Several Ways to Save $10,000 in 2016

Several Ways to Save $10,000 in 2016

If you found yourself with $10,000, what would you do with? It might be something that you have thought about before or not. Yes, it may be fun to spend this money, but wouldn’t it be better to save it for financial security and peace of mind? You bet. Unfortunately, some people would think of ways to spend it on a fabulous day at the spa, a vacation trip, shopping spree and you name it. Some with more wisdom would probably use some of it to pay down debt and build up their emergency fund.

Take Baby Steps

To save $10,000 in the year 2016 (current year), you should take baby steps. You can start by putting away a $100 at a time. Set a short term goal to see how much you can afford to save each week to reach the $10,000 mark at the end of the year. Calculate your income and expenses to see how much money you would have left over and use that amount to put in your savings account.

The Extra Money

However, before you put away in your savings, use some of the extra money to pay down some of your debt. After doing this, you should consider putting away some of the extra money to cover up to six months of bills, in case an emergency occurs such as loss of employment, serious illness or accident.

The Goal Realized

$10,000 saved for the year is a major goal to consider, but it is attainable. You just have to do some financial planning smartly, creating a specific budget and sticking to it. Keep track of your spending and try not to spend money on impulse. Yes, you have to be disciplined, if you want to meet this goal.

Begin with Wisdom

If you are unable to achieve this on your own, you should seek professional help from a financial advisor and/or planner. That is the first step toward wisdom. If you already have one thousand dollars put away, you already know how to save. Saving money is the wisest thing to do when you realize that unexpected situations can occur. It will bring you a sense of relief to know that if your pet needs to go to the vet or your car needs to be repaired, you can afford it. The last thing you want to do is to dip into your emergency fund, but if that is all you can do, at least you have that option.

Serious Budgeting

Have a sit down with your family members to discuss budgeting and the things that the family will have to cut back on. Determine what you will cut out of the grocery list – things needed and not the things wanted. If your budget is flexible, it gives you more traction to save. If there is another income earner in the household, it makes it easier to budget and save. The additional income gives you an edge to save more. Along with budgeting, the extra income can free up some more money for you to save.

Freeze Spending

Freeze your spending. Don’t make any major purchases for the year. You have to be disciplined with this, though. Let someone in the family know of your goal and they will make you accountable. If you are accustomed to going to the hairdresser or nail tech every two weeks, change it to once per month. To save even more, you can do your nails and hair at home or use the expertise of a family member or friend.

There are other ways to save money such as spending less at the grocery store, taking on a second job to earn more, or working more hours.

 

4 Way To Save Money As A Full Time Mom Or Dad

4 Way To Save Money As A Full Time Mom Or Dad

Being a parent is one of the hardest jobs out there, but for all the hard work, it doesn’t exactly bring in the cash. Being a stay-at-home parent doesn’t mean that you have to let financial stresses get to you, though. Whether you’re a full time mom, dad, or any other type of guardian, there are easy ways you can build a bit of savings without having to take time or attention away from your kids or other priorities.

Sell Some Stuff

Here’s the beauty of a garage sale – it lets you clean out your home of all the stuff you’ve accumulated and nets you some cash on the side. If you’re a full-time parent, though, the thought of getting up even earlier than you already do and doing a lot of heavy lifting at the crack of dawn only to go back in and do it all again for the kids probably isn’t an appealing idea. So instead, take the garage sale concept and move it online.

Selling your old stuff through online marketplaces like eBay and Craigslist are great ways to make some cash while decluttering, with the added benefit of being able to sleep in. It’s not just about big ticket items. Parents are always looking for affordable deals for school books, clothing and toys kids will grow out of quickly. If you’ve got clothes that don’t fit your kid anymore, you’ve got a tiny gold mine.

Rent Out Extra Space

You might not have extra space in the house, but did you know you can rent out your garage, driveway, or even parcels of your backyard? If you live in a city or near a transportation or office hub, places to park are at a premium. Renting out your garage or driveway is a great way to earn regular cash with little effort.

Renting a small parcel of land for something like gardening is also an option – just be sure to have very clear terms about what can and cannot be done on your land, and have it all in writing. This can help you prevent the planting of anything detrimental to your family and pets, or otherwise against the law.

Take An At Home Job

If you have a bit more time when the kids are in school, an at-home part-time job might be the way to go. You won’t be giving up any time with your family, and you’ll still be right there when you need them, but working as a virtual assistant, content writer, tutor, designer, or whatever else your interest might be comes with the benefit of being able to challenge yourself and do something that you enjoy while still being available as a parent. Be sure to do a bit of research to make sure the person or company for whom you work is on the up and up, but if you find a position you like, there’s no reason you can’t have a career at home.

Do Some Daycare

If you’ve got a kid, odds are they have friends. At least some of those friends probably need watching at least some of the time. Doing a bit of daycare lets you make cash just by watching other kids along with your own. You’re essentially making money for doing what you do every day, but on a larger scale. You can do it as much or as little as you desire, and of course you can pick your own clients. It’s the easiest way to parlay your skills as a parent into cash.

Living On One Income

Living On One Income

It is a fact that more and more families are not staying together. Divorce rates are at an all time high and coparenting seems to be a new fad. It’s a sad reality but it leaves many to be single parents. Whether you are a single mom or dad balancing everything can be a difficult tactic. Often it seems as though you are just struggling to make ends meet. Years ago it was the norm for you to stay home with your children while the other parent worked and it wasn’t a big financial burden. That equation just doesn’t seem to happen much anymore. Being a single parent isn’t easy and financially exhausting but there are ways to make it a little bit easier. And even if you are a stay at home mom and need to find more budget saving ways for you and your family this can help you as well.  These are some tips that can help you live a little less financially stressed.

 

Start Saving

Take a small amount of income and put it away in a savings account. It will eventually accumulate and be a good cushion for you to lean on when life sends surprises your way. If you are currently living on two incomes and plan to just start living on one start saving and paying off debts. If you are already living on income put some money in savings, pay current bills, and if you have any money left start paying off debts with a small amount. This is what you call the snowball effect. Paying off debts slowing and having a plan set in motion will get you there gradually. Try using your smart devices free budgeting apps to help get you started.

 

Learn How To Stretch Your Money

Most people do not even realize how much their money can actually get. When shopping for things you need like clothing go directly to the back of the store to the clearance racks.You will be able to purchase more for less. Look for local kids consignment shops and trade in gently used clothes that are just lying around and toys that are not played with anymore. You can use the money to save or to purchase the things you need. Grocery shopping is a must for everyone. Try to spend about ten to fifteen dollars less than you usually do and put that money into savings. Look for sales and coupons on groceries for the things you need, do not buy things just because they are on sale. Do you have cable and do you really need it? Think about your needs and wants. Instead of paying for cable get Netflix or Hulu and you will be amazed at how much you can save each month. Start making your food at home instead of ordering out or going out to eat. Conserve the amount of gas you are using. Try planning your outings so you can stop along the way instead of continuously going back out for things. By using these simple steps it can surprise you with the extra amount of money that will be in your pocket.

Give These Tips A Try

Living on one income shouldn’t be a burden. Using some simple tips by stretching a dollar and saving wherever you can makes it easy. Start saving and give yourself the confidence and independant feeling of knowing that you can do it. Having the security of a backup plan will put your mind at ease when life throws you those crazy curve balls. Stop throwing your money down the drain and save!

 

How To Recover Your Credit After The Holidays

We all know what it’s like to get carried away with holiday shopping, and if getting that January credit card statement is getting you nervous, you’re not alone. The good news is that provided you didn’t buy something truly major, like a sports car or a whole new house, your credit won’t have to suffer under the weight of your statement for long. Here are three easy ways to help you perk up your credit when the holidays have it looking a bit down.

Start Paying

This might seem obvious, but there’s a trick here. If for financial or personal reasons you want to pay everything off right away then go ahead. But if you’re looking for a credit boost, don’t pay everything down all at once. Instead, start making payments, but do it above your monthly minimum required payment. If you’re able, break the balance up into a few manageable blocks and pay those out monthly. The reason for this is a simple not-too-secret secret when it comes to credit cards and how they impact your score.

A lower balance improves your debt to income ratio, and a lower debt to income ratio raises your credit score. For that reason, the sooner you can pay down your debt, the better. Breaking it down into a couple blocks gives you a tiny boost in another area of your credit score, though – payment history. A large portion of your credit score is based on whether you’ve paid bills on time and in full. It won’t be an automatic raise in score on its own, but building a few reliable payments into your budget helps better your score in the long run, too.

Look For Suspicious Information

Check your credit score with a free, reliable resource like CreditKarma.com – and be sure to really research a site before you give it any personal or financial information. Take a look at your credit score and see if things look right. If something doesn’t add up and you’ve got questions, pull your actual credit reports from all three credit bureaus.

Go over them with a close eye and look for anything suspicious – anything questionable. Some fraud is more subtle than trying to drain your accounts or rack up charges on all your cards, so make sure to look carefully. If you see anything suspicious, dispute it right away. Don’t wait for the matter to get worse. Get in contact with both the credit bureau and any other companies involved to get the matter straightened out right away.

The holidays are a time ripe with fraud, and the best way to ensure you’re not subject to it is to look closely for any indicators before real harm can be done.

Start Saving

Once you’ve got this year’s debt all squared away, it’s time to turn attention to warding off a repeat performance next year. Start saving well in advance for next year’s holiday shopping spree, and you’ll be one step ahead and far less likely to reach for your credit card at the register next year, helping to keep that shiny new credit score as immaculate as possible.