Discover 30 easy ways to make extra money and reduce expenses during tough times like a fuel price hike. Learn how to save on daily costs and increase your income with simple tips.
Ways to Earn Extra Income:
- Airbnb: Earn extra income from Airbnb, even if you rent.
- Affiliate Marketing: Leverage your social media for affiliate marketing and earn extra cash.
- Online Surveys: Sign up for online survey sites to earn pocket money.
- Garage Sale: Spring clean your home and sell unused items in a garage sale.
- Carpooling: Carpool with neighbors and colleagues to reduce transport costs and save money.
- DIY Skills: Learn to cut your hair, do your manicure/pedicure, and wash your clothes and car to cut costs.
- Investment Opportunities:
- Inflation Protection: Avoid banks and invest in ETFs to protect your wealth from inflation.
- Currency Devaluation Protection: Invest in the VOO S&P 500 mutual fund to safeguard against currency devaluation.
- Recession Protection: Invest in a Gold ETF to shield yourself during recessions.
Ways to Reduce Expenses:
- Entertainment Alternatives: Substitute Netflix, DSTV, and cable with reading to save on subscription costs.
- Sugar Substitution: Use sugar instead of honey to reduce grocery expenses.
- Drink Water: Cut out beer, wine, and champagne by drinking water.
- Messaging: Instead of calling, send SMS messages to reduce phone bills.
- Gym Membership: Swap clubbing with joining a gym for a healthier and more cost-effective lifestyle.
- Impulse Control: Avoid impulse purchases by leaving your ATM card at home when going out.
- Cook at Home: Instead of eating out, learn to cook your meals.
- Virtual Visits: Replace physical visits with video calls to cut transportation costs.
- Electricity Savings: Reduce electricity bills by sleeping early and lowering lightbulb usage.
- Healthcare Savings: Cut healthcare costs by practicing good hygiene—wash hands after shaking hands and when arriving home.
- Avoid Unnecessary Spending: Skip parties where “spraying” money and purchasing aso ebi are expected.
- Bicycle Commuting: Get a bicycle for mid-range intercity commuting.
- Walk More: Walk any distance shorter than seven miles to save on transportation.
- Carpool: Share rides to and from work with others to cut travel costs.
- Shop Smart: Lower food costs by shopping at street markets instead of expensive supermarkets.
- WhatsApp Status: Reduce billing and loan requests by changing your WhatsApp status to “I need money!”
- Drink Water: Cut out fizzy drinks like Coke and opt for water, which is cheaper and healthier.
Final Thought:
The best way to avoid poverty is by expanding your income. But if you cannot increase your income, at least reduce your expenses.