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How to make and save money during a career break?

By Amelie Mahone

How long have you been thinking about that extended holiday or career break? Chances are, you have been secretly planning for months but keep putting it off due to one reason, money. Financing a career break isn't easy. It requires a combination of things including saving, earning extra money, and cutting back on expenses. Every situation will be different, but you can make it work.

So, here are some tips for reducing your spending, saving more and earning where you can.

Reduce spending and save more

TV, phone, internet. If you're paying for cable, pay TV, Netflix, substantial internet bundles or subscriptions, it's time to give it up. You don't have to give it all up, choose one of two things you can't go without and cancel the others. Downgrade your phone and internet plan and do anything else to make your monthly expenses less.

Eating. Everyone complains that eating healthy is more expensive. Yes, sometimes it is, but that's if you don't plan and shop at the right place. Buying fresh ingredients and preparing meals at home is cheap when you plan it correctly, and that means each day. Unfortunately, planning your meals and purchasing similar things each day and each week is tedious and boring. However, you will save money, almost cutting your food bill in half.

Bank account. What bank are you with? Are there hidden costs? Can you make from the interest on your savings? Do some research online and see if you can get a better deal with another bank. Changing banks is a process, but it's worth it if you can save more and make more. Are you spending money on ATM fees when other banks offer it for free? Everything helps!

Refinance. If you are paying off a mortgage or have financed your car, try to get a better deal. Many people don't even bother looking! It's not as hard as it seems and it can save you hundreds, if not thousands. Comparison sites like RateCity offer a great way to check out the competition.

Earning extra cash

Selling your things. This one is obvious, but it always works. So, what can you sell? You have a lot of stuff and while each item may not be valuable on its own, it all adds up. Books, DVDs and random household items are where you start. Sell them on eBay, Gumtree, Craigslist or have a yard sale. If you are going on an extended holiday, start selling off your furniture. Best to keep your bed, but anything that isn't getting used regularly can be sold. If you price things for a quick sale, the process will be a lot easier. The point of this is to make money fast, if you can't let go of items for cheap, this technique is not for you.

Additionally, you can rent your free space. Yes, after getting rid of all the things in your house, you will have free space that can make you money. Spacer is a site that allows you to list free space (like an empty garage, shed or basement) and people will pay to store their possessions in it.

Getting a roommate. Do you have a spare room at your place? Go online and find a roommate. If you prefer not to have a person you don't know living with you, see if any friends want to stay for a reduced cost.

Freelance work. You can earn some extra cash from anywhere in the world. Either on your couch at home or on a beach halfway across the globe. Sites like Upwork and Freelancer allow you to make money for doing jobs listed by other people. You can do anything from writing to app development. There is plenty of money to be made.

An extended break from work shouldn't provoke worries about your financial situation. Taking the necessary steps, saving and earning where you can allow you the freedom you want. Just go for it!

About the author

Amelie Mahone is a loving wife and a mother of 3. She loves to read about history and write articles on various topics, such as: business, education, history, teaching. Amelie is a Communications Specialist at Spacer - a sharing community website where you can rent or find space.



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