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Ideas for making money at home are everywhere. And some of the best ones revolve around things you can do online or off, using skills and experience you already have.

Figuring out which money-making idea works for you often depends on how much time you have and how much extra income you’re interested in generating. You might start a side hustle, explore small business ideas, look for passive income options, or get a full-time remote job.

Need some inspiration? Here are more than 40 options to consider.

40+ Creative Ways to Make Money

Creative thinking is key to finding different ways to earn an income, especially if your goal is to learn how to make money with no job. Some of the easiest ways to earn extra cash from home are selling a service (i.e., your time and skills) or selling a product.

Can you earn money online without selling anything? Absolutely, and there are plenty of ways to do it. We’ve broken down some different ideas by category to help you find your perfect money-making idea.

Recommended: Free Credit Score Monitoring

Money-Making Craft Ideas

Selling handmade crafts can be an excellent way to turn a hobby into a side hustle or full-fledged business. You don’t necessarily need to be an expert artisan to get started.

Craft trends come and go, but here are some classic products to consider trying:

•   Crocheted items, such as scarves or baby clothes

•   Handmade soap

•   Handmade candles

•   Bath bombs and bath scrubs

•   Paper goods

•   Jewelry

•   Lip balms

•   Home decor items

•   Lamps and lighting

•   Pillows

•   Vinyl stickers or decals

•   Handpainted signs

•   Hair accessories

•   String art

•   Art prints

•   Tote bags

•   Wreaths

•   Holiday decorations

•   Bookmarks

•   Keychains

•   Dog bowls and other pet accessories

Once you zero in on your craft idea, think about how much time you’ll need to make each item and how much money you’ll need to spend on supplies. This can help you figure out how to price each item and how much profit you stand to make. Tip: Do some online research and see how other sellers are pricing and marketing their items.

Another important consideration is where you sell your goods. Luckily, there’s no shortage of options — here are some to consider:

•   Facebook Marketplace

•   Local Facebook bargain or community groups

•   Etsy

•   Amazon Handmade

•   aftcra.com

•   Craigslist

•   eBay

•   Your own website

•   Craft fairs

•   Local boutiques

If you’re selling your crafts online, remember to factor in shipping costs, taxes, and any fees the platform charges when setting your prices. Otherwise, you could end up shrinking your total profit.

Money-Making Website Ideas

You don’t need a website to earn extra cash from home, but having one could open up new money-making opportunities. To set up a website, you’ll need to find a hosting company and choose a domain. Your domain is your site name.

Once your site is set up, there are several ways you could use it to make money:

Selling products

A website is a great way to sell products you create, such as an e-book, digital printables, or an online course. If you’re selling handmade items, like crafts or clothing, you could set up a shop page on your site instead of using a third-party selling platform.

Selling services

If you don’t want to make a product, you could try selling a service instead. For example, you might use a website to offer services such as writing, photography, graphic design, tutoring, or online coaching.

Affiliate marketing

Affiliate marketing means recommending products and services sold by other people, then collecting a commission when the person you referred makes a purchase. For instance, if you have a pet blog, you could include an affiliate link to your favorite dog food brand. When someone clicks the link and buys the dog food, you make money.

Ads

Hosting ads on your website is another way to potentially earn extra cash from home. Every time someone visits your site and views an ad, you make money. The more traffic — or views — your website gets, the more you could earn.

Sponsored content

Sponsored content is an article, video, social media post, or other type of content that someone pays you to create and post. So again, say you have a pet blog. A dog food company might reach out and ask you to write a sponsored post reviewing their newest product. In turn, they pay you a flat fee for writing and publishing the post. You could also make money if your readers buy the product through your affiliate link.

If you’re interested in making money with a website, it helps to learn more about how to drive traffic. For example, it’s a good idea to know how search engine optimization (SEO) works and how to use it to drive people from Google or other search engines to your site. You may also want to consider how you can use social media to send additional traffic your way.

Money-Making Business Ideas

Thinking about becoming your own boss? If you prefer online business ideas, there are plenty of opportunities to consider, including:

•   Coaching or consulting

•   Interior design

•   Freelance writing or editing

•   Starting an e-commerce store

•   Virtual accounting

•   Transcription services

•   Teaching online through a platform like Outschool

Now, what could you do offline to make money from home? Some small business ideas you may pursue include starting a home baking business, offering childcare services in your home, or tutoring.

If you’re interested in starting a home business, it’s important to check into any legal requirements in your state first. For example, if you want to launch a baking business from home, you might be subject to local or state restrictions on home kitchens. The same applies if you want to care for children in your home. Once you reach a certain number of children, you may need to register with the state as a daycare center.

Side Hustle Money-Making Ideas

There are lots of low-stress ways to earn money. Will these opportunities make you rich? Not necessarily. But they could be a good way to earn some extra cash in your spare time without a lot of effort.

Here are some ideas to explore:

•   Taking online surveys

•   Joining an online focus group

•   Selling things you no longer need

•   Getting paid to watch videos, play games, or read emails

•   Customer service representative

•   Earning free gift cards or money with cashback apps

•   Becoming a mock juror online

•   Getting paid to test websites or apps

Home Jobs to Avoid

While there are lots of ideas for making extra money, some are better than others. Here are ones to avoid:

•   Illegal side hustles or jobs

•   Work-from-home job scams

•   At-home jobs that require a lot of work for little pay

•   Pyramid schemes or multi-level marketing (MLM) programs

There’s a simple rule of thumb to keep in mind when researching ways to earn extra cash: If something seems too good to be true, it probably is. Words and phrases like “guaranteed,” “make money while you sleep,” or “easy money” are often telltale indicators that an at-home job opportunity isn’t everything it seems. It’s also a good idea to be wary of any work-from-home job that requires you to pay fees or a deposit up front before getting started.

Tips for Making Money From Home

If you’re pursuing money-making ideas from home, it helps to know some of the do’s and don’ts so you can avoid job scams while maximizing your earning potential.

When exploring ways to make money from home, do:

•   Look for opportunities that fit your skill set or interests

•   Consider how much time you can put in to making money

•   Weigh any up front investment of time or money that might be required

•   Remember to keep track of work-related expenses using a spending app

•   Report the income you earn on your taxes if you’re required to do so

When looking at ways to make money from home, don’t:

•   Assume it’s easy to make money online

•   Give out personal or sensitive information to people you don’t know

•   Fall for work-from-home job scams

•   “Forget” to report the money you make on your taxes

•   Get frustrated and give up if you’re not making money right away

Also, don’t be afraid to try and try again if something isn’t working out. After all, there’s no single option for how to make extra income from home. You may start off doing one thing and find that another side hustle or job idea is a better fit. And you don’t have to limit yourself to just one thing either — having multiple side hustles can mean multiple streams of income.

The Takeaway

Whether you’re selling goods online, starting a business, or using your website to turn a profit, there’s no shortage of ways to make money from the comfort of home. In fact, you may discover there are multiple opportunities that fit your schedule and interests. As you’re researching your options, factor in how much time and money is required. It’s also a good idea to be wary of opportunities that sound too good to be true (they probably are). Once you start drawing an income, don’t forget to report it on your taxes, if you’re required to do so.

Need a simple way to get a handle on your income and work-related expenses? Using a money tracker app like SoFi makes it easy to see where you are financially at any given time. You can monitor your credit score, see what you’re spending, and view the progress you’re making toward your goals at no cost just for being a SoFi member.

Stay on top of your finances by seeing exactly how your money comes and goes.

FAQ

How can I make $100 a day from home?

Some of the best ways to make $100 a day from home include taking surveys for money, using cashback apps to shop, offering freelance services, and selling printables or handcrafted items online. You can also make $100 a day from home by flipping items you no longer need on sites like eBay, Facebook Marketplace, or Craigslist.

How can I make fun money?

If you just want to make some extra money to spend on “fun,” some of the easiest ways to do it include selling things you no longer need, doing odd jobs in your spare time, or getting paid to take surveys and play games through various mobile apps. You can also research weird ways to make money, like donating plasma or selling your hair.

How can I make money just sitting at home?

Some of the best ways to make money sitting at home are passive income ideas that require little to no work. For example, you may be able to make passive income by investing in stocks that pay dividends, setting up an affiliate marketing website to earn commissions when people shop at your affiliate partners, or opening a digital printable shop on sites like Etsy.

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Photo credit: iStock/Amarr_RT

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*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Looking to get a better handle on your finances? You may want to consider a monthly bullet journal. Part calendar, part to-do list, part note keeper, this type of journal can help you organize your finances, track short- and long-term financial goals, and more. And because it’s highly customizable, you can modify your journal to suit your specific needs. Whether you’re trying to curb your spending, get out of debt, or improve your financial habits, read on for ways a bullet journal can help.

What Is a Monthly Log?

Having a daily to-do list is useful. But sometimes, it helps to see the larger goals and tasks you’ve set for yourself, especially if you’re working to develop good financial habits. Enter the monthly log, which is a key component of many bullet journals. The log gives you a snapshot of the things you’d like to accomplish that month and the progress you’ve made so far. You may choose to include it alongside your daily or weekly to-do list or keep it on a separate page.

How to Fill Out Your Monthly Log

Figuring out what should go in the log each month may take some time. You might find it helpful to make a big list of all upcoming events and tasks. Then, place each item in the correct month’s log, and be sure to add details such as important dates and milestones. You may also decide to categorize and color-code each entry for easy skimming.

Here are some different ways you can tackle financial stress through journaling:

•   Get control of bills by listing when each bill is due, how much is due, and the payment method you plan on using.

•   Keep tabs on your savings plan by noting when you intend on putting money into your savings account, how much you’re depositing, and where the money is coming from, such as your checking account or paycheck.

•   Track your progress on paying down student loans, car loans, personal loans, credit cards, and other debt.

You can also use a monthly log along with your budget or a spending app to help you better understand your spending habits.

Benefits of Using a Bullet Journal

There are plenty of reasons why many people turn to bullet journaling to help them keep their finances on track. For starters, recording things like your expenses and spending, household budget, or savings goals can help you stay organized and increase productivity. There’s also the thrill of watching your savings balance go up or debt balance go down — and celebrating those accomplishments.

Visual learners may find monthly logs especially useful, particularly if they decide to color-code entries. But even just jotting down important details about your financial life can help keep your goals top of mind.

Recommended: Tips for Maximizing Time and Money

4 Monthly Bullet Journal Ideas

Here’s the beauty of a bullet journal: You can try out strategies others use or create a bespoke system for yourself. It can be as simple or complex as you’d like, and you may even find that it evolves over time. Here are four ideas on how to use bullet journaling in your financial life.

Use a Bullet Journal to Control Spending

You don’t have to have the classic signs of a shopaholic to want to curb your spending. A bullet journal can be a great tool to help you rein in the number of purchases you make.

One idea is to create a weekly bullet journal where you set how much you’ve allotted for discretionary spending that week and track any purchases made. Understanding how and where your money is going could help you avoid the bottom-dollar effect. This is when you may feel less satisfied with the last item you were able to buy with your budget.

Another option is the kakeibo budgeting method. This simple but effective strategy requires you to create a line item budget at the start of each month based on how much you plan on earning and spending, plus your savings goals. Throughout the month, you track every single penny you spend. At the end of month, review the log to see if you stayed on track spending-wise and are making progress on your savings goals.

Recommended: 10 Tips for Spending Your Money Wisely

Use a Bullet Journal for Financial Education

Despite what you may think, you can learn about finance without having a finance background. In fact, boosting your financial literacy could improve how well you spend, save, and invest your money. And a bullet journal might help get you there. You can use it to track your progress in an online financial literacy course, for example, or as a place to write down the books or podcasts that will help build your personal finance knowledge.

Use Bullet Journal to Land a Job

Whether you’re searching for your dream job or the next gig, consider devoting a few pages of your bullet journal to your job search. You may want to start by listing your goals in an easy-to-see spot so you can refer to them throughout the process. Use other areas to note the roles you apply for, key details about the positions, notes on the companies you researched, and any upcoming interviews. You can also try creating daily, weekly, or monthly to-do lists in your journal to help you stay on track.

Recommended: How to Make Money Even With No Job

Use a Bullet Journal to Track Progress on Long-Term Goals

Let’s say that you’re saving for a big-ticket item, like a house or car, or setting a long-term goal, such as paying off a large credit card bill. Bullet journaling lets you set, monitor, and track your progress on those goals. You can also break them down into smaller, easier-to-manage tasks that you set on a daily, weekly, monthly, or quarterly basis.

The Takeaway

Bullet journals allow you to record tasks, deadlines, responsibilities, and more in a format that combines a to-do list with a calendar. Though it can serve a wide variety of purposes, a bullet journal can also help you organize your finances and maximize your productivity. Common ideas include journaling to control spending, boost your financial literacy, help with a job search, and work on short- and long-term financial goals.

A money tracker app can be another valuable tool. With SoFi, you can connect all of your accounts on a convenient mobile dashboard. This gives you a bird’s-eye view of all of your balances even while you’re on the go. You can also get spending breakdowns, financial insights, and credit score monitoring — all in one place.

Keep tabs on your finances by seeing exactly how your money comes and goes.

FAQ

What should be in a monthly bullet journal?

Monthly bullet journals are flexible, so use them to suit your needs. For instance, if you want to monitor and manage your personal finances, you can use the bullet journal to track when bills are due, when you plan to deposit money into a savings account, how much debt you have, and more.

How do you make a monthly bullet journal?

You can purchase ready-made bullet journals or make your own. If you go the DIY route, simple buy a notebook you like and personalize it. It’s a good idea to create an index that you can update when needed as well as a log to list your future goals. You can also create sections for monthly and daily logs, where you can add more details.

What are monthly spreads for?

A monthly spread is another name for a monthly log. This is where you lay out the tasks you have for a particular month. Typically, a spread runs two or more pages, but do whatever works best for you.

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Photo credit: iStock/Twomeows_IS

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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When you check into a hotel, the hotel is very likely to ask you to put a credit card on file. This is true even if you are using points for a free night or if you have already prepaid for your stay. When you give the hotel your credit card, they will usually place a small hold on your credit card. This is typically a relatively small amount, but it can range from $20 to $200 above the price of your room.

Hotels use these credit card holds because the exact amount of your final bill is not known at the moment of check in. You may charge items to your room, grab some drinks from the minibar, extend your stay, or even cause damage to the property. Once you checkout and your final bill is settled, the hotel credit card hold will usually drop off of your credit card account.

This can be a practice that merits a closer look. Read on to learn more about these credit card holds, including:

•   What is a hotel credit card hold?

•   How do hotel credit card holds work?

•   How much do hotels hold on your credit card?

•   How long does a hotel hold your deposit by credit card?

•   What is a credit card hold vs. a debit card hold?

What Is a Hotel Credit Card Hold?

A hotel credit card hold is a type of credit card hold that happens when you stay as a guest at a property. When you check in to a hotel, they typically will ask for a credit card to put on file. The hotel will then put a hold on your card to account for any incidentals or other charges during your stay, such as room service or perhaps Wi-Fi fees (yes, some places still charge for that).

You are not responsible for paying the amount of the hold until and unless it becomes an actual posted charge. It may, however, decrease your total available credit in terms of your credit card limit.

How Hotel Credit Card Holds Work

Hotel stays are one of a few types of expenses where you may not know the exact final amount of the charge initially. When you go to the supermarket and buy a week’s worth of groceries, you will be immediately charged for the cost of that food — no credit card hold required. But when you check into a hotel, the management will put a hold on your card to account for any extra charges or damages that could occur in the future.

What Can You Be Charged For?

Most hotels will put a hold on your credit card to account for any extra or additional charges that might come from your stay. Here are a few things you might be charged for:

•   The cost of your room (if not prepaid)

•   Additional nights if you extend your stay

•   Room service

•   Other items charged to your room (such as minibar snacks or an on-demand movie)

•   Damages to the property

How Long Does a Hotel Hold Your Credit Card?

Generally a credit card hold is processed by the card network itself (e.g. Visa or Mastercard) and not by the merchant. So the hotel itself likely does not have any control over how long the hotel credit card hold amount stays on your account. Generally, most hotel credit card holds will drop off within one to a few days after you check out.

If you’re still seeing the hold on your account after that, reach out to your credit card issuer to see if you can get it removed.

What Are the Benefits of a Hotel Credit Card Hold

A hotel credit card hold doesn’t offer very many benefits to the consumer — it’s more just an artifact of how credit cards work. A hotel credit card hold may provide some semblance of protection for the hotel itself in the case of getting payment for additional charges or damages.

But from the consumer side of things, a hotel hold on your credit card is just something to be aware of and account for, since it will generally lower your amount of available credit.

Other Methods of Reservation

You have a variety of different methods of payment that you might use to pay for your hotel stay. You might use your credit card points, cash, a debit card or prepay for your stay.

But it’s important to know this: No matter how you reserve and pay for your hotel room, the hotel is likely going to ask you for a credit card to put on file and put a hold on your card when you check in. It’s quite typical throughout the industry.

Recommended: What Is the Average Credit Card Limit and How Can You Increase It?

Booking a Hotel Using a Credit Card Hold

One of the most popular ways to book a hotel is with a credit card. Using a credit card to book and pay for your hotel allows you to not have to give a cash deposit or another form of payment when you check in and check out.

If you pay for your hotel room with a debit card, credit card rewards, or cash, you’ll likely also have to show a credit card when you check in. The hotel will generally put a small temporary hold on your credit card account at that time.

Best Practices for Managing Credit Card Holds

It’s unlikely that you have any control over a hotel putting a temporary hold on your credit card. That said, it’s still important to understand what that means and how you can manage it.

Most hotel holds on credit cards are relatively small amounts, even as little as $20. However, if you have a credit card with a lower overall credit ceiling or if you are close to maxing out your credit, this practice may end up limiting your total available credit. You’ll want to be aware of that to minimize the chances of your credit card being declined.

How Do Hotel Credit Card Holds Help Hotels?

Hotel credit card holds help hotels by making sure that they have access to your card in case there are additional charges or damages by guests. In many cases, there are no additional charges. You can make a credit card payment for the total amount of your bill and settle your account.

But if there are any additional charges, a credit card hold helps the hotel to know that your card has at least a certain amount available to pay.

Credit Card Hold vs Debit Card Hold

Holds can be issued on both credit cards as well as debit cards. In both cases, a hold is temporary and for a specific amount. Once the charge is finalized, the hold will usually be automatically removed.

One important difference to note: Because a debit card is tied directly to your bank account, you may be charged additional fees if the hold triggers an overdraft on your account.

In either scenario, it can be wise to understand your total available balance and how any temporary holds affect it.

Recommended: Credit Cards vs. Debit Cards

The Takeaway

It is common practice in the hotel industry to request a credit card at check-in and place a temporary hotel credit card hold on the card. This temporary hold is generally around $20 to $200 higher than the outstanding balance on your hotel room. This hold helps to protect the hotel if you have any additional charges or damages to the room. The temporary hold will usually be cleared within a few days of checking out.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

What happens to your card limit when you use it to hold a room?

The amount of credit that you have available to use on your credit card account is reduced by any pending credit card charges like hotel room holds. Your available balance will be at this lowered level until the charge is finalized, which may take a few days after you check out. Make sure that you understand your available balance to limit the chances that your card is declined.

How long does a hotel hold your deposit?

Generally, most hotels will put a temporary hold on your credit card when you check in. This hold usually lasts for a few days after you check out, when it will usually disappear. If you see a hotel credit card hold on your statement longer than that, contact your credit card issuer to see if they can remove the hold.

How much do hotels hold on credit cards?

The amount that hotels hold on credit cards will vary by hotel. Usually the hold will be anywhere from $20 to $200, plus any outstanding balance owed on the room. This helps to protect the hotel over any extra charges or damages that might occur. If you’re not sure how much the hold will be for, you can ask the desk clerk when you check in for the policy at that specific hotel.

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Photo credit: iStock/ferrantraite

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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The summer months are one of the most popular times to travel. Families with young children are often locked into summer travel due to school schedules. Even some adults have work schedules that make summer the most convenient time to travel. The upshot: Without proper planning, summer travel can be crowded, chaotic, and expensive.

While there isn’t a magic “best” time to book summer travel, there are a few things that can help ensure smooth sailing.

Things to Keep in Mind When Booking Summer Travel

For many top destinations, summertime is considered the peak season, when availability is at its lowest and prices are at their highest. If your timing is flexible, traveling during “shoulder” season (between peak and off-peak) can be easier.

You’ll also want to consider whether you’re willing to travel during special events or holidays like the 4th of July, Memorial Day, Labor Day, etc. Although it’s tempting to take advantage of a long holiday weekend, that’s what millions of other travelers will also be doing. You’ll find that it’s cheaper and less stressful traveling on a non-holiday weekend. And if you are traveling with pets, make sure your destination is pet-friendly and explore if there are any pet fees for where you are staying.

When to Book Flights for Summer

When to book flights depends on whether you’re looking to book domestic or international flights.

(One way families can afford to travel more is by choosing a closer destination where you can drive instead of fly.)

Recommended: Apply for a Rewards Credit Card

Domestic Flights

For domestic summer travel, keep an eye on flights for several months before your planned trip. Many travel booking sites allow you to see historical prices for certain dates and routes. That can help you determine if the current price is higher or lower than average.

Before you book any flights, make sure you understand the change or cancellation policy for your ticket, and whether it’ll cost you to rebook.

International Flights

Booking international flights for summer travel can be tricky. Usually, you’ll want to book an international flight sooner than a similar domestic flight. If you wait until the last minute, you could see the price rise dramatically. Not having booked a flight may also cause problems with your visa, should one be required for the country you’re visiting.

Booking Hotels for Summer: Advance vs Last-Minute

Deciding whether to book your hotel for summer travel in advance or at the last minute depends on your personal preference. If you’re a planner, you may want to lock down your itinerary by booking your hotel early. However, you may be able to save money on hotels by waiting until closer to your travel dates.

You can try to capture the best of both worlds by booking early and then regularly monitoring your reservation. Many hotels allow free cancellations on reservations until only a few days before check-in. So you can reserve in advance, and then if the price goes down, just cancel your booking and book again at the lower price. Using credit card miles or cash back can be another way to save money on your hotel booking.

Recommended: Apply for an Unlimited Cash Back Credit Card

How Far in Advance to Book Rental Cars for Summer

If you are renting a car for your summer travel, you can often use the same trick. It is common for many car rental places to offer the ability to book your rental car and pay at the counter. This form of book now pay later travel allows you to lock in a low rate for your rental car and then cancel and rebook if the price goes down afterward.

When to Book a Summer Cruise

Prices for cruises vary drastically based on a number of factors. The time of year, the cruise’s duration, your cabin choice, and how soon the cruise departs can all play a role in determining how much you’ll pay.

Prices for cruises may be low several months before departure and gradually rise, but it’s also common for cruise lines to offer “last-minute” specials to fill rooms that might otherwise go empty. If your life situation is such that you can decide to cruise at the drop of a hat, you may be able to pick up a cheap summer cruise.

Best Time to Book Tours, Sites, and Activities for Summer

It can be hard to book various activities for your trips until you have firm flights and hotels booked. But once you know for sure where you’ll be and when, you can start booking tours, events, and activities. It’s generally a good idea to book these sooner rather than later, since preferred dates and times can fill up fast. Keep your travel fund stocked, so you have enough money in your budget to do everything on your bucket list.

Recommended: Tips for Using a Credit Card Responsibly

The Takeaway

The summer months are some of the most popular times for travel, due to work and school schedules. But traveling to places everyone else wants to go when everyone else wants to go there will often lead to high prices and less availability. Being as flexible as you can with both your destination and travel dates can help.

Another good summer travel tip is to book cancellable reservations. Then you can regularly monitor prices and rebook if your plans change.

FAQ

When is the best time to book a trip?

Prices and availability vary based on the destination and season. Your best bet is likely to book as early as you can to ensure you get the flight, hotel, and activities you want. If prices come down, you can always cancel and rebook. Just make sure you understand the change/cancellation policies.

What is the cheapest month to travel in the summer?

If your heart is set on a summer vacation but your budget is tight, you’ll get more for your money by traveling during the “shoulder season” — in early or late summer. Travel in September can be especially nice, because the crowds have dispersed and the weather is still summery (but no longer sweltering). If you’re heading to a summer resort town, just make sure that your favorite haunts — restaurants, activities, etc — don’t shut down after Labor Day weekend.

When is the best time to buy airline tickets to Europe 2023?

If you’re flying from North America, book your European airline tickets as early as possible. More people are expected to travel in 2023 than in previous years. That means flights may book up more quickly, and prices rise. Unlike with domestic travel, you likely won’t find many last minute deals to Europe.

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It isn’t an easy thing to stop the cycle of living paycheck to paycheck. If it were, two-thirds of Americans wouldn’t be struggling to make ends meet every month.

And yet, according to a December 2022 survey by PYMNTS.com and LendingClub, about 64% of respondents reported they were living paycheck to paycheck at the end of last year.

What can you do if you want to beat those odds and get ahead of your bills? Read on for some steps that may help you achieve financial breathing room.

Ways to Stop Living Paycheck to Paycheck

Maybe it’s inflation eating up your paycheck these days. Or maybe it’s just… life.

Either way, there are likely adjustments you can make — both big and small — to get yourself to a better place financially. Here are a few basics to consider if you’re wondering how to stop living paycheck to paycheck:

Set a Budget

Admit it: You knew the b-word was coming.

Making a budget is the best way we know of to get a better handle on your spending and saving. It can show you where your hard-earned money is going every month — and help you nudge it in a different direction if you don’t like what you see.

Yes, it involves sitting down and doing math. But thanks to spending apps that can help you set up budget categories and monitor your money movements all in one place, the process isn’t nearly as tedious as it used to be.

You’ll probably have to tweak your budget from time to time — to deal with quarterly or seasonal bills, for example, or if costs go up. And if you’re a freelancer or seasonal worker, it can be tough to budget on a fluctuating income. But creating a comprehensive and realistic budget you can stick to through thick and thin can help you make your paycheck go further.

Focus on the Essentials

As you determine your personal budgeting categories, you’ll also be setting spending priorities. That starts with focusing on the essentials. Unless you’re still living with your parents rent-free, it can be a good idea to figure out the amount you’ll need for food, utilities, shelter, and transportation before anything else.

After that, you can play around a bit with what’s most important to you — your “needs” vs. “wants.” You may have to let go of a few things (sorry, Netflix) when you run out of money to spend.

No matter what happens, you’ll have a roof over your head and something to eat. The lights, heat, and water in your home will keep working. And you can get where you need to go.

Prepare for the Unexpected

If you’re worried that an unexpected bill could come along at any time and take a huge bite out of your finances, you aren’t alone. About 56% of Americans are unable to cover a $1,000 surprise bill with their savings, according to a 2022 survey by Bankrate.

Financial advisors typically recommend keeping at least three to six months’ worth of expenses stashed away in an emergency fund. If that amount is too daunting, you can start with a much smaller amount. Anything you can put away will help if you suddenly have to pay a medical, home, or car repair bill.

Get Out of Debt

If debt payments (credit cards, student loans, etc.) are a big part of your monthly budget, you may want to rethink your debt payoff strategy.

To truly dump your debt burden — and reclaim the money you’re paying in interest every month so you can save it or use it for other things — it can help to have a debt reduction plan. There are many options to choose from, including these popular strategies:

•   The snowball method: With this strategy you put any extra money you can toward paying off your smallest debt — while making the minimum payment on the others. When that balance is paid off, you can move on to the next smallest bill, and so on — slowly eliminating all your debts.

•   The avalanche method: The avalanche method focuses on high-interest debt. With this strategy, you would put any extra you can toward the credit card or loan with the highest interest rate. When that bill is paid off, you move on to the bill with the next highest interest rate, and so on.

If you’re using credit cards just to keep your head above water, you could end up drowning in debt — especially as interest rates are rising. Try to budget with your credit card wisely, instead of thinking of it as a life raft. Charge only what you can afford to pay off each month.

Increase Your Income

If your main income stream just isn’t enough — and a pay raise isn’t coming anytime soon — you may want to consider your options for earning extra cash.

That might mean taking on a side hustle (something you can do when you’re not at your regular job), selling stuff you don’t use any more, or maybe renting out a room in your home. Whatever you choose, try to make it fun (or at least bearable), so you aren’t tempted to give up. And make sure the hours, effort, and money you put into the side gig (for supplies, uniforms, etc.) are worth it and you’re really getting ahead.

Recommended: Best Paying Online Side Jobs for Teachers

Increase Your Down Payment

A 20% down payment usually isn’t required to finance a home purchase, and most buyers put down less. (With a SoFi home loan, for example, first-time buyers may qualify for a 3% down payment.)

Your Realtor® and your lender can help you decide how much your down payment should be. But if you can scrape together more, you’ll borrow less, which means you can have lower monthly payments. You’ll also have more equity sooner, and you’ll pay back less interest over the life of the loan.

More Tips to Budget and Save Money

OK, now that we’ve covered the basics, let’s drill down to some other lifestyle changes that can help you spend less and save more:

See the Benefits of Owning Less

It’s tough to say no to buying new, or better, or more — especially when you can make online purchases with just a couple of clicks and use a credit card to pay. But embracing financial minimalism and the mantra that “less is more” can help you change your spending behavior.

Budgeting is a great way to focus on needs vs. wants, and tracking your spending with an app, or even going old-school and writing down every penny you spend in a notebook, can help you set priorities.

Sit Down and Do the Math

It’s easier to get where you want to be if you know where you are. So it can be helpful to pull out all the paperwork when you’re creating your household budget. That means sitting down with purchase receipts, bank and credit card statements, payroll info, etc., to figure out how much you’re spending every month, what you’re spending it on, and how much you actually have to spend.

Look for Things to Cut

This is the painful part. If you really want to stop living paycheck to paycheck, there’s a good chance you’re going to have to get rid of some of the things you love.

That might mean cutting back on concert or theater tickets (or just choosing cheaper seats). You might have to back off on the morning trips to Starbucks. Or cancel app subscription services. The good news is, you get to pick your priorities — as long as those things track with what you realistically have and want to spend each month.

Embrace a No-Spend Period

It’d be pretty difficult to not spend any money at all for a year — or even a week. (Although some people are trying as part of the “no-spend challenge” trend.)

But by challenging yourself to only spend on things you absolutely have to have for a pre-set period of time, you can really get a feel for what’s important to you. And of course, you save money.

You can go big or small. You can challenge yourself for a year, or a month, or a week. You can try to go without buying anything new, or limit yourself in a specific category: no spending on clothes, shoes, or jewelry; no movies (at the theater or streaming); or no eating at restaurants, for example. And you can post your progress on Twitter or Instagram — if that helps push you to keep going — or you can keep it all private in your diary.

Put Your Savings into a Separate Account

It may seem super convenient to put all your money into a checking account. But that can also make that money super easy to spend.

Funneling some of your funds into a separate savings account can help you keep your hands off your cash as you set up your emergency fund or save for other short- and long-term goals. And if you put the money into a high-yield online savings account, you typically can earn a higher interest rate than you would with a traditional checking account.

Don’t Be Afraid to Consider Drastic Changes

Some people need to make only a few minor changes to pull out of the paycheck-to-paycheck cycle. Others may need to get more radical. If you can’t get your spending under control, for example, you may need to cut up your credit cards. If you can’t afford your car payments or gas, it might make sense to take the bus or carpool to work. Or you may have to make some uncomfortable budget cuts — like going without cable or shopping at less expensive clothing stores.

When you’re thinking about what moves might help you get ahead, consider crunching the numbers first to see if the change really makes financial sense. Then, try to stay motivated by thinking about what you can do with the money you’ll save.

Avoid Lifestyle Creep

Is part of your problem caused by “lifestyle creep”? That’s when your personal cost of living increases, but so slowly you might not have noticed until you were scrambling to pay your bills.

Maybe you got a raise and thought you could afford to spend a bit more on the things you want. Or maybe your friends are earning more money than they used to — and keeping up socially is hurting you financially.

If you’re overshooting your budget every month and can’t figure out why, it may be time to reexamine your priorities and focus on the larger goals (saving for a house or college for your kids) that could slip away if you can’t get a handle on your spending.

Set Financial Goals

When you’re just winging it financially from month to month and year to year, it can be much harder to live within your means. Setting short- and long-term goals — whether it’s to reduce your debt, build your emergency fund, or save for a new car or home — can motivate you to stay on track.

When you’re setting your goals:

•   Think about what you hope to accomplish and how it would make your life better. (Be specific.)

•   Give yourself a timeline. (Be realistic.)

•   Try to make your goals measurable. (Baby steps are OK!)

Be Patient and Stay Positive

Getting your finances on track can be a little like dieting. You’re bound to slip up from time to time. And getting to your goals may take longer than you planned.

You may even be tempted to give up completely.

But if you stick with your plan, you can improve your financial health — and feel better about yourself and your future.

Recommended: Ways to Reward Yourself Without Breaking Your Budget

Track Your Spending with an Eye Toward Saving

If your goal is to save more, you’ll have to spend less. And one way to get the ball rolling is to track your spending for at least 30 days to see where your money is going.

Once you spot the things you can change, you can start cutting back on current and future spending, and catch up on old debts. Then you can move more and more money to savings — and get closer and closer to your goals.

It may help to choose a budget strategy that focuses on saving, such as the 70-20-10 budget rule, which divides after-tax income into three basic categories: 70% to monthly spending, 20% to savings and debt repayment, and 10% to donations (or to more saving and investing).

The Takeaway

Living paycheck to paycheck is like treading water: You may not be drowning in debt (yet), but you also aren’t getting any closer to your goals.

Instead of waiting for someone or something to come and help (Publishers Clearinghouse? Powerball®? Your Great Aunt Martha?), you can take a deep breath, get a better grip on your budget, and do what it takes to save yourself.

SoFi has some great tools available to help you through the process, including a money tracker app that can help you set goals, track your spending, monitor your credit score, and link all your accounts on one mobile dashboard. With SoFi, you can see how you’re doing all in one place and all for free.

Tired of swimming upstream financially? Check out how SoFi can help.

FAQ

What is the 70-20-10 rule for money?

The 70-20-10 rule is a budgeting strategy that focuses on both spending and saving.

What is considered not living paycheck to paycheck?

If you aren’t living paycheck to paycheck, you’re living comfortably within or below your means, you’re putting savings away for future goals, and you have an emergency account set up so unexpected bills don’t send you spiraling.

What’s the best way to stop living paycheck to paycheck?

A good first step toward ending the paycheck-to-paycheck cycle is to find out where your money is going every month, and to set up a budget that prioritizes smart spending and saving.

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Photo credit: iStock/jacoblund

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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