Luckily, you have control over one of the most notoriously expensive parts of Christmas – gift giving. Here are 14 creative and cheap alternatives to traditional Christmas gifts.

1) Donations

 
Giving a donation in someone’s name in lieu of gifts can be even more meaningful, and can really help those who are truly in need during this time of year. Making a donation in the name of your family or friend is something nearly everyone would like or at least appreciate.

If you aren’t sure what organization your friend or family member supports, just ask. They will appreciate the thought, and it’s always better to ask to ensure money in their name is going to a cause they really care about.

DC here – I’ve given a donation as a gift and received one as a gift in the past and it was awesome. Especially as an adult, so often we already have so much “stuff” that it can be refreshing to receive a gift that is actually a donation helping a good cause. Highly recommend it! My go-to is the World Wildlife Foundation, which has a great gift option where you can give a stuffed animal or other gifts as a physical representation of the donation you gave.

2) Secret Santa

 
If you can’t bear the idea of a gift-free Christmas, why not consider a Secret Santa gift exchange? Before Christmas day, everyone randomly draws another family member’s name and purchase a gift for that specific person. During the gift exchange, everyone gets one gift.

You can even put a price limit on how much everyone can spend. This not only make a Secret Santa an incredibly budget-friendly option, but it also forces participants to get creative with their gifts.

3) Potluck Dinner

 
Hosting a big potluck dinner can be celebration enough. At a potluck, everyone can bring their own dish to share, which can be considered a gift in itself. In addition, a potluck takes some of the stress and financial responsibility off the host.

To make it even more fun, you can consider a theme meal, where everyone brings a dish and dresses up according to the theme.

4) Make Memories

 
Instead of gifts, think of something you and your family or friends can all do together. It doesn’t have to cost much, but chances are, experiences you’ve had together are going to be more memorable than a gift.

This could really be anything – a trip to the movies, a weekend getaway, a fancy meal out. You may even find that this becomes tradition.

5) Create a “Need” List

 
It’s never easy to guess what people want for Christmas. Instead, ask everyone what they really need.

If you’re going to be spending money on them, they would probably appreciate something they really needed versus a gift that they might not even use.

6) Give Your Time

 
The gift of time is not only one of the most meaningful gifts, but it can be one of the most helpful. Everyone could use additional help in some area of their life – whether it’s a house cleaning, organizing, cleaning up the lawn, or a special project.

Helping them for an afternoon might not even feel like much work to you, but the recipient will surely appreciate your help.

It’s also worth pointing out that actually scheduling this is much preferable to giving a coupon for future use. Many people who receive coupons as gifts rarely redeem them. Offering to help with landscaping or watching someone’s kids so they can go on a date night should be put on the calendar so it actually happens.

7) Start a Savings Account

 
For anyone with children in your family, consider starting a savings account. Instead of spending money on gifts, put a few dollars into a savings account to give them when they graduate high school.

Okay, maybe a FEW gifts. But you can still get the savings account rolling as well.

Though it might not save you lot of money right now, it does re-purpose that money into something more meaningful than the latest gift. If you are unsure whether this would be appropriate, talk with the child’s parents.

8) Go Homemade

 
Whether or not you consider yourself crafty, you can make a variety or relatively simple homemade items to give as gifts. Everyone appreciates a creative homemade gift, and the possibilities are endless.

You can make anything from woodworking projects, scarves, body scrubs, food items, and more. Making items homemade can be much more cost effective versus buying a gift for everyone. They might just take a little more time since you have to actually make the gift, so be sure to start plenty of time in advance.

9) Give Household Staple Items

 
Giving household staple items might not be the most meaningful gift, but they rank high in usefulness and simplicity. If you’re unsure of what to give, household items like nice hand soaps, bath items, cleaning supplies, or even laundry detergent can make great gifts.

I like this gift because I’m practical. It’s something that will never go unused, and allows me to save more money in my budget by not having to buy such household items for a few months. To make it seem a little more special, you can wrap it up into a gift basket to give to the recipient.

10) Don’t Exchange Gifts at All

 
Though it may seem taboo to some, it is possible to forgo gifts entirely and without guilt.

The important step is to ensure everyone is on board with a no-gift Christmas. If you are proposing a no-gift Christmas, you’ll also want to stress that this truly means no gifts. Inevitably, one family member will give small gifts, causing everyone else to feel slightly guilty. When you all talk about it beforehand, it allows everyone to be on the same page.

11) Celebrate Christmas in the Off-Season

 
Though it is possible to find sale items during the holiday season, the sales are far less significant than other times of the year. Add that to the already hectic holiday season, and you’re spending much more money than you would be during another time of year.

One way to elevate some of these costs is to hold the holiday celebration during another time of year. Many people find a “Christmas in July” is more affordable than celebrating in December.

12) Limit the Number of Gifts

 
It can be easy for gift-giving to get out of hand. You may feel inclined to buy endless gifts for everyone. One way to combat this is to limit the number of gifts you buy for each person.

The key is communicate your ideas with everyone you are celebrating with. This ensures that no one feels slighted or upset after Christmas.

13) Host a White Elephant Exchange

 
For a fun and informal Christmas gift exchange, you can declare it white elephant. That means everyone buys or finds one funny gag gift. It truly can be anything. Then you go about exchanging the gifts by drawing out of a hat.

This may not be for everyone, but it is a fun and very affordable way to celebrate a family Christmas.

14) Split Meaningful Family Gifts

 
What gifts could your family all benefit from or enjoy? Why not go in and purchase a group gift?

This could be something such as family portraits, a new household item if you all live together, a trip you take together, or even purchasing the research to create a family tree.

Increase Your Savings

 
1) Open an online savings account with a higher interest rate. Online savings accounts, like CIT Bank, are able to offer a higher interest rate because they do not have to spend money keeping up brick-and-mortar locations. Consider making the switch and earning a few extra dollars in interest.

2) Set automatic increases. You can increase your retirement savings easily by setting auto-increases every year or so. You likely won’t even notice an additional 1% being deducted out of your paycheck, but that little extra contribution can add up overtime.

3) Automate your savings. The easiest way to meet your savings goals is to automate your savings. You can have money automatically set aside into a separate savings account each month. The important thing is to not touch it once it is there.

4) Keep a budget. Budgeting can be time-consuming, but it’s a habit that can have big implications for your finances. Check out our free automated budget spreadsheet if you don’t currently keep a budget.

5) Start an emergency fund. An emergency fund can save you and your loved ones from financial disaster. Make it a goal to set aside at least 3 months of living expenses in an emergency fund.

6) Meet your employer’s retirement match. If your employer offers to match a portion of your retirement fund contributions, make sure you are contributing enough to receive the full match.

7) Contribute to an HSA. If you are on the high deductible health plan, you are eligible to contribute to a health savings account, or HSA. HSAs offer huge tax advantages and can cover any health related expenses you may have. The best part is that they carry over from year to year, so you can build it just like a regular savings account.

8) Utilize catch-up contribution limits. For anyone over the age of 50, you are eligible for catch-up contributions, meaning you can contribute more to both an IRA and 401(k).

9) Save for your child’s education. A 529 plan allows you save for your child’s education while providing you with tax advantages.

10) Consider whether you should rent or buy. Depending where you live, it might make more sense to buy a house. If you are in an expensive city, you may not be able to afford to purchase a home right away. You’ll need to compare your financial position and personal priorities to make the best decision for you.

11) Compare car insurance rates. Get quotes from other insurance companies periodically. They may be able to offer you a cheaper rate for the same level of coverage.

12) Avoid ATM fees. ATM fees are ridiculously expensive considering that they are essentially charging you to access your own money. If you frequently use ATMs, locate machines that are free to use. If your bank does not offer free ATM use, consider switching to a bank that does.

Frugal Living

 
13) Meal plan. Planning out your meals can not only save you money in groceries, but it can save you a ton of time as well. You can plan out your meals, cook them all at once and be ready to go for the week.

14) Use a cash-back site. If you frequently shop online, Ebates will give you cash back for your purchases. It is free to use and sign up.

15) Turn off items electronics when not in use. Why spend money on things you are not even using at the time? You can save money by unplugging items when not in use.

16) Sell items you no longer need. Not only will selling household items declutter your home, but you can make good money by doing so. Take a few photos of what you are trying to sell and post it to sites like Craigslist, LetGo, and OfferUp.

17) Buy used or go thrifting. By buying used, you are saving money and helping the environment. You might be surprised at what you can find in a thrift store for cheap.

18) Adjust the temperature. You can save money every month by adjusting your thermostat by just a few degrees. To really save money, consider installing an adjustable thermostat. Many of the new thermostats allow you to control it from an app on your phone.

19) Plan gifts in advance. If you tend to frantically look for gifts last minute, you likely aren’t finding the best deals. You can save money (and prevent stress) by shopping in advance.

20) Consider cheaper hobbies. Everyone should invest in their hobbies, but some hobbies can drain a budget really quickly. Consider finding a few cheaper activities and splurging on your expensive hobby less frequently, or find a way to make money on your hobbies

21) Pay for maintenance. By prioritizing maintenance for the most important things (such as your house, health, or car), you are saving money in the long run. By doing regular maintenance, you are saving money in the long run by improving efficiency.

22) Learn to DIY. If you have the time, skill, and resources to do it yourself, you can save a sizeable amount of money.

23) Prolong purchasing anything new. If you tend to be an impulse shopper, make sure you are taking time to really evaluate the value of your purchase. After doing this practice, you will likely find that there are actually very few things you need.

24) Use less. With most things, you can get by with using less of a particular item. Using less is a practical way to save money in the long-run. For example, you can use less toothpaste, makeup, paper towels, or cleaning supplies with each use.

25) Make coffee at home. You can make your own coffee for literally pennies after you purchase a coffee maker. You can find a decent coffee maker for around $30. If you consider that each speciality drink at a coffee shop costs $4 to $5, you will quickly earn your money back.

26) Purchase discounted gift cards. Raise.com allows you to buy gift cards for less than what they are valued. Likewise, if you have gift cards you aren’t going to use, you can sell them on Raise.

27) Carpool. Carpooling to work can save you 50% of gas and will prevent wear-and-tear on your car. In some cities, you even get the added advantage of using the carpool lane, which results in you spending less time in traffic.

Career

 
28) Improve your soft skills. You can improve soft skills, such a public speaking, organization, and communication by participating in free organizations and classes around the area.

29) Take on additional responsibilities. By taking on additional responsibilities at your full-time job, you can show your boss that you are serious about the work you do. Management is more likely to give you a raise after clearly seeing the value you provide.

30) Organize yourself at your job. By prioritizing organization, you are ensuring that you are always prepared and operating efficiently.

31) Network, network, network. The best opportunities come through networking since everyone you know has a network of their own. If you are nervous about networking, you can read some tips here.

32) Make use of LinkedIn. LinkedIn is a great tool to collect with other professionals in your industry and community. Best of all, it is free to use!

33) Ask about remote opportunities. You are able to save money in gas and time if you are able to work from home even a few days a week. Plus, you may find that you actually increase your productivity. Talk with your boss to discuss the possibility of working from home.

34) Get certified. By getting certified in your field, you are able to better your chances for a raise or promotion.

35) Join professional groups. Professional associations and other organizations keep your skills sharp while simultaneously giving you plenty of opportunities to network within your field.

36) Consider switching jobs. If you feel stuck at your current job both professionally and financially, then it may be time to apply for new jobs.

37) Keep your resume up-to-date. You never know when the right opportunity may open up.

38) Always keep a business card on you. You should always be prepared. You don’t want to lose out on a potential connection simply because you didn’t keep a business card on you.

39) Spend less on accounting. If you are a business owner, you can save money by switching to Freshbooks for your accounting needs. They typically offer lower fees than many other software.

40) Take advantage of all employer benefits. Does your employer offer a 401(k) match? Free gym membership? Tuition assistance? Cell phone reimbursement? Failure to take advantage of employer benefits means you are leaving money on the table, so be sure to make use of everything your employer has to offer.

Pay Off Your Debt

 
41) Create a debt payoff plan. Before you can become debt-free, you have to know what you are up against. Make a list of all of your debt, the balance, interest rate, and the minimum monthly interest rate. This free spreadsheet was made to list out student loan debt, but you can use it for any debt.

42) Utilize the debt snowball method to pay off debt. The debt snowball is a very effective method of paying off debt. Essentially, you pay off your smallest debt first, even if it has a low interest rate. The psychology behind it is once you pay off one debt, you’re more motivated to pay off another.

43) Refinance your student loans. You may be eligible for a lower interest rate on your student loans through SoFi.

 
44) Refinance your credit card debt. If you have credit card debt, refinancing may help you to pay it off more quickly. Check out SoFi to see if you are eligible for a lower interest rate.

45) Avoid taking on more debt. Save for purchases ahead of time to avoid falling into a debt pitfall.

46) Settle on your car. Cars lose value the second you drive them off the lot, so they are not a wise investment. Settle for a less-expensive car and pay it off as quickly as you can.

47) Refuse to carry a credit card balance. Credit card debt has high interest rate and it can be one of the most difficult financial holes to crawl out of. Prevent credit card debt by paying off your credit card every single month.

48) Calculate your debt to income ratio. To calculate this ratio, add up your minimum monthly payments on all of your debt. Divide that amount by your monthly net income. If this percentage seems high, you should focus on either lowering your debt or increasing your income (or both!)

49) Make multiple debt payments. Instead of paying your minimum debt payment every month, split that amount into a few smaller, but more frequent payments. For example, instead of paying $400 once a month, pay $200 twice a month. This lowers the amount of debt you owe, so ultimately, you are paying less to interest.

50) Call your creditors. If you are struggling to meet the minimum debt payment, call your creditors. They might be willing to worth with you to setup a payment plan.

Make More Money

 
51) Start a blog. Blogging can be very profitable if you keep at it. Best of all, you can blog about any topic that is of interest to you.

52) Earn money through freelance writing. If you can write well, create detailed content, and meet deadlines, you can earn money through freelance writing.

53) Drive for Uber. Driving for Uber is perfect for anyone who is looking to make some extra cash in their spare time.

54) Rent out a room on AirBNB. If you have extra space in your home, you can rent it out on AirBNB. You can choose the days you are willing to rent out your space and charge as you would like.

55) Take surveys for extra cash. Surveys won’t make you rich, but it is a good way to earn a few extra dollars while sitting in front of the television. A few of our favorite survey sites include CrashCrate and Earning Station.

56) Evaluate your productivity. They say time is money, so it’s a good idea to know how much time you are spending on various tasks. RescueTime is a great tool to help you track your productivity.

57) Become a virtual assistant.Virtual assistants are administrative assistants that work from home. They might work for a large company or for a single business owner. Common virtual assistant tasks include scheduling, updating social media, coordinating travel, answering client questions, and more.

58) Earn a raise at work. Don’t forget that you can make more money at your current job. If you are trying to get a raise, here are some good tips.

Lifestyle

 
59) Read financial blogs. Blogs are a great way to learn a few personal finance tips as well as to stay on top of the latest personal finance news.

60) Have a mentor. Do you have someone you can talk to about your financial situation? A mentor can help guide you and hold you accountable.

61) Purchase a few personal finance books. Reading is such a great resource, and there are so many good personal finance books out there. Here are a few of our favorites.

62) Take free classes. Sites like Coursera and Udemy offer online classes from real colleges for free.

63) Find a financial community. Finding a community that prioritizes finances provides a huge advantage. So few people want to talk about money, but it’s holding everyone back. Maybe you find a financial class at your church or within your city, or you join the personal finance blogging community.

64) Keep a planner. Keeping a planner helps you keep your finances organized, ensuring that you never miss anything.

65) Write down your financial goals. Did you know you are over 40% more likely to accomplish a goal if you write it down first? Write down your goals and keep them somewhere visible to help keep yourself motivated. Here’s 15 financial goals to consider

66) Teach yourself something new. As we get older, we tend to stop teaching ourselves new things. Learning new skills or tasks keeps our minds sharp, which in return helps us make wise financial decisions.

67) Avoid FOMO. FOMO, or fear of missing out, can push a lot of your financial decisions if you aren’t careful. Keeping up with what everyone else has is not cheap, and you don’t want to be spending money on things that aren’t a high priority for you.

68) Listen to podcasts. Podcasts are a great way to learn about any topic. You can download podcasts for free on your phone and listen to them at the gym, in the car, or while at work.

69) Hold yourself accountable. Don’t let yourself slack on meeting your goals. Figure out how you can hold yourself accountable. Maybe you need to set small incentives for yourself, or maybe you need to find an accountability partner.

70) Stay healthy. By eating well, working out, and sleeping plenty, you are helping to lower your overall healthcare costs.

Perfect Your Budget

 
71) Always pay your bills on time. To avoid late fees or a potential negative impact on your credit score, it’s important to pay all of your bills on time.

72) Practice good record keeping. You want to be sure to always keep receipts and organize your finances. In case a mistake was made on a bill or taxes, you want to ensure that you have proof and documentation of each situation.

73) Track your net worth. Your net worth gives you a snapshot of where you stand financially. We recommend using the free Personal Finance app.

74) Cancel services that aren’t a priority. You can cancel services like cable, subscription boxes, and magazines to save money.

75) Analyze your budget every month. No two months are the same, and you won’t have a perfect budget right away. It takes some trial and error, especially in the beginning. You may find you regularly have a higher spending in one specific budgeting category and need to reallocate money to that.

76) Use a cash-only budget if you do not respond well to credit cards. Some people find credit cards too tempting. If you have racked up credit card debt in the past, it may be better for you to stick to an all-cash budget.

77) Figure out which budgeting system works best for you. Some people like to write their budget with pen and paper. Other people prefer spreadsheets or apps. However you decide to do it, the important thing is to just track your finances.

78) Like spreadsheets? Use our free automated budget tracker spreadsheet to keep track of your finances.

79) Use Personal Capital. Personal Capital is a financial software that puts all of your finances in one place. It essentially gives you a snapshot of your overall financial health. And it is free to sign up.

80) Learn to say no. Saying yes to everyone can result in a lot of unexpected expenses and can cause you to stress. By learning to say no, you are able to dedicate your time and money to things that are truly valuable to you.

81) Negotiate your bills. A quick phone call to your providers can save you money every month. You can negotiate almost any bill, including cable, car insurance, and internet.

82) Enroll in autopay. Autopay is an easy way to make sure all of your bills are paid. Some bills, like federal student loans, even give you a small discount if you enroll in autopay. Plus, it saves you time.

83) Check your tax withholdings. Though it might be nice to get that big tax return every year, you are essentially giving the government an interest-free loan by doing so. You also don’t want to be on the opposite end of the spectrum and owe the government money come tax time. Double check your withholdings to make sure they are correct.

84) Talk to your significant other about finances. Whether you are newly dating or married, you need to be on the same page with your finances. Be open and honest with one another.

85) Consider how to give back. Giving money away might not seem like a typical financial tip, but by donating your time or money, you are reminding yourself of the value of a dollar while improving the lives of others.

86) Budget for fun. Your budget won’t be very successful if it’s all work and no play. Be sure to set aside some money for entertainment and hobbies.

Use Credit Wisely

 
87) Open a credit card that is a good fit for you. Everyone has different financial priorities, and it’s important to find a credit card that works best for your lifestyle. You can compare the best credit cards here.

88) Learn about credit card travel hacking. You can take free trips across the world by learning how to travel hack.

89) Don’t open up lines of credit just for the deal. How many times have you been told you could save 20% on today’s purchase by opening a credit card at the checkout line? Avoid signing up for any credit card just for its short-term rewards.

90) Keep a credit card open. You can increase your credit score by having older lines of credit, so it’s always a good idea to keep your oldest credit card open, even if you rarely use it.

91) Have a low credit utilization. Credit utilization is another factor that makes up your credit score. By utilizing a small amount of the total credit available to you, you are working to increase your credit score.

92) Monitor your credit score. You can have peace of mind by monitoring your credit score with Credit Sesame.

93) And your credit report. According to the FTC, 1 in 3 consumers find an error on their credit report. An error on your credit report could result in a lower credit score, which may be costing you money by increasing the cost of borrowing. By checking your credit score, you are protecting your finances.

Secure Yourself

 
94) Get life insurance. Even if you are young, you never know what could happen. Life insurance is a way of providing financial security and peace of mind to your family. If you don’t already have life insurance, you can get a free quote to see how much it would cost for various levels of coverage.

95) Backup your computer. If your computer crashes, you might not realize what you have lost until it is gone. To prevent losing important data, backup your computer files regularly.

96) Keep important files in a safe place. You want to make sure you have all of your most important and private files locked away in a fireproof safe.

97) Get a will. Writing a will isn’t a fun thing to do, but failure to do so can result in big financial consequences for your family should something happen to you. You can contact a lawyer to start the process.

98) Compare your insurance premiums. If you have adequate money saved in an emergency fund, then it doesn’t make sense to pay extra in premiums to have a lower deductible. Consider the effects of having a higher versus a lower deductible, and you will be able to save money while still securing yourself.

99) Give instructions to your loved ones. If something were to happen to you, you will want your loved ones to have access to all of your important documents.

100) Change your account passwords frequently. You do not want to risk anyone getting access to your private information. You can prevent this by changing your account passwords frequently.

 
 
What are your best financial tips? Which of these tips has made the biggest impact on your finances?
 
 

There are many reasons why people choose to change careers. Maybe you’re looking for a new challenge, more career growth, better pay, or fewer hours, to name a few.

Regardless of your reason, a career change is a big decision. Here are 8 things you should do if you’re considering a major career change.

1) Understand Your Why

 
Before you dive right in with a job search, it’s important to understand why you are looking to switch careers. What do you hope a new career has that your current one doesn’t?

While it may be tempting to believe the grass is definitely greener in a new career, that might not be the case. So, why are you truly considering a new career?

Here are some reasons you may be looking to switch careers:

• You want more room for growth

• You are planning on moving to a different geographic location and need to pivot

• You want to work in a field with more pay

• You want a consistent paycheck versus commission

• You want to work more regular hours

• You need something with more flexibility

The reason you want to switch careers doesn’t matter to anyone but you. Switching careers is challenging, so clinging to your “why” is the motivation you will need to carry you through.

2) Take Stock of Your Skillset

 
Next, take inventory of your current skills and experiences. How could they transfer to a new career?

Chances are, not every skill you currently use will be necessary in a new career. But many skills, such as project planning, communication, public speaking, and more, are in-demand, no matter what career you choose.

This is also a good time to consider any additional credentials you may need to get you where you want to be. Don’t’ forget to evaluate the time and money required to obtain such a credential.

3) Evaluate Potential Barriers

 
Career pivots are common, but they aren’t always the most obvious things to potential employers. Chances are, no one is going to get it at first, so it’s up to you to connect the dots in order to land your first gig in your new career.

In order to do this, think about what questions a future employer will have about your experience. What won’t make sense to them? How can you bridge the gap for them?

Most importantly, barriers will happen. It’s inevitable. So don’t let yourself get down when you encounter one. You can anticipate some resistance to your career change, and plan accordingly ahead of time.

4) Consider the Pay and Lifestyle

 
When envisioning a new career, it’s easy to view the future with rose colored glasses. You can see yourself working your dream job, with dream hours and pay. WHile it’s certainly not impossible to find all three of these characteristics in a new career, oftentimes, one comes at the expense of another.

For instance, a corporate attorney may earn a hefty paycheck, but the billable hours may be killer. On the other hand, a regular 9-5 may not pay as well, but the hours are much more palatable.

It is totally possible to find a career with balance, so make sure you are holding out for the right field that works for you and your lifestyle.

5) Get First or Second Hand Experience

 
Next step – get experience in your new career of choice.

Ideally, you can set it up to shadow someone in your new career. However, if you are currently working crazy hours, this might not be realistic. If that’s the case, then second-hand experience is certainly better than nothing.

To get second-hand job experience, ask to meet with professionals in your new career. Ask them questions about what a day-in-the-life is like for them at work. You can even ask if they have any projects they’d be willing to let you volunteer for.

Experience is vital to making sure you love your new career before you take the leap. If you can get experience of any sort, you’ll find you will be much more confident while executing your career pivot.

6) Research Companies

 
Sure, a job in a new career might sound cool, but before you switch, it’s vital to know what type of companies you could expect to work for.

Are there job openings in your field in your area? Are they companies you’d be excited to work with in the future? Do they pay well? Do they have solid reviews from other employees?

Doing your research before you switch careers will ensure you have job prospects in the future. After all, what good is switching careers if you can’t find a job in that field?

7) Consider the Timing

 
Is now a good time to switch careers? Do you have the time and energy to dedicate to the learning curve of navigating a new career?

Changing careers is a big commitment, and will require more of your energy than you may realize at first. Make sure the timing works for you and your family so you can ensure their full support behind you.

8) Start a Side Hustle

 
Lastly, if you’re not quite ready to dive head first into a new career, consider starting a side hustle.

A side hustle is a great way to learn new skills firsthand, and try out a job before you commit to making the switch full-time. For example, if you’ve considered switching to the field of teaching, you can tutor on the side to get a feel for it before you leave your day job.

And beside the experience, side hustling can give you entrance into a vast network of professionals in your field. Who knows? You may just meet someone who can open up the door you need to enter a new career!

 
Related:
 

• How to Find a New Job During COVID

• I Hate My Job But I Have Student Loans – What Should I Do?

• 10+ Productive Things to Do If You Are Bored at your Corporate Job

Many people take a sabbatical at some point in their career for various reasons. Maybe you moved, went back to school, job loss, started a family, or just needed a break.

Whatever the reason, having a gap on your resume doesn’t mean you can’t find a job and reenter the workforce.

Here’s everything you need to know about how to overcome a gap in your work experience.

Be Honest and Vulnerable

 
They say honesty is the best policy, and it certainly applies here. Be prepared to speak to why you had a gap. Depending on your reason for taking a break in your career, explaining the gap to a potential employer may be uncomfortable.

You can overcome this discomfort by being totally honest and preparing for the question ahead of time. Chances are, if you have a gap on your resume, someone will ask about it so don’t let it come as a surprise.

In fact, you may be surprised at how a hiring manager reacts to your blunt honesty about your situation. It’s a great opportunity to demonstrate your character in an interview, so use it to your advantage.

Some examples you can use in an interview:

• I took some time off to stay home with the kids and am ready to reenter the workforce with my full energy

• I was laid off from my last role, and toko the opportunity to reevaluate what I wanted in a new role

• I am proud of the quality of work in my last role, but I realized it wasn’t the work I wanted to be doing long-term. I took time off to think about my next career move.

Your cover letter is also a great place to explain the gap in your experience.

And remember – resume gaps do not define you, and they aren’t’ necessarily bad. Whatever your reason for taking a break in your career, own it!

Fill the Gap

 
If you don’t like your reasoning for the gap on your resume, you can work to fill it.

How did you use your time off? Did you volunteer? Care for someone? Start a business?

You can add these experiences to your resume, just like you would any other job. While it’s certain you’ll still be asked about it, it’s a good way to make your resume look cohesive and give you something to talk about during an interview.

Remove Short-Lived Gigs

 
A gap on your resume isn’t necessarily a red flag, but a gap combined with a bunch of short-lived jobs is.

If you have a choppy resume, hiring managers can’t help but wonder if there is something you aren’t’ telling them. Even though you very well could have left each role for a good reason, it’s going to be challenging to get a foot in the door with a lot of resume breaks.

So, if you have any roles you were at for less than a year, consider removing them from your resume. While some of the skills you learned on the job may be valuable, it can be more distracting than anything.

Start a Side Business

 
If you have a side business, you can easily bridge the gap on your resume.

Starting a business is the perfect excuse for a gap on your resume. Better yet, if you find yourself taking a break in your career because you feel burnout, starting a business might be the refresh you need.

There are thousands of side businesses you can start, and many of them can be started from your own laptop. As an additional plus, having a side business means you always have something to fill a gap on your resume, so you never have to worry about it again in the future.

Keep Your Skills Up to Date

 
Lastly, if you are currently taking a gap or you plan to, it’s essential to keep your skills up-to-date.

Stay abreast of any trends and changes in your industry, and consider taking courses in your free time to ensure you aren’t getting rusty. That way, you can rest assured no hiring manager will question if your skills are still relevant.

 
Related:
 

• How to Find a New Job During COVID

• I Hate My Job But I Have Student Loans – What Should I Do?

Tutoring is an amazing side hustle, and you get to help students while doing it.

Plus, with many schools going remote due to COVID-19, virtual tutors will be in high demand.

If you have ever considered starting a virtual tutoring business, here’s everything you need to know to get started.

Decide Your Niche

 
To start, you’ll need to determine what subject areas you will offer your expertise in. What subject areas did you enjoy while in school? What classes did you excel at? Do you have experience taking a difficult standardized test, such as the LSAT, SAT, or GMAT?

These are all great subject niches to start. While it may be tempting to choose multiple areas to tutor in, it’s not suggested. It’s draining to try to learn everything you can about multiple subject matters. Plus, then you have to create multiple sets of curriculum. Make it easy on yourself by choosing one or two similar areas of expertise.

Create Your Curriculum

 
Once you have your niche, you can start creating your curriculum. While a lot of your teaching will depend on the student’s homework, you can also create a simple outline of competencies you plan to teach. Do you know enough about each competency in order to teach it to someone else? If not, it’s time to brush up your knowledge.

Also think about how you will conduct your sessions. For instance, do you want to start your sessions with going over things you covered at your previous session? If you’re tutoring younger students, how will you notify parents of how your sessions are going? What resources can you gather to help students succeed?

It’s vital to create your curriculum before you start looking for clients. That way, you are totally prepared if you find a client who wants you to start tutoring immediately.

Get the Proper Set Up

 
Next, set up your virtual classroom. Start by creating your own office space dedicated to your tutoring business. Even if you are limited for space, try to at least find a small desk and put it in a location with a clean background and lots of light.

You will also need to invest in some basic technology and tools. Of course you will need a computer, internet, and a high quality webcam so your students can see you. You will also need a whiteboard or paper pad so you can illustrate concepts to your students.

Build a Website

 
Now that you have the basic set up, you will want to build a basic website. A website is an incredible landing page where people can find you and learn about you. All of your marketing efforts will point back to your website.

You shouldn’t spend a ton of time creating a fancy website. Just keep it simple and include a little bit about you, the subjects you teach, your teaching approach, and how to contact you. And of course, make sure you have a photo of you on your website so people know what you look like!

Get the Word Out

 
After you’ve got your basic set up, you can start getting the word out!

Not sure where to start? The good news is there are hundreds of ways you can get the word out about your new side hustle. One easy way is to share your website in neighborhood Facebook groups. Introduce yourself, what you tutor, and be sure to share your website as well. You may be surprised who reaches out to you after seeing you putting yourself out there in your community!

Also, word of mouth is extremely powerful in order to start building your client list. Tell everyone you know that you are starting a virtual tutoring side hustle and ask for help spreading the word.

Ask for Reviews

 
Once you land a few of your first clients, ask for them to leave a review or testimony about your service. Testimonies go a long way in boosting your marketing efforts. Once you’ve been acknowledged by others for your services, other new clients begin to trust you before they ever hire you. Consider adding valuable testimonies to your website so others can read your good reviews!

Consider a Partnership

 
Not sure about starting a virtual tutoring side hustle from scratch? Have no fear – there are plenty of companies you can partner with and tutor others while acting as an independent contractor.

If you need to earn money right away or you don’t want to do your own marketing, you can sign up for websites such as Chegg, VIPKid, and Care.com to start tutoring immediately. While these websites usually take a cut of your income, they are still a solid option.

 
Related:

• 50+ Online and At-Home Side Hustle Ideas

• Should You Start a Blog During COVID?

• How a Small Side Hustle Income can Drastically Improve your Retirement Savings

Both personal loans and 0% APR credit cards can be used to aid in debt repayment. But how do they work? And how do you know if one method is right for you? Here’s everything you need to know about personal loans versus 0% APR credit cards.

What is a Personal Loan?

 
A personal loan is just that – a loan you can take out for various personal reasons. While personal loans can be used for a variety of reasons, they are often used to pay off high-interest debt.

It works by this: once you are approved for a personal loan, you can use that amount you received to pay off your original debt. Then, instead of making monthly payments to your original lender, you now make payments to your personal loan provider. You pay a regular, fixed amount each month until your personal loan is paid off.

Personal loans are installment loans, which means you receive the loan amount all at once and repay it according to a fixed repayment plan.

Pros of Personal Loans

 
At first, the idea of a personal loan may seem redundant. Why pay off debt with another form of debt? Well, there are a few reasons.

First, the interest rate of a personal loan is often lower than other debt interest rates. Say, for instance, you have $5,000 in credit card debt. You are paying the average credit card interest rate, which is around 18.61%. Each month, a large portion of your payment goes towards interest. It may not even feel like you are making much progress in paying off your credit card debt.

Now, say you took out a personal loan for $5,000 at the average rate of 9.41%, according to Experian. While you are still paying a relatively high interest rate, it is much lower than the 18.61% interest rate of your original credit card debt.

Another advantage of personal loans is the ability to consolidate. If you have multiple debts, such as two credit cards you’re paying off, you can consolidate them by using a personal loan. Since you repay personal loans at a fixed rate every month, you may find it easier to do that than to pay multiple lenders.

Cons of Personal Loans

 
One drawback of personal loans is the interest rate. While the average interest rate on a personal loan may beat the typical credit card interest rate, it all depends on your credit score. If you have fair or ad credit, you will likely find you receive quotes for much higher rates.

Secondly, while the fixed monthly payments can be nice in some circumstances, they are also difficult to adjust. So if you find yourself in a period of financial hardship, you may not be able to have much flexibility with your lender.

What is a 0% APR Credit Card?

 
A 0% APR credit card is one with a 0% interest rate for a set period of time. Many credit card companies offer 0% interest for a period of time (usually around one year) as a promotion to get new customers in the door.

Like any other credit card, a 0% APR card is considered a revolving form of credit. Unlike a personal loan where you are given a one-time lump sum, with a credit card, you can spend up to your limit, pay it off, and continue spending.

To aid in debt repayment, you can transfer your debt balance to a 0% APR credit card. Now, instead of paying off the original lender, you are paying off your credit card. Keep in mind, if you don’t pay off the credit card by the time the introductory period is up, the interest rate can skyrocket back up.

Pros of 0% APR Credit Cards

 
If used correctly, you can pay off debt without paying any interest, hastening your debt repayment progress.

Let’s go back to an example where you have $5,000 in credit card debt. You were approved for a credit card with a 0% APR for one year. You transfer the $5,000 balance to your new credit card. Ideally, you then pay off the $5,000 of debt within the one year period so you aren’t paying anything in interest.

Cons of 0% APR Credit Cards

 
Using a 0% APR credit card to pay off debt requires dedication and commitment on your part.

There is no lender holding you to a set repayment schedule, so it can be easy to not pay your credit card, and then end up right back where you were. Or worse, you could rack up even more credit card debt after the introductory period is over.

Other cons include the annual fees sometimes associated with credit cards And if you have a fair to poor credit score, it may be difficult to get approved for a 0% APR credit card.

Many credit cards charge a balance transfer fee, which typically ranges between 3% to 5% of the transfer balance. Do your research in advance to see if you will be charged a balance transfer fee.

Which Option Is Right for You?

 
Both personal loans and 0% APR credit cards can be good options, but it really depends on your circumstances. If you have a high debt balance and don’t think you could pay it off in the promotional period, then you may want to consider a personal loan instead. But if you’re confident you can pay off your debt in the intro period, then doing a balance transfer to a 0% APR credit card can save you a ton of money in interest. Either way, both can be used as tools to help you pay off debt even faster.

Click the options below to get free personal loan rate quotes on Credible (remember – getting a rate quote does not impact your credit) or browse 0% APR balance transfer credit cards.

Chances are, your spending habits have changed during this time.

Fortunately, with social events cancelled or delayed, it’s the perfect time to take an in depth review of your expenses.

Here are 9 expenses to review during COVID.

1) Eating Out

 
With more time at home, it’s an excellent time to learn to cook! And depending on where you live, restaurants have various degrees of operations.

While it’s always amazing to support local businesses if you can, it also doesn’t hurt to review your eating out budget. Now that you’ve gone a few months eating at home, do you need to eat out as often as you were? Could you reduce this expense in the future? Take a look at how much you’ve spend on eating out these last few months, and make a plan moving forward.

2) Savings Rate

 
One “expense” I reviewed in depth was my savings rate. While savings isn’t necessarily an expense, you need to set aside money for it in your budget.

With COVID, there was a huge degree of uncertainty in the job market. Many people were furloughed or lost their jobs permanently. Such tragedy really makes you consider your emergency fund. Do you have enough to safely fall back on if needed?

If not, you may want to consider boosting your emergency fund savings rate. Depending on your circumstances, you may even want to consider saving enough for a jumbo emergency fund.

While interest rates have gone down consistently since COVID took a hold, we recommend using an online bank like CIT Bank for your savings account. They offer a (much) higher interest than brick-and-mortar banks, who typically offer something abysmal like 0.01%.

3) Clothing

 
As many of us continue to work from home, and likely will for the foreseeable future, you may want to reconsider your clothing budget.

If you’re like me, you’ve been wearing the same wardrobe basics on repeat during quarantine. I’ve noticed this, and taken a substantial amount of time cleaning out my wardrobe and pulling items to donate. Some of the stuff I chose to donate was relatively new! During this time, I’ve definitely noticed I overspent on clothing in the past. I’m much happier with a simpler and more minimalist wardrobe, and don’t need to spend nearly as much on clothing.

4) Gym Memberships

 
Most gyms across the United States still aren’t able to reopen. Many Americans turned to at-home workouts for a much reduced cost.

While you may be itching to go back to the gym, it’s worth it to consider if this is an expense you really need, or if you can find alternative ways to exercise for less money.

5) Fuel Costs

 
Fuel is expensive. But if you’re still working from home, you’ve likely noticed a drastic reduction in the amount you are spending on fuel each month.

If you anticipate working from home for the foreseeable future, be sure to adjust your fuel expense in your budget. You can put your fuel savings toward building your emergency fund instead.

6) Car Insurance

 
Along the same lines as fuel, when you’re driving less, theoretically, your car insurance should be less as well.

Some car insurance companies offered a temporary discount to consumers during the initial COVID crisis. Their rationale was many Americans were struggling financially, plus they were driving less.

Well, if you are still driving less, give your car insurance company a call to ask about a rate reduction. Be sure to have an updated estimate of how much you drive your car each week. It may not be a huge savings, but hey, i doesn’t hurt to ask!

7) Travel

 
Since travel is restricted during this time, it makes sense to review your travel expenses for the future. Do you anticipate going on any trips in the future? Do you need to adjust travel plans, or cancel entirely?

Even if you are able to travel, chances are, it will look significantly different. You may choose to fly instead of drive, or you may plan to make your own food instead of eating out. Whatever you decide, take some time to plan and adjust your budget accordingly.

8) Entertainment

 
Oh entertainment. Most entertainment facilities, such as clubs, sporting arenas, concert halls, festivals, and other means of entertainment are not permitted to be open at this time. And due to the restrictions on the amount of people who can gather at a time, it’s not likely that entertainment venues will be up and running anytime soon.

But while typical means of entertainment may be closed, it doesn’t mean that you won’t have any entertainment expenses. It might simply look different. You may find yourself spending more on new hobbies instead of going out to spend money. Either Way, it warrants a second look at your entertainment budget to determine how much you plan to spend each month.

9) Giving

 
Lastly, everyone has a different financial circumstance and may need to adjust their giving accordingly. Maybe you’ve lost your job and can no longer give at the level you once were. Or maybe you still have your job and feel compelled to support those around you who weren’t so fortunate. Either way, consider your giving budget and adjust accordingly.

 
Related:
 

• How to Find a New Job During COVID

• Should You Start a Blog During COVID?

• 10 Affordable Ways to Practice Self Care During COVID

• Unemployed Due to COVID? Ways to Increase Your Cash Flow