So, you have no plans, nothing to do, and no one to hang out with. What are you going to do? Are you going to spend the rest of the day reading books, watching TV, or something else entirely? Perhaps you’re thinking about calling some friends or parents but they aren’t home or they are busy. This is when it gets a little tricky. What do you do on your day off? The answer may seem obvious, but it isn’t that simple. There are many things you can do on your day off, depending on your interests and the time available. Since not everyone will have the same circumstances, I did some research and grouped these potential activities in the following way:

What to do on your day off if you:

• Want to relax or chill
• Want to try something new
• Want to be productive and useful
• For long-term growth and skill acquisition
• Want to focus on health and welness
• Want to do something good for others
• If you don’t want to spend any money

1. What to do on your day off if you want to relax or chill?

Your work is your work. You put in long hours, so it’s understandable that you’d want to take a break and relax on your days off. But what do you do on your days off? If you have no hobbies or interests, this can be an exceedingly difficult question to answer. Unless, of course, you’re willing to commit yourself to finding new hobbies and interests…Which doesn’t seem like something many people are up for.

Luckily for you, we’ve got some great ideas about how to spend your day off. So switch off your laptop screen, put down that smartphone, and read on for some great advice on how to spend your day off when the time comes around again!

When you are feeling stressed or anxious, the last thing you probably want to do is go out and do something more stressful or anxiety-inducing. Activities that induce stress or anxiety are obviously not great for those prone to these feelings. But what activities are best for relaxing? There are so many different ways to relax, from meditation and yoga to reading a book or drinking a hot cup of tea. However, there are definitely some activities that are more relaxing than others. And time is also a factor; some activities require more time than others, so I grouped them in a table with a rough time estimate so you can choose whatever you like. The ones written in red don’t involve spending any money:

2. What to do on your day off if you want to try something new?

Experimenting with new things can be a fun and exciting way to learn more about yourself and the world around you. It can also help you to become more open-minded and adventurous, which can be beneficial in many areas of life. Of course, it is important to approach new experiences with caution and be sure to do your research beforehand so that you don’t end up in a dangerous or uncomfortable situation. Here are a few more unusual examples of what to do on your day off, the ideas written in red don’t involve spending any money:

3. What to do on your day off if you want to be productive or useful:

Some people feel their best when they’re being productive and making the most of their time, while others prefer to relax and recharge on their days off. These types of people are generally called “hustlers.”  Generally speaking, a hustler is someone who is always working hard and trying to achieve their goals, regardless of the obstacles in their way. They’re determined, driven, and never give up, they are never satisfied with where they are and are always striving to do better, and most of the time, they will dedicate their day off to productive and useful activities. If being productive is something that will make you feel good, then, by all means, go for it! Here are some examples of activities that you can do on your day off, while you can also benefit from their outcome in one way or another.

For instance, take some time to get hands-on with your finances; an honest and tested approach is to read a Rocket Money review. See how it can assist in managing subscriptions and tracking spending. Additionally, if you’re looking to make your money work for you, consider reading an Acorns review for investing. It’s a user-friendly way to start growing your wealth without having to dive deep into the complex world of stocks and bonds. Both are productive steps towards financial well-being that you can explore comfortably from home.

My family has a saying, kind of an inside joke: why waste a perfectly good holiday having fun when you could be doing chores?

4.What to do on your day off for long-term growth and skill acquisition:

Investing in your future self doesn’t require a hefty bank account—just a bit of your time and the desire to learn and grow. Whether it’s advancing your career or enriching your personal life, here are some ways to use your day off to plant seeds that will one day bear the fruit of success and fulfillment:

5. What to do on your day off for Health and Wellness:

Taking a day off is the ideal chance not only to rest but to actively engage in nurturing your body and mind. This is about creating an experience that leaves you feeling rejuvenated and recharged. Based on tested and tried ideas, these activities are more than just suggestions; they are pathways to enhanced well-being. Here are some examples to inspire you:

6. What to do on your day off if you want to do something good for others:

While many people will find charitable work stressful, there are some that this process will help disconnect from their day-to-day activities and make them feel better about themselves. Some people may find that they enjoy and even feel relaxed while doing volunteer work for a cause they care about. And there are many benefits to participating in charitable work, including the potential for improved mental and physical health. If you think this might work for you, why not give it a try? Here are some examples of what to do on your day off if you want to help others. The ideas marked in red don’t involve spending any money.

7. What to do on your day off If you don’t want to spend any money:

Some people may choose to spend very little on relaxation, while others may choose to splurge on activities or experiences that help them unwind. According to a study done in 2020 by the Bureau of Labor Statistics, the average American spends around $3,000 per year on entertainment. You could easily tap into this money and snatch some savings just by engaging in entertainment activities that don’t cost anything. I marked with red all the ideas that don’t involve spending any money from the categories above,  so you can do a quick scan and identify them at a glance. And if you want a few more examples of what to do on your day off that doesn’t involve spending any money, check the table below:

Final thoughts:

A day off is a precious gift, and it should be treated as such. Enjoy some leisure activities, spend time with family and friends, or just take some time for yourself. Whatever you do, make sure you savor your day off and use it to rejuvenate yourself.

A day off is a small gem that does not come along very often. It is something we should cherish and enjoy.

The post What To Do On Your Day Off: Ideas Based on Mood, Time and Money first appeared on My Blog.

It may seem overwhelming if you’ve never created a budget before. But once you understand the benefits of budgeting and learn some easy tips for creating one, it will become second nature. Many resources and tools are available to help you make and stick to an actionable budget. This article outlines the best budgeting tips for beginners and provides personal examples of how to put them into practical use for everyone.

1. Don’t be too hard on yourself
2. Choose your goals first
3. Emergency funds are underrated
4. Do budget planning in your spare time
5. Budget planning is 99% about how you spend money
6. Use the best budget planning strategy that fits your needs
7. Try to keep bills and receipts close when budgeting
8. Use budget planning to plan ahead for large purchases
9. Mark a no-spend day in your budget plan
10. Use cash to limit budget leaks
11. Use the power of habits when sticking to a budget plan
12. In your budget plan, set aside money for discounts & bargains
13. Trim your budget – reduce cell phone bills and cut cables
14. Separate fixed expenses from variable expenses when you budget
15. Use public transport if possible, try to walk more instead of driving
16. Cut unuseful habits that cost money from your budget plan
17. Do budget plan reviews frequently – review spending patterns
18. Budgeting tips for inconsistent income
19. Try an online budgeting tool – maybe it’s more convenient for you
20. Expect the unexpected – work hard on your savings

1. Don’t be too hard on yourself

It’s like learning to drive a car. It takes time and patience to learn how to budget. It’s difficult because it requires you to think about money in a different way. For example, people who do budgeting must often make decisions based on long-term goals rather than immediate gratification. This can be challenging for some people, who may be more accustomed to thinking about money in terms of immediate needs. Budgeting is also a complex topic with many different facets. For example, in budgeting, you will eventually understand concepts such as “needs”, “wants,” zero-based budgeting”, “envelope cash systems”, and so on. These are not easy to grasp, but they are not very complicated either. Think about it this way: it’s like opening a jar of pickles. You have to use some effort to open the jar, but removing the lid makes it very easy to remove the cucumbers.

It’s important to be mindful of how you talk to yourself when you venture into the realm of budgeting. The good news is that you can work with it even if it’s not perfect. For example, maybe the first time you forgot to budget your pet’s food. When you realize the mistake, adjust the budget plan. Do it even if you have to do some cuts. Maybe less eating out. Perhaps fewer online subscriptions.

Embrace the imperfections and use them to your advantage. Let them add character and charm to your day, and don’t be afraid to adjust. Maybe you can find some cheaper pet food with this opportunity. If you’re constantly putting yourself down or berating yourself for small budgeting mistakes, it can take a toll on your mental and emotional health. Remember that you’re human and that everyone makes mistakes. Among all the budgeting tips, the first one is the most important: cut yourself slack and try to focus on the positive. There’s no need to be too hard on yourself. Do it like you’re in it for the long term.

2. Choose your goals first

This advice is solid overall and shines especially as one of the best budgeting tips for beginners. Having clear goals gives you something to focus on and work towards. Budget planning goals will be more concrete than other life goals and can be tracked easily. And even partial results will help to keep you motivated and on track. Compare the motivation power of a vague goal like “getting married to a cute guy” to building a $1,000 emergency fund. After you put aside some cash, even as low as $300, you can already look back with satisfaction, and because of this, it will be easier to maintain enthusiasm and stay focused. Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART).

3. Emergency funds are underrated

In budgeting, an emergency fund is a fund set aside to cover unexpected expenses, such as a job loss, medical emergency, or home repair. Achieving financial stability by having sufficient savings to handle unexpected expenses, such as medical bills or car repairs, is one of the smartest budgeting tips you can put into practice.

Emergency funds are underrated because people do not think they will ever need them. If people do have extra money, they may not see the need to have an emergency fund as they may feel that they can rely on credit cards or other forms of borrowing in the event of an emergency. They don’t understand or know the high cost of borrowing money fast. The cost can be financial or social if you borrow from friends. Yes. this kind of action puts a strain on your relationships. And can cost you up to two or three times the money you could have saved in the first place. Usually, people understand the importance of having an emergency fund only after they have their first emergency, and usually after they are already in debt and regret it. That is why learning it from other people’s experiences is important. And it is even more important if you start a budget plan because budgeting offers a good framework for building emergency funds. Just set aside $50 every month in an emergency fund. Or even less! Just think about it: how much money would you have in an emergency fund if you put aside $50 every month and if you started ten years ago?

According to the report on the Economic Well-Being of U.S. Households in 2020 – May 2021 by the Federal Reserve, 39% of Americans would have a hard time covering an unexpected cash expense of just $400. This means that a relatively small and unexpected expense, such as a car repair or replacing a broken appliance, can be a hardship for many families. Basic budget planning could help these people build an emergency fund without feeling any serious burden by regularly saving a very small sum of money. You need to set aside just $35 every month, and in a year, you’ll have a $400 emergency fund as a backup. If you need more motivation to start budgeting, read this article about budget planning statistics.

4. Do budget planning in your spare time – think about needs vs. wants

This is one of the hardest budget tips to put into practice, but one that can have a major impact on your results. When you do budgeting, it is crucial to prioritize your spending and allocate your funds in the smartest way possible. An effective budget needs to take into account what you need and what you want. For example, when you need to buy a car, it’s not just about the price tag—you must decide whether it is a need or a want. I have broken down the needs and wants in a recent article about the different budget planning strategies. They are actually part of the 50 / 30 / 20 budgeting strategy; check it out if you want more concrete examples.

Unfortunately, many people live above their means and cannot afford the lifestyle they want because of their monthly expenses. If this sounds like you, look at your financial situation and see where you can cut back (especially in the wants department) to save money for the things you need.

Working on a budget does not mean you cannot enjoy yourself at all; it simply means having a plan for how much money you can spend on different things every month so you don’t go over budget. Lack of enjoyment in your plan is not necessarily good because you will eventually burn out and stop doing it. Just be careful about what you want and what matters to you. And if these things are included in your budgeting plan, you just have to worry about following it.

Another trick you can do in your daily routine is to do this thinking process whenever you have spare time. This can be done in the evening, before bed, whenever you have to wait for a meeting, appointment, or even food. You don’t have to have dedicated time for it or even have to do it when you do the actual budget plan. Just think about it in your spare time, clarify what is you need and want, and apply that knowledge when you do the actual budgeting.

5. Budget planning is 99% about how you spend money

Most of the effort when you do budgeting is placed on spending patterns, habits, and decisions. People typically start their month off by allocating a certain amount of money for different expenses like rent, groceries, transportation, etc., and then they break down expenses even further into subcategories like food, clothes, entertainment, etc. But, after the budgeting is done, the reality kicks in, and the real issue becomes this: did you spend more than you allocated? Staying constantly within the allocated ranges comes with experience after much trial and error, so don’t discourage yourself if you don’t manage to do it all the time. If you realize before you start your budget plan that spending habits are the most important part of the budgeting process, you won’t have such a big shock when your budget plan meets reality. With experience, you will become more aware of spending patterns. This is one of the best tips for budgeting because it brings a compounding advantage for people who do budget planning over those who don’t.

6. Use the best budget planning strategy that fits your needs

You can do budget planning in many ways, and they are called budget planning strategies. I outlined 5 of them in a previous article:

1. The Classic Budget Planning Strategy
2. The Zero-Based Budget Planning Strategy
3. The 50 / 30 / 20 Budgeting Strategy
4. The Cash Envelope Strategy
5. The Pay Yourself First Budgeting Strategy

Each comes with its advantages and disadvantages. For example, the cash envelope budget strategy tracks how much money you have left in each budget category. This is helpful for people because they can easily differentiate between cash for rent, gas, food, or groceries, and they can spend only as much as they decide at the beginning of the month. This is one of the budgeting tips that have a psychological aspect to them, giving people peace of mind that they aren’t spending the rent money on some fabulous shoes. The only disadvantage is that you have to carry around multiple cash envelopes.

Another example is the pay-yourself-first budgeting strategy: put aside money into savings first whenever your paycheck comes in, then budget the rest. This is a good tip for people who have trouble sticking to plans.

Each budgeting strategy has advantages and disadvantages. Make sure you review all of them and choose the one that best fits your style. Then, you will have a way easier time budgeting for the rest of the year.

7. Try to keep bills and receipts close when budgeting

There are a lot of people who choose to keep all of their bills and receipts to have a complete record of their expenses. But did you know that there are budget planners specifically designed to store bills and receipts? For example, the Mead Organizer Expense Tracker has separate pockets for bills and receipts, which is uncommon among top budget planners. If you are one of the people who keep all of their bills and receipts, then the Mead Organizer Expense Tracker will complement your abilities well. Trying it is a good tip for organized people. With this budget planner, you will get two monthly pockets to separate the bills from the receipts. This feature makes the budget planner much more attractive because your papers will be stored in the same place in which you review your spending, so they will come in handy.

Among these personal budgeting tips, my favorite is to scan or photograph your bills and receipts so that you have a digital record. You can create digital folders for different types of expenses, making it simpler to find the information you need when you need it. Scanning your bills and receipts and keeping them in the cloud can give you extra peace of mind in case of loss or damage. If you have a digital copy of your documents, you won’t have to worry about replacing them if they are lost or destroyed. Scanning your documents can help you declutter your home or office, as you won’t need to keep physical copies of everything. It will also allow you to use budget planners without pockets or room for bills and receipts, which are usually smaller, lightweight, and easy to carry around, like the Clever Fox Budget Planner.

8. Use budget planning to plan ahead for large purchases

It’s always a good idea to plan ahead for large purchases. By setting aside money each month specifically for your large purchase, you can do it without getting into debt and paying unnecessary interest rates. A combination of savings and borrowing may do the trick when planning a large purchase. Some stores offer to finance big-ticket items, which can help make the payments more manageable, but you will end up paying more out of your pocket just because you did not have enough money when you made the purchase. Planning your budget and saving for what you need is the best long-term solution, one of the best tips for budgeting, in which you pay the least for what you want.

9. Mark a no-spend day in your budget plan

A no-spend day is, simply put, a day where you don’t spend any money. This is one of the budgeting tips that can be tricky to do if you’re used to spending money every day, but it’s a great way to save money and get your finances under control. There are a few ways to go about having a no-spend day. First, you can plan ahead and ensure you have everything you need for the day so you don’t have to go out and buy anything. This might mean doing some grocery shopping the day before or packing your lunch instead of buying it. Second, you can make a rule for yourself that you won’t spend any money today, no matter what. This can be tough, but it’s a good way to test your willpower. Finally, you can try to find free activities to do instead of spending money. This might mean playing some old computer games that don’t cost any money, going for a walk in the park instead of going to the movies, doing some meditation yoga, listening to music, or borrowing a book from the library instead of buying one. It’s a good tip to do extensive research about these kinds of activities and select the ones you enjoy the most. No matter what activities you choose, a no-spend day can be a great way to save money and get your finances under control. Do this as many times as possible.

10. Use cash to limit budget leaks

A budget leak is a situation in which money is spent unplanned. This means that money is spent outside the budgeted amount without much consideration at the time of purchase. This can happen for various reasons, but usually, it is because people are not sticking to the budget or because unexpected expenses come up. It is associated with easy and fast purchases when credit card details are saved in the payment system or with payment processors like Paypal, where you can easily set pre-approved payments. Most of the time, budget leaks are simply due to careless spending, such as when someone buys something without knowing whether or not it is within the budget. If you find yourself in a similar situation or if you are someone who tends to overspend, switching from digital currency to paper-based currency can solve most of the problems. With cash, you have more control over your spending because you are limited to the amount of cash you have on hand. And you’ll never have to worry about paying interest on cash. Also, the physical process of getting them, counting them, and the process of letting them “fly away” from your actual hands, may give you some room for having second thoughts about the purchase. This is one of the simple budget tips that can stop you from spending money.

On the other hand, credit cards offer several advantages over cash, including building credit, earning rewards, and enjoying protection against fraud and theft. You also have the ability to build your credit history and improve your credit score by using credit cards responsibly. However, they can also lead to debt if you’re not careful, and you may be charged interest and fees if you carry a balance. But if you are disciplined with your spending and pay off your credit card balance in full each month, you may find that the credit card rewards and convenience of using a credit card make it the better choice for you.

11. Use the power of habits when sticking to a budget plan

Habits help us automate our behavior to do things without thinking about them too much. This frees up our mental energy for other tasks. There are many benefits to developing good habits. Habits can help us to become more efficient and productive, make better decisions, and to stick to our goals. And they work especially well for budgeting.

Here are some examples of habits that could be very useful when doing budget planning. They are good budgeting tips even for experienced budget planners:

• Write down expenses as soon as possible. Ideally, it could be done as soon as the money is spent, in a small budget planner you carry with you all the time. But let’s be realistic; most of us won’t be able to do it like this. The second best thing would be to find some spare time just before bed or after waking up. This way, you have everything fresh in your head. You can mentally break down the past day and write down everything about spending money. Do this every day until it becomes a habit.
• Review and adjust. Your budget should be a fluid document you review and adjust as needed. As your circumstances change, so too should your budget. Review your budget plan regularly to ensure it’s still meeting your needs. This also can be done among the first things you do in the morning or evenings, maybe once a week (on one of the weekend days). If you repeat it enough times, it will become a habit.
• Making a list before shopping is another habit that can help you stay on a budget. This is an excellent tip to help you stick to your budget by buying only necessary items. List-making can become a habit like any other if you do it repeatedly.
• Live below your means. Just because you can afford that new car or designer handbag doesn’t mean you should buy it. If you want to stay within your budget, it’s important to live below your means and only spend money on what you need. While it may not be the most exciting way to live, living below your means is a great way to build long-term financial stability.

12. In your budget plan, set aside money for discounts & bargains

If you’re looking to save money in the short term, then discounts may not be the best option for you. However, if you aim to build up your savings over time, taking advantage of discounts could help you reach your goal sooner. Many stores offer discounts on certain items or during sales, so it is wise to set some extra cash aside to take advantage of these deals. Seasonal discounts are typically offered on seasonal items, such as winter clothes during the winter season. They are a way for retailers to clear out stock and make room for new inventory. So, the best time to buy some winter clothes is not at the beginning of the winter (when most people buy them) but at the beginning of spring, when the retailers want to make room for new inventory. You can have huge savings if you factor this knowledge into your budget plan. This is one of the budgeting tips that is harder to implement because the trick here is having the money way before the actual need. The only disadvantage is that you might not be on top of trends because you buy your clothes for the winter in the spring. However, this should not be a problem for most of us.

13. Trim your budget – reduce cell phone bills and cut cables

There are several ways that you can trim your budget to save money. One way is to cut back on unnecessary expenses such as eating out or buying new clothes. Another way is to find ways to reduce your monthly bills, such as by negotiating with your service providers or looking for more affordable options. Cell phone bills are the prime candidate in this case. There is absolutely no reason why you should pay a lot of money to your cell phone service provider (excluding some specific cases). Cable TV is not as popular as before, especially among young people. According to a 2017 report from eMarketer, the number of people in the US who watch cable TV has been declining since 2010. In 2010, about 100 million people in the US watched cable TV. By 2017, that number had declined to about 86 million. Are you among those who don’t watch cable TV but still pay for it? If so, this is the right moment to take action.

14. Separate fixed expenses from variable expenses when you budget

Fixed expenses are costs that stay the same each month, such as rent or a car payment. Variable expenses are costs that can fluctuate from month to month, such as groceries or gas. When budgeting, the trick is to consider both types of expenses to make accurate financial plans. Seeing where you can cut back or save money can be difficult if all your expenses are lumped together. However, breaking your expenses into categories can make it much easier to see where to make changes. For example, if you see that you’re spending a lot of money on dining out, you may scale back in this area to save more overall. If you know how much you typically spend in each category, you’ll be better equipped to handle unexpected expenses when they come up.

15. Use public transport if possible, try to walk more instead of driving

Public transportation can often be cheaper than owning and operating a vehicle. And in some cases, public transport can be even more convenient, especially if you live in a city with a good public transport system. It can save you money on parking and gas and is often faster than driving in heavy traffic. Taking the bus or train can also be a more relaxing way to travel since you can sit back and read or listen to music while someone else does the driving. Public transportation is also good for the environment. Buses and trains emit far less pollution than cars, so using them helps reduce air pollution and climate change. And, since public transportation can carry more people than private cars, it reduces the number of vehicles on the road, which saves energy and reduces traffic congestion.

For your budget planning, it can do wonders, especially in the savings department. The amount of money you can save by using public transportation will vary depending on several factors, including the cost of gasoline, the actual cost of public transportation, the distance you typically travel, and your driving habits. However, you can generally save a significant amount of money by using public transportation instead of driving. A good tip here is to take advantage of any discounts or deals that your public transportation system offers. For example, many systems offer discounts for seniors, students, frequent commuters, and low-income riders. If you qualify for any of these discounts, be sure to take advantage of them.

If public transit options are not readily available or reliable, they may not be the best option for you. It may not be easily accessible from your home or workplace. It can also be quite inconvenient, especially if you live in a rural area.

Walk more. Walking is a great way to save money while getting some exercise; it has many benefits and is one of the easiest budget tips to put into practice. It can help you lose weight, improve your cardiovascular health, and increase your fitness. Walking is also a low-impact form of exercise, which means it is easy on your joints and muscles. This includes walking to work, to the store, or running errands. Walking can be a great alternative to driving and save you money on gas and parking fees if you live close enough to where you need to go.

16. Cut unuseful habits that cost money from your budget plan

Many habits can cost money, depending on how often they are indulged in and how expensive they are. For example, smoking cigarettes can be quite costly, as can drinking alcohol or going out to eat frequently. Other habits that can cost money include shopping, gambling, and travel. Essentially, any habit that involves spending money regularly can cost a lot over time. After you track your expenses for a few months in a budget plan, you can clearly see the burden this habit puts on your finances. Breaking old behavior patterns and establishing new, healthier ones can be difficult. However, it is possible to do so with dedication and effort. This is one of the hardest budgeting tips for beginners. Many resources are available to help people give up bad habits, and with the right support, it is possible to make lasting changes, but the trick is finding the one that works for you. First, identify them and then start doing research on how to break or replace them.

17. Do budget plan reviews frequently – review spending patterns

Reviewing your budget plan regularly is a good idea to ensure you’re still on track. This is one of the best tips on budgeting that can help you avoid overspending and getting into debt. You may also want to adjust your budget if your income or expenses have changed.

Some things you might want to consider when reviewing your budget plan include:

• Are you spending too much money in certain areas?
• Are you consistently spending what you plan for?
• Are you saving enough money each month?
• Are you on track to reach your financial goals?
• Do you need to adjust your budget to account for any changes in your income or expenses?

On the other hand, if your finances are in good shape and you’re not trying to make any major changes, you may not need to review your budget as often. Ultimately, deciding how often to review your budget based on your circumstances is up to you.

18. Budgeting tips for inconsistent income

An inconsistent income is defined as an income that varies significantly from month to month. This type of income can make it difficult to budget and plan for your financial future. There are a few different reasons why someone might have an inconsistent income. Perhaps they are self-employed, or their business fluctuates seasonally. Or maybe they work on commission, and their earnings depend on how many sales they make. Whatever the reason, living with an inconsistent income can be challenging.

The first tip for budgeting is to build up an emergency fund to have a cushion to fall back on when your income is low. There is no excuse for not building it. The fact that your income is inconsistent means that sometimes it’s high, and sometimes it’s low. It does not mean it’s always low. When it’s high, you need to set money aside for the times when it will be low. Basically, you have to work against your natural impulses and try to cut back on your expenses as much as possible when the times are good.

The second tip for budgeting is to try to find ways to supplement your income with other sources of income. This could include picking up odd jobs, starting a side hustle, or finding creative ways to make extra money. Find something that allows you to work at any time, even if the payout is lower. This will help you to stretch your budget further and make ends meet when your income is low. Identifying business idea examples that allow for flexible work hours, even with lower payouts, can help you maximize your budget and ensure financial stability during times of low income.

And the third tip for budgeting is to try to understand your spending patterns better. This will help you budget more effectively and ensure you are not overspending when you have a good month. If the average income you earn is decent, then the actual problem is not the income but the spending. Try to analyze it as best as possible and control it.

19. Try an online budgeting tool – maybe it’s more convenient for you

Several online budgeting tools are available to help you keep track of your finances and make better spending decisions. Some popular options include Mint, You Need a Budget (YNAB), and EveryDollar.

Mint is a free online budgeting tool that connects to your bank account and automatically tracks your income and expenses. It also provides helpful features like bill reminders and a credit score tracker.

YNAB is a paid budgeting tool that helps you “gain control of your money, get out of debt, and save more money.” It offers goal tracking, bank synchronization, and transaction categorization features.

EveryDollar is another paid budgeting tool that offers a simple, straightforward way to track your income and expenses. It also includes features such as debt payoff assistance and custom budgeting templates.

This is one of the easiest budgeting tips to try in practice. The trick with these kinds of apps is to find one that you actually use regularly. Try some and see if anything sticks!

20. Expect the unexpected – work hard on your savings

The final one from our list of good budgeting tips is to expect the unexpected. This means being prepared for anything that might happen. It’s important to be ready for anything that comes your way because you never know what might happen. The best thing you can do for the unexpected in budget planning is to work towards savings. It can feel very liberating to have an emergency fund in place. It can provide a great sense of security, knowing you have a cushion to fall back on in case of unexpected expenses or unforeseen circumstances. For many people, having an emergency fund can be the difference between financial stability and financial chaos.

The post 20 No-Fail Budgeting Tips for Smart and Practical Living first appeared on My Blog.

Before you begin the interview process, it’s important to understand why exactly you want to pursue a career in finance. That way, when potential employers ask this question as part of the application process, you’ll be ready with thoughtful answers instead of just a blank stare and some mumbling about wanting nice office furniture.

There are a lot of answers to this interview question, ranging from barely decent to utterly bullshit. Before I started writing this article, I did a bit of research, and I was amazed at how pathetic and devoid of any imagination and creativity the search results for this particular topic are. Here are a few examples of what’s out there: financial security and stability, high salaries, a challenging work environment, there is always something new to learn, and so on. They are so cringy; I hope you’re not falling for that kind of bullshit!

In this article, not only will I give you three amazing examples of reasons why you want to pursue a career in finance, but I will teach you how to create them yourself, assuming you want something even more unique. So, let’s get into it.

Why finance?

Answer No 1: 

I want to pursue a career in finance because I believe that someone is sitting in the shade today because they planted a tree long ago. I stole this quote from Warren Buffet, who is the world’s greatest investor and one of the world’s richest men. Warren Buffet is one of the persons that inspired me the most, and this is the foundation of his long-term investment ethos. Like him, I want to start early, get as much experience as possible, and learn the ins and outs of the finance industry. And eventually, become an investor myself.

You may want to adjust the last sentence with something you actually want. To give this answer, you should read more about Warren Buffet, learn about his life, read a few more quotes, and maybe listen to his biography as well.

Answer No 2: 

I want to pursue a career in finance because I’m fascinated by Michael Burry, he is a great researcher and analyst, and I believe I can become one as well. But first, I want to understand everything about finance, with first-hand experience and not from books and guides. Here is one of his core beliefs: “I don’t believe anything unless I understand it inside out” and I’m here to do just that!

You may want to read more on Michael Burry, he had training as a doctor and has learned everything about finance and investing on his own. You can learn about his predictions and the way he thinks about money. There are plenty of resources available online, you just need some time to do it. You can also watch the movie “The Big Short”, where Christian Bale plays him in the convoluted events that led to the 2008 financial crisis.

Answer No 3: 

I want to pursue a career in finance because I’m a big fan of Dave Ramsey; I listened to his radio talk show a lot. I like how he shares practical answers to tough money questions from day-to-day people. I believe that someday I can help a lot of people as well, I know that requires a lot of experience, and that is why I want to learn everything I can about finance.

You should read more about Dave Ramsey before you give this answer so that you can deal well with follow-up interview questions. He started offering financial advice to couples at his local church. In 1988, he founded a financial counseling service. You might also want to read his book, “Financial Peace”, and learn more about the 7 steps to budget in the popular “Dave Ramsey Method.” It wouldn’t be bad to know some things about the debt snowball method as well before you answer this way.

Why Do You Want to Pursue a Career in Finance?

How to create your personal take and why you should do it:

First, why should you create a personalized answer? Why not answer like anybody else? Think about it from an employer’s perspective. They have to select one of probably dozens of candidates who went through the same training and have no direct experience dealing with real problems, and all of them will probably answer in a similar way to all their interview questions. They can certainly clean out the weeds, those that don’t even grasp the basics of finance, but how can they differentiate from a few candidates that do a decent job at answering most of the questions? Certainly, with an interview question like this: why choose finance? This can reveal people who have more motivation, who think for themselves, and who really want to do a good job by preparing well for it. This answer is certainly one of the biggest things that can make a difference in the hiring process. Another reason why you should craft a personal answer and not copy the ones I provided above is that one of your competitors might come up with the same answer. They might be lazy and just pick one that they like of the 3 above. If you give the same answer as your competitor, the employer will realize both of you read this answer somewhere and did not come up with it. But before you start working on a customized answer, you should know that it’s not easy to craft one, but there are some benefits; here are the pros and cons of writing one yourself:

Pros and cons in simple words:

Pros:

• You can create it based on your beliefs
• It will be unique
• It will be better than anything else that you find on the web
• It can work wonders for your hiring process, and also motivation

Cons:

• It takes time to build, probably at least a few hours
• You need to be able to answer more follow-up interview questions, so more hours are required to do research

A short step-by-step guide on how to create a personalized answer to the interview question “Why finance?”

• Step 1 – Do research about people in finance. Choose one that you like.
• Step 2 – Read about his / her beliefs, and understand their motivation.
• Step 3 – Make their beliefs your own, or use them as inspiration.
• Step 4 – Check the beliefs and values of the company you want to work for, and try to factor them into your answer.

And here are a few more tips and tricks to help you at each step along the way:

Step 1 – Choosing a role model

This should not be hard to do. It requires research on popular people in finance. Just open Google, and type “popular people in finance” and you will get a list with plenty. The hardest part is choosing one. The more popular the better, don’t choose somebody very obscure, even if it’s among the most successful people in the world, because your employer might not know about him. But they will probably know about the most popular ones like the examples I shared above: Warren Buffet, Michael Burry, and Dave Ramsey. They are all good even if you come up with something different from what I came up with. A few more examples would be Ray Dalio, Benjamin Graham, or even some popular YouTubers like Graham Stephan,  Ben Felix, or educators like Aswath Damodaran. Using them is a bit more risky, even though they are popular, they are not so widely recognized by people. Anyway, choosing them has an advantage as well, because it will certainly make your answer more unique.

Step 2 – Answering “Why did they choose finance?”

This step is a bit harder to make, you basically have to do some investigation and understand why your chosen role model pursued a career in finance. What does he believe about investments, money, about life? The key point here is to start with the question “Why?”, “Why finance?”. Something that will help you at this step is the book “Start with Why: How Great Leaders Inspire Everyone to Take Action” by Simon Sinek. There is also a short video by the author, in which he explains the whole process step by step. He also gives a few hands-on examples of his theory put into practice.

Step 3 – Can their beliefs become your beliefs?

This step is a bit harder than the previous one. Here you have to actually use some creativity and adjust what you find in the previous step to what you currently believe. In other words, you have to create something that sticks, something interesting, something good while mixing your role model’s beliefs with yours. To help you with this step, you can use the advice Chip and Dan Heath gave in their popular book called “Made to Stick: Why Some Ideas Survive, and Others Die.” The short summary is this: to make an idea stick, it has to have 6 qualities all wrapped up in a clever acronym SUCCES so that you can remember them easily. Each letter means the following: simple, unexpected, concrete, credible, emotional stories. So, whatever you create should have these qualities. Let’s take the first example I mentioned above, the one with Warren Buffet, and go through the checklist:

• Is that example simple? Yes, it’s only a paragraph; it wouldn’t even be hard to memorate it word by word.
• Is that example unexpected? Yes, your future employer will expect a boring answer like a challenging work environment, dynamic industry, opportunities for growth, “I like problem-solving”, or other stuff like this.
• Is that example concrete? Yes, very much. We are talking about Warren Buffet, who is a well-known person, and we are giving away one of his quotes. This is not astrology, speculation, wishful thinking, or something that does not connect easily to stuff that everybody knows. In contrast: “I enjoy rising to new challenges and resolving problems that might arise” – is vague, don’t do that!
• Is that example credible? Yes, this example is something that might really motivate somebody. A good example or role model is one of the most powerful motivators. In contrast to “fast-paced environment”, or “I enjoy rising to new & hard challenges”. If you really like solving hard challenges, why don’t you try to find a cure for cancer, solve hunger, and save the environment? Why finance? Challenges in finance here are not “special” when compared with challenges in other fields. Those generic & typical answers are certainly not credible.
• Is that example emotional? Yes, because it touches on a point that many people know is true but don’t really apply in practice. The more scientific term for it is delayed gratification. It can touch a sensitive cord when you see a young person thinking for the long term when you as the employer know that you probably took a lot of decisions that favored faster and smaller benefits and sacrificed long-term results in the process.
• Is that example a story? Yes. It’s a small story: you found out about Warren Buffed, you got inspired by him, you want to become like him, and you are starting now.

Step 4 – Mix in something from your future employer’s beliefs

This is even harder, but it will bring extra value. What you need to do is some research about the company where you want to apply for the job. Learn their core values, their goals, their targets, in other words, what they want to become. Try to incorporate these values in your little story; for example, do they want to grow bigger? Make your story about growth. Do they want to invest smartly? Make your story about investment decisions. But don’t be too specific because you risk falling into cringy land if you keep harping on too much. Keep it general; use the direction they want to go in as your direction.

Conclusion:

Answering the interview question “Why finance” is pretty hard; if you don’t want to bother too much, use one of the 3 examples I gave above. A lot of people search for answers to this interview question: why do you want to pursue a career in finance? And there is a tiny / very tiny / very small chance that somebody who competes with you will choose the same answer, but there is one nonetheless. And if you want to be unique and you don’t want to take any chances, create one good answer using the step-by-step guide I wrote above. Good in this case means that you should be the one satisfied with the answer. And then have a prosperous career, my friend!

The post Why Finance? Why Do You Want to Pursue a Career in Finance? first appeared on My Blog.

When we hear the word “budget”, the first words that come to our mind are sacrifice and misery. We assume budgeting means giving up all the things we love. But that’s not true. In fact, budgeting makes your life better in many ways. That’s because when you track your money and set reasonable spending limits, you can get ahead of your money instead of being trapped in a cycle of debt and desperation. By understanding where your money goes now and getting intentional about how it will be used moving forward, you can spend less than you make and build financial stability so that fear, worry, and stress over money won’t have a firm grip on you. This article will highlight why budgeting is so important for your personal finances and provide some helpful tips on how to create one yourself.

Why is budgeting important? What does the science say?

Research on budget planning is currently rather limited, and the current body of scientific research does not address this issue. Personal finances, setting goals, and financial advice are the primary subjects for most of the available papers. However, there is an interesting research paper conducted at The Eastern Mediterranean University, Famagusta, North Cyprus, titled: Importance of Creating a Personal Budget among Millenials, their Perception and Satisfaction. You can download this paper here, which is a great read. In this study, Millenials were asked about their thoughts about creating their own budget. They surveyed 161 young people and they found out that most of them acknowledge the importance of building a budget. Building a budget is a critical component of their lives. In other words: they already know that budgeting is important. And probably, at a deeper psychological level, you know it as well, and you just want to hear more encouraging reasons, and, why not: to get some extra motivation to do it while on the way. So, let’s get to it:

8 reasons why budgeting is important:

1. Budgeting is important because it completely changed other people’s lives (for the better). Here are a few concrete examples:
   • • It changed Allison’s life after she decided to get her finances under control back in January 2019
     • It changed Rachel’s life, the author of the Money Hacking Mama blog. Here you can read more about her experience and find out why budget planning was an important part of her journey. She includes some specific details, even screenshots of her net worth from 2015 to 2019.
     • It changed Latasha’s life, her actual words: Budgeting Saved Me: How Budgeting Changed My Life. She talks about her journey and gives some step-by-step advice for those who want to tackle budgeting. It is important to get advice from people who have experience in budgeting, and Latasha is certainly one of them.
     • There are way more examples that clearly demonstrate the importance of budgeting; I’ll give you one more, and then I’ll teach you how to find more if you still need motivation and confidence. I believe that concrete examples of people that have already benefitted from budgeting are the best at conveying the importance of budgeting. The next example is a video. It is about how Kaila saved 10,000 in 3 months with budgeting. To find out more examples like hers, do a search on YouTube for “how budgeting helped me”, and you will find plenty.
2. Budgeting is important because it reduces stress and anxiety in your life. When you have a plan for your finances, it can help you feel more in control and less anxious about money. And when you have a clear understanding of your income and expenses, it can help to ease any worries you may have about making ends meet. There is this interesting example in which Dave Ramsey (who is a popular American radio personality, author, and businessman who specializes in helping people get out of debt) talks with one of his show’s listeners about how to deal with anxiety when paying off debt. And if you want more examples that are not from experts but everyday people like you and me, then you should watch this video about how Ryan uses a budgeting tool to minimize his overwhelm and anxiety. It’s important to know that if you find that your anxiety around money is causing you significant stress, then it may be worth seeking out professional help. Dealing with it is not an easy job.
3. Budgeting is important because it will change the way you see and interact with money. When you’re on a budget, you have to be much more mindful of every penny you spend. You start to think about whether or not you really need something before you buy it, and you become much more aware of how much things actually cost. Some people find that budgeting makes them feel more restricted, while others find that it helps them save money and better manage their finances. Budgeting helps you see money in a new way because you will have new information brought forward, information that was not visible before. This can make you more aware of your spending habits and help you to curb any unnecessary spending.
4. Budgeting is important because it will help you stay out of debt. By using a budget, you will be able to see if a certain expense will lead you into debt. You will probably hesitate to make it if you know. Maybe it’s not worth it. It’s our job to control our urges when it comes to taking out loans. Because they look so attractive, you must know how much money you have and how much further you can stretch it.
5. Budgeting is important because it will make you more accountable. Budgeting is a simple and straightforward method of tracking your money usage. You may employ your budget as a tool to motivate yourself to be more responsible. The first step in your journey toward self-accountability is to stop blaming outside factors for your financial problems. You will be able to identify the real causes of your problems. For example, many people who have obsessive spending tendencies might not be aware of them until they see all of their expenditures recorded for a few consecutive months.
6. Budgeting is important because it can help you stop living paycheck to paycheck. The best way to stop living paycheck to paycheck is to start budgeting and saving money. You need to figure out how much money you need to live each month and then start setting aside money each month to cover those costs. Once you have a cushion of savings, you can start working on paying off debt and building up your financial security. It takes discipline and perseverance, but if you’re willing to make some changes in your spending habits, you can get out of the paycheck-to-paycheck cycle. If you are in this case, The Budget Mom has a very good example of how budgeting can work for a person living paycheck to paycheck. She goes through the whole process step by step.
7. Budgeting is important because it will help you save more. For some people, saving money without budgeting is possible because they have a good handle on their finances and know exactly where their money is going each month. They may have a good income and/or be very mindful of their spending, so they don’t need to budget in order to save. However, there are plenty of people that need to budget in order to save because their income is unpredictable or they have a hard time controlling their spending. There are a variety of factors that can affect whether or not someone is able to save money without budgeting, including income, spending habits, and financial goals. If you are one of those who can’t easily save money, then you should give budgeting a try! We even have concrete examples of people who saved money with budgeting: check out Kaila, who saved 10,000 in 3 months, and listen to Erin, who took the lowest salaried job offer and saved 10,000 in 10 months.
8. Budgeting is important because it will help you find out how much you can borrow. By taking a close look at your income and expenses, you can get a better sense of how much wiggle room you have in your budget to make loan payments. You’ll need to calculate how much disposable income you have each month, and then you will have a good idea of how much you can realistically afford to repay each month. In other words, budget planning is essential to knowing how much you can afford to borrow. If you don’t do it before getting a loan, you might find out that you can’t afford it just after you took it, and then you have to suffer the consequences.

The biggest problems with budgeting:

Up to this point, we tried to figure out why budgeting is important, but from a critical thinking standpoint, we should look at the problem from the opposite perspective as well. What are the reasons budgeting might not be as important as it seems? Are there any good reasons?

The answer is yes, there are some good reasons why budgeting is not important; the real question is if they apply to you or not. Let’s dive deeper!

1) The scarcity mindset

There’s a lot of talk these days about the “scarcity mindset” when it comes to budgeting and about how this scarcity mindset can actually work against you. If you focus too much on saving, you will lose the opportunity to think about how to earn more (abundance mindset). And saving will always be limited by the amount you earn right now. And if you don’t earn a lot, focusing more on savings will have diminishing returns. This means that in the first hour you focus and plan to save money, the results might be significant, but they won’t be doubled if you think about savings for 2 hours. And the more you think about savings, the less the impact each hour has on your overall results because what you can save is limited by your income. You can’t save more than you earn. But you can save more money if you earn more. Let’s take an example: you earn $3,000 each month. Let’s say all your expenses are $1,500, and you save $1,500 each month. If you focus all your attention on saving, you might be able to reach $2,000 in savings after a lot of tweaks and struggles. So that is an extra $500 you got for a lot of work and time invested. And it will be increasingly harder to save even more than that without big sacrifices. Compare this with an abundance mindset, in which you save $1,500 each month, but you focus your attention on earning more. In the beginning, you might earn less than you saved in the previous example, maybe only like $100 (because earning more is actually very hard and challenging), but in time, as you become better and better at it, you might earn $1,000 extra, $2,000 or even $3,000 extra. Compare this to the maximum $500 you could earn if you focused only on saving.

Some experts like Grant Sabatier, who is a financial independence expert and the creator of the blog “Financial Mentor”,  the author of the book “Financial Freedom: A Proven Path to All the Money You Will Ever Need”, take a hard stance on this matter and blame budgeting to be the no. 1 thing holding you back from saving as much money as possible. Sabatier has been featured in many major publications, including Forbes, Time, CNBC, and The Huffington Post. He has also been a guest on numerous podcasts and radio shows.

But I think the problem is more nuanced than people would like it to be. And in the end, you can’t really apply this thinking to everybody. It might work wonders for people who consider themselves hustlers, who prefer easier jobs that don’t drain out all their energy so that they work overtime on other projects. But it might not work for people with very fixed career paths and jobs that drain all their energy, like for example nurses, the military, drivers, or construction workers. It might work if you are a security guard, if you have a job where you spend all day standing around, and you come home and you have enough energy to try something new. It might be perfect for you. But surely it is not for everybody. So, take this with a grain of salt. In theory, it’s good advice, but does it really apply to your specific circumstances?

2) Budgeting takes a lot of time. 

Budgeting can take a lot of time, depending on how complex your finances are. If you have a lot of income and expenses to track, it can be quite time-consuming to create and stick to a budget. Habits are the most important things that reduce the time investment required for budgeting. But again, it takes some time and repetition until they are formed. So, even if you consider budgeting important, if you don’t have enough time to do it, especially in the beginning, there is a reasonable chance you will fail. Besides habits, there are more ways to make budgeting quicker and easier, such as using budgeting software or apps, setting up automatic payments, and simplifying your finances. But, let’s not kid ourselves; even with all of them together, it will take plenty of your free time. The minimum time I could come up with would be an hour a week, or even just 15 minutes a day. The key is to be consistent and to track your progress.

Conclusion:

Here are the pros and cons of budgeting summarized in simple words:

Budgeting pros:

• It improves lives
• It reduces stress & anxiety
• Changes the way you think about money
• Can prevent getting into debt
• Makes you more accountable; no bullshit excuses
• Can help you stop living paycheck to paycheck
• It helps you save more
• It helps you know how much you can borrow

Budgeting cons:

• Might put you in a scarcity mindset if not careful.
• Takes a lot of time. Valuable time because you don’t have a lot.

In the end, you can think about it like this: budget planning is a lot like an onion. You can peel away different layers to find the truth.

The post Why is Budgeting Important – Pros and Cons for Budgeting first appeared on My Blog.

Each of us is capable of coming up with that one brilliant idea that will take the world by storm and change everything in the process. So, if you want to become an entrepreneur and you don’t have a concrete idea of what to do, the next step is to narrow down the possibilities a bit. This article provides a broad overview of various types of businesses you can set up as an entrepreneur. I did a lot of research on this topic and I extracted more than 350 entrepreneurship business examples and ideas for starting a new venture. Click on the category in the table below to jump straight to that category and read more examples.

What is entrepreneurship, and what does entrepreneurship actually mean?

Entrepreneurship is the process of designing, launching, and running a new business or enterprise. Individuals who are entrepreneurial are typically characterized as being innovative, risk-taking, and willing to take on challenges. The concept of entrepreneurship has been around for centuries, but it was only in the late 18th and early 19th centuries that economists and other thinkers began to really focus on it as a separate field of study. In the years since then, entrepreneurship has become an essential and central part of many economies. Regardless of how it is defined, entrepreneurship is generally considered to be a positive force in the economy. Entrepreneurship is often associated with innovation, creativity, and the ability to create new jobs and businesses. It can also be a driver of economic growth. And now let’s look at all the major types of entrepreneurship with examples for each case.

To truly get a handle on entrepreneurship, you need to consider its two main components. First, there are different kinds of entrepreneurship, each with its own style and way of doing things. And second, these entrepreneurial businesses can happen in all sorts of industries. It’s about who you are as an entrepreneur and where you choose to make your mark. So we have:

No matter the specific style of entrepreneurship, most entrepreneurs will generally align with one of two broad categories: small business entrepreneurship or large business entrepreneurship. This tends to reflect the entrepreneur’s aspirations, resources, and their business’s size and scale.

• In a small business entrepreneurship, the focus is often local, with personalised service and deep community ties. The bakery on your street corner is a great example. The baker knows his customers by name, understands their preferences, and might even adjust his menu based on their feedback. These entrepreneurs are often deeply embedded in their local community and economy.
• In contrast, a large business entrepreneurship is about scale and widespread impact. These entrepreneurs aim to create businesses that reach beyond local communities, often spanning across countries or even globally. An example is a multinational corporation like Amazon. Jeff Bezos started Amazon with the goal of it being “the world’s most customer-centric company,” aiming to serve customers globally rather than in just one local community.

While these two types might seem different, they both involve the same core entrepreneurial principles: spotting opportunities, being resourceful, and creating value. The difference lies in the scale of their ambition and operation.

Types of entrepreneurship with examples:

• Innovative Entrepreneurship: These entrepreneurs introduce new ideas or improve existing ones. Apple’s Steve Jobs, with the iPhone, transformed mobile technology.
• Hustler Entrepreneurship: These entrepreneurs are hard workers, gradually building their business from the ground up. An example is the owner of a local restaurant who started as a food truck and expanded over years.
• Scalable entrepreneurship refers to a style of entrepreneurship where the goal is to rapidly grow the business. Scalable entrepreneurs often start with a unique, innovative idea that has the potential to serve a large, often global, market. They typically seek venture capital to help accelerate the business’s growth. A few examples would be Google, Facebook or Uber. In each example, the entrepreneurs started with an idea that could serve a large market, sought venture capital to grow quickly, and scaled their businesses to serve customers worldwide.
• Imitative Entrepreneurship: These entrepreneurs adapt successful business models to new markets or environments. For instance, someone might take the concept of Uber and introduce it in a city where it doesn’t exist.
• Research-Based Entrepreneurship: These entrepreneurs often come from academic backgrounds and leverage their research into a business. Biotech startups developing new medical treatments are examples.
• Buy-to-Sell Entrepreneurship: These entrepreneurs start or buy businesses with the goal of selling them at a profit. For example, someone might buy a struggling store, improve it, and sell it for profit.
• Franchise Entrepreneurship: These entrepreneurs adopt a tried-and-tested business model from a franchisor and replicate it. Think of your local McDonald’s or Subway franchise owner.
• Lifestyle Entrepreneurship: These entrepreneurs build a business around their personal interests or lifestyle. An example could be a travel blogger who earns through advertising and sponsored content.
• Serial Entrepreneurship: These entrepreneurs love the thrill of starting new businesses. Once one business is established, they’re off to start another. Richard Branson, founder of the Virgin Group, is a good example with his multiple ventures across different industries.
• Social Media Entrepreneurship: These entrepreneurs use social media platforms to build their business. Successful YouTubers, Instagram influencers, and TikTokers fall in this category.
• Intrapreneurship: These are employees who think and act like entrepreneurs within a company, often driving new innovations or spin-off divisions. An example is Ken Kutaragi at Sony, often called the “father of the PlayStation.”
• Mumpreneur/Dadpreneur: These are mothers or fathers who start businesses, often from home, to balance work with childcare. An example might be a parent setting up a children’s clothing line.

Entrepreneurship business examples for different industries:

Click on any category above to read more examples.

1. Entrepreneurship business examples for online businesses

An online business entrepreneur is someone who creates and runs an online business and is typically someone who is innovative and creative. Experts believe that you need to have a good understanding of technology and how to use it to your advantage in order to succeed in this kind of environment. There are a few key characteristics that are common among successful online business entrepreneurs. First, they are passionate about their business idea and are willing to put in the hard work to make it a success. Second, they are often very good at marketing and promoting their business, as this is essential for attracting customers and making sales. Third, when starting a new business, making mistakes is inevitable. But what separates successful entrepreneurs from those who fail is the ability to learn from those mistakes. So if you want to be a successful entrepreneur, remember that mistakes are part of the journey. Embrace them, learn from them and get more and more experience that can be applied to future endeavors.

Here are some entrepreneurship business examples: translation firm, content creation business, social media management company, SEO company, video editing company, talent recruiting firm, website development business, voice-over creation company, marketing company, vending machine business, affiliate marketing business, aerial photography, advertising company, phone apps building company, website flipping business, YouTube channel creator, content strategy company, custom t-shirt business, podcast network, dropshipping, pet influencer business, web design & development company, Etsy shop, virtual assistant, graphic designer business, IT system consultant business, video creation company, brand ambassador business, digital agency.

2. Entrepreneurship business examples in the food industry:

A food business entrepreneur is an individual who owns and operates a food-related business. Food business entrepreneurs are responsible for all aspects of their businesses, from concept and menu development to marketing and financial management. They must have experience working with food, and be creative and passionate about food in order to succeed in this competitive industry.

Here are a few entrepreneurship business examples: themed restaurant, gourmet popcorn shop, coffee shop, bakery, farms, juice bar, ice cream shop, catering, homemade jam jellies or pickles, nut butter business, artisanal beer shop, chocolate shop, cupcakes & biscuit shop, mobile food van, fast food business, bread & pastries shop, honey shop, fruit and vegetable mart, herbs & spices store, themed pub, frozen yogurt store, aquaponics farm, personal chef.

3. Entrepreneurship business examples in the home services category:

A home services entrepreneur is someone who owns and operates a business that provides services to homeowners. Home service entrepreneurs typically have experience in one or more trades, such as plumbing, electrical work, carpentry, or painting. Some home service entrepreneurs start their own businesses, while others work for existing companies.

Here are some entrepreneurship business examples: house cleaning, garden & lawn landscaping services, painting business, handyman services, pool care, pet sitting, dog training, Doggie Day-care, pet grooming, pet toy maker, massage parlor, subscription box business, plumbing business, pest control business, mobile locksmith, graffiti removal, pet sitting, packing & unpacking business, computer repair shop, Rental property management, soundproofing services, In-home masseuse, pillow designing business.

4. Entrepreneurship business examples for the training / personal training type:

These types of entrepreneurs are those who create and deliver programs that train people on how to become better at something specific. They typically work with a small number of clients and often build long-term relationships with them in order to help them achieve their goals. They usually have a deep understanding of their field, a lot of experience, and are able to translate that knowledge into actionable steps that ordinary people can take to improve their performance.

Here are a few entrepreneurship business examples: personal fitness trainer, cooking trainer, dance teacher, diet planner, homeschooling service, teaching your hobby, language translation business, employee training business, online video courses, test prepping, sewing classes, arts & music teacher, sports coach, fashion design courses, stress management courses, sales training courses, sewing classes, remote tech support business, public speaker, team building business, life coach, meditation instructor, online dating consultant, gaming coach.

5. Entrepreneurship business examples in the childcare & senior care industry:

These types of entrepreneurs often have a passion for working with children and a desire to provide quality care for families and the elderly. They may also have a background in early childhood education or child development. Childcare businesses are booming in the United States, as more and more parents are returning to work after having children. The demand for quality childcare is high, and entrepreneurs who can provide this service are in a great position to succeed.

Here are a few entrepreneurship business examples: nanny, night nanny, children’s party organizer, senior care business, after-school tutoring club, children with special needs daycare business, baby nursery business, retirement community, home retrofitting, mobile salon for the elderly, senior exercise classes, senior travel group business, selling or storing possessions for the elderly, tech training, wheelchair manufacturing, errand services business, chiropractor.

6. Entrepreneurship business examples for the event based & personal care types:

An event planning entrepreneur is someone who plans and organizes events for a living. This can include everything from weddings and corporate functions to birthday parties and other private gatherings. Event planning entrepreneurs must be organized and detail-oriented, and they must have a good working knowledge of the various aspects of event planning, such as catering, decoration, and entertainment. A personal care entrepreneur is someone who develops and sells products and services that help people with their personal care needs. This can include anything from skincare and haircare products to fitness and wellness services. If you’re interested in becoming a personal care entrepreneur, you’ll need to be creative, driven, and passionate about helping people improve their appearance and well-being. Personal care entrepreneurs often have a passion for the products they sell and a strong commitment to providing quality customer service.

Here are a few entrepreneurship business examples: hair stylist, make-up artist, wedding photo & video, virtual events business, rentals for weddings business, cloth alteration business, event planner, mobile disc jockey, greeting card business, cake decorator business, lights and sound service provider, customized gift business, corporate event planner business, outdoor events planner, party supply rental company, organize & manage tours for musicians, exhibition planner, career expo organizer, fashion show planner, festival planner, tattoo parlor, acupuncturist, escape room business.

7. Entrepreneurship business examples for the consultancy type

A consultant entrepreneur is an individual who provides professional advice and assistance to people or businesses. To be successful they should have a lot of experience in their practiced field. They may work with businesses of all sizes, but typically focus on small and medium-sized businesses. As a consultant, they offer advice and guidance on a wide range of business topics, from marketing and sales to finance and operations. In many cases, they act as a sounding board, providing objective feedback and helping to develop strategies for improvement.

Here are a few entrepreneurship business examples: interior decorator, solar energy consultant, personal organizer, yoga instructor, marketing consultancy, business management consultancy, environmental consultancy, nutritionist, personal investigation business, business plan consulting, small business consultancy, childbirth education business, scholarship consulting service, property consultant, SEO consultancy business, UX and UI designing consultancy, WordPress consultancy business, paid advertising consultancy, Shopify consultancy, amazon FBA consultancy, e-commerce implementation consultancy business, tax consultancy, risk management consultancy, Instagram consulting, online security consultancy.

8. Entrepreneurship business examples in the retail industry:

A retail entrepreneur is someone who owns and operates a retail business. Retail businesses are businesses that sell products or services to customers through a physical storefront or online store. Retail entrepreneurship is a risky business venture, as it requires a large investment of capital to open and maintain a retail store. Retail entrepreneurs must also be able to effectively manage their inventory, staff, and finances in order to be successful. However, experience pays off, and the rewards of owning a successful retail business can be great, as retail entrepreneurs have the potential to earn a significant income and build a valuable asset.

Here are a few entrepreneurship business examples: organic food shop, handbag design and manufacturing, shoes design and manufacturing, maternity clothing shop, cellphone cover shop, baby clothing line, summer camp business, sustainable goods shop, plus size clothing shop, locally curated goods shop, organic cosmetic & skincare shop, used goods shop, online thrift store, vape shop business, fashion boutique, used bookshop, collectibles shop, customized gift shop, second-hand IT hardware store, pet store, kitchenware business, drone shop, perfume business, bags shop, footwear shop, gadget & accessories store, gardening tools store, tea shop, hipster clothing brand.

9. Entrepreneurship business examples for the manufacturing type:

A manufacturing entrepreneur is a business owner who is responsible for the creation and production of new products or services. This type of entrepreneur typically has a strong technical background, a lot of experience with physical products, and is able to utilize new technologies to create innovative solutions to problems. In many cases, manufacturing entrepreneurs are able to bring their products to market quickly and efficiently, thanks to their intimate knowledge of the manufacturing process.

Here are a few entrepreneurship business examples: 3d printing business, candle manufacturer, embroiderer business, cosmetics manufacturer, soap manufacturer, hair extensions and wigs manufacturer, carpentry, jewelry manufacturer, tailor, porcelain manufacturer, bag manufacturer, shoe manufacturer, herbal oils manufacturer, microbrewery business, garment manufacturing, crafts making, DIY youtube tutorial business, toothpaste manufacturing, cashew processing business, chocolate making business, recycled materials goods manufacturer, cabinet making, picture frame manufacturer, liquid soap maker, woolen products manufacturing, paper & cloth bag manufacturer, hair accessories manufacturer, custom PC manufacturer, countertop manufacturer.

10. Entrepreneurship business examples for the tourism type:

A tourism entrepreneur is someone who comes up with innovative ideas to promote tourism and attract visitors. They are often involved in the planning and development of new tourist attractions, as well as marketing and advertising campaigns to get people interested in visiting these places. Tourism entrepreneurs need to be very creative and have a good understanding of what people want to see and do on vacation. They also need to be good at networking and building relationships with other businesses in the tourism industry.

Here are a few examples of entrepreneurship businesses: community tour guide, travel vlogging, Airbnb hosting, virtual events organizer, souvenir shop, adventure club, bed & breakfast, canoe and kayak rentals, ecotourism, agritourism, bar lounge, off-road tours, travel photography business, ticketing & reservation business service, translation business, travel agency, glamping host, travel concierge service, bike rental business, bike tour business, campground rental, private snorkel tour, tourist bodyguard business, speed boat rental, corporate retreat coordinator, ski or snowboarding instructor, SCUBA diving instructor, beach equipment rentals.

11. Entrepreneurship business examples in transportation:

A transportation entrepreneur is an individual who initiates, organizes, and manages a business venture in the transportation industry. A transportation entrepreneur is typically involved and has a lot of experience in activities such as shipping, logistics, warehousing, and distribution. Transportation entrepreneurs need to be well-versed in the various aspects of their chosen industry, from regulations to logistics. Transportation entrepreneurs often have a deep understanding of the transportation industry and are passionate about making it more efficient and effective. They are always looking for new opportunities to improve the way people and goods move around.

Here are a few entrepreneurship business examples: auto repair shop, currier business, specialized transportation, insurance broker, car rental, minibus, car wash, driving school, gas filling station, airport transfer company, bicycle rental company, relocation company, logistics company, vehicle towing business, travel agency, vulcanizing service, limousine services, trucking business, car storage, scooter rental, bicycle repair shop, grocery transportation, car & boat re-selling business.

12. Entrepreneurship business examples for the financial services type:

A financial services entrepreneur is someone who creates and provides innovative financial products and services that address the needs of consumers and businesses. Financial services entrepreneurs must be highly knowledgeable about the financial industry, have a lot of experience managing money and possess the ability to identify and exploit opportunities for profit. They must also be able to manage risk and handle the complex financial regulations that govern the industry.

Here are a few examples of entrepreneurship businesses: debt collection service, finance blogging business, tax preparation service, bookkeeping service, online financial courses developer, accounting and invoicing software developer, budget consultancy business, finance podcast, finance coaching business, real estate appraiser, stock market research website, credit repair business, business broker, auditing firm, mortgage/debt-reduction service, digital investment tools developer, digital banking business, personal finance management app developer, fintech consultant, digital wallet app developer, blockchain applications developer, bill reminder app developer. Additionally, we have already reviewed two budgeting apps. Our Truebill review tested its features, evaluating both good and bad aspects, and provided an honest assessment. Similarly, the Acorns review offered a thorough examination, highlighting its strengths and weaknesses in an unbiased manner.

13. Entrepreneurship business examples in construction & engineering:

Construction entrepreneurs typically start their companies from scratch, although some may purchase existing businesses. They typically build their businesses by bidding on and winning construction projects. Once they have a few projects under their belt, they can use their reputation, experience, and track record to attract new clients and grow their business. An engineering entrepreneur is someone who uses their engineering skills and knowledge to start and grow their own business. They are often innovators and problem-solvers and are able to see opportunities where others may not.

Here are a few entrepreneurship business examples: fireplace installations, ceramic tile retailing & installation business, waterproofing services, roof maintenance & repair, junk removal services, manufacturer of blocks and bricks, fencing, bricklaying services, electrical and light fitting, laminate floor installations, welding business, house repair services company, home renovation and remodeling, sprinkler system installation & repair, bathtub reglazing, CCTV installation services, chimney installation & repair, solar panel installation, window installation, construction estimation services.

14. Entrepreneurship business examples in the environmental & sustainability niche:

A sustainability entrepreneur is someone who creates and runs a business with the goal of promoting sustainable development. This can involve developing new technologies or products that are more environmentally friendly or finding ways to reduce waste and promote recycling. It can also involve working to raise awareness about environmental issues and encouraging others to adopt more sustainable practices. Sustainability entrepreneurs are often motivated by a desire to create a positive impact on the world, and they use their creativity and entrepreneurial skills to develop new products, services, and businesses that address environmental and social problems.

Here are a few examples of entrepreneurship businesses: handmade clothing, sustainable event planner, tiny home builder, farmers market vendor, sell water filters and purifiers, environmental law consultant, composting business, thrift store, environmental blog, bicycle tour operator, eco-friendly landscaping, urban agriculture, eco-friendly kids toys, reclaimed wood business, grow and sell your own food, upcycling, sell used books, reusable shopping bags manufacturer, urban garden planner, juice and smoothies bar, green cleaning business, minimalism training & consultant, grow and sell plants, mushroom farm, environmental fundraiser, car sharing service, recycling business, trash collection, packaging design business, sustainable fashion business, tech recycling business, efficient lighting supplier, biofuel production, electronics repair shop, eco-friendly retail business, worm farming fertilizer creation, green florist, eco friendly skin care products manufacturer, carbon offsetting dealer, clothing rentals, sell vintage clothing, green franchise.

Conclusion:

If you need more motivation to start an entrepreneurship venture (besides the entrepreneurship examples above), you could do the following:

• Read stories or watch documentaries about other entrepreneurs and their journey. This can help you see what’s possible and get some ideas for your own business.
• Attend entrepreneurship events or meetups. This can help you network with like-minded people and learn more about what it takes to be a successful entrepreneur.
• Talk to people who have already started their own businesses. They can offer advice and insight into what it’s really like to be an entrepreneur.

While some people are born with natural entrepreneurial ability, anyone can learn the skills and knowledge needed to be successful in business. With the right mix of passion, determination, and hard work, anyone can be a successful entrepreneur!

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