

Start with items you have laying around the house that you just don't need any more. You might be surprised at the money you can make just by putting these things up for sale. If you're not sure how to price something, do a quick search on eBay's "sold listings" to see what an item's typical selling price is, and then use that as a template for your own auction. You can easily make a few hundred dollars in the first week alone. (See also: 11 Easy Ways to Earn More on eBay)

6. Take online surveys

How does an extra $250 per month sound? Well, it's achievable by taking online surveys in your downtime. Some survey sites offer just a few dollars for a lot of work, so make sure you do your research and sign up with companies that are known for reasonable payouts. (See also: Can I Really Make Money Taking Surveys?)

7. Dog walking or pet sitting

If you're an animal lover, dog walking and pet sitting is another quick and easy way to raise some extra cash. Many dog owners just don't have the time (or the energy) to walk their dogs, and are more than happy to pay someone else to do it. The money is excellent, with the average walk paying $1 per minute, according to Angie's List. If you walk a few dogs at once, you can bring in $40–$60 every morning for just a half-hour of work. Similarly, you can make money pet sitting. Angie's List reports around $50 per day for pet sitting. (See also: Get Rich Walking Dogs in 9 Easy Steps)

8. Cook meals for people with Feastly and EatWith

This concept has been called the "Airbnb for dinner" and it's really starting to take off. If you have a knack for cooking, but don't want to work in a kitchen or open a restaurant, then Feastly or EatWith could be just for you. The basic idea is that you cook a meal for a group of strangers, usually at a place where you host. The strangers get to share an exciting meal with a group of new people, and you get to show off your culinary skills and make a nice profit. EatWith states you can make up to $700 per event, and Feastly says you get around 88 cents on the dollar for whatever you charge.

9. Participate in clinical trials

How far are you willing to go to get some money in a hurry? Well, every year hundreds of companies require human guinea pigs to test the safety of their products. By the time the trials come to humans, they have already undergone some rigorous testing, so the chances of making you sick are slim. But, there's still a chance, so know this going into it. However, you can make some serious money from this kind of side hustle. Some clinical trials pay as much as several thousand dollars. (See also: Making Money From Clinical Trials: Worth the Risk?)

10. Rent out your friendship

Are you a people person? The life and soul of the party? Then you should rent out your friendship with RentAFriend.com. The pay is not great, usually $10 an hour or less. But, you're making money doing things most people spend money on. From going to movies and amusement parks, to nightclubs and bowling, there are a lot of people out there who just need a friend for the evening. You could be that friend, and earn a tidy sum at the same time.

11. Become a background artist

Also known as "extras," these actors are used to fill out the scenes of TV shows and movies so that everything looks as true to life as possible. There is usually work to be found in almost every state, although it's not always glamorous. Background artists are paid on a sliding scale based on what kind of performance is required, whether you're in a union, and if you speak or not (if you do, you get more money). Check out Backstage.com for more information. (See also: Look Ma! I'm on TV! Life as a Background Actor)

12. Officiate weddings

Did you know that almost anyone can become ordained to officiate weddings? And, in many cases it costs absolutely nothing to get the credentials you need. Once you get the legal authority to perform weddings, you can then hire yourself out. The average cost to preside over the ceremony and read the vows comes in between $300–$500 per wedding. Do one of these every weekend, and you're looking at up to $2,000 extra every month for very little work. Of course, you have to be a good public speaker, and love weddings.

13. Tutor students

Do you have a particular area of expertise that would be useful to a student? From math and science, to music and foreign languages, parents across the country are always looking for people to help their children advance in school. You can advertise your services on a site like Craigslist, and meet your clients at local libraries or their own homes. You can easily make $15–$30 per hour, or more. You can also make money as an online tutor.

14. Model for art students

Art models do not have to be Greek gods. Most art colleges would actually prefer a range of body types, because students need a wide variety of models to hone their skills. To become an art model, understand that you will be stripping off in front of strangers who will be staring at every wrinkle and blemish. So, you should be very comfortable in your own skin. You also have to realize that you could be holding some poses for up to an hour (although you will be allowed to take short breaks). If this all seems like no big deal to you, then apply at a local art college or night class, and you can easily make $20 per hour, or more. (See also: 8 Freelance Gigs Anyone Can Do to Make Extra Money)

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Work Perks You Can't Get as a Freelancer

Dr Penny Pincher — Mon, 08 May 2017 08:30:07 +0000

In some industries, the number of gig economy workers is growing faster than the number of payroll employees. Working as a freelancer certainly does have its advantages, the biggest of which are flexibility, freedom, and the ability to experience variety in your work.

But if you find yourself staring at the walls of your cubicle, daydreaming about escaping the 9-to-5 and finding freedom as a freelancer, don't overlook the perks you could be getting at your regular job, right now. It may not be so easy to leave these things behind.

1. Stable income

One of the biggest benefits of a regular 9-to-5 job is the steady paycheck. As a salaried employee, you can plan your budget based on a stable stream of income. As a freelancer, your income can vary significantly from one month to the next. A few slow weeks can throw your finances into disarray, so you'll need to shift your entire budgeting strategy to make sure this doesn't happen. (See also: The Smart Way to Budget on a Freelance Income)

2. 401(k) match

Many traditional employers offer matching contributions to 401(k) plans. In other words, when you make a contribution to your retirement fund out of each paycheck, your employer will also contribute something. This is free money, and can total thousands of dollars each year. In the gig economy, you won't get this kind of assistance building your retirement fund. You'll need to make efforts to save for retirement all on your own, such as with an IRA or solo 401(k). (See also: A Simple Guide to Retirement Plans for the Self-Employed)

3. Retirement counseling

Employers frequently offer training or educational programs to help workers plan their retirement investment strategy. Often, they'll even provide free access to financial planners to answer questions. Freelancers are on their own to figure out the road to retirement, and consulting with financial pros will have to come out of your own pocket.

4. Health Savings Account

A valuable benefit that many people miss out on is participating in a health savings account. Every paycheck, you can contribute pretax dollars to be used for health-related expenses. Some health savings accounts allow the funds to be placed in investments where the money can grow until it is needed. As a freelancer, you may be able to set up your own health savings account, but you will need to do a lot more research than someone who simply signs up for an established program through their 9-to-5. (See also: How an HSA Saves You Money)

5. Paid vacation and holidays

Paid time off is an undisputed benefit of a regular 9-to-5. As a freelancer, you don't earn a paycheck while on vacation or holiday. If you want time off, you take time off from earning any income, too. This can certainly put a damper on enjoying your down time.

6. Making connections

As a 9-to-5 employee, you'll have opportunity to build relationships with the coworkers and senior-level staff you see every day. These connections can give you a special level of access to approach and meet other influential people in your company. Plus, it never hurts to have a few people to chat with as you pass the day. Freelancers can still find plenty of opportunity to network, but they'll need to go out of their way to make it happen. It won't be as simple as showing up to work.

7. Tech support and replacement

I have thousands of dollars worth of computer equipment sitting on my desk. It gets supported, maintained, and upgraded by my employer. As a freelancer, you are on your own to buy and support your technology needs. Do you need a special monitor? You'll need to shell out for one. Is your computer too old to do the job? The replacement comes out of your pocket. If something breaks? The repairman will be billing you directly.

8. Training, certification, and professional development

Companies often invest in their employees by providing training or certification programs to help them be better workers. Staying up-to-date on skills, technology, and industry trends is incredibly useful to the employees as well, and makes them more valuable in the marketplace. Freelancers will need to find, purchase, and commit to their own training. It can be very easy to rest on your laurels and let your skills become outdated, especially with no boss insisting you keep learning.

9. Awards and recognition opportunities

It looks great on a resume to list awards and other work honors that you have received. Many employers have some form of "employee of the month" or similar recognition. You may not be able to stock your resume with such accolades if you go out on your own. At the very least, you'll have to seek out and apply for awards, where you'll likely be up against a much larger pool of talent.

10. Employee discount programs

Another perk that businesses offer their employees is discounts on products and services. These can range from cellphone plans, to personal computer purchases, to fitness club memberships — even discounts on concert and amusement park tickets. As a freelancer, you'll miss out on these discounts.

This article is from Dr Penny Pincher of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

11 Ways to Make Your Money Grow This Spring

Mikey Rox — Fri, 14 Apr 2017 08:00:10 +0000

I'm no fan of winter, but there's an upside to being holed up in my house three to four months out of the year: I spend way less money (outside of Christmas, of course).

Springtime, though — all bets are off. I'm outside most of the time, hitting the beach, grabbing lunches and dinners on the go, planning mini-vacays, buying fresh threads for all those weekend parties, consuming cocktails — you get the picture; it's expensive.

You could avoid spending money altogether when spring rolls around, but what fun is that? If you like to have a great time when the weather is cooperative, read through this list of ways to earn extra income so you can do all the things you like to do in the sunshine without going into debt.

1. Pick up seasonal employment

Depending on where you live, there could be a bounty of seasonal spring and summer employment. I live by the beach, for instance, and everybody's hiring this time of year — boardwalk shops, beach clubs, restaurants, landscapers, hotels, water-sports instructors, and more. But even if you didn't plant roots near a shore, there are still opportunities in your neck of the woods. Consider local amusement and water parks, baseball stadiums (one of the most fun jobs I've ever had!), spring-cleaning side work, camp counselor, and other outdoorsy-type gigs.

Andrew Fiebert, co-founder of Listen Money Matters, a personal finance podcast and blog, suggests, "Jobs where you can earn tips can easily boost the amount you make. Tutoring or private lessons are other great part-time jobs and you have more control over your schedule."

2. Sell your spring-cleaning surplus

I do a deep clean of my house twice a year — at the start of spring and fall — and I'm continually amazed at how much I get rid of each cycle. Instead of sending everything to charity or a landfill, I try to monetize my junk. I sell my unwanted clothes on Swap.com (which has gone fairly well in the past) and I list other household items, electronics, sports equipment, etc., on the Letgo app. Both are super easy to use. (See also: 10 Easiest Items to "Flip" for Cash)

"There are plenty of websites that can help you [unload your toss-outs], eBay being one of the most notorious, but you pay less in fees with Bonanza and eBid." says Natasha Rachel Smith, personal finance expert at TopCashback.com. "If your goods are designer, it's worth checking out Tradesy or Poshmark. BuyBackWorld is great for electronics, and Raise.com will, in many cases, actually pay you $1.50 per gift card you list for sale through TopCashback."

3. Switch to a cash back credit card

If you're not currently using a cash back credit card, it's time to switch — pronto. Credit cards these days offer scores of money-saving benefits, like price matching and return protection. And if you're going to spend money, you might as well get paid for it. (See also: How to Save an Extra $1,094.86 a Year)

4. Take advantage of free outdoor activities

I'm the planner in my relationship and among my friends, and I like to get out and have fun when the weather is nice. But having a robust schedule can be expensive if you let it get away from you. I spend cash here and there (movie tickets, boat trips, parasailing), but I'm primarily focused on all the fun, free activities my area has to offer, like bonfires, movie screenings, hikes, swimming in local hotel pools, game nights on the patio, and dozens of other ideas that won't cost you a dime. (See also: 47 Cheap and Fun Things to Do This Weekend)

5. Put your gym membership on hold and exercise outside

My gym membership is about $60 a month, but if I put it on hold in the spring and summer to exercise outside, it'll only cost me $15 a month. Now, I don't personally do this because I like my classes and instructors — they keep me motivated. But if you're a self-motivator or just focused on cardio, this could be a great place to cut back and put more money in your spring budget. (See also: These At-Home Exercises Will Give You a Gym-Quality Workout for Free)

6. Fight the temptation to spend your tax refund

Everybody gets those twinkly dollar signs in their eyes when their refund checks arrive, but practice self control and try not to spend it on frivolous things. That money is better suited paying off bills, going to your savings account, or paying for/putting a down payment on a vacation (but only if you've got a handle on your credit card payments and other bills). (See also: 50 Smart Things to Do With Your Tax Refund)

7. Plant a garden to cut down on food costs

When the temperature starts to heat up, I crave fresh fruits and veggies; there's just something about a cool cucumber when it's 90 degrees outside (especially in a mojito). You can go to the grocery store to stock up, but if you're resourceful and dedicated, why not plant your own garden to eat from all season long? According to the USDA, a family of four spends an average $1,000 a month on groceries, but growing your own produce will cut that bill. Maybe not significantly, but extra money is extra money. (See also: 10 Most Valuable Things to Plant in Your Garden This Spring)

8. Host guests via a micro-subletting site

I've been a host on Airbnb since its inception and it has completely enriched my life. Not only do I love meeting and hosting strangers from all over the world, but it's also made a major impact on my financial health. The revenue I bring in from my beach house during the summer fully covers the mortgage (with plenty to spare) all year long, which is why I recommend this lifestyle to everyone with the capacity to host guests. (See also: 13 Things I Learned From Renting Out My Home on Airbnb).

9. Nip excessive energy use in the bud

Open your doors and windows and pull up the shades to take advantage of natural light. Hang-dry your clothes instead of running the dryer. Cook on the outdoor grill more than in your oven. Turn on ceiling fans in lieu of the air conditioner for as long as you can hold out. Sleep with lighter blankets or just straight-up naked. Use less water with quicker showers, and by watering plants in the morning or late evening so the water doesn't evaporate as quickly. (See also: 34 Smart Ways to Cut Your Electric Bill)

10. Review your subscription services

Take a look at your subscriptions to see what can go. Maybe you want to keep your magazines because you like reading them on vacation. On the flip side, if you don't consume much content in the spring and summer because you're out and about a lot, you might consider putting on hold or canceling streaming services. Also, take a good look at your online bank accounts to see if you've missed anything; there might be monthly fees coming out that you forgot about. Cancel anything you're not using enough to justify its cost. Saying "so long" to standard cable, for instance, can add hundreds (maybe even $1,000 or more) to your budget. (See also: 3 TV Must-Haves Once You Cut the Cable Cord)

11. Just say "NO"

While I enjoy an active social calendar in the spring, I can't attend everything. And you don't have to, either. If an event (like a dinner group or destination wedding or weekend away with your pals) isn't affordable, opt out. You're not obligated to go to any of these things, and you shouldn't put yourself in a financial pickle as a result.

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Here's How Your Taxes Will Change After You Start a Small Business

Dan Rafter — Mon, 10 Apr 2017 08:30:17 +0000

Starting a small business or taking on a side gig can do wonders for your household income. But that entrepreneurial spirit does come with at least one negative: Filing your income taxes will become much more complicated.

How will your taxes change after you start a small business or take on a side gig? Here are five key ways. Make sure you understand all of them before you start filing your income taxes.

1. Say hello to estimated payments

Starting a successful small business will introduce you to the world of quarterly estimated tax payments. As the name suggests, you make these payments four times during the tax year. It's a way for the federal and state governments to ensure that you won't owe them big dollars every April 15.

Business owners who file as sole proprietors, partners, and S-corporation shareholders must make estimated tax payments if they think they'll owe $1,000 or more for the given tax year. Generally, your estimated tax payments, made to both the federal government and your local state government, are due April 15, June 15, September 15, and January 15 of the following year. (These dates might change if they happen to fall on a weekend or holiday.)

How much you pay each quarter depends on how much money your business makes. The IRS says that calculating your estimated tax payments requires you to first determine your expected adjusted gross income, taxable income, taxes, deductions, and credits for the year.

It's all complicated. And even if you take your time calculating a quarterly figure, there's no guarantee that you'll pay enough each quarter so that you won't owe your state or the federal government tax money at the end of the year.

Your best bet is to hire an accountant or tax expert to work with you to determine the right amount of estimated taxes to pay each quarter. (See also: What Freelancers and Side Giggers Need to Know About Income Taxes)

2. Self-employment tax can be a big hit

When you work for an employer, that employer withholds 6.2 percent of your paycheck for Social Security, and 1.65 percent for Medicare. Your employer also matches these amounts, meaning that, in essence, 15.3 percent of your income each year goes into Social Security and Medicare taxes on 92.35 percent of your net earnings (but as an employee, your employer splits the cost with you).

If you are running your own business or side gig, you are responsible for paying the entire amount. Make sure that you prepare for this by setting aside 15.3 percent of your net revenue throughout the year. This is money that you don't include in your quarterly estimated payments. Instead, it's due in April when you file your income taxes.

If you don't set aside this money, you might be scrambling to come up with thousands of dollars to send to your state government and the federal IRS. (See also: The 5 Biggest Mistakes Freelancers Make)

3. You'll have to become a master at tax deductions

Not all of the tax changes that come with owning a business are bad. Consider tax deductions. In general, you can deduct the cost of anything that you use to run your business. If you buy a new computer for your business, you can deduct the cost of it. You can deduct the cost of office supplies and health insurance. You can even deduct part of the costs of travel and business meals, as long as these trips and dinners really were held for business-related matters.

If you run your business out of your home, you can also deduct home office expenses. This means that you can deduct a portion of your utility bills, for instance, depending on the square footage of your home office. Just be careful with home office deductions. You actually have to use your home office only as an office. Don't try to trick the government. If you get caught taking a larger deduction than you actually deserve, you could face heavy fines.

Be honest about your business deductions in general. Don't try to write off an expensive meal if you only spent two minutes during it bragging about the success of your business. That doesn't count as a business expense.

Remember, too, that deducting something doesn't make it free. It just means you'll be paying a bit less for it. If you spend, say, $1,000 on new office equipment, your deduction — depending on your tax bracket — means you might only pay $750 for it. Don't treat tax deductions as an excuse for overspending. (See also: 7 Surprising Tax Deductions You Might Miss)

4. Goodbye, 1040EZ

Before starting your own business, you might have filed your income taxes using the 1040EZ or 1040A tax forms. Once you are running your own business or side gig, your tax form will become more complicated.

Most people starting new businesses operate these enterprises as a sole proprietorship. When you are filing in this category, you'll have to file your taxes with form 1040 while also including either a Schedule C (Profit or Loss from Business) or Schedule C-EZ (Net Profit from Business).

If you are responsible for paying self-employment tax, you'll also have to include a Schedule SE.

5. You'll probably need tax help

Odds are high that you'll need help from an accountant or tax-prep firm when filing your income taxes as a business owner. Taxes simply get more complicated, and making a tax mistake can cost you big in the form of missed deductions or penalties.

Hiring an account or tax-preparation firm isn't free. But it's usually an important investment for business owners to make. (See also: 14 Reasons Why an Accountant Is Worth the Money)

This article is from Dan Rafter of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Handle Credit Card Debt When You're Unemployed

Ashley Eneriz — Mon, 03 Apr 2017 08:30:17 +0000

As if unemployment isn't a big enough blow on its own, dealing with debt while out of work can make things even worse. You might be able to catch a break from federal student loans and even some private loans through temporary deferment and forbearance — but what about credit card debt?

Call your creditors

While your unemployment status might want to make you hide from the world, it is best to deal with the situation head on and right away. Call your creditors first thing and explain the situation. See what they can offer in terms of assistance. Even if they can allow you to skip a month of payments without penalty, it will help.

See if you qualify for a 0 percent balance transfer card

If your credit score is strong, you could qualify for a credit card with a promotional 0 percent balance transfer offer. Transferring your credit card debt can help you save money on your monthly credit card payments by avoiding interest charges. Just know that there are a couple of catches. First, you will usually have to pay a balance transfer fee (3 percent is typical). Secondly, if you do not pay off the transferred balance during the promotional period, you'll be subject to an interest rate that's usually higher than average on the remaining balance. (See also: When to Pay Off Credit Card Debt With a Balance Transfer)

Put your budget in emergency mode

Even if you don't plan on being unemployed for long, it is still a good idea to put your budget in emergency mode until you have secured another position. Cut everything but the basic necessities. This includes all of your cable or TV streaming options, fast food and dining out, and any unnecessary shopping. Live as if you only have enough money for basic groceries and utilities.

Don't fall for quick fixes

When money is tight, people get desperate. Don't fall for quick money fixes that will only mess up your finances further. Payday loans and cash advances might seem like promising solutions, but they come at a grave price. You don't want to waste money or ruin your credit during this time. (See also: How to Protect Yourself From Predatory Lending)

Also avoid racking up more credit card debt to cover your living expenses. While a new credit card might make one month of living easier, it will certainly make balancing your finances harder in the future.

Get creative about cash flow

While your paycheck might be cut off, you can still bring in a few hundred dollars through creative means. What side jobs can you do while you are looking for new work? Can you take on a few hours of lawn work or babysitting each week? (See also: How to Come Up With $1,000 in the Next 30 Days)

Also, don't underestimate the value of the clutter lying around your home. Deep clean your house and find all of the stuff you no longer use or like. Sort into three piles: an eBay pile, a Craigslist pile, and a garage sale pile. Everything small and with a resale value of more than $5–$10 can be listed on eBay (think designer clothing, tech gadgets, and profitable character items or collectibles). Anything large with a decent resale value can be listed on Craigslist (think furniture). And finally, everything else can be sold at a garage sale. (See also: Make Money and Declutter by Selling These 5 Unlikely Treasures)

The process can bring in about $500–$1,000 extra cash, depending on what you have to sell. You will be surprised by what types of things sell on eBay, so be sure to look items up before deeming them unsellable.

Save drastic measures for last

Hopefully your unemployment will be short-term, but in case it isn't, have a backup plan. Here are a few things to discuss with your family and to consider further. They might not be desirable, but they can keep you financially stable in the face of your debt burden:

Expanding your job search geographically
Moving in with relatives for a short duration
Renting out a room in your home or renting out your whole house
Selling a vehicle
Downsizing your home and moving to a more affordable area

Dealing with credit card debt on top of unemployment is hard, but you have options. Don't take your situation lying down and don't be ashamed to tell people, especially your creditors who may be able to offer temporary relief.

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This article is from Ashley Eneriz of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

8 Ways a Side Hustle Can Advance Your Career

Paul Michael — Wed, 08 Feb 2017 10:30:32 +0000

Some people call it moonlighting. Others call it a "hobby that pays." Whatever you call your side hustle, it's not just something that can bring in a little extra cash. A side hustle can be a valuable addition to your main career, giving you skills and connections you would never normally acquire.

So the big question is, if you don't yet have a side hustle…will these eight benefits inspire you to get one? (See also: 15 Ways to Make Money Outside Your Day Job)

1. Learn Valuable Project-Juggling Skills

Handling several projects at once may well be part of your current career. However, once you add in the additional work from your side hustle, you go from being a moderate juggler to a master of the art.

With a side job, your schedules might clash. And when that happens, you can't really tell your boss that you can't do the work because you have an extracurricular project on your plate. With a main career and a side hustle, you become an expert in time management and scheduling. You also learn, quite quickly, how much you can take on without burning out. These are all skills that will do you well in your main career.

2. Enjoy More Freedom at Work

A side job means additional money that isn't coming from your main career. While this has many benefits (the more different streams of revenue you have, the better), it also gives you something other people in the same role may not have — freedom.

The lure of money, or a promotion, can often make people do things they wouldn't like to do, but will anyway because of the need for additional income. If you already have that additional money from another source, you can say no to some of the projects you aren't interested in. You can speak up in meetings without fearing that your pay raise may be on the line. In fact, some people have discovered that this actually helps their career, with their newfound ability to be honest and confident actually helping them get a raise or promotion they otherwise would have missed out on.

3. Stand Out From the Crowd

This is a hirer's market, in almost every industry. Demand for jobs is outpacing supply, and when that happens, you quickly become engaged in a battle to be noticed. Why you? Why your resume? There are dozens, if not hundreds, to choose from.

Well, a side hustle can add much needed diversity and drive to your list of skills. Think about it. Two very similar people come for an interview, say for an account executive position. One has the usual skills, and the typical career path. The other has the same, but then you notice that they also have written articles for an industry magazine, and given speeches at major marketing events. On top of that, they have their own successful drop shipping business on eBay. One is clearly a go-getter, and can handle the pressure well. Plus, they have way more experience outside of work.

4. Add More Strings to Your Bow

Aside from simply standing out to prospective employers, your additional experience from side jobs can have a real impact on your current position. For example, someone may start at a junior position in a firm, with the very narrow set of skills that are required for that role. However, by taking on a side job, perhaps in a field quite different from their chosen profession, they may find themselves with brand-new abilities that really help. A lawyer who takes a side job doing acting in local commercials, or voice over work, suddenly finds that he or she has become a much more skilled orator in the courtroom.

This happens often in the fields of advertising, marketing, and public relations, too. Look for jobs that may not initially seem to fit, but have qualities that could reach into your chosen career. You may be surprised at the benefits.

5. Get a Great Confidence Boost

Success breeds confidence. If you become successful in your side hustle, it will seamlessly start to affect your main career. And so it should. If you were doing "just okay" in your main career, but suddenly found great success in your side job designing websites, or selling your own jewelry collections on Etsy, your confidence will get a much-needed boost. It won't take long for that confidence to influence your current role in your main gig.

Now, you have a little more steam in your stride. You're a little surer of your abilities, and your decisions. Before you know it, the success you found in your side job is being dwarfed by the successes you're having at work.

6. Open Up New Opportunities

Any time you move in professional circles outside of your main career, you are opening new doors for opportunity. If you have been in one company, and one role, for a long period of time, your contacts and business networks may be stagnant. They're good. But they're not growing. They're just the same "business as usual" leads.

However, your side job can open up dramatically different networks. And while you may think that the two cannot combine, don't be so sure. It's entirely possible to meet someone who has an interest in what you do as a main career, but who found you because you make awesome beer, or provide a killer cake baking service. Great business connections can come from all walks of life. They don't all have to come from the same pond.

7. Give Yourself a Second Career to Explore

A career now is not the same as a career 60 years ago. No one these days can expect to start at a company in a junior position and leave at retirement age with a gold watch and a big party.

Employment rules have changed. Technology is moving faster than any of us can really comprehend. And it is dangerous to have only one set of skills for one career. Your side hustle can be a huge benefit here. It can give you skills you would never get through your main career, and should the worst happen, you may be able to turn that side hustle into a full-time job. It's quite possible the job you do now, for a bit of extra money, will be your life preserver in a few years' time.

8. Find Fulfillment and Do What You Love

They say that if you do a job you love, you'll never work a day in your life. "They" don't all live in the real world. Most of us are not fortunate enough to do a job we love, day in, day out. There may be moments of joy, but often, it's a matter of going through the motions and waiting for the clock to wind down.

With a side hustle, you really can love what you do. Sure, it brings in a little money, but it can provide much greater benefits than that. It can be a creative outlet, or a way to meet new people, and enjoy new experiences. If you've always wanted to paint murals, but work in a bank…do both! If you love being a kids' entertainer, do parties on weekends. You can find fulfillment, if you really look for the opportunities.

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

A Simple Plan for Saving Up a $2000 Fun Fund

Amanda Gokee — Mon, 30 Jan 2017 10:30:28 +0000

What are your big plans for this year? Buying a house? Going back to school? Or simply taking that dream vacation? Big purchases require thousands of dollars, but the good news is there are simple steps to ensure you will meet your goal.

First, establish a clear plan and set goals that are attainable. How much money do you need to save, and when do you need it? The formula for saving money is simple enough: earn more, spend less. Here are some ways that you can do both of those things to put several thousand dollars extra into your bank account this year!

Ask for a Raise

If you have a good track record at your job and you've never gotten a raise — or it's been awhile since you did — this could be a good time to set up a meeting with your boss. Normally, employee evaluations are carried out annually, so if you're coming up on the one-year mark, this is an especially good time to bring up the subject.

People often feel uncomfortable asking for a raise, but it's a normal and natural conversation to have. However, it's critical that you come to the table prepared.

When you sit down with your boss, be clear about what you're asking for and why. Get specific about how much you want to make. The average annual raise in 2017 is expected to be 3.1% according to a WorldatWork Salary Budget Survey. Stellar performers may earn more.

If you think you fall into the latter category, you should have strong evidence of why you deserve an above-average raise. Cite examples of successful projects you've managed, or great sales you've driven. You may also want to check out the average salary for your position in your industry. If you're being paid below market rate, add that to your argument.

Of course, once you've secured a raise, be sure to save it instead of spending it. Let's say you're earning $3,000 a month and you get a raise of 3%. That translates into an extra $90 a month that you can put into your savings account. Make it easy on yourself by setting up a direct deposit of that amount into your savings account. That way, saving becomes automatic. (See also: 8 Money Moves to Make the Moment You Get a Promotion)

Seek Out Non-Traditional Sources of Income

If you're trying to earn more, it can also be helpful to augment your income beyond what you're earning every month in salary.

Luckily, with the sharing or "gig" economy, there are many new ways to earn money outside of your 9-to-5. These earnings can add up fast, and often this "work" is very flexible and can fit in easily with your schedule. (See also: 5 Websites That Can Seriously Pad Your Pockets)

Offer a Room on Airbnb

If you have a home or apartment with extra space, consider listing your space on Airbnb or another short-term rental website. Prices vary dramatically depending on where you live and the quality of the space you're renting. For instance, in Los Angeles prices range from $17 a night for a small, basic room to more than $1,000 a night for use of a whole luxury home. The average price of a private room is $73.

Let's say you'll rent a spare room at that average rate for 10 days per month. That would equate to monthly earnings of $730. Subtract taxes, cleaning supplies, and any other materials you need to buy to keep up with your guests, and you should still clear around $500 a month.

Keep in mind it will take some time for you to accumulate positive reviews, and certain times of year may have slower traffic than others. Also, many cities are regulating short-term rentals, which may impact how much money you can expect to make. Investigate the rules, then see how much you can make.

Become a "Tasker" on TaskRabbit

If TaskRabbit exists in your area, this is another great way to earn extra money toward your savings goal. Once you've been approved as a Tasker you can view the gigs people are offering. They can be anything from running errands, to waiting in line for a restaurant that doesn't take reservations, to making deliveries or helping plan a wedding.

You get to set your rates and see tasks that correspond. If you set it lower — at say, $10 an hour — you may find more jobs than if you set it at $30 an hour. You choose which tasks fit into your schedule and how many jobs you want to take on in a month.

Just by doing three two-hour tasks at $20 an hour, you could earn an extra $120 a month. (See also: Can You Really Make a Living in the Gig Economy?)

Drive for a Ride-sharing Company

Signing up to drive for Uber, Lyft, or any other ride-sharing company is another way to use the gig economy to earn some extra money. You'll need a four-door car in most cases, and you must be at least 21 years old with a clean driving record and car insurance.

Uber is considered to pay better than other companies. An Uber study showed that its drivers in the company's top 20 markets average $19 an hour. Work 15 hours a week and you could gross $1,140. You'll have to pay taxes, vehicle upkeep, and insurance out of that. But you can work as much as you want, whenever you have the time, so it can be a good way to rack up several thousand dollars in just a few months. (Start driving for Uber today!)

Spend Less Money

There are a lot of incidental expenses that are easy enough to ignore in your day-to-day routine, but when you closely examine your monthly spending, it's often surprising just how much money these expenses eat away. Reduce them as much as possible to put more of your money into savings.

Kick the Coffee Shop Habit

This is a typical example, but it's worth mentioning because working Americans spent an average of about $21 a week on coffee in 2013, according to a survey by financial staffing firm Accounting Principals. The cost to make a cup of coffee at home is around 50 cents. If you drink two cups a day, that works out to about $7 a week. Over the course of a year you could save nearly $730 by making a habit of brewing your coffee at home.

Cut the Cord

Look at trimming bigger expenses, too. For instance, if having a landline is not essential for your work and you can use your cellphone, this could be an easy place to save $15–$30 a month. If you throw cable TV into the mix, you're looking at a savings of anywhere from $20 to $100 or more, depending on the package you have. Those savings can help you get to your goal quicker while minimizing the extra work you may have to take on. (See also: 8 Affordable Alternatives to cable TV That Will Keep You Entertained)

Buy Necessary Household Items in Bulk

Unlike going to Starbucks every day, there are some expenses that simply can't be avoided. Make a list of the things you buy every month that are absolute necessities. Think of things like toilet paper, cleaning supplies, soap, and food staples that you always need to have on hand. These are prime items to buy in bulk, especially if you have a family.

You can save 10–70% on certain bulk items, but you need to be an astute shopper and judge how much you'll really use to figure out if the items will actually save you money in the long run. It's not a bargain if you end up having to throw out expired products or rotten food.

Track Progress in Writing

One final tip: It's important to write things down when you're serious about saving. Writing down your goal will help you to mentally commit to it.

Record both your savings and your expenses, so you can identify areas where you're doing well and areas where you could improve. This will let you check in and re-evaluate every month to make sure you stay on track.

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This article is from Amanda Gokee of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

11 Good Money Habits That Will Keep You Out of Debt

Mikey Rox — Tue, 24 Jan 2017 10:00:11 +0000

Staying on the straight and narrow, especially when it comes to your finances, can feel like a struggle. Recreational activities, impulse buys, monthly bills, and unexpected expenses lurk around every corner, and if you're not careful, you can slide into debt without really trying.

If you practice good money habits as a general life philosophy, however, you're giving yourself the best chance of staying in the black consistently — and perhaps even making those coveted savings gains. Here's how.

1. Create a Budget Based on Life Goals — Not Numbers

Every article you read about how to improve your personal finances includes creating and maintaining a budget. That's because actively keeping track of what's coming and going helps you manage your money more responsibly than simply throwing caution (and cash) to the wind. But your budget is only serving a single purpose when it's strictly rooted in numbers opposed to relating to your personal activity and short- and long-term goals — like an upcoming vacation or contributions to your retirement fund, for instance.

As such, instead of living your life around your budget, you'll find much more satisfaction in building your budget around your life. By planning ahead for expenses, even frivolous things, you can identify the areas where your budget is lacking and (hopefully) close those holes by either amending your plans to accommodate your cash flow or increasing your income to afford the things that make you happy.

I recommend the latter, of course — because you only live once.

2. Charge Only What You Can Afford to Pay Off Every Month

Let's get something straight here: Credit is not as dastardly an institution as you've been led to believe. Yes, there are credit cards with astronomical APRs. And, yes, there are credit cards with ridiculous late fees. But at the end of the day, you're responsible for reading the fine print (you know it's there!), and nobody is forcing your hand in accepting an offer.

Still, credit is attractive because it allows us the freedom to have more than we can afford. But whose problem is that when you can't pay the bill? All yours. Avoid this downward spiral by making your credit card payments top priority each cycle.

"Credit cards are not evil, but they can make a mess of your finances if used unwisely," says savings expert Kendal Perez. "Ultimately, you should only charge what you can afford to pay off every month. Using your credit card to pay bills is a smart strategy since you have to pay these expenses anyway, and using credit means accruing points, rewards, or travel miles to offset future expenses."

3. Look for Savings on Everything You Buy

I personally save many thousands of dollars every year by being a smart shopper, because there are few things I buy for which I don't have a coupon or discount. From dining out to going to the movies to the clothes I wear to the gas I put in my vehicle — everything comes with savings.

It's not hard to get into this habit, either. I save by using loyalty cards, clipping coupons, redeeming cash back deals, signing up for promotional emails, waiting for items I want to go on sale, shopping clearance sections, and buying secondhand, among a myriad of other strategies. It's like a game for me, and I hardly ever spend money on something for which there are no savings; I look for a cheaper alternative instead. It's a major reason why I always have enough money in the bank to cover my bills, plus add to savings while still doing the things I like to do every month.

4. Buy Groceries Based on What's on Sale and in Season

Groceries are one of the biggest spending categories for Americans, next to mortgages and insurance. Instead of buying what you're craving, buy groceries based on what's in season and what's on sale. (See also: The 5 Best Credit Cards for Groceries)

"This will require some meal planning, but you can craft similar meals based on what's on sale each week," explains Perez. "Use a tool like Flipp.com to easily compare grocery sales and deals between stores in your area, and consider looking for grocery coupons for items on your list through CouponSherpa.com."

Another trick I use to cut my grocery bill is to shop the clearance section. Most supermarkets have these sections with drastically reduced prices on damaged or about-to-expire food that's still perfectly good if you get to it in time. Ask your grocer where these items are located in your store.

5. Organize Your Bill Payments to Avoid Lateness

As soon as a bill arrives, I grab my checkbook (yep, I'm old school), write out the check, and prepare the envelope. On the back of the envelope I write the dollar amount that's inside as an at-a-glance reminder, and I organize the bill on my desk according to when it's due. Then I stagger the mailings — sending each payment out about five days before it's due — to ensure that I can reconcile all the bills with my bank account.

Consumer finance expert Kevin Gallegos offers more tips on how to avoid late payments.

"Open all mail — including bills — upon receipt, deposit all checks and cash immediately, and set up a system for payment that works for you and that you'll use consistently," he says. "This might be automatic online payments, a spreadsheet, a reminder on your cell phone, or a list on the refrigerator."

6. Map Out Your Long-Term Financial Goals

The only way you'll get ahead in your finances is if you know where you're going. Take a look at what's coming up in terms of required expenses and also think about some of the things you'd like to do with your money. Do you want to go back to school, on vacation, or purchase a new car or home? Set these milestones as goals and calculate what it'll take financially to reach them, then start saving in increments along an established timeline.

7. Review Your Finances on a Regular Basis

Reviewing your finances on a "regular basis" is a relative term, but I typically suggest once a month. There's value in doing it more often, however — like once to twice a week — according to personal finance expert Larry Jacobson.

"You need to set regular intervals to stay on the right path," he says. "That way, you can course correct, if necessary, before it's too late."

When reviewing your finances, be sure to cover all your bases. Browse your credit score for any errors, review bank and credit card statements for inconsistencies, and make sure all checks have posted. It's also a good idea to call your service providers once a year to inquire about better deals, like cheaper mobile phone or cable plans.

8. Treat Savings Like One of Your Monthly Bills

Instead of regarding contributions to your savings as a chore, start considering it a requirement, says Gallegos. Treat your savings deposits like a monthly bill; find that extra money somewhere in your budget (a reasonable amount that you can handle) and tuck it away as if you'll be penalized if you don't. You may have to make a sacrifice somewhere else, like in your "fun" fund, but, well, that's life.

9. Learn to Live Below Your Means

If you're one of those people who responds well to logic, here's a pro tip on staying debt free: Live below your means.

"Know exactly what you have to spend each month — and spend less," says Gallegos. "Living beneath your means goes further than living within your means. It means taking responsibility and choosing where your money goes instead of being influenced by whims, advertising, habits, or peer pressure."

If this is a tactic you'd like to try, you'll need to re-evaluate your budget entirely. Find items you can reduce or eliminate altogether to free up funds, like subscriptions and memberships that you aren't using to their full potential, cutting back on dining out, and reducing your monthly fuel bill by carpooling with a coworker or using public transportation more often.

10. Switch to a Cash-Only System

Here's another piece of practical advice that leads your wallet away from debt: Only pay for things in cash.

"You can't go into debt if you don't borrow," says Mike Sullivan, a personal finance consultant with Take Charge America, a nonprofit credit counseling and debt management agency.

I recognize, of course, that that's easier said than done, so Sullivan offers a couple more strategies for holding yourself cash-accountable.

"Save with direct deposit at out of town banks," he says. "You don't want your savings available on a whim; Internet banks are a good choice. And don't sign up for overdraft protection. That's agreeing in advance to spending more than you have and paying for the privilege."

11. Make More Money

One of my own personal money manifestos is to always have at least two sources of income. I'm self-employed, and I consider my media business my main source of income, but I supplement that with several side gigs, like renting out rooms in my homes on Airbnb, watching other people's pets through DogVacay, and driving for Lyft and Uber. That's three extra sources of income right there, but I'm always eager to find more ways to make money.

I feel personally satisfied when all my bills are paid on time, money is consistently going to my savings account, and I'm cash-positive enough to enjoy life the way I want to. If you can't seem to get ahead, use your resources and carve out time to make more money. You'll achieve your financial goals and alleviate the burden of debt faster, and that can only lead to good things.

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

What Freelancers and Side Giggers Need to Know About Income Taxes

Damian Davila — Fri, 20 Jan 2017 11:00:08 +0000

The freelance lifestyle has numerous advantages — among them, freedom and flexibility. Even so, you can't escape your tax obligation to Uncle Sam, and being a freelancer poses its own challenges at tax time. Consider these factors that might impact your income taxes: (See also: 8 Tax Return Mistakes Even Smart People Make)

1. Track All Forms 1099-MISC

Every client from whom you earn $600 or more in payments for services performed must file Form 1099-MISC, Miscellaneous Income with the IRS. Like employer-issued W-2s, every time that a client issues you a 1099-MISC, the IRS receives a notification. They're essential in order to prove your income, so make sure to keep track of all of them. Generally, form 1099-MISC needs to be issued by January 31st. If you haven't received your form by February 15, request a duplicate from your client for your own records.

2. Include Income From All Sources

While a client isn't obligated to file a 1099-MISC when their total payments in the same year to you are under $600, you're still responsible to report those payments as taxable income in your return. The IRS charges a 25% inaccuracy penalty on top of applicable taxes and interest for late payments, including income from all sources, even when not reported on a 1099-MISC.

(As a side note, we keep on specifically referring to a 1099-MISC by its full name because there are several types of 1099s, including 1099-DIV, 1099-G, 1099-H, and 1099-INT.)

3. Separate Individual and Business Finances

To help you track cash flows directly related to your business, open a separate business bank account and credit card. (See also: The 5 Best Credit Cards for Small Businesses)

The monthly statements of those business bank accounts and credit cards will allow you to reconcile your monthly income statement and will be very handy in case of an IRS audit. When shopping around for a business checking account, consider one that keeps copies of used checks. The reason is that bank statements and canceled checks are acceptable documents in case you receive a Form 4564, Information Document Request from the IRS.

4. Hire an Accountant if Using Schedule C

Schedule C from Form 1040 is one the most useful tax forms for freelancers and side giggers because it allows them to deduct all applicable business expenses, ranging from cost of promotion in local media to use of home space for business purposes. (See also: 101 Tax Deductions for Bloggers and Freelancers)

However, individuals using Schedule C often make mistakes on this form. Whether those errors are intentional or unintentional, the IRS has noticed the higher number of mistakes and has set the policy of auditing individuals using Schedule C three times more often than it does corporations. Hire an accountant to file your taxes and they will make sure to cross your t's and dot your i's throughout your return, including the pesky Schedule C. Not to mention, their fee is an eligible expense on your Schedule C, too!

5. Calculate Your Withholding

Unless you're a full-time freelancer, keeping track of your estimated tax liability can be hard. When you're receiving income from both an employer and portfolio clients, you'll have more sources of income. In that case, the IRS Withholding Calculator is a useful tool to avoid having too much or too little federal income tax withheld throughout the year.

Analyzing data from your most recent pay stubs, invoices from your clients, and copies of past tax returns (they will help you estimate applicable deductions), this calculator will provide you suggestions on how to update your Form W-4 with your employer. Adjusting your W-4 throughout the year is a smart way to increase the take-home portion of paychecks from your employer when you're withholding more than you really need to.

6. Make Estimated Tax Payments

Due to the nature of freelancing, you may receive some last minute assignments that will make your bank account happy in the short term. Prevent those lucky breaks from turning into an unexpected large tax liability by the time you file your return next year. Whenever you expect a very large payment or an end-of-year assignment, use the IRS Withholding Calculator to estimate your necessary withholding.

An alternative to adjusting your W-4 is to make a lump-sum payment using Form 1040-ES, Estimated Tax for Individuals, which allows you to pay estimated tax payments on April, June, and September of the current year and January of the next year. Form 1040-ES can be a lifesaver to compensate for extreme low withholding throughout the year. For example, you can submit a payment for tax year 2016 on January 17, 2017.

7. Don't Forget About State Income Tax

On top of federal income taxes, you're also liable for applicable state and local income taxes. Depending on the legal structure of your business, you may file business income taxes on a separate form. Sole proprietors report their personal and business income taxes on the same form.

Spreading out your state tax liability is a better idea than trying to come up with a large lump sum in very few days. If you have an employer, you can also adjust your withholding of state taxes throughout the year. Most states allow freelancers and side giggers to submit estimated state tax payments on a quarterly basis. To learn more about your applicable state tax obligations, find the appropriate office in your state or territory.

8. Get Health Coverage

Under the Affordable Care Act (ACA), better known as Obamacare, you're subject to a penalty when you go more than two months without health coverage. In 2016 and 2017, the penalty fee is 1/12 per month of 2.5% of your household income or $695 per adult, whichever is higher. If you didn't meet the minimum essential coverage during 2016, use the IRS tool to estimate your individual responsibility payment.

When you're a full-time freelancer, you're responsible for getting qualifying coverage on your own. January 31, 2017 is the last day to enroll or change a 2017 health plan. After that date, you can enroll or change plans only if you qualify for a special enrollment period. To learn more about available plans in your ZIP code, visit the health insurance marketplace at HealthCare.gov.

9. Save for Retirement

Freelancers and side giggers with no employees can open a solo 401K to build or give their nest eggs a major boost. With a solo or Roth 401K, an independent contractor could save up to $53,000 ($59,000 if age 50 or over) in 2016 and $54,000 ($69,000 if age 50 or over) in 2017. By the way, married couples and legal partners receiving income from the same business practice can double those contribution limits. This means a couple under age 50 could potentially contribute up to $108,000 to a solo 401K in 2017!

If you're one of the estimated 54 million of U.S. independent workers or freelancers, consider a solo 401K to lower your taxable income and get closer to the target amount of your retirement fund.

This article is from Damian Davila of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: