How to Find $500 To Invest

Alright, budgets are tight. Groceries and rent are up, your student loans are still there and yes, you want to buy a house, start a family and get out of living paycheck to paycheck.

But how can you accomplish that without extra hours in the day? If only you had some extra cash you could invest to get out of the cycle.

Here are Wealth Elf’s top tips on how to save $500-$1000 in one month, even when you’re doing all you can.

Rent your house or even just a room. Imagine you Airbnb’d your apartment for one weekend a month while you lived with your parents, at your boyfriend/girlfriends or just couch-surfed. In one weekend you could make a few hundred dollars. In the United States alone, Airbnb has over 45 million active users annually.

Next major expense? Your vehicle. Are you a two-car family? Does one partner work from home? Between your monthly payment, insurance, gas and depreciation your car is burning a huge hole in your wallet.

In 2023, U.S. households allocated approximately 17.0% of their total annual expenditures to transportation, making it the second-largest expense category after housing. This means an average annual transportation cost of $13,174 per household!

Move on to public transportation if it’s easily accessible in your area.

You can even rent out your car when you’re not using it. With vehicle-sharing apps like Turo you can rent your car to those traveling for business or who need a ride in a pinch for hundreds of dollars.

Next, consider selling unused stuff such as old clothes, tech, books, or furniture. Use Facebook Marketplace, eBay, or Poshmark for a potential to make $100–$300.

On Poshmark, many users earn between $200 to $500 per month, often treating the app as a side hustle or hobby. If you’re selling clothes, shoes, accessories, or beauty items that are gently used or brand-name you’ll enjoy Poshmark for a simpler, mobile-friendly selling process.

Poshmark offers prepaid shipping labels incase you don’t want to calculate postage and want to print and ship quickly. On the flipside EBay sells to a global audience with a variety of goods. Ebay also boats a higher profit margin for sellers typically charging around 12.9% final value fee (plus a $0.30 per order fee).

If you haven’t already, negotiate like your life depends on it. Call your wifi provider, insurance provider, streaming services and let them know you mean business. They need you more than you need them.

For WiFi, call and ask for current promotions or loyalty discounts. You can mention competitor offers or lower your plan if you're paying for more speed than you use. Ask the service provider to waive rental fees for modems/routers.

Saving on insurance whether it's auto, home, health, or life comes down to smart comparison, tailoring coverage, and leveraging discounts.

Shop around regularly and use online comparison tools or work with an independent broker. By bundling policies many insurers offer discounts for aggregating your home and auto, or other combinations. You can also increase your deductible as a higher deductible lowers your premium, but make sure you can afford it in a claim situation.

An all around good tip? Improve Your Credit Score. Often providers use credit scores to set rates so better credit = better premiums. Which advice sparked an idea for you? Let us know on Instagram at @Wealth_Elf