Hereâs how it shakes out: 50% of your monthly take home income goes to your essentials â your rent, your groceries, your minimum debt payments, and other necessities. 30% of your cash goes to the fun stuff, and 20% is dedicated to your financial goals. That could be paying more than the minimum on your debts or adding to your investments. And it definitely includes building up your emergency fund!
Donât know how to get there? Having a budget (that you actually stick to) can help you get there. Hereâs one budgeting strategy we recommend, and four other tips that can help you keep your expenses in line.
If we told you you could get free money just for watching videos on your computer, youâd probably laugh. Itâs too good to be true, right? But weâre serious. You can really add up to a few hundred bucks to your emergency savings with some mindless entertainment.
Your washing machine. Your car. Your front tooth.
1. The 50/30/20 Budgeting Rule
If any of those broke right now, would you be able to get it fixed immediately? Or would you have to walk around with a gap in your smile for months until you could get the money together?
The 50/30/20 rule is one of the simplest budgeting methods out there, which is why youâve probably heard us talk about it before if youâre a regular TPH reader. There are no fancy spreadsheets or pricy apps to download (unless you want to), and itâs very straightforward.
The truth is, your credit card company is happy to let you pay just the minimum every month. Itâs getting rich by ripping you off with high interest rates â some up to nearly 30%. But a website called AmOne wants to help.
2. Cut More Than $500 From One Of Your Must-Have Bills
If you canât afford to pay to fix it today, youâre not alone. Most people donât have 0 saved in case of an emergency either. So before your car breaks down on the side of the road on your way to an interview, make sure you have a solid emergency fund of at least 0.
All you have to do is choose which videos you want to watch and answer a few quick questions about them afterward. Brands pay InboxDollars to get these videos in front of viewers, and it passes a cut onto you.
Yup. That could be 0 back in your pocket just for taking a few minutes to look at your options.
Youâre probably overpaying the bills you have to pay each month. But you can cut those expenses down, without sacrificing anything. Maybe even enough to cover that window your kid just smashed with a ball. Definitely enough to grow your emergency fund a meaningful amount.
AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.
Luckily, earning money has never been easier with the rise of the âGig Economyâ. Here are 31 simple ways to make money online. Which one could you do to pad your emergency savings?
3. Earn Up to $225 in Easy, Extra Cash
InboxDollars wonât make you rich, but itâs possible to get up to 5 per month watching these videos. Itâs already paid its users more than million.
It takes two minutes to see if you qualify for up to ,000 online. You do need to give AmOne a real phone number in order to qualify, but donât worry â they wonât spam you with phone calls.
If you take a look at your budget and realized you donât have enough leftover to contribute to your emergency fund, here are a few ways to help balance your budget:
The benefit? Youâll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), youâll get out of debt that much faster. Plus: No credit card payment this month.
Using Insure.com, people have saved an average of 0 a year.
4. Ask This Website to Pay Your Credit Card Bill This Month
If you owe your credit card companies ,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
It takes about one minute to sign up, and youâll immediately earn a bonus to get you started.
A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and itâll show you your options.
Just by paying the minimum amount on your credit cards, you are extending the life of your debt exponentially â not to mention the hundreds (or thousands) of dollars youâre wasting on interest payments. You could be using that money to beef up your emergency savings, instead.
You should shop your options every six months or so â it could save you some serious money. Letâs be real, though. Itâs probably not the first thing you think about when you wake up. But it doesnât have to be.
Letâs face it â if your monthly income is less than what your monthly expenses are (and youâve run out of things to cut), you need more money.
5. Get a Side Gig And Make More Money
So, whenâs the last time you checked car insurance prices?
Well, we all could use more money. And by earning a little bit extra each month, we could make sure weâre never taken by surprise when an ER visit tries to drain our savings.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
A website called InboxDollars will pay you to watch short video clips online. One minute you might watch someone bake brownies and the next you might get the latest updates on Kardashian drama.