Financial freedom can mean a lot of different things to different people, but overall it is a feeling of being independent through a good financial standing. With so many people switching jobs and considering their work-life balance since 2020, financial freedom is more important than ever to consider.
We’ve already published a great article on practical steps to having financial freedom so this article will cover ten creative ways to achieve financial freedom beyond making a budget, making passive investments (like with Alinea), and setting financial goals. We’ll start with five creative ways to save on expenses and five new creative ways to earn income.
- Housing Costs: Try Co-Living Options
Housing and renting can be one of your biggest expenses every month so finding ways to save always help in your quest to be financially free. Companies like Alcove offer co-living rentals all around the country that are up to 50% cheaper than an average studio and come with modern amenities.
- Pet Costs: Consider Insurance
Part of achieving financial freedom is helping to protect against any unforeseen expenses that could drain your savings quickly. While home insurance and auto insurance are the most well-known, pet insurance can help you achieve financial freedom by avoiding paying out of pocket for costly pet medical procedures.
- Credit Card Costs: Pay Down Your Most Expensive Debt
Credit cards can have some of the highest APRs out there if you leave them unpaid, but new solutions like Gauss offer ways to automatically pay off debt with credit lines that offer lower interest rates and automated features with no fees. Helping solve your debt situation can be a major step towards financial freedom.
- Shopping Costs: Use Forums for Tips
Read up on forums like Reddit about recommended brands and ways to save through deals, coupons, or special offers. Especially for expensive items like furniture and technology (phones, tablets, gaming pcs, headphones, laptops, etc…), forum recommendations can offer big savings you might miss out on otherwise.
- Online Costs: Automatically Cancel Free Trials
Everyone runs into issues with free trials they sign up for and then forget about online, which turn into massive subscription costs later on, but with solutions like Privacy.com, you won’t ever have to worry about remembering to cancel free trials as you can use new credit card numbers for each trial and limit any potential spending on the cards to avoid paying unforeseen fees.
- Income: Start a Newsletter
It’s never been easier to start an online newsletter based on your interests or community and charge a subscription or offer advertisements as you grow your newsletter audience.
- Income: Rent Your Car
With the rise of platforms like Turo, you can now rent out your car when you are not using it for a great daily rate that helps you pay your bills or increase your savings balance.
- Income: Become a Vacation Rental Host
Airbnb and other short-term rentals have exploded in popularity in recent years and hosts earn almost $1,000 in average income per month currently.
- Income: Become an Online Tutor
Remote tutoring is a viable income stream that can work with your schedule and fit your interests and educational expertise while helping you give back to your community through teaching and mentoring.
- Income: Publish a Sponsored Social Media Post
While you may not have millions of followers on any social platforms, micro-influencers are all the rage now and that just means anyone can earn money by promoting a brand to their followers if it’s a good fit. Look online at different platforms offering income for helping them build awareness on social media.
Overall, we hope these ten ideas help you achieve financial freedom, but remember to complete the basics including following your savings and investing goals. Alinea can help you on your investing journey and offers stocks and crypto along with other great community features like playlists you won’t want to miss out on.
(i) Disclaimer
The Content is for informational purposes only, you should not consider any such information or other material as investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by Alinea Invest or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction. When investing your capital is at risk.
