Ameer Katifi wasn’t content to be a top loan officer for an established mortgage provider.
He wanted to strike out on his own, to start a new company and “build a legacy for myself.”
And he wanted his business to be like a family, where everyone gets treated how they want to be treated, with state-of-the-art technology in a supportive environment.
So in January, the 31-year-old Irvine native launched Trusted Mortgage Capital, a mortgage brokerage and loan origination business in Laguna Hills.
Depending on how you look at it, he either had lousy timing or is getting in on the ground floor of the next boom.
On the one hand, soaring interest rates throttled the mortgage business, causing home loan volume to plunge 71% in the first half of 2023 from the 2021 peak. But on the other hand, a wave of mortgage layoffs created a large pool of unemployed talent for Trusted Mortgage to tap.
“It’s all about the mindset you have going on. Even though the business went down by 70%, there’s still a lot of business out there,” said Katifi, Trusted Mortgage’s chief executive.
“In this type of environment, it’s really you building out your engine and sharpening your skill to be the best you’ve ever been,” he said. “And the best time to grow is when it’s slow. Once it’s busy, once the rates are low again, then it will be really hard to capture good talent.”
Trusted Mortgage Capital already scored big in one arena. Even though it’s just a year old, it ranked No. 1 in the small business category of the Orange County Register’s Top Workplaces program.
The selection is based on employee survey responses rating the company.
In one response, an anonymous employee said he or she loves the job because “of the potential to grow.”
The 40-employee company already is licensed to work in 17 states. As of October, license applications were pending in five others.
The firm is both a lender — originating its own home loans to borrowers — and a mortgage broker, acting like a matchmaker connecting customers to other lenders.
During the first 10 months of the year, Trusted Mortgage already had issued 81 loans totaling almost $30 million. That doesn’t include income from the mortgage brokerage side of the business.
Katifi said his company was on track to become profitable by the end of 2023.
The firm has just seven salaried employees and at least 19 loan officers who work on commission. Of those, three to five earn both a salary and commission.
The remaining 14 loan officers are independent contractors, depending solely on commissions. And the company is looking to hire more.
Half of the company’s 6,100-square-foot office is for future growth. The other half, with about 30 cubicles, is festooned with motivational posters, with slogans like, “The only time SUCCESS comes before WORK is in the dictionary.”
Liz Meza, Trusted Mortgage’s compliance manager, said loan officers can earn $3,500 to $50,000 a month.
What makes Trusted Mortgage unique, however, is the free package of services the company provides its loan officers, including marketing, loan processing, technology and lead generation.
“A lot of mortgage lenders and a lot of mortgage brokers have the independent model, which means you have to provide your own marketing, pay for your own processing, pay for everything yourself,” Katifi said. “The difference about us is we provide all that for our branch managers (and) our loan officers … so they don’t need any money out of pocket to be able to work as a mortgage loan originator.”
Katifi said Trusted Mortgage is big on marketing and big on training. New employees start out as junior loan officers, working under the tutelage of a senior loan officer for six months.
They get a week of training at the United Wholesale Mortgage’s headquarters in Pontiac, Mich., and the company gets them licensed.
There are weekly sales and training meetings as well.
“I’m constantly adapting to changes in the industry. I’m constantly updating our approach on how they should approach the clients,” Katifi said. “And just creating a fun environment where people want to come to the office where they don’t watch the clock.”
The company provides lunch every Friday, stages potlucks and celebrates all the major holidays. There are awards ceremonies recognizing the top producers.
The big question is how long can a new company hang on during one of the slowest housing markets on record.
Katifi feels confident that loan volume will pick up as soon as mortgage rates start to subside. A lot of borrowers have high-interest home equity loans. Once rates moderate, they will want to refinance, combining those second mortgages with their firsts.
“We’re not going anywhere,” Katifi said. “Diamonds form under pressure. We’ve got the marketing down. We’ve got the operations down. … There’s still people (who are) going to be buying and selling homes, having to move and needing to get second mortgages for some unexpected expenses.
“So we are here for a long time.”
Trusted Mortgage Capital
Founded: 2022
Headquarters: Laguna Hills
Industry: credit and finance
OC employees: 40
Website: trustedmortgagecapital.com/
Quote: “In this type of environment, it’s really you building out your engine and sharpening your skill to be the best you’ve ever been.” — Ameer Katifi, CEO of Trusted Mortgage Capital
It’s no secret that Connecticut is a pricey place to live. This is particularly true for daily Manhattan commuters in Fairfield County paying high rents to live near the City. The “new normal” will allow several permanently remote workers to move further away from New York to other Connecticut cities or smaller towns in the Nutmeg State for a quieter life away from the bustle.
Still, others may want a spot closer to New York City, trying to take advantage of cheaper rents in certain pockets, not tied to jobs around places like New Britain or Norwich anymore. For its diminutive size, Connecticut has a diversity of both metropolitan and rural options.
So, for those looking to move to or within Connecticut, where can the most affordable rental cities be found? What are the cheapest places to live in Connecticut for renters?
Connecticut state average rent prices
First, let’s assess what rent prices look like in Connecticut. As stated previously, the Nutmeg State is not a cheap place to rent in general.
The average rent for a one-bedroom apartment across the state is $1,831. That’s pricey for a lot of renters. In fact, of the top ten cheapest cities in Connecticut in which to rent, only seven of them fall below that figure. And recently, it’s only gotten pricier. That number is up nearly twelve and a half percent from a year ago.
The cheapest cities in Connecticut for renters
As demonstrated, there are many reasons why Connecticuters are looking for cheaper places to live, or assessing the price of where they currently reside. Among all the cities and towns in the Constitution State, what are the most affordable for renters?
Below are the 10 cheapest places to live in Connecticut. Three of the top 10 are in New York-adjacent Fairfield County. Four lie in the state’s Capital Region. And one is very much (playfully?) disliked by a certain late-night show host.
10. Norwalk
Average 1-BR rent price: $2,138
Average rent change in the past year: 2.5 percent
Looking for reasonable rents in Connecticut but with a reasonable commute to New York? Look no further than Norwalk. It’s just 35 miles from New York. And a one-bedroom apartment leases for $2,128 a month on average. All told, it’s the cheapest city in the Connecticut Panhandle for renters.
For the price, Norwalk is sufficiently commutable. A train ride on the MTA’s Metro-North Railroad to Grand Central Terminal is just 90 minutes long. As well, the commute time for drivers comes in at about 75 minutes.
The north end of the city is by the Merritt Parkway, and the Connecticut Turnpike and US Route 1 roll through the south. The latter two, intersected by the Route 7 expressway, runs alongside downtown Main Street to the seaport and harbor district.
You don’t even need to travel into Manhattan to find big business. Pepperidge Farm operates on the pricey east end of the city and Xerox headquarters lies at the northern tip.
Find apartments for rent in Norwalk Buy a house in Norwalk
9. Milford
Average 1-BR rent price: $1,944
Average rent change in the past year: -1.7 percent
Just about on the other side of the Housatonic River from the state’s largest city is the suburb of Milford. The city offers ten miles of beaches along its Long Island Sound shoreline, more than any town in Connecticut.
Five of the beaches are city beaches, including Walnut Beach, Gulf Beach and Silver Sands. And just offshore is 14-acre Charles Island, rumored home to Captain Kidd’s buried treasure.
Milford also lies along eight miles of shoreline on the Housatonic, but its downtown actually sits where Milford Harbor meets the Lagoons. The city’s trendy downtown offers some seaside restaurants, bakeries and beer bars along New Haven Avenue and its adjacent streets. And splitting two-lane Broad Street downtown is Milford Green, the second-longest park in New England.
Downtown also features several rentals for both residents and summer beachgoers, priced right for the season and all year long. An average one-bedroom apartment throughout Milford rents for just under $2,000 a month.
Find apartments for rent in Milford Buy a house in Milford
8. Oxford
Average 1-BR rent price: $1,884
Average rent change in the past year: N/A
If you can’t get into Yale, have you tried Oxford? No, not the famous university in England, but the New Haven County town a half-hour away named for it. Oxford — the Connecticut one — has nearly 14,000 residents, but the woodsy town’s population spreads sparsely across three primary settlements.
Oxford Center offers a handful of businesses and Oxford’s only shopping center. Riverside sits along the Housatonic River and offers quaint waterside neighborhoods of single-family homes. And Quaker Farms is a lightly populated suburban center where you will find most of the town’s apartments.
The remainder of the town is immense forests and parkland. This includes parts of Kettletown State Park in the southwest and Naugatuck State Forest in the northeast.
At the north end of town sits the Waterbury-Oxford Airport, a popular corporate airport, home to dozens of large corporate business jets and a short helicopter ride away from Midtown Manhattan.
For this version of Connecticut rustic living, renters will only be shelling out $1,884 a month for an average one-bedroom apartment.
Find apartments for rent in Oxford Buy a house in Oxford
7. Danbury
Average 1-BR rent price: $1,764
Average rent change in the past year: 3.0 percent
HBO late-night host John Oliver really, really hates Danbury, Connecticut. But truthfully, it’s just a joke. Or is it? The comedian has heckled the city several times on “Last Week Tonight.” But Oliver and the city put its epithet-riddled rivalry aside in 2020 when Danbury renamed its water treatment facility “The John Oliver Memorial Sewer Plant.”
Fortunately, Danbury has much more to offer than waste treatment. The Housatonic Valley town lies just 60 miles north of Manhattan, making it a popular New York bedroom community. New York is just two hours away by rail, with Danbury acting as the terminus of the MTA Metro-North Railroad line. Commuters can also drive into New York in 90 minutes.
The bulk of commercial and business in Danbury lies along the I-84 corridor. This includes the large Danbury Fair mall at the junction with US Route 7, adjacent to the Danbury Airport. A bit east is Danbury’s downtown, which sits in the bowl of the city’s large railyard and runs out to Western Connecticut State University.
The border of New York State forms the western edge of Danbury, with easy access to the Hudson Valley and the Catskills. Despite the convenience, rents are low. A one-bedroom apartment rents for $1,764 on average monthly.
Find apartments for rent in Danbury Buy a house in Danbury
6. Manchester
Average 1-BR rent price: $1,470
Average rent change in the past year: 16.8 percent
There are 30 cities in the U.S. named Manchester. Of them all, only one is more populous than the one in Connecticut. A city of nearly 60,000 (the one in New Hampshire is twice the size), Manchester sits just to the east of East Hartford.
Just to the west of Manchester, I-384 splits off from I-84. The two interstates diverge as they enter Manchester, forming byways along the north and south sides of the town.
Most commercial business is along freeway exits. The Shoppes at Buckland Hills is a major mall along I-84, surrounded by some apartment complexes, shopping centers and big-box stores.
Off 394, the East Side and West Side neighborhoods offer a variety of cultural sites and numerous shops, restaurants and another pocket of apartment buildings along Main Street.
With a convenient drive into Hartford but green space enough to feel separated, Manchester is a desirable town. The Capital Region suburb is also affordable. An average one-bedroom apartment leases for just a monthly rate of $1,470.
Find apartments for rent in Manchester Buy a house in Manchester
5. Bridgeport
Average 1-BR rent price: $1,459
Average rent change in the past year: 4.0 percent
Quick, name Connecticut’s largest city. If you are not a native Nutmegger, you may not realize the answer is the coastal city of Bridgeport, not Hartford.
The city of nearly 150,000 lies on the Long Island Sound halfway between Stamford and New Haven. And with a train commute of around two hours, it’s considered the northernmost Connecticut city a reasonable commuting distance into Manhattan.
That’s good news for city commuters willing to spend a few hours on the train each day. With a one-bedroom apartment renting for an average of $1,469 a month, it’s the cheapest place to live in Southwestern Connecticut for renters.
The city itself presents as an amalgam of mid-sized cities and dense suburbs. It features a busy waterfront along Bridgeport Harbor. The University of Bridgeport sits right on the water surrounded by many coastal parks and beaches, marinas and industrial sites.
Nearby is the city’s bustling downtown. The area features several bars and restaurants, museums, high-rise apartment buildings and the brand new Hartford HealthCare Amphitheater.
Find apartments for rent in Bridgeport Buy a house in Bridgeport
4. Hamden
Average 1-BR rent price: $1,421
Average rent change in the past year: 4.1 percent
If New Haven is a city known for its Ivy, Hamden — its neighbor to the north — is a city of trees and parks. It’s a city with an obvious metropolitan grade. The southern end of the city adjacent to New Haven is highly urbanized. But as you travel northward, the city gradually becomes tree-filled, rural and mountainous.
The southern footprint of Hamden is densely populated with tracts of suburban sprawl, single-family homes, and apartment complexes penned in by West Rock Ridge. From there, the northern half slowly ruralizes with forests and larger lots, Sleeping Giant State Park, the Mount Carmel neighborhood and the pristine campus of Quinnipiac University.
The city of 60,000 features two major museums. The Eli Whitney Museum is a learning center built on the site of the famed inventor’s musket factory. As well, Ireland’s Great Hunger Museum is a tribute and collection relating to the devastating Irish famine.
With all that, Hamden is still the cheapest place to live in South Central Connecticut for renters. The average monthly rent for a one-bedroom apartment runs just $1,421.
Find apartments for rent in Hamden Buy a house in Hamden
3. Hartford
Average 1-BR rent price: $1,400
Average rent change in the past year: -1.3 percent
Thirty years ago, Hartford was the largest city in Connecticut. But over the years, a slow population decline and an increase in population along the coast changed that.
Today, the state capital is Connecticut’s fourth-largest city. Yet it’s still most important. The good news is that the population decline has helped keep rent prices down. At $1,400 a month for an average one-bedroom, Hartford is the cheapest big city to live in Connecticut for renters.
It may no longer be the largest city, but the former home of the NHL’s Whalers is certainly the most urban and most global. Hartford is known as the “Insurance Capital of the World,” home to operations of healthcare companies like Aetna, The Phoenix Companies, Prudential, Travelers, United Healthcare and, of course, The Hartford.
But like any good major city, Hartford is also known for its distinctive cuisine and restaurant scene. As one of the nation’s oldest cities, English and Dutch cooking heavily influenced the region. Additionally, interwar immigration brought a large Polish population and with it its cuisine. And its relative proximity to the ocean gave rise to quality seafood fare.
Today, it’s a top foodie destination, with both food trucks and farmers’ markets of particular popularity.
Find apartments for rent in Hartford Buy a house in Hartford
2. East Hartford
Average 1-BR rent price: $1,229
Average rent change in the past year: 7.1 percent
The community of East Hartford lies, predictably, East of Hartford. The region consists of the Capital Region city land east of the Connecticut River. The complementary city is about two and a half times smaller than its neighbor across the river. But rents in East Hartford run $170 lower. A one-bedroom apartment leases for $1,230 a month on average.
While Hartford is a state government town, East Hartford is an industrial town. More specifically, one industry. The city is the world headquarters of Pratt & Whitney, a large multinational aerospace manufacturer. The company’s massive 1,100-acre campus takes up a large percentage of the city’s land area. And it employs 9,000 workers.
That doesn’t mean East Hartfordites don’t kick back and have fun. The city is home to 40,000 seat Pratt & Whitney Stadium at Rentschler Field. The stadium is home to the University of Connecticut football team and has hosted the US men’s national soccer team and the NCAA lacrosse championships multiple times.
Find apartments for rent in East Hartford Buy a house in East Hartford
1. Willimantic
Average 1BR rent price: $1,010
Average rent change in the past year: N/A
It’s not anywhere near New York City. It’s not in the Capital Region. The cheapest place to live in all of Connecticut for renters is the small riverside town of Willimantic in the eastern part of the state.
Willimantic is a quaint, placid small college community in the Windham region. And for that woodsy Quiet Corner lifestyle, rent for an average one-bedroom runs just $1,010 a month. That’s over $200 less than anywhere else in the state.
Rustic Willimantic is a former textile hub, known as “Thread City” for the mills along the Willimantic River. Two museums, Windham Textile and History Museum and Connecticut Eastern Railroad Museum, preserve the history of the two industries that defined Willimantic. As well, the town is home to the 4,400 students at Eastern Connecticut State University and its stunning campus.
Willimantic lies about 45 minutes east of Hartford and a little over an hour west of Providence. The town of 18,000 offers several unique cultural sites and events.
The most famous is the annual Boombox Parade. Every Independence Day, residents march the streets with boom boxes tuned to a local radio station broadcasting marching band music. It’s the largest parade of its type in the world.
Find apartments for rent in Willimantic Buy a house in Willimantic
Methodology
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory as of June 2021. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.
We excluded cities with insufficient inventory from this report.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Inside: Balancing a shoestring budget is possible and provides great rewards. With savings and budget strategies, you will find genius tips to manage your finances smartly!
With the rise of economic inflation, a growing number of people are finding the need for shoestring budgets to effectively navigate through their expenses.
Whether it’s planning for a low-cost holiday, initiating a frugal home makeover, or launching a start-up business with minimalist funds, the concept of a shoestring budget comes into play.
Moreover, it’s not only limited to low-income families but also extends to larger households and entrepreneurs that need to strategically lessen costs to achieve their goals. This is how many people reach financial independence sooner.
Then, let’s talk about a shoestring budget – an effective tool used to stretch finite resources, manage money wisely, and achieve financial goals, all while minimizing expenses.
If you’re familiar with the feeling of every dollar in your wallet counting, then this blog post is for you.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What is a Shoestring Budget?
A ‘shoestring budget’ means to accomplish a task or a project within a very limited or bare minimum budget. The shoestring budget work strategy involves curbing discretionary spending dramatically to take care of high-priority expenses.
Understood across various contexts like travel, events, and lifestyle, the term implies an approach of resourcefulness and discovery of low-cost alternatives to achieve desired results.
Not exclusive to households with low incomes, working with a shoestring budget expresses the art of making what’s deemed impossible possible, navigating time constraints, and maximizing minimal available funds.
Shoestring Budget Idiom Definition
According to Merriam-Webster, the official definition of a shoestring budget is: 1
“involving a relatively small amount of money for planned spending.”
‘Shoestring Budget’ Origin
The phrase ‘shoestring budget’ has an intriguing origin story that dates back to the 1800s in the United States. Fact-checks reveal that this term is indeed a reference to the precarious nature of a thin and weak shoestring, metaphorically implying a scarce and strained budget.2
Several theories have been proposed regarding its original use.
One theory suggests that the term ‘shoestring gambler,’ meaning someone gambling with a limited budget, might be the precursor to the idiom.
Another theory, based on British history, suggests that prisoners would lower a shoestring out of their cell to collect small donations from passersby, symbolizing the idea of managing with few resources.
Despite the debates around the phrase’s exact origins, it is undisputed that it signifies a tight budget situation.
How to live on a shoestring budget?
Living on a shoestring budget can be challenging but doable with a bit of dedication and planning.
Start by reviewing your regular expenses per month.
Cut down on unnecessary expenses as much as possible.
Monitor your small, daily expenses as they can add up significantly over time.
Refinance any existing debt to reduce interest payments.
Renegotiate contracts with utility providers, subscription services (consider uninstalling unused ones), or insurance for better rates.
Shop at thrift stores or choosing used items over brand new can also help you save.
The key to surviving a shoestring budget is self-control and determination to avoid impulsive spending.
Your goal is to prioritize essential needs over wants – a no spend challenge will help you with this. Remember, regular tracking and analysis of your personal site usage can provide valuable insights to manage your budget better.
How to travel on a shoestring budget?
Embarking on an adventure while on a shoestring budget requires creativity and pre-planning.
Be flexible with your travel dates, destinations, and mode of transport to take advantage of the best deals available.
Consider options such as budget airlines, off-peak travel times, and less touristy locations.
Staying in budget accommodations, or even trying out housesitting, can significantly cut down your lodging costs.
Eating at local fresh markets rather than restaurants will not only save you money but also provide a more authentic experience.
Plan your daily activities; consider free local events, parks, and attractions.
Always carry a water bottle to avoid buying expensive drinks.
With careful planning, traveling on a shoestring budget can make your journey all the more rewarding and memorable.
How to Save Money on a shoestring budget?
Saving money while on a shoestring budget might appear challenging, but it’s not impossible. Begin by monitoring your expenditures and identifying areas where you can potentially save money. Also, consider substituting costly activities with more affordable or free ones.
Every small action counts when you’re on a shoestring budget, and these savings accumulate over time. Remember, consistent small savings can make a significant difference in the long run.
Starting a business on a shoestring budget
Starting a business on a shoestring budget requires careful financial planning and innovative thinking. Indeed, it may sound challenging, but numerous shoestring startups have surged to success by optimizing their business budgets. It is all about crafting a solid business plan that clearly delineates your budget and the efficient utilization of each dollar.
Maintain focus on essential expenses only. These expenses might include mandatory licenses, essential software for business operations, or even crucial industry-specific tools. Leverage your personal and professional networks for free advice and resources.
Also, make the most of free or low-cost online marketing strategies as these can be vital to shoestring business budgets. You can use effective strategies, like using different social media platforms for marketing or creating a blog, to broaden the reach of your business.
Remember, having the capital to start is important but it’s secondary to a truly novel idea, intense hard work, and a strategic approach. So, let your creativity thrive and work passionately towards growing your business.
Shoestring Budget Examples
Shoestring Vacation
Wedding or Honeymoon
Home Improvement
Business on a Shoestring Startups
Savings Goals
Financing your Next Car
A shoestring budget is not always related to bigger projects. It can also refer to the scenario where the money required for daily expenses, buying an item, or completing a project isn’t enough. Here, the person has to be creative and find ways to stretch the money to make ends meet.
Practical Tips for Surviving on a Shoestring Budget
In this section, we will present practical advice for managing a shoestring budget, derived from case studies of my readers and my own personal experience who have thrived despite financial limitations.
Whether you are budgeting on a low income or looking to reach FI number faster, this guide has you covered.
1. Starting with a Budget: Your First Step
Before you embark on your journey of living on a shoestring budget, the first step is to define a realistic budget.
Understand your total earnings and list all your monthly expenses.
Identify which expenses are necessary (rent, utilities, groceries) and which are discretionary (eating out, entertainment).
Now create a spending plan such that it covers all necessities, allocates some amount towards savings, and leaves a little for leisure.
A well-defined budget will be your roadmap to financial management success.
Remember, the goal is to live within your means but also to ensure you aren’t depriving yourself.
2. Make Saving Automatic
A proven way to save money on a shoestring budget is to make saving automatic.
In such a method, you can set up an automatic transfer when you get paid. Another idea is to use Acorns, which rounds up purchases made with your debit card to the nearest dollar and deposits the change daily into your savings account.
Essentially, you’re saving without even noticing it! These little amounts add up over a period and can really bolster your savings.
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3. Cut Back on Expenses
One of the most effective ways to operate within a shoestring budget is by reducing expenses. These can be small lifestyle changes, like cutting back on takeaways and preparing meals at home, walking or cycling instead of driving short distances or canceling unused subscriptions.
Specifically, you are looking to cut back your flexible expenses the most.
4. Look for Ways to Make Extra Money
Alongside cutting back on expenses, we continually stress the importance of finding ways to supplement your income. This could be from a side hustle, passive income, part-time job, or even a pay raise.
This additional income can help ease pressure on your shoestring budget. Also, it might provide an opportunity to explore new interests or passions. By diversifying your income streams, you make your financial situation more secure and flexible in unexpected circumstances.
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5. Utilize Free Resources
When it comes to saving money on a shoestring budget, the key is to utilize free resources and focus on essentials before spending money.
Thankfully, there are many vital ways to do this:
Find free things to do without spending money.
Use your local Buy Nothing group to find items before spending your hard-earned cash.
Learn and enhance your skills through free or low-cost online platforms like Udemy, Coursera, and YouTube.
Leveraging such resources can have a significant impact on your budget, leading to substantial savings for other meaningful expenses.
6. Look for Deals and Coupons
Another wise strategy when operating on a shoestring budget is seeking out deals and using coupons whenever possible. This game-changing approach can be applied to your grocery budget, dining, clothing purchases, and even travel.
Search for coupons in newspapers, magazines, or on coupon websites. Perhaps, subscribe to newsletters from your favorite retailers, a move that will provide straightforward access to information about sales and discount codes. Be mindful while shopping online or in stores, and always remember to rein in impulses, checking for any available discounts before purchasing.
Moreover, take advantage of holiday sales or Amazon Prime Day for larger purchases. Taking a little extra time to hunt for the best deals can significantly cut down your expenses and help you stick to your shoestring budget.
7. Utilize Household Resources
Leveraging what you already have in your household is another fantastic way to save money.
For instance, before running to the grocery store, take stock of what’s in your pantry and design meals around these items.
Also, consider repurposing and upcycling household items. An old ladder can turn into a chic bookshelf; jars can be used for storage.
Optimizing utility usage by switching off lights when not in use and limiting water usage can also reduce bills.
Start treating everything in your house as a resource with a specific purpose and value, including leftover food, old clothes, and used furniture. Every household item utilized efficiently can add up to visible savings over time.
8. Get Rid of Unnecessary Expenses
Perhaps the most crucial aspect of managing a shoestring budget is identifying and eliminating unnecessary expenses. These could include subscriptions to magazines or online services that you hardly use, dining out frequently, or buying expensive coffee daily.
Analyze where your money is going every month. You’d be surprised how the smallest changes can have a big impact on your budget. Eliminating even a few unnecessary monthly expenses can add up to substantial yearly savings.
Remember, the key is not to deprive yourself of everything but to find that balance between living comfortably and within your means.
9. Reduce Your Monthly Rent or Mortgage Payment
Want to slash a significant expense of your shoestring budget by considering ways to reduce your rent or mortgage payments? Could you move to a more affordable area or a smaller property?
For homeowners, look at refinancing your mortgage or negotiate better terms, resulting in lower monthly payments. Always remember to check if any fees would apply before proceeding with refinancing.
If relocation isn’t an option, consider renting out a spare room in your home or offering it on a vacation rental site.
If you are a renter, look at becoming a permanent housesitter.
Lowering these substantial expenses can make a huge difference in your budget, allowing you to allocate funds to other pressing areas, save, or even invest in building wealth.
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10. Be Creative When Paying Bills
When managing a shoestring budget, it can be helpful to get creative with the way you pay your bills. Sometimes, splitting payments between paychecks or paying on certain days can make managing your budget easier.
You could also consider bill negotiation services or check if you qualify for reduced rates based on your income. If meeting all payments becomes too strenuous, communicate with your service providers about it. They may have hardship programs or payment plans to assist during tough financial periods.
Remember, the key is to avoid late fees or penalties that could further strain your budget.
11. Leverage Technology to Save Time and Money
Make the most of technology to manage your shoestring budget. There are numerous mobile apps and online resources to help you track your expenditures, save money, pay bills, and even invest.
Budgeting apps can help you keep track of your income and expenditure, warn you when you’re nearing your limit, and provide valuable insight into your spending habits. Digital wallets can help you make secure transactions without the fear of losing cash.
Moreover, there are apps and websites to compare prices of different products, get the best deal alerts, apply instant coupons, or even earn cashback like Rakuten.
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12. Participate in a Mini Savings Challenge
As a fun and effective way to boost your savings, consider embarking on a mini savings challenge! These challenges break the intimidating concept of saving into manageable, small steps. They can vary based on duration and the amount you’re aiming to save.
For example, in a 52-week challenge, you save $1 in the first week, $2 in the second, and so on, until you’re saving $52 in the 52nd week. By the end of the year, you’ll have saved $1,378!
Not only does it make saving fun, but it also allows you to develop a consistent saving habit, crucial when budgeting on a shoestring.
Frequently Asked Questions (FAQ)
If you’re fortunate enough to have a budget that’s more than a shoestring, the principles discussed still apply. Having more resources doesn’t mean you should ignore opportunities to save and invest wisely.
So, whether your budget is minimal or ample, consider adopting these healthy financial habits to achieve your financial goals. Make sure to sock away any extra money into a savings or investment account so you aren’t tempted to spend it.
Starting to invest on a small budget involves several key strategies. You must pay yourself first each and every time you are paid.
Set up an auto savings plan through a high interest savings account to make sure you start earning interest.
Contribute enough to your 401(k) to take full advantage of your employer’s match, if available, and consider mutual funds with an initial investment as low as $500.
Pick one solid company wherein you believe data and financials are stable enough to invest in, and buy 1 share.
If you receive a work or tax refund bonus, allocate it towards your investments instead of immediate spending.
Key Takeaways: Managing Money Well on a Tight Budget
Managing finances on a shoestring budget can be a daunting task, but with the right strategies in place, it can become a way to achieve financial health.
This is something I did when I was a stay-at-home mom looking for ways to make money.
In the grand scheme of things, managing a shoestring budget is less about the money and more about your mindset. Yes, limited resources can present challenges, but your attitude and creativity can make a difference.
Embracing frugality, taking control of your financial choices, and building resourceful strategies can turn your constraints into opportunities.
Money comes and goes, but the ability to manage it effectively is a life skill that will always be beneficial. The real wealth lies in your ability to live within your means and make the most of what you have – turning your shoestring budget into a stepping stone towards financial independence and stability.
Remember, every journey starts small.
Day by day, these tips can help you improve your financial stability and achieve your goals, regardless of your budget size.
Source
Merriam-Webster. “on a small/tight/shoestring budget.” https://www.merriam-webster.com/dictionary/on%20a%20small%2Ftight%2Fshoestring%20budget. Accessed December 5, 2023.
Grammarist. “Shoestring Budget – A Creative Expression for Limited Money.” https://grammarist.com/idiom/on-a-shoestring-and-shoestring-budget/. Accessed December 5, 2023.
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The Express credit card, issued by Comenity Bank, is expressly mediocre.
It can help you pay for a new wardrobe at the clothing retailer, but its usefulness is limited beyond that, especially given its high interest rate and narrow redemption options.
There’s no annual fee, and the card earns an eye-catching 20 to 25 points per $1 spent. But those figures aren’t as rewarding as they sound, and the card’s drawbacks easily outweigh these benefits.
Here are five things to know about the Express credit card.
1. It can be used only at Express
The Express credit card is a “closed-loop” product, meaning it can be used only to make purchases at Express, Express.com or Express Factory Outlets. For a more versatile card that you can use (and earn rewards with) anywhere, check out our list of best cash-back credit cards.
2. The interest rate is dizzying
The interest rate, or purchase APR, on the Express credit card topped 32% as of December 2023. That’s almost 10 percentage points higher than the average interest rate on all interest-accruing credit cards in August 2023, per the Federal Reserve.
An APR that high will make carrying a balance from month to month an expensive proposition. If possible, pay off the balance in full, or you could end up owing far above the sticker price for those new clothes.
If you need to finance an expensive wardrobe over time, consider a credit card with a 0% intro APR offer. The Wells Fargo Reflect® Card, for example, offers 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 18.24%, 24.74%, or 29.99% Variable APR.
3. The welcome offer is meager
If you’re approved for the Express credit card, you’ll get a 20% discount off the first Express purchase charged to the card. However, the discount must be used on the same day you apply and are approved for the card. This welcome offer may seem enticing when you’re at the cash register, moments away from taking home your Express haul, but it pales in comparison to bonuses on other credit cards, which can be worth a few hundred dollars.
For example, the $0-annual-fee Blue Cash Everyday® Card from American Express has this welcome offer: Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months. Terms Apply. It also earns, among other things, 3% cash back on U.S. online retail purchases up to $6,000 spent per year, then 1%. Terms apply; see rates and fees.
This card would be a superior pick to the Express credit card if you have the credit score to qualify and are willing to shop online.
4. Cardholders get perks within the Express loyalty program
Express’ loyalty program, Express Insider, has three tiers: Insider, Influencer and A-List. If you have the Express credit card, you’re automatically enrolled in the program and elevated to the Influencer level.
Influencers get 20 points for every dollar spent at Express and Express Factory Outlets, a $20 birthday gift, and free U.S. standard shipping and returns.
To make it to A-List status, you’ll need to earn 10,000 points, the equivalent of spending $500. A-Listers also get free shipping and returns, but they earn 25 points per $1 spent and get a $40 birthday gift.
Unredeemed points expire after 12 months from the date they were earned.
5. Reward redemption is automatic, but point values are poor
Redeeming rewards earned with the Express credit card is effortless, but that’s because there’s only one option: Points earned with the Express card are redeemable for Express Cash certificates, which can be used toward future Express purchases.
Cardholders will automatically receive $5 in Express Cash once they accumulate 1,250 points, sent to their Insider account. That means that 1 point is worth a measly 0.04 cent, far less than the standard 1 cent per point.
Express Cash certificates are valid for a minimum of 60 days after their issue date, but even still, “banking” them up for a big purchase might be difficult if you don’t visit the retailer that often.
The GI Bill offers numerous benefits for veterans, active-duty service members, and their families however it does not offer its own home loan program.
But military borrowers have access to the VA home loan program through the U.S. Department of Veterans Affairs, a mortgage program designed to help make homeownership more accessible.
The VA home loan program offers significant benefits, particularly when compared to other home loan programs, including:
No down payment requirement
No private mortgage insurance (PMI)
Competitive interest rates
Flexible qualifying requirements
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Is there a GI home loan program?
While there is technically no home loan program including the GI Bill benefits, military home buyers who qualify for the GI Bill also likely qualify for the VA home loan program, which offers mortgages to eligible veterans, service members and their families.
Benefits of a VA home loan
A VA loan’s most significant benefit is that it requires zero down payment. Where other programs might require anywhere from 3 to 20 percent of the loan amount upfront, a VA loan will have no down payment at all, which can represent immediate savings.
Other VA loan benefits include:
Competitively low interest rates
No private mortgage insurance
Flexible qualifying requirements
Capped closing costs
Loans are assumable
No loan limits
Can be used multiple times
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VA loan eligibility & requirements 2024
VA service eligibility requirements
VA loans are intended for active-duty service members, veterans, and their families (including surviving spouses).
That means, there are service requirements that borrowers must meet to qualify.
Generally, eligible borrowers will have one or more of the following:
90 consecutive days of active service during wartime
181 days of active service during peacetime
6 years of service in the National Guard or Reserves
A spouse who died in the line of duty or due to a service-connected disability or injury
Servicemen will demonstrate their qualifying military background with a Certificate of Eligibility (COE), a document that indicates the specifics of their military service and the total amount of their entitlement.
Borrowers can request a COE directly from the VA, or a VA lender can help you request it.
VA financial eligibility
The VA doesn’t set qualifying financial thresholds for its borrowers. These requirements will be set by the individual private lender issuing the VA loan. That means the minimums required to qualify will vary somewhat from lender to lender, and military borrowers may even be in a position to shop around if they are having difficulty qualifying.
That said, VA borrowers can generally expect to need a score of 640 or greater and a debt-to-income (DTI) ratio of 41 percent or less.
VA loan property requirements
In addition to qualifying requirements for the borrower, the VA sets requirements for the property that is being purchased with a VA loan. This is intended to ensure that the VA program is being used to get military borrowers into homes that are suitable primary residences — both safe and structurally sound.
The VA lender will order a VA appraisal — not to be confused with a home inspection — which will ensure the home meets the VA’s livability standards. Learn more about the VA Minimum Property Requirements (MPRs) here.
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Types of VA home loans
VA loans can be used to purchase or refinance a house. The types of loans available through the VA program include:
VA Purchase Loans: These can be used to purchase a primary residence, including a multi-unit property of up to four units, a VA-approved condo or townhouse, or a manufactured home.
VA Streamline Refinance: Also sometimes known as a VA Interest Rate Reduction Refinance Loan (IRRRL), these refinance loans are intended to help existing VA homeowners quickly and affordably lower their interest rate or improve their loan terms.
Native American Direct Loans: These VA loans are specifically for veterans of Native American descent and can be used to buy, build, renovate, or refinance properties on federal trust lands.
VA Cash-out Refinance Loans: These VA loans allow homeowners to convert their home equity into cash by replacing an existing home loan with a larger one and giving the borrower a lump sum of cash. VA cash-out refinance can be one option for converting a non-VA home loan to a VA loan.
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What is the VA funding fee?
The VA funding fee is a percentage of the loan amount paid at closing. This money enables the VA home loan program to be self-sustaining and for the Department of Veterans Affairs to guarantee future VA loans.
The amount of the funding fee is variable and typically costs between 0.5 and 3.3 percent of the loan amount. The exact amount is determined by the nature of the borrower’s military service, the size of the down payment, the type of loan, and the number of times the borrower has used the VA loan program.
While the VA funding fee can be a significant upfront cost, it is a cost that is generally offset by the other savings that the VA loan program offers.
Finally, the VA funding fee can be financed into the overall loan amount and paid over time.
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GI loan FAQ
How much is a typical GI home loan?
While there is no GI home loan, the VA home loan program has no limits. That means borrowers with full entitlement can get a loan amount for as much as they like — provided they can qualify for it financially with a mortgage lender.
What are the benefits of a VA home loan?
The VA home loan is a product intended to help veterans, active-duty service members, reservists, and even some of their family members, to purchase a home.How much house can I afford as a veteran? The amount of house that a borrower can afford with a VA home loan will depend on their budget, the interest rate they qualify for, and the size of down payment they can afford to make.
What is a Certificate of Eligibility (COE)?
The Certificate of Eligibility (COE) is a document that indicates the details of someone’s service with the armed forces and the amount of VA entitlement that is available to them. Lenders use the COE to confirm a borrower meets the VA service requirements.
Can I get a COE as the spouse of a veteran?
In some cases, a spouse may be able to get a COE, such as when the service member is missing in action, a prisoner of war, or has died in the line of service or from a service-related injury/disability.
Can I get a COE for a VA direct or VA-backed home?
COEs are required for all VA loans, including Native American Direct loans, or VA-based purchase or refinance loans.
How much is the funding fee?
The VA funding fee is typically between 0.5 and 3.3 percent of the total loan amount, depending on whether the borrower is purchasing or refinancing, whether or not they are a first-time borrower, how many times they have used the VA loan program, the size of their down payment, and the nature of their military service.
Are World War II vets eligible for the VA home loan program?
Yes, WWII veterans are eligible for the VA home loan program. Service members with 90 days of consecutive active service during wartime, including in Korea, Vietnam, and Iraq, are eligible for the VA loan program.
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Military home loans: The bottom line
While the GI Bill doesn’t offer a home loan benefit, the VA home loan program is a wonderful resource for service members looking to purchase or refinance a home.
Time to make a move? Let us find the right mortgage for you
Lately, new home sales have surged as existing housing supply continues to be hard to come by.
This is partially because mortgage rates more than doubled in less than two years, effectively locking in existing homeowners.
With many of these homeowners unwilling to budge, home builders have gained a lot more market share.
After all, they need to move their inventory, and there isn’t a borrower living in the property with a low interest rate to worry about.
To boost sales in spite of high rates, many builders have offered impressive mortgage rate deals that everyday lenders just can’t seem to match. Does this mean there’s no need to look anywhere else?
Most Home Builders Have Their Own Financing Department
Despite being in the business of building homes, many home builders also operate financing divisions.
This means they are also fully-fledged mortgage lenders with the ability to offer home loans on the properties they sell.
And several of them are quite large. For example, D.R. Horton’s DHI Mortgage is a top-25 mortgage lender in the nation. The same goes for Lennar Mortgage.
Both companies originate tens of billions of dollars in mortgages annually to their home buyer customers.
On top of this, they also operate title/escrow companies and insurance agencies. This means a prospective home buyer can do one-stop shopping.
Convenience aside, these builder lenders are also able to offer aggressive financing offers that outside lenders often can’t beat.
So if you’re buying a new home, why look anywhere else?
It’s Wise to Speak with More Than One Mortgage Lender
Even if your home builder doubles as a lender, it’s always prudent to get more than a single mortgage rate quote.
There are studies that prove those who obtain 2-3 quotes (or even more) wind up with a lower rate and monthly savings for years to come.
So even if the home builder’s lender is offering you a spectacular deal, it’s still beneficial to shop your rate.
Sure, you might speak with a third-party lender (or two) and find that they just can’t come close. But if you don’t take the time to do that, you won’t know what else is out there.
In addition, having other quotes in hand allows you to negotiate your mortgage rate with the home builder.
If the builder knows you haven’t looked elsewhere, they might not offer you their lowest rate. With other offers in hand, their deal might get better.
You can also learn a thing or two by speaking to different lenders, mortgage brokers, and so on.
This can make you a more confident home buyer who knows the ins and outs of the process better than someone being led by just one company.
Home Builder Mortgage Rates Are Typically Hard to Beat
Now, from what I’ve seen lately, home builder mortgage rates are hard to beat. They’re buying down their rates aggressively to draw in buyers.
They’re also doing this out of necessity because home prices are so high. This allows more borrowers to qualify for a mortgage and keep their DTI ratio below maximum thresholds.
Remember, they have to move their inventory. Otherwise it sits and costs them money. At the same time, they don’t want to lower their prices.
If they sell homes for less, it could hurt appraised values on subsequent home sales. So it’s more beneficial for them to offer you a lower mortgage rate instead.
This allows them to keep the purchase price intact, while providing you monthly payment relief.
It’s a win-win for both home buyer and home seller. And it makes it very difficult for outside lenders to compete.
They’re able to sell the home more easily and win the loan at the same time.
Lately, home builders have offered both temporary and permanent buydowns, or even a combination of both.
For example, I’ve seen home builder lenders offer 30-year fixed rates as low as 5.5%, with a temporary 2-1 buydown for the first two years.
This means a home buyer gets a rate of 3.5% in year one, 4.5% in year two, and 5.5% for the remainder of the loan term.
Chances are an unaffiliated mortgage lender just won’t be able to compete.
Consider Using Credits from a Home Seller to Buy Down Your Rate
One strategy you can employ if you don’t want to buy a new home is to ask for a credit from the seller.
Known as seller concessions, these can be used to buy down the mortgage rate to something that resembles what new home builders are offering.
Instead of asking for a home price reduction, you can use these credits to pay discount points, which in turn lower the mortgage rate.
This is essentially what the home builder lenders are doing, and there’s really no reason it can’t be done on an existing home.
If you want to go a step further, you could also ask for a credit fro the real estate agent as well.
This may allow you to snag a lower mortgage rate and reduce your closing costs at the same time.
In the end, you might have a deal that resembles that of the builder’s, but on an existing home.
While home builders like to refer to existing homes as “used homes,” they are often located in more desirable, central locations. And they might be bigger too.
As such, it can be in your best interest to purchase a used home as opposed to a newly-built one.
So if the financing is holding you back, the use of seller concessions can make the deal pencil.
There Are Other Advantages to Using the Builder’s Mortgage Lender Beyond Price
While I’ve mostly focused on price, or mortgage rates specifically, there are other perks to using the builder’s captive lender.
For one, they are affiliated businesses, so communication should be strong. There should be a direct line between builder and lender throughout the loan process.
They should know each other’s timelines and processes in and out, which ostensibly means fewer hiccups and issues.
Conversely, an outside lender could have difficulty getting in touch with the builder to check status. And this could result in unnecessary delays and problems.
Of course, that’s how it’s supposed to work. In reality, this might not be the case given the many mixed reviews I’ve come across from builder lenders.
Despite their close relationship with the builder, somehow lots of customers still walk away upset. But this could just boil down to home buying being very emotional in general.
And it could be even worse when using an outside lender if the two companies don’t cooperate well.
In summary, if buying a new home you’ll likely be pushed to use their in-house lender. You are not required to do so. You can use any lender, bank, credit union, or broker you choose.
But there are certainly perks, including mortgage rate specials (the #1 reason to use them) and perhaps the convenience of one-stop shopping.
However, even if you like what the builder’s lender has to offer, you should still take the time to speak with outside lenders and gather additional quotes.
Pros and Cons of Using the Home Builder’s Lender
The Pros
The convenience of one-stop shopping
Get your new home and mortgage all in one place
Affiliated lender might communicate better with the builder
Can offer special mortgage rates to home buyer customers
Mortgage process is short-lived, rate stays with you for decades potentially
Long rate locks that match the longer home buying/building process
Often operate their own title/escrow and insurance agencies as well
The Cons
Lots of mixed/negative reviews for home builder lenders
Mortgage rate specials are often limited to certain homes
May be enticed to buy in an area because the financing alone
Are you looking for the best consignment stores near you and online? Consignment shops are great places to find really nice, secondhand things that cost much less than when they were brand new. You can find clothes, furniture, or valuable older items. These stores have a lot of good quality, used things just waiting for…
Are you looking for the best consignment stores near you and online?
Consignment shops are great places to find really nice, secondhand things that cost much less than when they were brand new. You can find clothes, furniture, or valuable older items. These stores have a lot of good quality, used things just waiting for someone to find them.
And, consignment shops can be a great place to sell your stuff too, and make some extra money.
I have personally worked at a secondhand shop when I was younger for several years – so I understand how great they are, especially when it comes to being able to make some extra money.
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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
Key Takeaways on the best consignment shops
Consignment stores are a great way to sell your stuff for cash
There are many stores, both on the internet and in person, where you can sell your stuff
Some favorite places to sell clothes include Poshmark and Plato’s Closet. For jewelry, Worthy is a great site to sell on. Decluttr is super easy if you want to sell electronics, like a cell phone or a game system.
What Is A Consignment Store?
A consignment store is a retail store where you can buy and sell gently used items, such as clothing, jewelry, furniture, and more.
Why Sell At Consignment Shops?
Selling at consignment shops has many positives.
It’s a good way to clean up your closet or home in a way that’s good for the environment because you’re recycling and reusing things instead of just throwing them away.
You can also make some extra money from things you don’t use anymore. It’s also really easy because the consignment store takes care of everything, like deciding the price, advertising, and talking to customers.
What items do consignment stores accept?
Consignment stores accept many different kinds of items, such as:
Clothing: dresses, tops, pants, jackets, and shoes
Accessories: jewelry, bags, belts, and hats
Furniture: chairs, tables, sofas, and other household items
Toys, games, and collectibles
Recommended reading: 8 Items To Sell Around Your Home For Extra Money
What percentage do most consignment shops take?
The consignment shop usually takes a percentage of the selling price, which can be anywhere from 30% to 60%.
So, if your item sells for $50, you might get between $20 to $35, and the store keeps the rest. This fee helps the store pay for things like rent, utilities, advertising, and paying their employees. When you sell your items through a consignment shop, they do almost all the work for you, which saves you a lot of time and effort.
Many of the stores below will pay you up front for your items, and some will pay you after the item sells. I do realize that traditionally a consignment shop is one that pays you AFTER the item sells, but I didn’t want to limit this blog post to just that – as getting paid up front is, of course, quite nice.
Recommended reading: How I Made $40,000 In One Year Flipping Items
Best Consignment Stores Online To Sell Your Stuff
Below are the best consignment stores online to sell at.
1. Poshmark
Poshmark is an app and website that has a marketplace for gently used clothing, shoes, bags, and jewelry. You just take a photo, list your item, and make extra money.
Recommended reading: 20 Best Places to Sell Shoes Online And Near You
2. Decluttr
Decluttr is a great place if you want to sell old electronics like phones, tablets, and gaming systems.
Decluttr gives you a free shipping label. Just pack your items in a box and send them to Decluttr. They take care of the shipping costs, so it’s easy for sellers.
Recommended reading: 11 Best Ways To Sell Used DVDs Online And Locally
3. thredUP
ThredUP is an online store that sells clothes and accessories for women and kids. All you have to do is ask for a Clean Out Kit, send in your items, and thredUP takes care of everything else.
4. Facebook Marketplace
Using Facebook Marketplace is an easy way to sell things to people located near you. It makes it easy to find buyers for items like furniture, appliances, and clothes.
5. Worthy
Worthy sells wedding rings, loose diamonds, earrings, necklaces, bracelets, and luxury watches. Their team handles everything from appraisals to receiving payment from the buyer.
You simply just send in your jewelry to them using a prepaid and insured FedEx label they provide. When they receive it, your item is then put up for auction where professional jewelry buyers can bid on it (you can choose a minimum price you’re comfortable with). Once the auction ends, you’ll get the final sale amount after Worthy takes their fee.
The whole process usually takes about 2 weeks from sending the ring to getting paid.
You can sell your jewelry on Worthy by clicking here.
Recommended reading: How To Sell An Engagement Ring For The Most Money
6. eBay
eBay is a popular selling site that has been around for a long time and is used all over the world. You can sell pretty much anything and everything, from clothes to special collectibles.
I have sold many items on eBay over the years, mainly clothing. But, I know people who have sold anything from collectible toys all the way to classic cars on eBay successfully.
7. The RealReal
The RealReal is a high-end consignment online store that sells luxury items, such as designer clothing, shoes, and jewelry. You can earn up to 85% of the selling price for your items.
8. Mercari
Mercari is an online marketplace where you can sell clothing, electronics, and collectibles, and it is a really popular choice with over 350,000 listings posted every day!
Listing your item is easy – just upload photos, pick a category, set your price, and you’re all set. Mercari takes a 10% commission fee.
9. Chairish
Chairish is a site where you can sell your furniture and home decor and they charge a commission based on how many things you list.
They also have a program called Chairish Drop Off & Go. You can print a shipping label provided by Chairish, then drop off your item at a nearby UPS Store when it sells. You don’t even need to pack it – UPS will take care of that for you.
Recommended reading: 15 Best Places To Sell Used Furniture For Cash
10. Grailed
Grailed is a marketplace for men’s clothing, and they mainly sell high end and streetwear brands. You can post any item for free and if an item sells, Grailed charges a commission fee of 9%.
11. Craigslist
Craigslist is a great way to sell items to people near you, and you can quickly list items like furniture, appliances, and clothing without paying any fees. I have sold many items on Craigslist over the years, such as tires, clothes, and even a Jeep hardtop (these show that anything can be sold on Craigslist!).
12. Depop
Depop is an app for shopping and geared toward younger customers. You can sell all sorts of things, like clothes.
13. GOAT
GOAT is a site where you can sell high-end sneakers. The commission fee is 9.5% plus a seller fee for a seller in good standing.
14. Vestiaire Collective (formerly known as Tradesy)
Vestiaire Collective is a website where you can sell designer clothes, handbags, and accessories for women. They make it really simple to list your items, and brands that they sell include Louis Vuitton, Gucci, Chanel, Prada, Hermes, and more.
15. Kidizen
Kidizen is a site for selling and buying kids’ clothes. If you have children’s clothing that you’d like to sell, this is a great place to start if you want to sell online.
16. Rebag
Rebag is an online consignment store that sells high-end designer handbags as well as shoes, watches, apparel, and other accessories. They buy items and pay up front.
Best Consignment Shops Near You To Sell Your Stuff
Here are some of the best local consignment stores for you to check out.
17. Plato’s Closet
Plato’s Closet is a popular store that sells trendy, gently used clothing and accessories for teens and young adults. Plato’s Closet is also one of the most popular consignment shops that pay cash up front too.
I personally worked at Plato’s Closet when I was younger for around 5 years, so I have both bought and sold items and paid cash up front. I have probably sold thousands of dollars of clothes to Plato’s Closet over the years!
18. Buffalo Exchange
Buffalo Exchange is a popular chain of secondhand stores in the U.S. where you can both buy and sell lots of different types of clothes and accessories. You get 25% of their selling price in cash or 50% in store credit for anything they’re able to buy.
19. Crossroads Trading
Crossroads Trading sells clothing, shoes, and accessories at their brick-and-mortar shops in California. They pay cash up front or you can choose to get a little more in trade-in credit.
20. Wasteland
Wasteland is a high-end clothing shop that sells new, gently used, and vintage women’s and men’s designer clothing. They pay cash up front of 30% of what they price the item at in their store.
21. Uptown Cheapskate
Uptown Cheapskate is another great store for selling clothing and accessories.
22. Once Upon A Child
Once Upon A Child sells gently used children’s clothing, toys, and equipment (such as strollers). They don’t typically pay a ton, but they also price things relatively low.
23. Music Go Round
Music Go Round is a great place for musicians to buy and sell used musical instruments and gear. Due to the typical higher price of musical items, they usually pay with a check.
24. Play It Again Sports
Play It Again Sports sells sporting goods. From team sports (such as baseball and football) to fitness equipment (like weights and even treadmills), you can trade in your stuff at Play It Again Sports.
25. Guitar Center
Guitar Center buys used musical instruments, such as guitars, amps, drums, keyboards, and more.
26. Awoke Vintage
Awoke Vintage sells vintage clothing items at their in-person secondhand shop as well as on their Instagram. If you have vintage items to sell, this is a great place to start with.
27. Beacon’s Closet
Beacon’s Closet is a New York store where you can sell clothing and accessories. You can sell items by bringing it to their store or mailing it to them. They pay 30% cash or 50% store credit of what they price the item at whether you sell it to them by mail or in person.
How To Find Local Consignment Shops Near You
There are many more local consignment shops other than just the list above. Here are some easy ways to find the best consignment shops near you:
Search online – The easiest way is to search on Google, Yelp, or on your phone’s map using words like “consignment shops near me” or “local consignment stores.” There are probably several near you that you may not know about.
Ask your friends – Ask your friends, family members, or coworkers for advice on local consignment shops they’ve had good experiences with.
Remember, when selling at local consignment shops, you should check their policies on what items they take and the process for buying or selling. You’ll also want to see when they look through items, as some may not purchase items on Saturdays or in the evenings, for example.
Recommended reading: Everything You Need To Know About Selling Your Stuff For Cash
Frequently Asked Questions
Below are answers to common questions about how to find the best consignment stores to sell at.
Is selling to a consignment shop worth it?
Selling to a consignment shop can be worth it if you have items that are in good condition and if you’re looking for an easy way to make extra money.
What are the best consignment stores for clothes?
The best consignment stores for clothes depend on what you’re looking for. For example, if you want to sell your clothes quickly and get cash up front, then Plato’s Closet is one of the easiest. If you’re looking to make a little more money, then selling your clothes online on Poshmark or eBay may earn you a little more, but these types of sites do require a little more work from you (such as taking pictures and actually shipping the clothing items).
What should I know before selling to a consignment shop?
Before selling your items to a consignment shop, you should know their rules. This includes finding out how long they’ll keep your items (will they try to sell the item for a month? A year?), how much of the sale price they’ll take, and when you’ll get paid (do you have to chase them for payment?).
What’s the difference between consignment shops and thrift stores?
The main difference is in how items are obtained. Thrift stores sell items that they receive from donations, while consignment shops buy items for resale (not through donations).
How can I maximize my earnings from consignment sales?
If you want to make the most money from consignment sales, pick a store that’s known for selling the kind of things you have and is popular with buyers (this helps because they probably sell items a little quicker!).
The Best Consignment Shops Near You And Online – Summary
I hope you enjoyed this article on how to find the best consignment shops online and near you.
The shops mentioned above are known for being easy and trustworthy when selling your items. They have an easy process and a way to get cash either up front or after the item sells.
Pick the consignment shop that suits you best and start making money from your stuff.
Anyone eyeing mortgage rates, which reached above 8% in October, can be excused for longing for the pandemic lows of sub-3% mortgages. But it’s unlikely those rock-bottom rates will return anytime soon, according to Mark Zandi, chief economist at Moody’s Analytics. Instead, the veteran market watcher expects rates to hover at roughly double that level in the near future.
“Everybody should get used to 5.50% to 6%, because that’s where mortgage rates are going to settle in, [in the] long run,” Zandi told CNBCon Monday. Mortgage rates tend to trail the 10-year Treasury yield, which he suspects will hover around 4% to 4.50%; that generally puts mortgage rates at that 5.5% to 6% he’s expecting.
Asked to predict the magic mortgage rate that will have inventory flooding back into the housing market, Zandi said that obviously a 5% rate is better than 6%, but the long-term number will likely be somewhere in between.
In recent weeks, mortgage rates have fallen from their October highs, with the average 30-year fixed rate currently at 7.30%. But in today’s somewhat frozen housing market, that’s barely a start. With a 6% mortgage rate, things start to thaw as would-be buyers and sellers enter the market, but Zandi doesn’t think home sales will get back anywhere near levels seen during the pandemic, before the Federal Reserve began its interest rate hike cycle to lower inflation. Getting closer to that 5% mortgage rate would trigger more activity, he added.
“The other thing that’s got to happen here, obviously, is we do need to see some weakness in house prices,” Zandi added. “If house prices don’t come [down] to any degree, we’re going to have to see even lower mortgage rates to get sales up.”
Some forecasts, like that of Goldman Sachs, suggest home prices will continue to increase next year. So far, prices aren’t letting up; the national S&P Case-Shiller house price index increased 3.9% on an annual basis in September, according to figures released on Tuesday.
Meanwhile, existing home sales are at their slowest pace since 2010, when the housing market was reeling in the aftermath of the Great Financial Crisis. That’s largely because of the so-called lock-in effect, which keeps homeowners with low mortgage rates from selling their homes—constraining both buyers and sellers. New home sales, on the other hand, have outperformed existing home sales because homebuilders can offer incentives, like mortgage rate buydowns. Still, higher mortgage rates are curbing demand even there, with new home sales falling more than expected in October.
“Most of the weakness in sales is on the existing side,” Zandi explained. “Homeowners are much more reluctant to cut prices … Builders are doing what it takes to move those homes.”
There is some relief pushing its way through the housing market, and that’s on the rental side.
“Rents have gone flat to down, particularly at the high end of the market,” he said. “These big multifamily towers are going up in the big urban centers in the Northeast, Chicago, on the West Coast, and that’s putting downward pressure on rent—and, I think, is having some impact on new house prices, and at the high end of single-family housing markets.”
Realtor.com’s October rental report released on Tuesday showed median rent for studios and one- and two-bedrooms across the top 50 metro areas in the U.S. continues to trail its 2022 levels, experiencing a year-over-year decline for the sixth month in a row. As Zandi mentioned, a lot of that has to do with supply. There was a substantial increase in new multifamily construction in 2022, and that resulted in an uptick in new multifamily completions in 2023, “which significantly augmented the rental supply and exerted downward pressure on rental prices” this year, the report found.
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Navigating the process of home inspections in South Dakota can be a daunting task for many homebuyers, especially those who are new to the real estate market. This comprehensive guide is designed to demystify the home inspection process, offering crucial insights and practical advice specifically tailored for those looking to purchase a home in the beautiful state of South Dakota. So whether you’re looking at homes in Sioux Falls or anywhere else in the Mount Rushmore State, here’s Redfin’s guide on what you need to know about South Dakota home inspections.
Why should you get a home inspection in South Dakota?
Investing in a home is a significant financial commitment, making a thorough home inspection in South Dakota a crucial step in the process. A comprehensive inspection can uncover potential issues, ensuring you make the right decision about your purchase. From finding structural issues to assessing the condition of electrical and plumbing systems, a professional inspection provides a holistic view of the property, offering peace of mind and potentially saving you from unexpected expenses down the road.
Are there any specialized inspections that South Dakota buyers should consider?
In South Dakota, buyers may want to consider specialized inspections based on the property’s unique features or location. For homes in flood-prone areas, a flood risk assessment is advisable. Similarly, properties with extensive acreage may benefit from a thorough well and septic system inspection. Mold and radon testing are also prudent in certain regions. Customizing inspections to suit the property’s characteristics ensures a more targeted evaluation, addressing potential issues specific to the South Dakota landscape and climate.
Are home inspections required in South Dakota?
While South Dakota doesn’t legally require home inspections, they are highly recommended and often considered a standard practice in real estate transactions. “Home inspections are not required in South Dakota, but 92% of all homes that are sold are inspected in South Dakota,” says Nick Gromicko, founder of the International Association of Certified Home Inspectors. Opting for an inspection is a proactive choice that serves the buyer’s best interests. It provides valuable information about the property’s condition and can be a negotiating tool in the buying process, allowing buyers to address issues or negotiate repairs before finalizing the deal.
How much does a home inspection cost in South Dakota?
The cost of a home inspection in South Dakota varies based on factors such as the property’s size, age, and additional services requested. On average, expect to invest a few hundred dollars. While the upfront expense may seem significant, it’s a small price to pay for the peace of mind and potential cost savings that come from identifying and fixing issues early on.
Can you sell a house in South Dakota without an inspection?
In South Dakota, sellers are not required to conduct a home inspection before listing their property. However, many sellers opt for pre-listing inspections. This approach allows them to address potential issues beforehand, presenting the property in the best possible light and potentially speeding up the selling process. While not mandatory, a pre-listing inspection can be a strategic move for sellers looking to be transparent and build buyer confidence.
Any other information or advice for South Dakota residents regarding home inspections?
Brad Banks of Black Hills Professional Home Inspections, based in Rapid City, recommends getting an independent home inspection from someone who doesn’t work with your realtor to get an unbiased opinion. “Your inspector should be working for the buyer, not the sale,” he says.
South Dakota home inspection: the bottom line
Regardless of where you choose to live, it’s important to understand the ins and outs of a home before buying. That’s what makes South Dakota home inspections so important. By having the important elements of your potential home looked at by professionals, you can eliminate the guesswork and avoid extra expenses.
Looking to learn the best ways to make money while you sleep? Do you ever feel worn out from your regular routine and tired of struggling to manage your money? Just picture being able to earn money even when you’re sleeping, without having to work long hours. In this article, I will show you 19…
Looking to learn the best ways to make money while you sleep?
Do you ever feel worn out from your regular routine and tired of struggling to manage your money? Just picture being able to earn money even when you’re sleeping, without having to work long hours.
In this article, I will show you 19 ways to help you reach financial freedom by earning passive income, such as while you sleep.
Having different ways to make money might seem like something crazy, but with the right plan and some hard work, it can actually happen.
In fact, I earn income all the time while I am sleeping and I love it. Now, that doesn’t mean that it’s easy. Some of the ways below will be harder than others, and they may take up a lot of time still. But, you may be able to earn money throughout the day from the hard work that you put in.
Key Takeaways
There are many ways to make money while you sleep, such as by blogging, selling digital products on Etsy, renting out storage space or real estate, putting your money in a high yield savings account, earning dividends, and more.
Some are easier to start than others – so make sure to think about the pros and cons, such as how much time it may take you or how much money you will need to start (your minimum investment!).
19 Best Ways To Make Money While You Sleep
Below are 19 ways to make money while you’re asleep.
1. Blogging
My favorite way to make money while I’m sleeping is by blogging, and it is a great way to make passive income while you sleep. I have been blogging for many years now (since I started Making Sense of Cents, I’ve made more than $5,000,000 from my blog), and I am able to work and earn money while I am asleep, such as by selling digital products, display advertising, and through affiliate marketing.
This is because readers read my blog posts throughout the day and night, even when I am not working. I have blog posts and advertising on my site, for example, that earn me income throughout the day.
So, what is a blog? A blog is like the article you’re reading now, written and published on a website. It’s basically a collection of written content. You can start a blog about many different topics, such as finance (like my blog!), recipes, family, health, wellness, pets, sports, outdoors, travel, and more.
Other similar ways to make money in your sleep include starting a podcast or a social media account, such as on TikTok or Instagram.
Recommended reading: The 25 Most-Asked Blogging Questions To Get You Started Today
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
2. Affiliate marketing
If you want to learn how to make money overnight (such as when you’re sleeping), then my absolute favorite way is affiliate marketing.
This is one of the main ways I make money on my blog, but you don’t need a blog to do affiliate marketing either. You can do affiliate marketing on Instagram, Facebook, Pinterest, an email list, and more.
Affiliate marketing is when you share products or services from other companies with readers, subscribers, or people that you know. When someone buys through your referral link, you get a commission and earn some money from the company.
Here’s an example: Let’s say you write about a book on your blog and provide a link to it. If someone buys that book through your referral link, you get a commission.
You’ve probably bought things through affiliate marketing many, many times over the years. I definitely have!
Recommended reading: Affiliate Marketing Tips For Bloggers – Free eBook
3. Selling printables
Making and selling printables is another good way to make money without much active effort.
Printables are digital items that people can download and print at home. They can be things like games for a bridal shower, checklists for grocery shopping, planners for managing budgets, invitations, coloring pages, quotes designed to be printed and hung on walls, and more.
I buy printables all the time, and so do other people. In fact, I bought a printable the other day for my daughter – one that would help her learn the alphabet that I could print out at home for her.
Making printables can be a passive way to earn money. You only need to make one digital file for each product, and you can sell it as many times as you want. All you need is a laptop or computer and an internet connection, which makes it a low cost way to start a business.
Recommended reading: How I Make Money Selling Printables On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
4. Investing in real estate
Investing in real estate is a popular way to make passive cash flow while you sleep.
By purchasing rental properties, you can earn a steady flow of rental income from tenants and guests. Also, your property’s value will most likely appreciate over time, which can increase your net worth.
You can invest in residential properties, commercial real estate, short-term rentals (such as starting an Airbnb), REITs (real estate investment trusts), and more. There are pros and cons of each, so you will want to think about that before you get started.
Recommended reading:
5. Starting a YouTube channel
Starting a YouTube channel is another way to make money while you sleep. This is because you can add affiliate links to your videos, generate ad revenue, form brand sponsorships, and sell products within videos as well.
You’ll need to create videos that entertain, educate, or inform viewers, and get as many views to your videos as you can (for the most part, more page views usually does mean more income).
As your YouTube content becomes more popular, you will earn passive income from past videos while working on new content.
Recommended reading: How I Grew From 0 Subscribers To Over $100,000 On YouTube In Less Than One Year
6. Dropshipping
Dropshipping is a type of business where you sell items on an online store, but you don’t do the shipping. Instead, you have a supplier that does the shipping for you.
So, this means that you don’t need to keep any products in stock yourself.
That doesn’t mean that this is easy, though – you have to find trustworthy suppliers and make sure your customers get their orders on time. You will also need to create a website, find a way to differentiate yourself from other dropshippers, take pictures of the items you are selling, answer customer questions, and find ways to grow your store.
The types of items that you can sell in a dropshipping store include clothing, electronics, home decor, pet supplies, luggage, stationary, craft supplies, books, and more.
7. Online courses
I have made over $2,000,000 from selling courses over the years – courses that I have personally created.
Making and selling online courses is a great way to earn money at any time of the day – even while sleeping.
Some examples of courses that can be created include:
Parenting and family
Health and wellness
Woodworking
Dog training
Standardized tests preparation
Playing the guitar
Teaching a language
Traveling
Painting
Cooking
And so much more!
I have taken courses on all sorts of topics over the years, such as baby sleep classes, personal finance, credit card rewards, and so much more.
Creating an online course is one of the fastest ways to use your time, increase your earnings, and help more people.
Recommended reading: How I’ve Made Over $1,000,000 From My First Course Without a Big Launch
8. High yield savings accounts
A high yield bank account is a low-risk method to make extra cash while you sleep.
These types of savings accounts earn a higher interest rate than a regular savings account, so your money grows faster.
You will want to make sure that you pick a trustworthy bank and check the interest rates regularly because they can go up or down. Some people move their money into high yield savings accounts often so that they can get the highest interest rates.
Remember, these accounts usually over the long run have lower interest rates compared to stocks or real estate, but they give you a stable and secure way to earn money.
I personally use Marcus by Goldman Sachs as they have a very high rate. You can get up to 5.40% at the time of this writing through a referral link bonus. According to this high yield savings account calculator, if you have $10,000 saved, you could earn $540 with a high yield savings account in a year. Whereas with normal banks, your earnings would only be $46.
9. Dividends
Buying stocks that pay dividends is another way to earn money while sleeping.
When you invest in these stocks, you get a portion of the company’s earnings on a regular basis.
Here’s how dividends work: If you have shares of a company that gives you money because you own them, that’s called a dividend. So, if you own 10 shares of Company XYZ, and they give you $5 in dividends every year, you’ll get $50 in total for that year. Usually, companies give out dividends four times a year. In the example, the $5 they give you every year will likely be divided into $1.25 for each quarter (four times a year).
Recommended reading: What Are Dividends & How Do They Work? A Beginner’s Guide
10. Rent out your garage
If you have extra land or space in your home that you’re not using, you can make money by letting other people use it for storage.
You can rent storage space for things like cars, boats, boxes, and more. This could be your garage, driveway, closet, basement, attic, or even just a shelf.
A website where you can list your storage space is Neighbor. On this site, you can make between $100 and $400 or more every month. How much you earn depends on how much people in your area want to rent and what kind of space you’re renting out.
Recommended reading: Neighbor Review: Make Money Renting Your Storage Space
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You can use this website to list your unused space for rent and make up to $15,000 per year by doing so. With Neighbor, you can rent out your garage, driveway, basement, parking lot, shed, warehouse, carport, attic, street parking, or even a closet.
11. Hosting webinars
Webinars are like online classes or workshops about specific subjects (I’ve included a list below of some examples). If you’re an expert in something, you can record a webinar and charge people to attend or sell products and services related to the topic during the webinar.
You can also record your webinars and let people watch them whenever they want, which can bring in money while you are sleeping or on vacation.
For example, you could host a webinar about:
Starting an e-commerce store – Teach participants the ins and outs of setting up and running a successful online store.
Digital marketing strategies for small businesses – You could share online marketing techniques to help businesses grow their online presence, such as tips for TikTok, Instagram, Pinterest, Google SEO, and more.
Stock market investing for beginners – You could share advice and tips for newbies in the world of stocks, mutual funds, index funds, bonds, S&P, and investment portfolios.
How to make money with affiliate marketing – You could teach the strategies behind successful affiliate marketing sites.
How to invest in fine wine – Or, any other type of investment! If there is something specialized that you invest in that is different from normal, you may be able to generate interest in your webinar.
And so much more.
12. Peer-to-peer lending
Peer-to-peer (P2P) lending is when you lend money to people or businesses who need loans, and they pay you back with interest.
Websites like LendingClub and Prosper let you spread out your money to lots of borrowers, which lowers the risk if someone can’t pay you back.
As borrowers make their payments, you get a part of the interest, which adds to your passive income streams that you can make without working.
With a peer-to-peer lending site, people can borrow money from a group of lenders like you and me, rather than from a traditional financial institution like a bank. People use peer-to-peer lending sites for all sorts of reasons such as debt consolidation, home improvement, small business financing, investment opportunities, and more.
13. Selling stock images and graphics
If you like taking pictures, you can make money in your sleep by selling stock images on websites like Shutterstock, Getty Images, or Adobe Stock.
People buy stock images for all sorts of reasons, such as to put on their website, within articles and blog posts, on social media, and more. I buy stock images all the time because they can help to make a blog post more enjoyable to read (you can find several stock images within this blog post, in fact).
A great thing about stock content websites is that they can bring in money even when you’re not actively working. You take pictures, put them on the site, and they can keep making money for a long time.
Some common types of pictures that you can sell include travel, business, people, food, animals, health, fashion, sports, and more.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
14. Start a membership site
Creating a membership site where people pay a regular fee (such as each month or each year) for special content, resources, or services is a way to make money.
Some examples of membership sites that you can start include:
Stock image library – You can sell a collection of pictures or videos that subscribers can use for their own projects (such as their own business). Subscribers pay for access to this media library. I personally have been paying for a stock photo membership for years, and I think they are amazingly helpful.
Newsletter – Send valuable and special content straight to your subscribers’ email inboxes regularly where you charge a subscription fee for access.
Mastermind groups – You can form small, focused groups of individuals who come together to support and challenge each other in achieving their goals, and you charge a membership fee for participation. I have seen mastermind groups go for anywhere from free to tens of thousands of dollars a year to participate.
Freelance job board – You can start a site where freelancers can find real job listings and opportunities. Members pay for access to these job listings because they want to find real jobs that pay (instead of having to weed through fake ads or low paying ones).
Consulting or coaching services – You can give personalized advice, coaching sessions, or access to a private community for members looking for guidance in a specific area, like life coaching or business consulting.
Fitness membership – You can create a platform with workout plans, meal plans, and wellness tips. Members pay a monthly fee for access to this content.
Digital downloads library – You can create a library of downloadable resources like ebooks, templates, or software. Subscribers gain access by becoming members.
Community forum – You could create a community around a shared interest or hobby where members can engage in discussions, ask questions, and share experiences, and you charge a fee for access.
Online courses membership – You can start a platform where you have courses on a specific subject, like photography, cooking, or digital marketing, where subscribers then pay a monthly fee to access the content.
Keep in mind, the secret to a successful membership site is giving real benefits to your subscribers. So, whether it’s great content, a helpful community, or useful resources, make sure your members feel like they’re getting what they paid for so that they keep their subscription for months and years to come.
15. Sleep studies and mattress testing
Taking part in sleep studies and mattress testing will most likely not be a long-term, reliable source of income, but it can earn you some extra money while you literally sleep.
You can find these by researching local sleep clinics or mattress companies that have paid studies or testing. Many universities also pay for sleep studies, such as the Harvard Division of Sleep Medicine.
The amount of money you can make depends on the specific study or testing, but it can be an interesting way to earn some extra money or get a free mattress for your time.
16. Vending machine business
Running a vending machine business can be a good way to make money, and you can sell different kinds of products. You may be able to earn over $1,000 a month with a well-run vending machine business.
Here are some ideas of what you can sell in a vending machine:
Snacks and drinks:
Chips
Candy
Nuts and seeds
Cookies
Soda
Bottled water
Energy drinks
Juices
Healthy and organic food:
Granola bars
Dried fruits
Nut mixes
Organic snacks
Low-calorie drinks
Hot drinks:
Coffee (regular, decaf, specialty)
Tea
Hot chocolate
Frozen treats:
Ice cream
Frozen yogurt
Popsicles
Fresh food:
Sandwiches (pre-packaged)
Salads (in sealed containers)
Fruit cups
Yogurt parfaits
Personal care and hygiene items:
Tampons and pads
Toothbrushes and toothpaste
Hand sanitizer
Makeup
Vitamins and supplements
First aid kits
Pain relievers
Electronics and accessories:
Phone chargers
Headphones
Power banks
Office and school supplies:
Notebooks
Pens and pencils
Sticky notes
USB drives
Specialized items:
Fishing bait and supplies
Beauty and skincare products
Baby items (diapers, wipes, toys, snacks)
Recommended reading: How I Make $7,000 Monthly With A Vending Machine Business
17. Amazon FBA
Amazon FBA (Fulfillment by Amazon) is where sellers store products in Amazon’s fulfillment centers, and Amazon handles customer shipping, returns, and customer service on the seller’s behalf. By using FBA, you can sell a variety of products without worrying about storing inventory or handling shipping logistics.
You would be finding the products to sell, though. Even if you have no experience selling on Amazon, you can earn money selling household goods, toys, books, electronics, and so on.
If you want to learn more about starting an Amazon business, I recommend signing up for this free training that will teach you how to sell products on Amazon and make $100 to $500 per day.
Recommended reading: How To Work From Home Selling On Amazon FBA
18. Write a book
People can buy books at any time of the day, including while you are sleeping.
Self-publishing online platforms, such as Amazon KDP (Amazon’s Kindle Direct Publishing platform), allow you to reach a broad audience without the need for a traditional publisher.
Writing your own book is a great way to make money from home, and there is probably something helpful that you could write about (even if you think otherwise!). One very popular topic right now is romance novels, in fact.
Recommended reading: How Alyssa is making $200 a DAY in book sales passively
19. Develop and sell an app
If you have technical skills, developing and selling an app can be a way to make money overnight while you are sleeping.
Creating your own app, whether it’s a helpful tool, a fun game, or something else, can help you to make passive income.
Even though it will take some work and money up front, once your app is in the app stores, it can generate revenue no matter the time.
Some ideas for apps that you could create include a budgeting tracker, meal planner, fitness tracker, meditation app, travel itinerary planner, and more.
You will want to do some research, and make sure that there are people who want to use the app that you are thinking about creating, of course. You could start brainstorming ideas by thinking about what kind of app you think could be helpful in your life to have.
Frequently Asked Questions On How To Make Money While You Sleep
Below are answers to common questions on how to make money while you sleep.
What is passive income?
Passive income is money you earn without actively working, and instead, it comes from investments, businesses, or assets that require minimal effort on your part. Now, that doesn’t mean that making passive income is easy, as you will most likely have to put in a lot of work in the beginning to get started. But, it can be well worth it to make money at any time of the day. Passive income is personally my absolute favorite way to make money.
Which businesses make income overnight? What businesses make money while you sleep?
A few businesses that can generate income even when you’re not actively working are online stores, affiliate marketing websites, and selling printables. These businesses run online, making them accessible to customers 24/7 so people can use them.
What did Warren Buffett say about making money while you sleep?
Warren Buffett, a successful investor and businessman, is quoted as saying, “If you don’t find a way to make money while you sleep, you will work until you die.” This goes to show how important it is to find ways to make money without constantly working a regular 9-to-5 job.
What is the best way to make money while you sleep? – Summary
I hope you enjoyed this article on how to make money while sleeping. As you can see, there are many full-time jobs and side hustles to make money while you sleep such as:
Blogging
Affiliate marketing
Selling printables
Investing in real estate
Starting a YouTube channel
Dropshipping
Selling online courses
Putting your money in high yield savings accounts
Dividends
Rent out your garage
Hosting webinars
Peer-to-peer lending
Selling stock images
Start a membership site
Sleep studies and mattress testing
Vending machine business
Amazon FBA
Write a book
Develop and sell an app
Do you want to learn how to make money while you sleep?