Most people managing their finances today have savings goals. You may be saving up for college, vacation, to buy a house, or just to build a nest-egg. There are many reasons to reduce your spending habits to a minimum practical level and to weigh each spending decision carefully.
However, if you have real goals like taking yourself on a vacation or fully owning your car, there's no need to wait for savings to reach your goal. These aren't just savings goals; they're also fundraising goals. You may have been thinking about your savings goals purely in terms of not spending money, or socking money away for these dedicated purposes. But in many cases, you can reach your goals even faster by thinking in terms of fundraising.
What can you do to raise money to complete your savings goals quickly?
Hold a Garage Sale
Most of us have some spare junk rattling around in the garage, attic, or storage closets. Blenders and old clothes and outgrown toys that you don't use anymore are just collecting dust. But they could be filling your savings accounts instead. If you're motivated to save, use that energy to clean out your storage spaces and set aside anything you don't need that's garage-sale worthy. Just be sure to check with housemates before selling things you don't remember buying.
Babysitting and Dog Walking
Anyone looking to make a few extra dollars can ask around for the usual babysitting, dog walking, and yard work opportunities. You may well have a friend or neighbor who could really use some extra help and would be willing to pay you for the effort. No side-job is too small when you're fundraising to meet your savings goals. As long as the time spent is worth the money you're being paid.
Side Jobs from Friends & Family
Use your talents and ask around to see if there are side jobs available beyond the usual babysitting and dog walking racket. If you're a great chef, offer to cater baby showers or anniversary parties for your friends. If you're a talented car mechanic, see if you can make a little money and save your friends a little money with a pleasant weekend spent in their garage.
Get Crafty on Etsy
Do you like arts and crafts? You'd be amazed at what kind of handmade doodads people will buy on Etsy. No matter what you make, from paper-mache monster masks to delicately beaded wire earrings, someone may want to pay you for your handmade work.
So if you have some crafting skills, consider opening an Etsy store. List examples of what you can do, and the customization you can offer on your budget, and see what you can get. Your store might become your new hot side hustle. At minimum, it's a great way to turn old art supplies into saved-up cash.
Gig Economy Side Hustles
The gig economy (AKA: sharing economy) is a fantastic place to find local side hustles beyond your personal network of friends and family. Ride-sharing and grocery delivery platforms can allow you to turn your natural navigation and driving abilities into profits. Or if you'd rather a more personal touch, consider offering home services through Task Rabbit.
The gig economy can provide an astounding variety of jobs, including some pretty enjoyable ways to spend an afternoon or weekend. The gig economy can turn your free time into a for-profit adventure.
Host an Online Fundraiser Event
Believe it or not, you can even ask other people to donate money to your personal savings goals online. As long as you're fun about it. Try hosting an online contest, survey, or fundraiser event dedicated honestly to your first home down payment or paying down your college loans.
You might host a raffle with a handmade prize for the winner, run a marathon and ask for personally-directed donations, or do a series of funny free-to-make home videos to make your donors laugh. It's worked for others, and it can be fun to try.
List Your Guest Room on Airbnb
If you have a beautifully decorated home and a guest room, even these can become a fundraising asset. Consider appointing the little room with a coffee stand and some decorative soaps and listing it on Airbnb. Travelers looking for a cozy non-hotel place to stay on their way through may be delighted to pay you for a few nights in your guest bed and a quiet place to relax.
The things you're saving up for don't have to be funded by non-spending alone. Start thinking in terms of fundraising to meet your goals, and they will be completed months or years before your savings schedule. For more great everyday financial tips and tricks, contact us today!