Many people look at side hustles as an opportunity to earn some cash on the side to help them with short-term expenses or to fund a particular purchase. However, did you know that you can also use these side hustles to help you pay off your debt? It is true. Side Hustle Opportunities It is easier than you realize to earn extra cash on the side. These are some of the side hustle opportunities you might want to take advantage of to help you reach your goals. Freelancing Turn your skills into money by becoming a freelancer in your industry. The Internet has made it possible for many people to earn money in ways they never imagined a decade or so in the past. From computer programming to writing to transcribing to graphic design and all points in between there are abundant opportunities out there to earn extra cash online without leaving your day job behind. In fact, many job boards exist to help people like you find work, including: The bottom line is that there are many opportunities to use your skills to earn extra cash in your spare time. Just think how quickly you can pay down your debt with five to ten hours of income each week dedicated to that task. Even finding work at $10 per hour can help you put hundreds of dollars per month towards your outstanding credit card balance or student loan debt. Also remember that the faster you pay down that debt, the less you will pay in interest costs over the loan term. Renting or Selling Items Whether you are selling items on eBay, crafting items to sell on Etsy, or renting your home or car through various programs, you can earn a substantial amount of income each month that way. That is especially true if you have a vacation home you only use a few weekends out of the year, or a spare garage apartment collecting dust. Do not forget about all the items you have purchased over the years that quickly lost their appeal or did not live up to expectations. It is time to clear out that clutter and turn it into cash. You could even begin to frequent garage sales and thrift stores in your community to find bargains you can transform into cash cows through online auctions and sales. Ride Share and/or Delivery Services Thanks to companies like Uber and Lyft, ride sharing is becoming commonplace. They offer outstanding services to large and small communities. Did you know, though, that they also represent substantial earning opportunities? According to USA Today, Uber drivers make an average of $364 month, and Lyft drivers earn, on average, $377 per month. For some people, that’s a car payment. Just remember to make sure your insurance company is on board for this change. You can supplement that side hustle income by piggybacking your time behind the wheel making deliveries. There are plenty of programs that offer you money to deliver a variety of products. Some you may have heard of before: As you can see, there are tons of opportunities to earn additional cash for enterprising spirits. Tutoring and Teaching Finally, turn your knowledge into money by working with many of the tutoring services, either available online or in your local community. They offer a wide range of part-time jobs teaching math, science, and reading to students of all ages. The Internet also can extend these opportunities by making it possible to work teaching English to students from around the world. Side Hustle Tips Now that you know what kinds of jobs you can do to earn extra cash to pay off your debt, it is time for a few tips to make that money work harder for you. Keep these tips in mind to pay off your debts even faster. Takeaways Side hustles can be a great way to pay off your debts if you have a plan and stick to it. The ideas and tips above can pave the way for you to find new side gigs that will keep your debt under control.

Use a Side Hustle to Pay Off Debt

View Resource Use a Side Hustle to Pay Off Debt
Want to qualify for the lowest interest rates when applying for auto, mortgage or personal loans? Then you’ll need a top credit score. Lenders today rely heavily on your three-digit credit score to determine if you qualify for a loan and at what interest rates. In general, lenders today reserve their lowest rates for those borrowers have a credit score of 740 or higher on the popular FICO credit-scoring system. The good news is that earning a high credit score is not a complicated task. It just takes some common sense. To build the kind of credit score that will land you the lowest interest rates most experts recommend following these ‘best practices’. Pay your bills on time: Nothing is more important to building a solid credit score than is paying your bills on time. Every time you miss a credit card payment or make your auto loan payment ten days late, your credit score takes a hit. With enough of these hits, your score will quickly fall out of the “good” range, and you’ll be stuck paying higher interest rates when you qualify for a loan. Do not runup credit card debt: Having too much credit card debt can also damage your credit score. Lenders look at consumers burdened with high credit card debt and see risky borrowers. The theory is that these borrowers are already paying a significant amount of money each month to make their credit card payments. Lenders see them as more likely to struggle to make their other payments, too, including mortgage and car loan payments. If you want to provide a boost to your credit score, begin paying down your credit card debt, and don’t run up new charges. Study your credit report: It is important, too, to review your credit report on a regular basis. You can order a free copy of each of your three credit reports — compiled by the credit bureaus Experian, Equifax and TransUnion — once a year from the site, AnnualCreditReport.com. Don’t be fooled, though, into ordering credit reports from other similar websites. Most of these sites — including those with “free” in their names — require consumers to sign up for trials of credit-monitoring services. If you fail to cancel these services, you will be hit with a monthly fee. Once you have your report, study it carefully. Your reports will list your outstanding revolving debt and any missed or late payments you have made. It will also list your open credit card accounts. Look for any mistakes. Then correct them in writing. An error on your credit report can cause severe damage to your credit score. Be a smart consumer: The only way to improve your credit score, once you’ve corrected any errors on your credit reports, is to act as a smart consumer. This means paying your bills on time and cutting down on your credit card debt. Don’t sign up for any service that promises to improve your credit score overnight. These services are often scams, and they have no secret formulas for improving your three-digit score.

Building a Credit Reputation

View Resource Building a Credit Reputation
Credit cards are outstanding financial tools to have on hand for life’s little emergencies. What you may not know, though, is that some items can be considered ‘smart purchases’ to make on your credit card, even if you have the cash to pay upfront. Below you will find some smart buys to make with your credit cards as well as unwise credit card purchases you should avoid at all costs. Good Uses of Credit Cards Using credit cards for certain purchases provides a few unexpected perks and benefits well worth considering, especially when it comes to protecting you, the consumer. Appliances and Electronics With many credit card companies offering free extended warranties for items like washing machines, refrigerators, and televisions purchased with credit cards, it is a no-brainer to make these purchases with your credit card. That is especially true if you can pay the balance in full at the end of the month. You are getting an extended warranty for free without paying interest if you pay the balance in full. Recurring Monthly Bills That is, of course, assuming you are going to pay the balance in full each month. However, paying recurring bills with your credit card allows you to shift all the smaller payments that come at different times each month to one single payment you pay once a month. It is a great way to ease the burden of paying bills, by making it a single transaction rather than 15 or 16 different ones. Plus, if you earn cash back rewards on your cards, you are getting a small reward for your efforts. Travel Plans Vacation and business travel expenses can add up quickly. However, if you use your credit cards to book your hotels and travel arrangements, you get the added benefit of a few key ingredients that add peace of mind, including things like: While these benefits may vary somewhat from one card issuer to the next, many credit card providers offer them to remain competitive. Additionally, most credit cards provide substantial rewards for travel plans booked through them in the form of free or discounted travel, free upgrades, and cash back. Items to Avoid While the items listed above are excellent choices to buy with your credit card, there are also things you want to avoid buying with your credit card whenever possible. Primarily because the costs of purchasing these items with credit cards, once you count the interest, are prohibitive, like those listed below. Household Bills It is one thing to put smaller recurring charges you can pay off in a month on your credit card. If you can do that, that is great. However, this only works if you can repay the full balance each month. Otherwise, it becomes a growing debt you will never easily escape thanks to interest. Student Loan Repayments There are less expensive options than credit cards to try to get your student loan debt under control. Look to income-based repayment plans, loan deferrals, and other options before resorting to using credit cards to repay the debt. Shopping Sprees Retail therapy may provide a momentary boost to your mood. However, when the bill comes due it can become a bitter pill to swallow. Use cash for those mood lightening shopping sprees and leave your plastic at home. Takeaways Credit cards have their uses. They can be vital tools in your long-term financial planning, but only if you use them responsibly. Following these tips can help.

Smart Purchases to Make on Credit

View Resource Smart Purchases to Make on Credit
Home construction loans provide families and individuals with the ability to finance new home construction projects. The loan term is usually short, typically lasting one year or less in most cases, and once the project is complete, the loan is converted or refinanced with a traditional mortgage. Loan Basics Construction loans typically cover both the cost of the property and the construction costs of the house. These loans can often be complex and require more direct oversight and involvement from lenders than traditional home loans. Expect to provide lenders with a ton of documentation and timetables, including the following: In some cases, the lender may require additional documentation about the building process, such as the names of the builder or contractors performing the work. In most cases, lenders will release funds in stages and only after checking on the progress to verify the completion of a construction phase. Loan funds are used to pay contractors involved in that phase. Throughout the process, it is good to remember that lenders are partnering with you in the construction process and have a financial stake in its outcome. During the construction phase of the project, borrowers will typically make interest-only payments on the loan. The repayment of the loan usually takes place when construction is complete, and a traditional mortgage replaces the construction loan. Different Loan Types Essentially there are two different types of home construction loans: Construction-to-permanent loans are often the most desirable for people who intend to occupy their homes upon the completion of construction. That is because they allow you to combine the construction loan with the standard mortgage loan. It means you are not required to refinance your mortgage at a later date. With this type of loan, you have the benefit of locking in a low-interest rate from the start. Once the building is complete, the lender converts it into a traditional mortgage at the locked-in interest rate. With this mortgage, you have the option of choosing a fixed rate or ARM (adjustable rate mortgage) and may choose between a 15- or 30-year term. You will also likely be required to put down a 20-percent or more down payment. Stand-alone construction loans are outstanding choices for people who are building homes with the intention of reselling afterward or who have limited funds to use as a down payment. This loan requires a smaller down payment and does not lock in low mortgage interest rates, which means that if you do intend to live in the home post-construction, you will have to obtain a mortgage independently. Another downside with this type of loan is that you must pay closing costs (and the associated fees) twice: first, on the closing of the initial stand-alone construction loan; second, when you secure the mortgage for the home. Loan Requirements It is more difficult to qualify for a construction loan than a traditional loan because the completed home is not available to secure the loan. For this reason, you should expect to do the following: Understanding the basics about home construction loans can help you to choose the loan that meets your needs today and in the future. Use the information here to help you make wise buying choices when exploring your options for a home construction loan.

How Home Construction Loans Work

View Resource How Home Construction Loans Work
Sometimes, when it comes to your budget, it can be too easy to overlook the small “money leaks” that negatively impact your finances. Many people do not even realize the amount of money they are spending. You might do your best to avoid buying extravagant things. For example: However, even though you do all these things, you still wonder where all your money is going. A significant challenge for staying on top of your finances is identifying and fixing your money leaks. What are Money Leaks? Money leaks occur when you cannot seem to figure out what it was you bought with the money you spent. Even at the end of the month, when you review your credit cards and bank statements, it is not apparent where your money went. Those are “money leaks.” For instance, one night you took $50 out of the ATM to use for dining out. Then, at the end of the month as you are looking at your finances, you see the ATM withdrawal transaction on your bank statement, but you are completely puzzled as to why you pulled the money out. Alternatively, you buy something online, but when you get your credit card statement and see the purchase, you do not know what the charge is for because there is a vague description of the merchandise you purchased. Money leaks can kill your financial position and usually leave you with less money than you expected to have at the end of the month. They also tend to cause problems with your budget and are often a huge reason why many people cannot seem to save money. How to Find Them By researching, you will likely eventually figure out where the money leaks are coming from. However, for many people, the problem is they do not remember even spending the money. It just seemed to leak right out of their account and was spent on something so frivolous, that they do not recognize the purchase even several weeks later. Create and Refer to Your Written Spending Plan You can get a handle on money leaks and fix the ones you spot by taking more control of your money. To do this, you need to sit down and write out a spending plan each month and stick to it. When you do this, it should be easier to find the leaks so you can fix them and avoid them later on, which keeps you from spending more than you make. Save and Refer to Your Receipts Start saving your receipts (an old shoebox will work). Every time you purchase something, toss the slip in that shoebox. If you receive receipts where what you bought is unclear, write a purchase description on the back of the piece of paper, so you will know what it is when you refer to it later on. So, each time you go to the store: At the end of every month, take the receipts out of the shoebox and go through them. Determine which of them are necessary and which are not. As you do this each month, you will begin to see patterns in your collected receipts. Chances are, you will find the non-important ones are the source of where the money leaks are occurring. You may notice your money leaks are coming from a particular store like the corner convenience store, for example. Finding and knowing the patterns can help you keep your guard up. How to Fix Them Finding your money leaks is just one side of the equation. You still need to get rid of them. You do this by actively taking control to prevent them. Put a Limit on your “Free Spending” Money Give yourself a fixed monthly amount of money to spend freely. Then, stick to that amount. Do not waste any additional money on unnecessary purchases if you have reached your monthly limit unless it is a definite necessity. If it is not, once your free spending money is gone, you cannot touch it again until the next month. Avoid the “Money Leak” Places As mentioned earlier, you may find your money leaks are taking place at a specific store. Naturally, avoid the locations where your money leaks are taking place. Make your budget a priority. Cut out the expenses you do not need and create space in your budget for the more significant spending that matters to you.

Are There Leaks in Your Finances?

View Resource Are There Leaks in Your Finances?
The song says it’s the most wonderful time of the year, but if money is tight for you, Christmas can make it very difficult to avoid overspending. Although it may seem like a good idea to splurge on that perfect gift, you will end up paying for it later (literally) if you put it on your credit card. Rather than going into credit card debt this year, make a plan and stick to it so you stay within your budget and avoid the stress that comes with debt. How to Keep Your Christmas Spending Under Control

Don’t Let the Holidays Bust Your Budget

View Resource Don’t Let the Holidays Bust Your Budget
The holiday season can be one of the most difficult times to stay on a budget. You will probably be buying new outfits for parties, lots of gifts for friends and family, and spending more on your gas and electric bills to heat your home. When money is tight, don’t spend too much on a fancy holiday meal that will be eaten in just an hour or two. Start by setting a budget of the amount you can afford to spend, and then turn to some creative ideas to stretch your budget and end up with a delicious meal for family and friends. Saving Money When Preparing a Holiday Dinner Keeping things simple, sharing the cost and remembering to not waste the leftovers will be keys to keeping your budget intact through the holidays.

Preparing Holiday Meals on a Budget

View Resource Preparing Holiday Meals on a Budget
Having a child is one of the most exciting times of your life, but it can also be one of the most expensive. A 2017 U.S. Department of Agriculture study put the average cost of raising a child born in 2015 to 18 years of age at just under $233,610. That does not even include expensive college tuition. Those estimates can vary quite a bit though, based on where you live and your earning power. You need to prepare financially before becoming a parent, and that means knowing and budgeting for the significant costs you are going to face. First year medical costs Between the last few months of prenatal care and your baby’s first year of life, you could end up paying thousands of dollars in medical bills. Take a close look at your health insurance policy to understand what it covers and what you will need to pay. If you have an HMO plan, you will likely only need to cover the co-pay for each office visit and the more significant co-pay for a hospital stay. Under an indemnity plan, you will probably be stuck paying the full deductible or potentially even the out-of-pocket maximum for the year. Once you know how much your medical costs will be, start saving. Putting pre-tax dollars into a flexible spending account or health savings account through your employer will shield that money from being taxed. Loss of income Research how what maternity and parental benefits are available to you when you take time off from work after having your baby. Some companies generously offer maternity leave with full pay for a specific number of weeks. Others just put you on short-term disability, which typically pays 60% to 70% of your regular wage, for six to eight weeks. You also may be eligible for up to 12 weeks of unpaid leave under the Family Medical Leave Act. In addition to the loss of income immediately after having your baby, consider the impact on your long-term income. If one parent plans to stay home with the child, this will significantly affect your household income going forward. Child care expenses Paying for child care can be a considerable strain on your budget, but it will probably be necessary if you both decide to keep working. Start looking for childcare before your baby arrives because the best options may fill up quickly. Costs vary from $500 per month for inexpensive in-home daycare to $1,000 per month in a daycare facility or upwards of $3,000 per month for a private nanny in your home. You can soften the blow through dependent care tax credits or a flexible spending account that allows you to shelter the money from income taxes. Insurance Lastly, don’t forget about the added expense of insurance. You will need to add your child to your health insurance plan, so compare the cost of an additional dependent with each of your employer-sponsored plans. If you do not have life insurance policies yet, now is the time to get them for both of you. Term insurance policies can cost less than $1 per day when you are young and healthy, and they provide peace of mind and financial security.

Becoming a Parent

View Resource Becoming a Parent
If you are getting ready to sell your home, you have most likely already given it a great deal of thought. While you may think you know the basics, such as keeping any personal items out of sight and removing clutter, there is a lot more to selling your home than you may have thought initially. Potential buyers can fall in or out of love with your house for a variety of reasons. Here we tell you some essential strategies to getting your home ready to sell — and make it irresistible to everyone who comes to view it. Get the Most for Your Home When putting your home on the market, perhaps the most crucial aspect is the pricing. You need to find out how much your home is worth, and then take around 15 or 20 percent off that price. This might seem counterintuitive, yet, when you do this, you will likely be inundated with buyers with multiple bids who will bid way over what your house is worth, says HGTV. Of course, this home selling tactic takes courage and a tolerance for risk, however, it is a known strategy to sell your home for the best price possible in today’s market. Tips for Maximizing Your Home’s Appeal There are many steps you can take to make your house as appealing as possible to potential buyers. Some tips you may not have thought of include: Disassociate Yourself with Your Home It may sound obvious, but it is surprising how many people do not do these: De-personalize Before you show your house, ensure that you pack up all your knick-knacks, family heirlooms, and photos. When a buyer enters your home and sees personal effects, they immediately see the space as exclusively yours, rather than a place that they will want to live. De-clutter Take an objective look at your house and identify any items that can be either donated, sold, or discarded. Also: Rearrange closets and kitchen cabinets Organize all of your closets and cabinets to impress even the most observant of buyers. Make minor repairs You may not even have realized that your home needs a little TLC, so go around with a friend and spot and fix anything that needs fixing, such as leaky faucets, squeaky doors, or loose knobs. Rent a storage unit If you have clutter in your home, consider renting a storage unit. Storing away bulky items of furniture will open up your house, making it far more attractive to potential buyers. Clearing away knick-knacks and excess furniture will also make your home photos more appealing. Clean your home Spring clean your home from top to bottom so that buyers will find your space clean, sweet smelling, and attractive. Improve the outdoor space Ensure that your yard is well-maintained and attractive. Check all exterior window and door frames, and paint any that look past their prime. Also, make sure your house number is visible from the road. Lighten and brighten The lighter and brighter your house looks, the more appealing it will be to buyers. Be sure to let as much natural light in as possible, and consider repainting white trim and other walls to make them stand out and look fresh. Have a Good Showing When the time comes to show your house, there are a few tips you should remember: Tens of millions of homes sell each year. Yours can be next. Selling your house can be difficult emotionally as you have spent a great deal of time in your home and have made countless memories there. However, through following the above hints and tips, you can ensure you will show your house off in the most favorable light, as well as get the best price possible.

Getting Your Home Ready to Sell

View Resource Getting Your Home Ready to Sell
You can start collecting Social Security payments once you hit the age of 62. However, is it wise to do so? That depends on your situation. For most people, though, it makes more financial sense to wait at least until the age of 66. That is the age when people born from 1943 to 1954 first qualify to receive full Social Security benefits. That full retirement age increases for people born after 1954, hitting a maximum of 67 for anyone born after 1960 and later. Wondering when you should begin collecting Social Security? You will have to take a long look at your health and your finances to make the right decision. Retiring early It can be tempting to retire early and begin collecting Social Security benefits before you hit the age of 66. The thought goes like this: I have been paying money into Social Security my whole life. Why shouldn’t I start collecting it as soon as possible? You can start collecting Social Security once you hit the age of 62. However, there’s a financial penalty that comes with collecting at such an early age: You will receive less money each month than you would have had you waited until you turned 66. The Social Security Administration website provides a Social Security benefits calculator that tells you how much your monthly benefits will fall if you begin collecting payments before full retirement age. For instance, primary wage earners who retire at 62 will receive just 75 percent of their full benefits. Spouses of that wage earner will receive only 35 percent of their total benefits if they retire at age 62. As an example, if you are scheduled to receive $1,000 a month in Social Security benefits at full retirement age, you will receive just $750 a month if you start collecting at age 62 instead. That might not seem like a big difference: It is only $250 less each month, after all. However, over a year that $250 a month comes out to $3,000 that you passed up. Moreover, over a retirement where it is not unusual to expect to live to 87? If you retire at age 62 and begin collecting Social Security then, you would lose a total of $75,000 by not waiting until age 66 to collect Social Security. Suddenly, that $250 a month seems like a bigger deal, right? The benefits of retiring later Collecting Social Security before full retirement age comes at a financial cost. The flip side is that waiting to collect until after that age comes with a monetary benefit. You will receive more money each month every year you put off collecting Social Security, up until you hit the age of 70. If you are scheduled to receive $1,000 a month at the age of 66, you will receive $1,320 a month if you wait until age 70 to receive your Social Security payments. That is a difference of $320 a month or $3,840 a year. The numbers, then, make retiring later sound like the smartest choice. However, remember, every situation is different. Extenuating factors There is one critical extenuating factor in this equation: Your health. If you expect to live a long life after retirement, then it makes financial sense to begin collecting Social Security payments when you are older. However, what if you are already suffering from health problems and don’t expect to live much past 70? Then it might make financial sense to start collecting your Social Security payments as early as possible. The problem with this? We cannot predict how long we will live. We can only make predictions based on our present conditions. Health can change rapidly, for both the better or, the worse. Age 78 is considered the break-even point when it comes to Social Security benefits. If you live past that age, waiting until full retirement age to collect payments will pay off. If you do not make it that far? You would have been better off collecting your payments earlier. Again, the trick lies in predicting how long you will live. According to the Social Security Administration, men who turn 65 in 2018 can expect to live for another 19.3 years, putting them at more than 84 at death. Women who turn 65 in 2019 can expect to live another 21.6 years. In both cases, these average people would have lived past the break-even point of 78. The Social Security Administration recommends taking a look at your family history. Did your parents, grandparents and other relatives live into their 80s? If they did, and if you are not suffering from any significant medical problems, you might expect to hit your 80s, too. If so, waiting to collect Social Security payments might be the right move. There are other factors that could influence your decision. For instance, if you quit work early will you have to seek private health insurance? For the most part, you will not be covered by Medicare until you hit age 65. The cost of private insurance until you reach that age might outweigh the financial benefits of receiving your Social Security payments early. Are you struggling with credit card and other types of debt? You do not want to enter your retirement years saddled with large amounts of debt. If waiting to collect Social Security will cause you to add to your consumer debt, taking out benefits sooner might make more financial sense. As you can see, it is not easy deciding when to begin collecting your Social Security benefits. Your best bet is to meet with a certified financial planner who can look at your finances and help you make the right decision for yourself and your spouse. That is not a choice to rush into; you will be living with the consequences of your decision, both good and bad, throughout the entirety of your retirement years.

When Should I Start Collecting Social Security?

View Resource When Should I Start Collecting Social Security?