What 1 question can you ask yourself to make and save more money?
How you manage money has as much to do with how you think and your mindset as how much you bring in does. Ever since I became an adult and had to pay for things myself, I have one question I ask myself with every purchase or expense in my life. But it’s not just about the question, it’s also about the action.
“How can I make this pay for itself?”
Sounds simple enough, right? It is if you put it into action. I’ve asked myself this when it comes to my house, my car, my internet bill, when I upgraded my computer and phone, everything. There are some expenses I haven’t been able to make pay for themselves with cash, but they are still essential and I look at ways to reduce them.
How to make your house pay for itself
Whenever I look at a home I evaluate how I can make money from it. Can I rent out rooms through Airbnb? Does it have a garage I can rent to someone else to store their car, boat or other items? What is the floor plan like and can it be changed to create an extra bedroom to rent?
In one of the homes I was renting, we used the front loungeroom as a studio to run classes. This alone paid for the rent. At times I have rented a room to boarders or through Airbnb. Check out this post about how to make your home pay for itself. It’s based on a home I was living in at the time.
How to make the internet, your phone and laptop pay for themselves
When I turned 21 I was married, we had a house in Sydney and I had just been given a computer. We were getting the internet and I decided then I’d aim to make enough money to cover the bill which was $50 a month or something at the time.
It was 2006 so there weren’t as many opportunities online as there are now. I started out with online surveys (find the best Australian ones here to make $2,000 to $5,000 a year). This helped a little as I looked for other ways to make and save money. I joined a forum and found more ways to save money along with like-minded people. It didn’t take long to not only pay for the bill but also make extra money, win competitions and change our expenses.
When I wanted to upgrade my phone and computer it was through blogging I made these items pay for themselves. Not only that, but blogging resulted in a whole new career leading to freelance writing, public speaking, marketing consulting and more.
How I make money blogging
Check out this post for how to set up a blog and what I do. In a nutshell, my blogs are all WordPress blogs hosted with SiteGround. I’ve tried other hosts, but they are the best. I write quality content and focus on answering questions, solving problems and providing value to you. Then I look at monetising it. Affiliate links, my own products, services including public speaking and freelance writing, sponsored posts (very few on this site) and adsense are a few of the ways I make money on here.
How to make your car pay for itself
Transport is one of the top expenses for many Australian households (after accommodation and food). If you have a car you can rent it out through Car Next Door or look at driving for Uber, Shebah and other rideshare programs.
With Car Next Door, you can have others pay to use your car when you aren’t. The average car owner on Car Next Door makes $300 a month apparently. I occasionally use Car Next Door cars since I sold mine.
Uber and similar programs require you to have a relatively new car to drive people around. More research into these platforms has shown the average driver makes $10 an hour. So it’s not huge and does take a chunk of time. My preference would be Car Next Door.
What can you make pay for itself?
The options I’ve listed are a few of the ways you can make things you usually have to pay for, pay for themselves. By thinking creatively and looking at your options, it’s surprising how simple it can be to live on less.
On top of this, you can also look at freebies. We have a huge list of Australian freebies here, another list with Aussie birthday freebies here, you can find out how to get a discount on everything here plus there are 50 ways to live for free in this post. If you’re interested in travel look at this post about saving on travel and this post to make money with travel.