Everyday life can add up quickly. But if you're tired of spending more than you can just to keep up, building the right skills can help you save in a big way.
While many boomers already hold these skills, it never hurts to add another skill set to your tool belt. And if you don’t have a handle on any of these skills, it’s never too late to start growing your DIY competency.
We explore some worthwhile life skills. You can use these skills to save money in your budget or even help you earn extra income outside of work.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Sewing
You don’t need to become a professional seamstress to use sewing to save yourself some money. The ability to repair a small rip here and there can help you avoid buying new clothes.
As you stretch out the life of your current closet, you won’t need to spend as much money on clothes. Since the average American household spends over $1,400 on clothes each year, using even minimal sewing skills to repair your clothes could help you save hundreds annually.
Plumbing skills
Homeowners with plumbing skills can easily save hundreds of dollars on a single repair job. For example, replacing your own faucet could help you save around $200.
Of course, don’t attempt a project that’s beyond your skill set. If you don’t know what you’re doing, you could end up causing more damage for a plumber to fix.
Woodworking
Although building your furniture from scratch is relatively expensive, learning how to fix existing pieces or craft beautiful pieces for sale could free up more space in your budget.
As you learn this skill, start small and work up to more complex projects. Depending on your interest and talent, you could end up with a blossoming side gig.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Electrical skills
Baseline electrical skills could save you hundreds as a homeowner. For example, hiring someone to replace your ceiling fan might cost around $250. With some basic skills, you can install that fan yourself and save money.
When picking out your projects, stay within your comfort zone. Try not to tackle massive electrical jobs that require a licensed professional to be involved.
Basic car maintenance
Car maintenance costs can add up quickly. AAA estimates car maintenance costs add up to around $800 per year. If you can build some basic car maintenance skills, you can potentially cut hundreds out of your spending each year.
Some basic car maintenance skills include changing your oil and switching your wiper blades when the time comes. With time, you can build more car maintenance skills to increase your savings.
Trending Stories
Canning and preserving food
Canning and preserving food offers a pathway to significant savings. Depending on how seriously you approach this, you could save hundreds or thousands of dollars each year. The catch is that you’ll likely have to spend between $100 and $250 to get the equipment you need to get started.
Cooking
Cooking is an everyday skill that can help you save money by skipping expensive takeout. The nice thing about cooking is that you can grow your skills over time. Consider adding a new recipe to your repertoire every month to build up a collection of recipes you enjoy eating.
Many American households spend over $3,500 each year on takeout food. Even if you’re able to swap just one or two meals a week for a homemade option, you might be able to save hundreds of dollars each year.
Coupon clipping
While it’s not necessary to flip through a physical newspaper to find coupons, learning how to shop with coupons can lead to big savings.
It’s possible to save thousands of dollars each year with coupons. But even if you decide not to become an extreme couponer, deliberately shopping with coupons could lead to hundreds in savings each year.
Yard work
If you’re a homeowner, taking care of your own outside maintenance can lead to big savings. Depending on your area and the size of your lot, you could save hundreds or thousands each year by mowing your own grass.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Build your own investment portfolio
Many financial advisors charge an asset under management fee, which takes a percentage of your portfolio as compensation. Run the numbers for your situation to determine how much this fee will cost you in the long term. It might surprise you to learn that the fee could equate to thousands of dollars over your investing timeline.
If you learn more about investing, you can skip the financial advisor’s long-term fee. That could mean significant savings. For those who prefer the help of an advisor, consider a fee-only advisor who charges you by the hour to minimize your costs.
Bottom line
Building a collection of life skills can help you tackle more tasks affordably. Opting to take care of things yourself often leads to significant savings. Plus, some skills offer a new potential income stream, which could help you get ahead financially.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.49%, 24.49%, or 29.49% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.
Author Details