It happens every year. The post-holiday welcome back to reality. Christmas is over, the decorations have been packed away (maybe), and the glow of the season has worn off. For many, this time is a new season. A season of waiting. Waiting for the tax return. Because for many families, there is too much month for their paychecks.
I have been there, especially being in the service industry and having a husband who worked in the construction industry for years. I know what this time of year feels like as you file your taxes as soon as possible so your return came as fast as it could, allowing just a little breathing room. Not having enough to make ends meet will make anyone worry.
But I’m the kind of person who doesn’t spend much time worrying about things. No, that does not mean I have no worries! It means I believe worry does nothing for me. My mantra is more along the lines of “Can I do something to fix it. If so, then do it. If not, then why waste time worrying about it- what will be, will be.” Also, worrying doesn’t pay my bills, and those bills gotta get paid, or it will cause me to worry- it could be a neverending cycle. Instead of worrying, I need a plan.
If you are a worry-gets-me-nowhere mama like me, then you need a plan too. Here are three “steps” that I use to make sure there is money left at the end of the month, rather than the other way around. Maybe they’ll help you too:
1) Know where you stand.
Yes, I’m gonna say the “B” word. Lay out a budget. You cannot know how to map out where you want to go if you have no idea where you are now. I’m an old school girl, so I just have a spiral-bound notebook and each page has one month of bills written down on it (in order of the day they are due), and some extra lines for food/gas/etc costs. If you want something more technologically advanced, here are two sites you can use, with apps: Every Dollar and You Need a Budget. For even more insight on how to lay out a successful budget, I highly recommend looking into Dave Ramsey’s Financial Peace information.
Once you lay out your budget, and look at your expenses and income, you may see that you have one of the following problems: an income problem (you need to make more money) or a spending problem (you need to cut down on spending). Yes, you can also have both problems. But now that you can clearly see where you are, start making a map for where you need to go.
2) Increase your income.
Oh, boy, do I know this one is tricky. Especially since increasing income oftentimes seems to mean getting another job, which would also increase childcare costs (disproportionately to what you would be making, I know.) And if you ask your Facebook friends how to earn more income at home, you will most certainly receive a number of enticements and private messages to join someone’s sales-from-home team. IF you are someone who has a passion for said product AND enjoys the idea of sharing that passion with others and grinding it out to get sales, by all means, do it! I have friends who make fantastic incomes doing sales from home. But know your own limits, because if you are not absolutely a salesperson, you may find yourself further from your goal due to the startup costs of some of those businesses. If starting your own sales from home business isn’t right for you, check this list for some more ideas on ways to earn:
- Donate plasma – BioLife Plasma Services compensates donors for their time spent giving plasma, anywhere from $20-40 per visit. When you go twice a week, your earnings can add up to $160 per month or more, not to mention they often run promotions, so be sure to ask for any referral bonuses when you sign up. And the best part is they offer childcare, so it’s actually quiet time for mom while you are helping save lives. Feel free to wear a cape, because you’re a superhero, momma! (My veins aren’t ideal for it so I truly think it’s awesome for those of you who can do it!)
- Become a personal shopper – Did you know that some stores offer a grocery delivery service to their customers, and NEED people to do the shopping for them? Shipt shoppers get paid per order, and once you complete 10 orders successfully, you are allowed to take on multiple orders at a time- unlocking more earning potential! This one you cannot bring your children along for, so you do need to be a bit more strategic- but maybe you could do an order on your lunch break at work, or once the kids are tucked in bed.
- Tutor online – If you have a college degree, there are online companies that will pay you to be a tutor. Check out this list of companies from The Penny Hoarder
- Get creative – Buying handcrafted items has never been more popular, so cash in on this trend. Personally, I love to crochet while watching TV (or sitting in the pickup line at the kids’ school) and have a Facebook page to display my creations, allowing for people to purchase and order items. I know many moms who have gotten into vinyl creations, wreath making, or refinishing furniture. If you have a creative personality, put it to work for you! Here is a great list to start getting some ideas and see if something sparks your interest.
- Join a shared economy (think Uber, Lyft, Airbnb, etc) on one of the many platforms out there today, some ideas which can be found in this article.
These are just a few ideas to start with, please add your own ideas in the comments below!
3) Decrease your spending
This is why knowing your budget is so crucial, so you can see any possible areas to trim. I must confess that once I sat down and saw where my money was going, I was appalled at some of it! I was paying for more than one service I was no longer using: gym membership, HBO subscription to name a few. And those gas station purchases! YIKES! It’s amazing how fast a $2 cup of coffee and a snack adds up when doing it almost daily! Looking at my budget helped me figure out my biggest areas of spending so I was able to map out a plan to reduce it!
- Gas – We all know that one of the sub-lines on our resume of mom is “unpaid taxi service” right? The miles and gas cost really adds up. But did you know that your favorite gas station probably has a loyalty card you can use for savings? Most will at least start your savings at 5 cents per gallon, with the option to increase savings with other offers. And that snack you like to get? You could earn a free snack when you use your loyalty card enough. The other thing I did was SLOOOOWWW DOOOWWWN and manage my road rage. Add that to these other gas saving tips and you can cut fuel costs even more.
- Food – Not only my grocery bill but eating on the go. This one takes a lot of diligence, but with meal planning and packing our own lunches and snacks, we have been able to cut our food budget in half. Also, one great way to help stretch your food budget is with a food sharing program like Ruby’s Pantry where anyone (no income restrictions) can bring $20 and get two laundry baskets full of food to add to the meal plans. Check out their website for a list of pop up pantries near you. In Green Bay, there are two pop-up pantries and you can visit both.
- Utilities – I’m constantly yelling at the kids to “shut the light off in there”, but here are some more easy ways to reduce your heating costs by up to 40%!
- Clothing and entertainment- the biggest tip I can give you here is to check your Facebook events. Here in Green Bay, there is a monthly “Community Closet” where families can go fill up a bag of clothing for their family needs, and there are always TONS of free activities and events being offered by area groups and businesses. For example, last year we enjoyed a delicious free spaghetti dinner and fun swimming at the YWCA during one of their events.
These were a few of my biggest culprits for spending. What are your ways to tighten the belt and trim spending?
Coming off the Christmas season, budgets are tight, and stressing about money puts a strain on your health and your relationships. But what better time to work toward a better financial future and ease of stress than the New Year?
What tips do you have to help make ends meet? Share in the comments below!
