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Teaching Kids About Money: How to instill financial literacy in your children

One of the greatest gifts you can give your children isn’t a new toy, a video game, or even a fancy vacation. It’s the knowledge and skills to manage money wisely. Financial literacy is a life skill, and the earlier children learn it, the better equipped they will be to make sound financial decisions as they grow older.

The sad reality is that money isn’t something most of us were taught about as kids. Many of us stumbled through adulthood learning about budgeting, saving, and debt management the hard way. But it doesn’t have to be this way for your children. By teaching them about money early on, you can help them build a foundation of financial wisdom that will serve them for life.

In this blog post, I’ll explore the importance of teaching kids about money, how to make the topic engaging and relatable for various age groups, and share practical strategies to instill financial literacy in your children.

Why Is Financial Literacy Important for Kids?

Before diving into how to teach kids about money, it’s important to understand why financial literacy matters so much.

  • Prevents future financial struggles: One of the main reasons people struggle with debt, credit problems, and poor savings habits is a lack of early financial education. By giving your children a strong foundation, you can help them avoid these common pitfalls.
  • Promotes smart decision-making: Money management isn’t just about math; it’s about making choices. Should I spend or save? Should I buy this now or wait for a better opportunity? Teaching kids to weigh their options and consider the long-term effects of their decisions builds critical thinking skills that will apply to more than just finances.
  • Builds independence and confidence: When children learn how to manage money, they become more confident in their abilities to make independent decisions. They gain a sense of responsibility and ownership over their actions, which fosters maturity.
  • Encourages healthy financial habits: Good money habits start young. By learning about saving, budgeting, and giving, children develop a positive relationship with money. They’re more likely to grow up with healthy attitudes about earning, spending, and saving, rather than being impulsive spenders or fearful of finances.

Now that we’ve established the importance of financial literacy, let’s talk about how you can make these lessons accessible to your children.

Teaching Money Basics by Age Group

Children’s capacity to understand money concepts evolves as they grow. To effectively teach financial literacy, it’s helpful to break down lessons by age group.

1. Toddlers and Preschoolers (Ages 3–5): Introducing Basic Concepts

At this age, kids are just beginning to understand the concept of money. While they might not grasp the complexities of saving and investing, they can learn simple lessons that will stick with them.

Key Concepts to Teach:

  • Money is used to buy things. Explain that we trade money for the things we need and want. You can reinforce this during shopping trips by showing how you pay for groceries or toys.
  • Money has limits. Children need to understand that money isn’t infinite. Introduce the idea that once you spend money on one thing, you can’t spend it on another.

Practical Activities:

  • Play store: Set up a pretend store with toys, snacks, or other household items. Use play money to “buy” things, allowing your child to take turns being the customer and the cashier.
  • Introduce a piggy bank: Give your child a small piggy bank or jar where they can store any money they receive. This introduces the idea of saving in a fun, tangible way.

2. Early Elementary (Ages 6–9): Building on Basic Concepts

At this stage, kids are ready to learn about earning, spending, and saving. They’ll begin to understand the difference between needs and wants and may start to make their own decisions about how to use their money.

Key Concepts to Teach:

  • Earning money: Introduce the idea that money is earned through work or effort, not just given to them. This lays the groundwork for understanding the value of hard work.
  • Saving for something special: Teach children to set savings goals for items they want. This helps them learn the benefits of delayed gratification.
  • Needs vs. wants: Start teaching kids to distinguish between what they need (food, clothes, shelter) and what they want (toys, candy, games).

Practical Activities:

  • Allowance system: If you decide to give your child an allowance, tie it to chores or specific responsibilities. This shows them that money is earned and should be valued.
  • Savings jars: Create three jars labeled “Spend,” “Save,” and “Give.” Whenever your child receives money (from an allowance, birthday, etc.), encourage them to divide it between the jars. This teaches them to balance immediate spending with saving for the future and giving to others.

3. Late Elementary and Preteens (Ages 10–12): Introducing More Complex Concepts

By this age, kids are capable of understanding more complex financial ideas. They can start learning about budgeting, planning, and even the basics of investing.

Key Concepts to Teach:

  • Budgeting: Introduce the idea of creating a budget. Help your child list their income (allowance, birthday money) and expenses (toys, snacks, savings), and show them how to plan their spending.
  • Saving for bigger goals: Teach your preteen that bigger goals, like a new bike or video game system, require longer-term saving and more discipline.
  • Introduction to interest: Explain that saving money in a bank can lead to earning interest, or money on top of what they’ve saved.

Practical Activities:

  • Create a mock budget: Sit down with your child and help them make a budget for the month. Include categories like savings, spending, and giving. This practice helps them understand the importance of planning their finances.
  • Open a savings account: Consider opening a simple savings account for your child. Many banks offer accounts specifically designed for kids. This makes saving more official and gives them the opportunity to track their money over time.
  • Play financial board games: Games like Monopoly or The Game of Life introduce children to concepts like earning, spending, and decision-making in an engaging way.

4. Teens (Ages 13–18): Preparing for Real-World Financial Decisions

As your child enters their teenage years, they’ll likely have more opportunities to earn money (through part-time jobs, for example) and will soon face adult financial responsibilities like paying for college, buying a car, or managing their own money.

Key Concepts to Teach:

  • Budgeting and tracking expenses: Help your teen create a more detailed budget that accounts for regular expenses, savings, and any income they may have.
  • Understanding debt: It’s critical that teens understand how credit works before they head off to college or get their first credit card. Teach them about interest rates, minimum payments, and the dangers of accumulating debt.
  • Long-term savings and investing: Introduce your teen to the concepts of investing and compound interest. Even if they don’t fully grasp the complexities of stocks and bonds, they can start learning about the importance of saving for retirement early.

Practical Activities:

  • Track real expenses: Encourage your teen to track their spending for a month. Use a notebook, spreadsheet, or app to see where their money is going. This will give them a clear picture of their habits and areas where they can save.
  • Teach about credit: Show them how a credit card works, explain interest rates, and talk about the importance of paying off the balance each month. If you’re comfortable, consider adding them as an authorized user on your credit card to give them real-world experience in a controlled setting.
  • Invest in a low-risk account: If your teen has saved a significant amount of money, show them how investing works. You might start with a simple savings bond or a custodial investment account where they can watch their money grow over time.

Making Financial Literacy Fun and Engaging

Money can be a dry subject, but it doesn’t have to be. Here are some tips for making financial lessons fun and engaging for your children.

  1. Make it relatable: Use examples from their daily life to explain financial concepts. For younger kids, relate money management to their allowance or birthday money. For teens, talk about things like saving for a car or their future education.
  2. Use games and apps: There are countless games and apps designed to teach kids about money. Apps like PiggyBot or iAllowance make learning to budget and save interactive and enjoyable for younger kids. For teens, you might introduce them to investing simulators or apps like Acorns that make saving and investing simple.
  3. Lead by example: Children often learn by observing their parents. Talk openly about money in your household, whether it’s setting a family budget, discussing saving for a vacation, or paying bills. Show your kids that managing money is a normal part of life and something they should feel comfortable doing.

Preparing Kids for a Financially Healthy Future

Teaching kids about money isn’t a one-time lesson — it’s an ongoing conversation that evolves as they grow. By introducing financial literacy early and reinforcing it throughout their childhood and teenage years, you’re giving them the tools they need to be responsible, independent, and financially savvy adults.

The world is full of financial traps — from credit card debt to impulsive spending — but with the right foundation, your children can navigate these challenges confidently. It’s never too early (or too late) to start teaching your kids about money. Every lesson you impart today will help shape their financial future tomorrow.

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Family-Friendly Side Hustles: Earning Extra Income Together

Do family side hustles really help kids learn about money?

Balancing family life and finances can be tough, but what if you could earn extra income while spending quality time together? Family-friendly side hustles offer a way for families to work together, build new skills, and make money. Whether it’s starting a small business or offering a service, there are countless ways families can earn extra cash while having fun and learning something new. This post explores some of the best family side hustles and how to get started.

Why Start a Family-Friendly Side Hustle?

There are many reasons to start a side hustle as a family. Not only does it provide a way to earn extra income, but it also brings everyone together for a shared goal. Side hustles can teach children valuable lessons about hard work, responsibility, and money management.

A 2020 study showed that nearly 40% of Americans have a side hustle, and many families are jumping in too. Family side hustles also help parents set an example of entrepreneurship and problem-solving, all while creating additional financial security.

How to Choose the Right Side Hustle for Your Family

The best side hustle for your family depends on your interests, time, and resources. Think about what activities your family enjoys doing together and what skills you have. For example, if you love animals, pet sitting or dog walking might be a perfect fit. If your family is creative, you could sell homemade crafts or goods online.

It’s important to choose something that fits into your family’s schedule and that everyone can enjoy. Working together should feel fun, not like a chore.

Side hustle growth: Nearly 40% of Americans have a side hustle, according to a 2020 study, with many families joining the trend.
Skill development: Kids who participate in side hustles with their families are more likely to develop strong financial literacy and teamwork skills.

Top Family-Friendly Side Hustle Ideas

Here are some family-friendly side hustle ideas that can help you earn extra money:

Pet Sitting and Dog Walking

If your family loves animals, pet sitting or dog walking is an excellent side hustle. Many people need reliable care for their pets, especially during vacations or busy workdays. Your family can split the responsibilities, with kids helping to walk dogs or feed pets while parents handle bookings and customer communication.

This type of side hustle can be flexible, allowing your family to choose when and how often you work.

Selling Homemade Crafts or Goods

If your family enjoys making things, consider selling homemade crafts or goods. From handmade jewelry to baked goods or art, families can work together to create products and sell them at local markets or online platforms like Etsy.

In addition to earning extra money, this hustle allows kids to use their creativity and practice marketing skills. Parents can help with production, quality control, and managing orders.

Running a Family-Based YouTube Channel

Do you love filming family activities, adventures, or DIY projects? Starting a YouTube channel can be a fun way for families to earn income. Successful YouTube channels can generate ad revenue, sponsorships, and affiliate marketing income.

This side hustle requires some upfront work, like learning video editing and building an audience. However, it can be a creative outlet for the whole family, with everyone contributing in different ways—from on-camera talent to behind-the-scenes production.

Starting a Small Gardening or Landscaping Service

For families who enjoy being outdoors, a small gardening or landscaping service is another great option. Your family can offer services such as lawn care, planting flowers, or creating small gardens for neighbors or the local community.

Kids can help with simple tasks like raking leaves or watering plants, while parents handle more technical jobs. This side hustle is perfect for families who want to stay active and work together in nature.

Renting Out Family-Owned Property or Equipment

If you own extra equipment or property, consider renting it out to others. This could include things like renting out tools, sports equipment, or even a vacation home. Websites like Airbnb or Turo make it easy to list and manage rentals, providing a passive income stream for your family.

This type of side hustle doesn’t require a lot of hands-on work, making it an ideal option for busy families.

Balancing Family Time with Side Hustles

It’s important to maintain a healthy balance between family time and work. While side hustles can be rewarding, they should never take away from quality family moments. Schedule side hustle tasks during times that don’t conflict with important family activities, like meals or events.

In fact, your side hustle can enhance family time by giving you a shared project to work on. It’s like turning work into a fun family activity.

Building Financial and Life Skills as a Family

Side hustles aren’t just about money. They can teach children and parents important financial and life skills. Kids learn how to manage money, budget, and work as part of a team. Parents model entrepreneurship and time management, showing their children that hard work pays off.

According to a study, kids who engage in business activities early in life are more likely to develop strong financial literacy skills later on.

Tips for Staying Organized and Motivated

Staying organized is key to a successful family side hustle. Make sure to assign tasks to each family member based on their skills and interests. Use tools like calendars or apps to keep track of deadlines, clients, and projects.

To stay motivated, set small goals and celebrate successes together. Whether it’s earning your first $100 or landing a big client, take time to acknowledge each family member’s contribution.

Think of a family side hustle like building a puzzle. Each family member contributes a piece, and together, you create a complete picture. When everyone plays their part, the outcome is both rewarding and fun.

FAQs

What are the easiest side hustles for families?

Some of the easiest side hustles include dog walking, selling crafts online, or offering lawn care services. These allow flexibility and can fit into your family’s routine.

How much time do family side hustles take?

The time commitment depends on the hustle. Some side hustles, like renting out property, require minimal time, while others, like running a YouTube channel, may take more hours per week. Choose one that fits your family’s schedule.

Do family side hustles really help kids learn about money?

Yes! Side hustles give kids hands-on experience managing money, understanding profits and expenses, and learning the value of hard work.

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Saving for Emergencies: Building an emergency fund to cover unexpected expenses.

Saving nest egg

We’ve all been there. One moment, life is cruising along smoothly, and the next, you’re hit with an unexpected car repair, a sudden medical bill, or a job loss that leaves you scrambling for solutions. It’s during these moments that many of us wish we had been more prepared. It’s a reality check no one likes facing, but it’s something we can all prepare for — by building an emergency fund.

If you’re like most people, the idea of saving for emergencies might seem daunting, especially when there are so many day-to-day expenses to keep up with. But here’s the truth: having a safety net in place can be the difference between minor stress and financial disaster when life throws a curveball. So, let’s dive in and talk about how you can start building that emergency fund, step by step.

What Is an Emergency Fund, and Why Is It Important?

At its core, an emergency fund is a financial buffer that’s set aside specifically to cover unexpected expenses. Think of it as your personal insurance policy against life’s uncertainties — the ones that don’t come with a warning.

So, what qualifies as an “emergency” expense? Here are a few examples:

  • Medical emergencies: Even with insurance, unexpected hospital visits, surgeries, or treatments can come with significant out-of-pocket costs.
  • Home or car repairs: A leaky roof, a broken water heater, or a car that suddenly won’t start can take a big chunk out of your paycheck if you’re unprepared.
  • Job loss: In uncertain economic times, layoffs can happen. Having a cushion allows you to cover essential expenses like rent, utilities, and groceries while you search for new work.

The importance of an emergency fund can’t be overstated. According to a 2022 report from the Federal Reserve, nearly 36% of Americans would struggle to come up with $400 for an unexpected expense. That’s a lot of people living one unforeseen event away from financial hardship. If you don’t want to be one of them, now is the time to prioritize building your fund.

How Much Should You Save?

One of the most common questions people ask is, “How much should I have in my emergency fund?” The answer can vary based on your individual circumstances, but the general rule of thumb is to have three to six months’ worth of living expenses saved.

Now, that might sound like a lot. And if you’re starting from zero, it might even seem impossible. But don’t let that discourage you! You don’t have to save it all at once. The key is to start small and build over time.

For some, a goal of $1,000 is a great place to start. This amount can cover smaller emergencies, like a car repair or a minor medical bill, while you continue working towards that three to six months’ target.

Here’s how to determine how much you need for a full emergency fund:

  1. Calculate your monthly essential expenses. Include rent/mortgage, utilities, groceries, insurance, transportation, and minimum debt payments. You’re focusing on what you absolutely must cover if your income were to suddenly stop.
  2. Multiply that by three, six, or even nine months. If you work in a field that’s more prone to economic swings (like freelance work or the gig economy), you might feel safer aiming for closer to nine months’ worth of expenses.

Remember, the goal isn’t to hit your target overnight. It’s to build that safety net steadily over time.

Getting Started: Building the Habit of Saving

So, where do you even begin when building an emergency fund? Starting can feel overwhelming, but like with any financial goal, breaking it down into manageable steps makes it more achievable.

Here’s a personal story. When I first began saving, I was terrified. I looked at my bank account and thought, “How am I ever going to save enough to cover all the things that could go wrong?” I was living paycheck to paycheck, and the idea of putting anything away felt like an impossible ask. But I decided to start small — really small. My first goal was to save $10 a week. I know, it doesn’t sound like much, but it was something I could manage without feeling too restricted.

1. Start Small, Think Big

Start with an amount that doesn’t make you feel overwhelmed. It could be $10, $25, or $50 per week or month. The important thing is to make saving a habit. As you get used to the idea of putting money aside, you can gradually increase the amount.

Set a realistic, achievable goal for the first three months. For example, aim to save $300 by the end of the first quarter. When you reach that goal, it’s a huge boost to your confidence and motivation to keep going.

2. Automate Your Savings

Let’s be honest — it’s hard to save when you’re actively thinking about it. Life happens, and sometimes, the best of intentions don’t turn into action. That’s where automation becomes your best friend.

Set up an automatic transfer from your checking account to a separate savings account each payday. When the money is moved without you having to think about it, you won’t be tempted to spend it. Even if it’s just $25 per paycheck, that money will grow over time, and you’ll hardly miss it.

3. Treat Your Emergency Fund Like a Bill

One of the best mindset shifts you can make is to treat your emergency fund contribution as a non-negotiable bill. Just like rent or electricity, prioritize it. If you wait until the end of the month to see if there’s anything left to save, chances are, there won’t be.

When I changed my thinking from, “I’ll save if I can,” to “I’m going to save no matter what,” my fund started growing faster than I expected.

4. Use Windfalls to Boost Your Fund

Did you receive a tax refund? Get a bonus at work? Or maybe a family member gifted you some cash for your birthday? Instead of splurging, consider putting at least part of that unexpected money into your emergency fund.

Windfalls are a great opportunity to give your savings a boost without feeling the pinch in your day-to-day budget. It’s tempting to spend that money on something fun, but trust me, you’ll be grateful you saved it the next time life throws you a curveball.

5. Cut Back (Where You Can) and Save the Difference

Saving for an emergency fund doesn’t always require drastic lifestyle changes, but small adjustments can add up. Take a look at your current spending. Are there areas where you can cut back, even temporarily, to funnel more money into your fund?

For example:

  • Cut back on dining out. Instead of eating out three times a week, try cooking at home more often. The money you save can go directly into your emergency fund.
  • Cancel unused subscriptions. Gym memberships, streaming services, or apps you no longer use can quietly drain your bank account each month. Cut the ones that aren’t adding value to your life and redirect that money.
  • Pause big purchases. Do you really need that new phone right now? If it’s not essential, consider putting off big purchases until after your emergency fund is fully established.

Staying Motivated: Keeping the Momentum Going

Building an emergency fund takes time, and it’s easy to get discouraged, especially if you encounter an emergency before reaching your goal. But even if you have to dip into your fund early, don’t beat yourself up. That’s exactly what it’s there for!

Here are some tips for staying motivated:

  • Set milestones. Instead of focusing solely on the end goal, break it down into smaller milestones. Celebrate when you hit $500, $1,000, or the halfway mark.
  • Track your progress. Keep a visual tracker — whether it’s a spreadsheet, an app, or even a chart on your fridge. Watching your savings grow can be incredibly motivating.
  • Remind yourself of the benefits. Picture how much peace of mind you’ll have knowing you’re financially prepared for the unexpected. That sense of security is worth the effort.

When Should You Use Your Emergency Fund?

An emergency fund is for true emergencies, not for things like vacations or impulse buys. Ask yourself these three questions before dipping into your fund:

  1. Is it unexpected? (Not part of your regular budget)
  2. Is it necessary? (Something you can’t do without)
  3. Is it urgent? (Needs immediate attention)

If the answer to all three is “yes,” it’s likely an emergency, and you can feel confident using your fund. Afterward, just remember to replenish it as soon as you can.

Your Future Self Will Thank You

Building an emergency fund might not feel glamorous, but it’s one of the most responsible and empowering financial moves you can make. Start small, stay consistent, and trust the process. You’ll be surprised how quickly your fund can grow — and even more surprised by how much peace of mind it brings.

It’s about taking control of your financial future, protecting yourself from life’s unexpected twists, and setting yourself up for success. Your future self will thank you for the foresight and discipline to save for emergencies, and the relief you’ll feel in a time of crisis will be worth every penny saved.

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Saving a Little While Shopping Online: Smart Strategies for Every Shopper

women-shopping

In today’s fast-paced digital age, shopping has become more accessible and convenient than ever before. With a few clicks, you can order almost anything from the comfort of your home. However, with this convenience often comes the temptation to overspend. Fortunately, there are many ways to save a little (or even a lot) while shopping online. From coupon codes to cashback apps, this guide will provide you with practical strategies that can make your online shopping experience more budget-friendly and rewarding.

1. Always Hunt for Coupon Codes

One of the most common ways to save money while shopping online is by using coupon codes. Most e-commerce platforms and brands offer promotional discounts to attract new customers, clear out inventory, or celebrate holidays and events. However, these deals aren’t always front and center on websites, so you’ll need to dig a bit deeper to find them.

How to Find Coupons:

  • Dedicated Coupon Websites: Websites like Honey, RetailMeNot, and Coupons.com aggregate discount codes across thousands of retailers. These platforms also provide customer feedback on the effectiveness of various codes, so you’ll know if they are still valid before checking out.
  • Browser Extensions: Tools like Honey or Capital One Shopping can be installed directly into your browser and automatically search for discounts when you reach the checkout page.
  • Email Subscriptions: Many brands offer a discount when you first sign up for their newsletter. Although no one enjoys a flooded inbox, you can always create a separate email account dedicated to receiving promotional emails.

Maximizing Coupon Efficiency:

  • Always stack coupons if possible. Some retailers allow you to combine codes for free shipping, percentage discounts, and promotional offers.
  • Compare different coupon codes to see which provides the best savings. For example, a “20% off” code may be better than a “$10 off $50” coupon, depending on your cart value.

2. Take Advantage of Cashback Programs

Cashback programs allow you to earn a small percentage of your purchase back, either in cash or as store credits. While the percentage may seem insignificant—usually ranging from 1% to 10%—the savings can add up over time, especially if you make frequent online purchases.

Best Cashback Websites and Apps:

  • Rakuten (formerly Ebates): Rakuten partners with thousands of retailers to offer cashback on various categories, including fashion, electronics, and travel. It often has double cashback deals during certain promotional periods, which can significantly increase your savings.
  • TopCashback: Known for offering higher percentages than some of its competitors, TopCashback is another great option for frequent online shoppers. It doesn’t charge any fees, and you can withdraw your earnings via PayPal or as gift cards.
  • Swagbucks: In addition to cashback, Swagbucks allows you to earn points (called SB) that can be redeemed for gift cards or PayPal cash. You can also accumulate points by taking surveys or watching videos, which further enhances your potential savings.

3. Price Comparison Tools: Don’t Settle for the First Price

Before hitting that “Buy Now” button, it’s always smart to compare prices across different websites. Many retailers sell the same products, but prices can vary significantly based on their promotions, partnerships, or inventory levels.

Top Price Comparison Tools:

  • Google Shopping: This is one of the most comprehensive tools for comparing prices. Simply enter the product name, and Google will show you a list of retailers offering the product, along with their prices.
  • CamelCamelCamel: Specifically designed for Amazon users, CamelCamelCamel tracks the price history of products listed on the site. This helps you determine if you’re getting a good deal or if the price is likely to drop in the near future.
  • ShopSavvy: This mobile app allows you to scan product barcodes in physical stores and compare prices with online retailers. It’s a useful tool for making sure you’re getting the best deal, whether shopping in person or online.

Maximizing Savings with Price Comparison:

  • Set up price alerts. Many price comparison tools offer this feature, so you’ll get notified when the price of a product drops to your desired range.
  • Don’t forget to consider shipping costs. Sometimes a product that’s cheaper on one website may end up being more expensive due to high shipping fees, so make sure you factor that into your comparisons.

4. Wait for Seasonal Sales and Special Shopping Events

Timing your purchases is another crucial aspect of saving money while shopping online. Retailers tend to offer massive discounts during certain times of the year, often aligning with holidays or other significant events.

Best Times to Shop Online:

  • Black Friday and Cyber Monday: These post-Thanksgiving sales events are often the best time of year for scoring deep discounts on electronics, clothing, and more.
  • Amazon Prime Day: Exclusively for Prime members, this mid-summer event features massive discounts across all product categories. It’s an excellent time to buy gadgets, household items, and even subscription services.
  • Back-to-School Sales: These sales typically run from July through September and are ideal for purchasing laptops, clothing, and office supplies at a discount.
  • End-of-Season Clearances: As retailers prepare for new inventory, they often slash prices on the previous season’s items, especially in the fashion and outdoor gear sectors.

5. Leverage Loyalty Programs and Store Credit Cards

Many retailers offer loyalty programs and store-branded credit cards that reward frequent shoppers with points, discounts, or special perks like free shipping.

How Loyalty Programs Work:

Loyalty programs allow you to accumulate points or rewards each time you make a purchase. Over time, these points can be redeemed for discounts, free items, or exclusive offers. For example:

  • Starbucks Rewards: Earn points for every dollar spent, which can be redeemed for free drinks and food.
  • Target Circle: Offers personalized deals, early access to sales, and the ability to earn 1% back on all purchases.
  • Nordstrom Rewards: Provides points for every dollar spent, with those points being converted into Nordstrom Notes, which act as store credit.

Store Credit Cards:

Store credit cards often provide initial discounts for signing up and additional savings on every purchase. For example, the Amazon Prime Visa offers 5% cashback on all Amazon purchases, while Gap Inc. Visa provides significant rewards at Gap-owned brands like Old Navy and Banana Republic.

However, it’s essential to weigh the benefits against the potential downsides, such as high-interest rates, before applying for a store-branded credit card.

6. Opt for Free Shipping Whenever Possible

Shipping costs can quickly erode any savings you’ve gained from using coupons or cashback deals. To avoid this, always seek out free shipping offers or consider strategies to reduce these expenses.

How to Get Free Shipping:

  • Sign Up for a Membership: Programs like Amazon Prime or Walmart+ offer free shipping as part of their membership perks. Although there’s an upfront annual fee, these services often pay for themselves if you’re a frequent shopper.
  • Buy in Bulk: Many retailers offer free shipping if you meet a minimum order amount. If you’re close to that threshold, consider adding a low-cost item to your cart to qualify for free shipping, rather than paying the shipping fee.
  • Use Free Shipping Codes: Sometimes, coupon websites will feature codes specifically for free shipping, so always check before completing your purchase.

7. Make Use of Abandoned Cart Discounts

One of the lesser-known tricks for saving online is taking advantage of abandoned cart discounts. If you add items to your shopping cart but don’t complete the purchase, many retailers will send follow-up emails offering a small discount as an incentive to finish the transaction.

How to Trigger These Discounts:

  • Sign in to Your Account: Make sure you’re logged into your account so that the retailer can track your shopping behavior.
  • Wait 24 to 48 Hours: Leave the items in your cart and wait for an email offering a discount. Some retailers may offer up to 15% off or free shipping to encourage you to complete the purchase.

8. Avoid Impulse Purchases with a 24-Hour Rule

It’s easy to get caught up in the excitement of finding a great deal or a product you’ve been eyeing. However, impulse buys can often lead to overspending on items you don’t truly need.

How to Combat Impulse Buying:

  • Implement the 24-Hour Rule: Before making a purchase, leave the item in your cart for 24 hours. This gives you time to assess whether you truly need it or if it’s just an impulse buy.
  • Use a Budgeting Tool: Apps like YNAB (You Need A Budget) or Mint can help you track your spending habits and set limits on non-essential purchases.

Conclusion

While shopping online can sometimes lead to overspending, using a combination of coupon codes, cashback programs, price comparison tools, and other strategies can significantly reduce your overall expenses. By practicing patience, doing your research, and taking advantage of sales events, you can save a little while shopping online—without sacrificing the things you love.

Incorporating just a few of these techniques can make a noticeable difference in your wallet over time. The key is to be strategic, plan ahead, and never settle for paying full price when a better deal might be just a click away!

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Making Money from the “Thingys” That Are No Longer Useful

Do family side hustles really help kids learn about money?

We’ve all been there—standing in a cluttered garage or basement, staring at a pile of stuff we no longer need. Maybe it’s a box of old phones, outdated kitchen gadgets, or even those odd “thingys” that once seemed essential but now just collect dust. The question is: What should we do with these forgotten items? Should we donate them? Toss them in the trash? Or, can we squeeze some value out of them?

I used to be the kind of person who hated clutter. I’d look at my old electronics or broken furniture and feel an overwhelming urge to just toss them out. But over the years, I’ve come to realize that these “thingys” might still have value—even if they’re no longer useful to me. In fact, I’ve found creative ways to turn them into money. Here’s my story of how I turned once-useless things into cash, and how you can do the same.

1. The Spark of Realization

My journey started with a worn-out laptop. It had been sitting in a corner of my home office for years. The screen was cracked, the battery was dead, and the software was outdated. For all intents and purposes, it was completely useless. One afternoon, while tidying up, I almost threw it away. But then I paused and thought: “Could this thing still be worth something?”

A quick search on eBay revealed that even broken laptops could fetch a decent price. There were people out there looking for spare parts or who knew how to refurbish old electronics. That realization was my first “aha” moment. I didn’t have to view the things I no longer needed as trash—they could actually be opportunities.

I listed the laptop for $50, and within two days, it was sold. I couldn’t believe it. Something I had considered trash was suddenly money in my pocket. And so began my journey of turning “thingys” that were no longer useful into cold, hard cash.

2. The Value in the Unwanted

After that laptop sale, I started to see my cluttered house differently. What else could be turned into money? My curiosity led me to dig deeper into the nooks and crannies of my home. Here’s what I discovered:

a. Old Electronics

Phones, tablets, and game consoles—these are some of the easiest things to flip for cash. Even if they’re not working, there’s often someone who wants them for parts. Websites like eBay, Craigslist, and Facebook Marketplace are perfect places to list these items. And for those not comfortable with selling online, local recycling programs often pay for old electronics, especially if they contain valuable materials like copper or rare earth metals.

b. Clothing

You wouldn’t think that an old jacket or a pair of jeans could be worth anything, especially if they’re out of style. But vintage clothing has become a hot commodity. I had an old leather jacket that I hadn’t worn in years, and I decided to list it online just to see what would happen. It sold within a week to a buyer who was specifically looking for that 80s aesthetic. There are apps like Poshmark and Depop that specialize in second-hand fashion, making it easy to turn outdated wardrobes into profit.

c. Furniture

Some of the furniture I thought was outdated or too worn out actually found new homes with people who loved restoring or upcycling old pieces. It was amazing to me that even broken or chipped items could have value to someone with a creative eye. A local carpenter bought an old wooden coffee table from me to refurbish and resell.

3. The Art of Upcycling

At this point, I was hooked. I started looking for more creative ways to not just sell things as-is but to add value to them first. That’s when I discovered the concept of upcycling—taking old, broken, or useless items and transforming them into something new.

a. Refurbishing Electronics

I’m no tech expert, but I realized that many small repairs, like replacing a phone screen or a laptop battery, are fairly straightforward with the right tools and YouTube tutorials. I bought a $30 tool kit and learned how to replace basic parts. By refurbishing electronics, I was able to sell them for a higher price than I would have otherwise.

b. Crafting and DIY

I started experimenting with turning old items into decorative pieces. For example, I took an old bicycle wheel and turned it into a rustic wall clock. I found that people were willing to pay a premium for handmade, one-of-a-kind items. This opened up a whole new avenue of making money from things that would have otherwise ended up in the landfill.

4. Knowing Where to Sell

Once I started accumulating things to sell, I had to figure out where to sell them for the best price. Over time, I’ve developed a strategy for matching items with the right marketplace.

a. Online Marketplaces

As I mentioned before, platforms like eBay, Craigslist, and Facebook Marketplace are great for selling just about anything. But I’ve found that some items do better on specialized platforms. For example, for fashion, I stick to Poshmark or Depop. For electronics, I might use Gazelle or Swappa. Knowing where to list your items is key to maximizing profits.

b. Local Markets

Sometimes, selling locally is the easiest and most profitable option. Garage sales are an old-school way to offload items quickly, but I’ve found that local Facebook groups or community bulletin boards can be even more effective. Plus, there’s no shipping involved, which saves time and money.

c. Consignment and Resale Shops

For higher-end clothing and accessories, consignment shops can be a good option. I’ve had success selling designer bags and shoes through these stores. They take a commission, but it’s worth it for the convenience, especially if you’re selling items in good condition.

5. Beyond the Cash: The Environmental Impact

What started as a way to make some extra money also made me think more deeply about waste and sustainability. Every time I sold an item, I was essentially keeping it out of a landfill. And with so much emphasis on the environmental impact of consumerism, this became a source of pride.

One of the most surprising things I learned was how much value people place on sustainable and eco-friendly practices. I started marketing my upcycled crafts as “eco-friendly” and found that buyers were more willing to pay a premium for them. It was a win-win: I was making money, and they were getting something that aligned with their values.

6. Overcoming Challenges

Of course, there were challenges along the way. I faced some logistical issues, like figuring out how to ship heavy items or dealing with buyers who flaked out. And sometimes, it was hard to gauge what would sell and what wouldn’t. Not every item I listed found a buyer, and there were a few instances where I thought I had wasted time and effort.

But I learned to take it in stride. I developed better systems for listing, shipping, and communicating with buyers. I even found ways to minimize my losses by donating unsold items to charity or finding creative ways to repurpose them.

7. Lessons Learned

Looking back, this journey taught me a few important lessons:

  1. There’s Value in Everything: Even the things you think are useless may hold value to someone else. Don’t be quick to throw things away.
  2. Creativity Pays Off: Finding new ways to add value to old items, whether through upcycling or refurbishing, can increase their worth significantly.
  3. Patience Is Key: Not everything will sell immediately, and that’s okay. Sometimes it takes time to find the right buyer or marketplace.
  4. Sustainability Matters: There’s a growing demand for second-hand and upcycled goods, both for financial and environmental reasons. Tapping into that market is a smart move.

Turning Trash into Treasure

The phrase “one man’s trash is another man’s treasure” has never felt more true to me. What started as a simple effort to declutter my home became an unexpected source of income. More importantly, it changed the way I think about waste and value. Now, when I look at something that no longer serves me, I don’t see it as useless—I see it as an opportunity.

So the next time you’re about to toss something in the trash, stop and ask yourself: “Could this thingy be worth something to someone else?” You might be surprised at the answer.