Learn the signs that signify it’s time to make a budget.
Welcome to Day One of the Master A Budget Series This series will run for ten days and it will cover all the things you need to know about budgeting so that you will be confident the next time you sit down and make your budget.
Today, I will share with you the important you-need-a-budget signs that let you know when is the best time to start a budget.
So let’s dive in.
Do you really need a budget?
Isn’t that just a boring list of numbers that means you never get to spend money on what you want?
Totally wrong notion. A budget is really just a way to take control of your finances. It does not necessarily mean you can’t ever spend your money on what you want; it just means you spend your money smarter.
As a matter of fact, if you are always denying yourself and never buying anything you want, for fear that you can’t afford it, a budget could actually be liberating.
Dealing with real numbers tends to be a lot less stressful than dealing with vague impressions of your income and expenses.
So how do you know if you need a budget? Here are some signs to help you know if you need to form a budget.
You-Need-A-Budget Signs You Should Not Ignore
1. Your credit cards are never paid off.
If you are paying only the minimum balance on your credit card, and/or using one credit card to pay off another, then it’s time to work out a budget to get out of that hole.
2. Money “burns a hole” in your pocket.
Do you feel like you have money for a moment or two, then it’s gone? This could mean you have too many expenses, or that you are too quick to spend on wants rather than needs.
3. You don’t put any money into your savings, or you are random about how much and when you put money in.
I was guilty of this, I thought I did not need a budget because I was saving money, but in random amounts.
Having a savings plan is an important aspect of financial management. If you don’t have any regimented plan for putting money into savings – say the first 10% of your net income always going to savings, or all bonuses from your workplace going straight to savings – then your savings will tend to languish as you keep spending on things you want.
4. You don’t have a savings account at all.
If you don’t have any savings or emergency fund, it may be a sign that you need a budget. A good family budget can help you make savings a priority.
5. You’re always saying, “I can’t afford it.”
Do friends ask you to go out to lunch, or to an event, and you say you “can’t afford it” all the time? This may be true, or it may not be; forming a budget will help you know what you really can and can’t afford.
6. You never seem to have enough.
Money can be deceptive – what seems like “plenty” can suddenly be not enough. Forming a budget can help you get a grip on what you have; you may be pleasantly surprised that you do actually have enough, or that it’s feasible for you to make some strategic cuts so that you will have enough.
7. You Have No Idea What Is Your Total Expenses For The Month.
Did you set your bills on autopay and never checked? And whenever you make a purchase or eat out, you just hand over your credit card? Not knowing how much you’re spending is most likely overspending.
According to a recent survey, Americans spend at least $18,000 a year on non-essential items.
When you have a budget, you keep track of all your expenses so that you will have a better understanding of where your money is going.
There you have it!
Final Thought On You-Need-A-Budget Signs
If you exhibit any of all of the above signs, then you need a budget. After you go through these series you will be able to craft the perfect budget for your family.
Now that we’ve finished talking about the signs that you need a budget, next up on the Master A Budget series is everything you need to know about the Advantages of Budgeting.
Find out if you can really make money with Stella & Dot.
Have you ever worn a piece of fashion jewelry before and your friends noticed it? Then they started asking you where you shop for your jewelry and accessories?
If yes, then this Stella Dot review is for you.
Also, if you are one of those who can put accessories together and manage to make them look good together, then I’ve got good news for you! You can actually make extra money from doing just that.
Stella & Dot is a social selling company that can help you make money while doing what you already love.
In this post, you will not learn about Stella & Dot’s products; instead, this post focuses on the entrepreneurial aspect of Stella & Dot.
Believe it or not, Stella & Dot are actually names of Jessica’s and Blythe’s grandmothers.
Jessica Herrin originally came up with the concept of this company and was later joined by Blythe Harris, and together they came up with the name Stella & Dot, after their grandmothers.
They started the company in 2004 and grew it to a profitable enterprise with $300 million in revenues.
Stella & Dot is a social selling company that originally was focused on fashion jewelry but currently, they have expanded to include bags, clothing and other accessories as well.
The mission of this social selling company is to help women run their own businesses. It provides women the opportunity to work on their own success by becoming a “Sign-up to be a Stella & Dot Stylist Today!“>stylists.”
The concept of this company model is to actually direct selling with a twist. Trunk shows are held to allow Stylists to sell their products.
A trunk show is a house party in which someone hosts a party and invites all their girlfriends. During the party, the stylist will have the opportunity to present and sell Stella & Dots products.
Stella & Dot claims that all their products are top qualities and are handmade by their award-winning design team.
Over the years, Stella & Dot had made it big that even celebrities are now wearing their products.
They were even featured in popular magazines like Cosmopolitan and Instyle.
Although their products are not fine pieces of jewelry, they do have products made of sterling, gold plating, semi-precious stones, and more.
Who is Stella & Dot for?
Now you know a little bit background of Stella & Dot, let’s find out who can really benefit from it.
1) For women who want to start their business and be their own boss.
By becoming a Stylist, you will have the flexibility to work at home, work any time you want and wherever you want. And the best thing is you do not have to report to a boss.
2) For women who love fashion and style.
If you are into fashion and style, then you will love Stella & Dot. Their products are carefully customized and created for the women of today.
3) For women who want to stay stylish while on a budget
Stella & Dot’s products are already at an affordable price because there are no retail markups added. However, as a stylist, you will get a 25-50% discount on products.
4) For women who want to share their passion for fashion and style.
By being a stylist, you will be able to make excellent recommendations to your clients. You will have the chance to share your fashion skills.
5) For women who want to do good while staying stylish.
6) Women who want to make money doing what they love.
As a Stylist, you will be able to earn a 20-35% commission by selling Stella & Dot products in person or online.
How Much Does it Cost To be a Stylist?
Stella & Dot offers two starter kits that you can choose from.
Bestsellers Kit- $199 which includes $1000 worth of products that are selected for you.
The Select Kit– $99 which includes $350 worth of products that you choose yourself.
What is Included in the Starter Kit?
Your starter kit will come with a poster, look books, pamphlets, a success guide, sales tools such as display sign, order form, gift bag and more.
You will also get your own website free for 60 days.
Best Features of Stella & Dot
No quota or minimum to stay active
Personalized website boutique
Trunk Shows will help you sell your products
25-50% discount on products
25% to 35% commission
Strong support from a community of women
Access to smart tech tools to jumpstart your business
Unique handmade products
How To Earn Money With Stella & Dot
1) Wear and Flaunt
If you love it, wear it. Pretty soon, someone will notice it and ask where can you buy it. Sometimes, an excellent product does not need any hard selling.
2) Trunk Show
Have fun with your girlfriends while showing them the products that you love.
3) Facebook Party
No time to host a house party? Leverage on the power of social media, host a Facebook party instead.
4) Promote Your Online Boutique
Share your website with your friends and to all social media. the more exposure your, the more product you can sell.
Is Stella & Dot Worth it?
Stella & Dot, as with any other company, is an opportunity. You either grab it and make the most of it or the other way around. It is not a guaranteed success.
It’s true that there are success stories of Stella & Dot, but there are also those who did not make it.
If selling is not your passion and you think training won’t do any good, then this business is not for you. To be successful in this business, you have to put yourself out there.
As with any other business, this business requires passion and determination. You must be willing to put in the time and effort in order to grow.
Make extra money from home by doing these extra income ideas for working moms.
There are so many ads out there on how to make money online but it is hard to pinpoint which ones are legit and are worth your time.
Before we dive into the legit side hustles for moms that you can do to make extra money legitimately, let us first look into the benefits of making extra cash.
Benefits of Earning Extra Money From Side Hustles
When you have extra earning potential:
You will be able to pay off your debt faster.
If you make extra money, you can add this to your debt payment. By doing this you will not only save on interest but you will also be able to pay it off sooner.
You will be able to build your emergency fund.
The extra money will help you set up your starter emergency fund. However, if you already have a starter emergency fund, you can use the extra money to fully fund your emergency fund, which is 3-6 months of expenses.
You will be able to save for a downpayment for your dream home.
If you already paid off all your debts and fully funded your emergency fund, you can use the extra money to build your downpayment fund for a house.
You will be able to save for a dream vacation.
If you have been dreaming of a big vacation, you can use the extra money to build your vacation fund. The vacation fund will prevent you from getting into new debt and will be able to enjoy your vacation better. No need to swipe that credit card.
You will be able to save for a big purchase.
As you earn money from these side jobs for moms, the extra cash will enable you to build your big purchase fund. This fund can be for a new car, a new TV or a new work out machine.
You will be able to increase your investment money.
When you have extra money, you can add it to your investment account and improve your portfolio.
You will be able to stop living paycheck to paycheck.
The extra income will help improve your monthly budget and consequently reduce the stress of tight budgeting.
You will be able to reach retirement sooner.
Having extra income will potentially increase your savings and as a result, you will be able to enjoy retirement sooner.
These are just some of the many benefits of earning extra money from side hustles. Earning extra income can help you change your life by helping you achieve your financial goals.
One of the steps in my action plan to achieve our personal finance goals is to earn extra income to help pay off our debts. Therefore, I am always looking for side hustles that can bring in extra income.
Consequently, I was able to discover some ways you can earn cash or Amazon gift cards which include watching videos, answering questions, taking online surveys from different survey sites, and more.
Although these ways are legit, they do not bring in a whole lot of money. But still, little money is still money.
So if you are you looking for ways on side hustle ideas for working moms, then you are in the right place.
In this post, you will learn about six side hustles for females, which are also flexible jobs for moms. Also, you get your husband to help you by doing any of these side hustles for men.
Earning extra money is hard but not impossible. You will be able to realize it was all worth the hard work once you reached all your goals.
6 Legit Side Hustles For Working Moms
For someone like you who is looking for the best second jobs but hates direct sales, here are some of the best part-time jobs from home for moms.
1) Mystery Shopper
Mystery shopping is one aspect of market research in which the primary goal is to improve business base on customers’ opinions. As the job name implies, you will be doing the tasks anonymously.
A mystery shopper is asked to report back to the company about how the employees, products, and services are doing. The data will then help the company improve its business by addressing the issues found.
Data will include customer service, cleanliness, compliance with dress codes and more.
As with any other work at home jobs, you are your own boss, you can choose which kind of assignment you want to do.
An assignment can be to a restaurant, movie theater, retail store, amusement parks, self-storage facility, bank, grocery store, apartment community and more.
A mystery shopper can pretty much shop at every business that deals with customers.
HOW TO BE A MYSTERY SHOPPER?
Mystery shopping does not require a degree or certification but in order to help you succeed, you should look into a training course that will teach you the basics.
To be a successful mystery shopper, you have to sign up with multiple mystery shop companies in order to have more assignments.
However, in order to avoid scams, do careful research for reputable companies before signing up.
HOW MUCH CAN YOU MAKE?
Mystery shoppers usually make $15-125 per shop, depending on the shop, or $10-25/hour. This includes your travel time and the amount of time you put in to make the report.
Mystery shopping is not for everyone and is not a get-rich-quick scheme. You can be successful with this if you have the time to commit to it.
Bookkeeping is one of the best ways on how to earn extra money online legitimately that is a booming industry right now. One of the reasons for this is because many business owners hate to do their own bookkeeping. As a result, they outsource the task.
Because of our technology nowadays, traditional bookkeeping is long gone. Nowadays, a bookkeeper is able to provide accounting services remotely to clients.
HOW TO BE A BOOKKEEPER?
The best thing about bookkeeping is that you do not need to be an accountant to be a bookkeeper, you do not even need a degree. You just need the right training to learn the skills of a good bookkeeper.
Transcription is another legitimate work at home job that involves transforming audio and video recordings into a written word.
A transcriptionist listens to a speech and then types, formats, corrects punctuation, and spelling to transform it into an excellent transcription.
The good thing about this industry is that there is also a growing demand due to corporations, TV networks, academics, authors, entrepreneurs, and more who use transcripts for their business growth.
HOW TO BE A TRANSCRIPTIONIST?
You do not need a degree to be a transcriptionist but you need the right training and practice. Getting the right training will set you up for success.
A transcriptionist can make $15-60/hour depending on a lot of factors like difficulty of the job, type of transcription, how fast you finish the work, etc.
You can learn the basics of how to be a transcriptionist with this book.
4) Virtual Assistant
One of the booming legitimate work from home jobs is a Virtual Assistant job.
The work of a virtual assistant is to provide remote administrative and technical services to businesses. It can be social media management, website management, marketing, or any administrative stuff.
Businesses, entrepreneurs, and bloggers outsource these types of work to virtual assistants in order to be able to focus on their business growth.
With today’s technology, anyone can start a business and the internet is not going anywhere so the demand for virtual assistants will continue to rise. Now is the best time to look into this new gig.
HOW TO BE A VIRTUAL ASSISTANT?
To be a virtual assistant, you also do not need any degree or certification. You just need to have the right training and mindset to be successful.
A virtual assistant can earn $15 to $60 per hour depending on the skill level and experience. According to ZipRecruiter, the average annual pay for a Work From Home Virtual Assistant in the United States is $57,371 a year.
5) Etsy Seller
If you are creative and crafty, you can create a product that you can sell on Etsy. Etsy is an online shop where people look for unique and handmade products.
Etsy sellers will be able to start their online business by listing their products on this platform. The good thing about Etsy is that they are beginner friendly, they make setting up easy for the seller. They even let you start for free.
HOW TO BE AN ETSY SELLER?
In this kind of gig, you will be selling online so you have to have a product to sell. It’s not just any product though, it has to be one-of-a-kind, vintage, or unique.
You also have to be ready to deal with product listing, marketing, shipping/handling, customer service, and so on.
HOW MUCH CAN YOU MAKE FROM SELLING ON ETSY?
The amount you make greatly depends on a lot of things like the type of product you are selling, the units you have, marketing, and so on.
Obviously, if you have an in-demand product, a lot of inventory in your online store, and you marketed your product really well then you will make a lot more. It has the potential to be a source of passive income in the long term.
If you are someone who loves to write, who has the expertise, who is passionate about something, who wants to help others, then you can start a blogging business. There is an endless list of blogging jobs for moms out there.
I started blogging because I wanted to help inspire people to take control of their finances and be happier. Blogging enables me to share my experience with everyone, in that way you can learn from my experiences.
HOW TO BE A BLOGGER?
Another booming legitimate work from home job is to be a blogger. And the best thing about this is that you do not need a degree or certification to be a blogger. You do not even need training if you do not want to.
In order to be a blogger and be able to make money, you need a website. This will be the place that will contain all your writings.
These are some of the flexible side jobs to earn extra money legitimately. Each of these flexible mom jobs is unique from each other but they all provide the flexibility that someone like you is looking for.
And the amazing thing that these work at home jobs have in common is that you can have the potential to make it big if you have the correct mindset and commitment to put in the work.
Making extra money is not easy and that what makes it legitimate. You have to work hard for it before you will reap the fruits of your success.
Which one of the side hustles for moms will you be doing? Let me know in the comments.
Actionable tips to pay off your credit card debt quickly.
I think you would agree with me when I say being in debt sucks. You lose the freedom to do anything you want because you have to pay down your debt.
I know the feeling because I’ve been there. I have been in a situation where I have to search for ways on how to pay credit card debt of over $35K.
But how and why do we have so much debt?
Simply because of bad money management. We have decent incomes but we let our lifestyle grew with our income.
We did not have a budget in place, we were unknowingly overspending by a LOT and not saving enough.
And along with the expensive cost of fertility treatments, we were in the deep.
Yes, we learned the hard way.
It was not until we were hit with one of life’s amazing trials that we realized how bad our financial situation was.
I was having a difficult pregnancy back then and I had to stop working to improve our chances of having a successful pregnancy.
Since it was unplanned, we were also unprepared for the bills that came every month, which continued to come even after we lost our baby.
With a single income, we struggled to pay the mortgage, student loans, medical bills from round after round of infertility treatments, and other bills.
Worst time of our lives.
Then it hit us. If we ever want to afford to have me as a stay at home mom once we have kids and not live paycheck to paycheck, then we have to do something.
Not next year, not next month…but NOW.
We started looking at our finances closely and made a decision to start our journey to financial freedom. We were both on board.
I was inspired by Dave Ramsey’s principle and so was my husband. So we decided to follow his recommendations.
We funded our emergency fund to $1000 and started tackling our debts. In January 2019, we totaled all our credit card debts and it blew our mind off when we found out we owe over $35K.
Our total credit card debt was $35,702.75 and we vowed to pay it all off in 12 months.
That is a lot to pay in just 12 months! But we are pretty determined. That is how mad we are of this debt.
In just under a year, 11 months to be exact, we were able to pay off over $35,000 of credit card debt!
Now, let me share with you how we were able to pull it off.
How To Pay Credit Card Debt Of Over $35K
1) Funded Our Emergency Fund
The most important step that we took on how to pay off $35k+ in credit card debt is funding our emergency fund. Before we started the credit card debt payoff journey, I set aside $1000 for our emergency fund.
The emergency fund will cover any expenses that are unexpected, necessary and urgent.
We had to use it recently because of some plumbing issues. And it felt good not having to use a credit card and add to existing debt.
I used a credit card to pay for the service but paid it right away using our emergency fund. I did this in order not to miss out on cashback/miles.
2) Created Our Credit Card Debt Payoff Game Plan
We totaled our credit card debt then we calculated how much we have to pay each month. From there, we figured out how much extra cash we must come up with every two weeks, then we wrote it down on our debt payoff planner.
We also printed it out so we can have a visual reminder of our goal. It gives us the motivation to stay on track. The numbers were pretty high but then again, we were determined.
If you want an automated version, you can try this credit card consolidation app that makes it easy to stay on top of your credit card payments.
3) Took Advantage of Balance Transfers
Between my husband and I, we have a lot of credit cards, however, we do not carry a balance on all of them. We use thesecredit cards for accumulating points and/or cashback, which helps us with our travels.
In order to start tackling our debt, we went through the balance-transfer-route. At that time, we had some good promotions such as 0% APR and 0 transfer fees.
So going through this route made more sense to us instead of the snowball method or debt consolidation.
However, since all of the promotions expire at around the same time, we still used the principle of the snowball method. We started paying down the one with the smallest balance first.
4) Updated Our Monthly Budget
We had to do update our budget because the credit card payments will be part of our monthly budget. We included all the credit cards and their minimum payments.
Then all of the extra and leftover money goes to the credit card with the smallest balance.
5) Tapped Into Our Savings
Most of our little savings, not including our 401ks, are either on CD or high-interest yield savings account and we chose to leave them alone. We took out whatever money we have in our regular savings and put it towards credit card debt payoff.
6) Stopped Extra Payments to Mortgage
If we had known about better money management back then, we would not have started paying extra on our mortgage until we paid off other debts first.
So I went ahead and canceled the extra payment and put it towards credit card payment.
7) Stopped Automatic Transfers To Savings Account
We also canceled all automatic transfers to our savings account and added that amount towards our credit card debt payoff.
8) Downgraded Our Cable
My husband really loves sports and I have my own shows that I love as well so we decided to keep our cable. However, we wanted to decrease our cable bill so I called the cable company and ask for a better deal.
By just doing that, our cable cost went down by $80!
9) Sold Items That Are No Longer Needed
Every year during spring cleaning and winter holidays, we gather items that we no longer need and donate them. However, I came across a blog that talked about how they sell pre-owned items online.
I researched more about it and then started listing my items online. I found this great site which even pays for shipping. All the money from selling went to credit card payments as well.
10) Made Meal Plans Around Grocery Flyers
I haven’t really paid any attention to grocery flyers before. They usually end up in the recycling bin right away.
However, after reading more about how to save on groceries, I realized these papers are like gold. Now I pay attention to their weekly deals.
I even learned how to stock up on items at the right time. Every week, I make meal plans based on what is on sale.
11) Stopped Dining Out
This is not totally true. We did not totally stop dining out. We still do but we reduced unnecessary dining out. Gone were the days of dining out every Friday.
We still go out with friends and we have date nights only on special days. And we stick to our dining-out budget. We have a very BIG goal to achieve but we also have to live a life.
12) Packed Our Lunch
I drive a lot with my job, and it is so easy to go through drive-throughs and get my lunch. It’s just very convenient that way.
However, prepping meals and packing our lunch significantly reduced our food expenses. And being able to eat healthy food was also a bonus.
13) Collected All Loose Change
Who does not have coins lying around? No one because we all do, they’re in the drawers, purses, pockets and even by the laundry area.
We collected all of the coins we can find in the house. We even found some stash from our coats and jackets. Then I took all the coins and traded them into bills at our grocery store. Yay, another $$$ towards credit card payment.
14) Shopped Smarter Online
We do our shopping mostly online because of its convenience and also we are able to use coupons or earn cashback from it. I use Rakuten for all our shopping needs.
I am able to get cashback from shopping through their site and what I love about Rakuten is that they have lots of stores that participate in the program.
If you want to know more about how to save on your grocery bills, you might want to check out Ibotta App Review.
16) Pet Grooming Salon Time-out
Getting my fur baby to his groomer means $60-70 out of our finances. We could actually use that money for credit card payments if we do our own grooming.
If I do not take him to the groomer, it does not mean I do not love him. It is actually better if I do his bath and other grooming requirements on my own because it means more bonding time for both of us.
17) Did My Own Manicure and Pedicure
Yes, I did my own nails. It was not perfect and it took some practice but I was able to do it. It gave me the flexibility to change colors when I wanted to. And the cost is the same as the tip I would give the manicurist.
18) Dyed My Own Hair
When I get my hair color done at the salon, it costs me so much. So, I decided to just do my own hair. I didn’t notice any difference, my gray roots were covered.
However, with high-lighting, I have to have my hairdresser do that. That is way too advanced for me.
19) Applied for Side Jobs
When we started our debt payoff journey, I started applying for jobs on the sides. I actually picked up two side jobs. These made me put more hours working but put more money for credit card debt payoff.
20) Worked Overtime
My husband was able to pick up a side job but only on the weekends. He is busy at his current job so he was able to put in more hours for overtime.
21) Write about it
Some people would disagree with this but one of my favorite ways on how to pay credit card debt is by writing about it. This is my way of staying accountable.
Writing about your finances can be embarrassing but it will help to know that you are not alone. There are people out there too, who are in the same situation.
So by writing about it and sharing about the journey, I will stay accountable and achieve my goals. And then hope that I will be able to inspire and help someone out there do the same.
There you have it!
These are the things we did to pay off over $35k+ in credit card debt. It was not easy. It involved a lot of sacrifices but it was all worth it.
Did you find our tips on how to pay credit card debt useful? Let me know in the comments below.
Learn how Freshbooks can help you invoice like a pro.
Have you ever tried invoicing manually? If so then you know how difficult it is to manage your small business if you are manually doing your accounting especially your invoices.
So what do you do?
Today, I will share with you one of the best invoicing tips that you need.
Many people have found success by switching to cloud-based accounting which includes invoicing. One of the best cloud-based accounting tools out there that make invoicing easy is Freshbooks.
Freshbooks makes invoicing so simple that it can save you so much time. To show you how simple it is to invoice with Freshbooks, this post will walk you through the steps on how to invoice like a pro.
The best thing about Freshbooks is that it offers 30-day FREE trial that you can take advantage of in order to try out all their features and decide if Freshbooks aligns with your needs.
What is an Invoice?
Before we dive into creating one, let’s first learn what an invoice is and how it impacts our business.
Why is Freshbooks The Best Invoicing App?
Let's discover what Freshbooks can offer in terms of invoicing.
How To Create An Invoice With Freshbooks?
Now let's get ready to create.
How To Send An Invoice
Done with your invoice? Let's send them in.
There you have it!
Now that you saw how simple it is to manage invoices with Freshbooks, try them out for 30 days and decide if Freshbooks is right for you.
