Commit. Plan. Take action.
Since starting this blog in January, I have had the pleasure of meeting some really fascinating people.
You may remember Ron, who shared how he and his wife Thu paid off all of their debt, including their mortgage, in seven years.
Today I am delighted to share the story of Alex and Megan Barker. They are a young couple living in Michigan with their two little girls.
Imagine no longer having to wake up at 5am by the annoying BEEP, BEEP, BEEP of your alarm.
Think about what it would be like to set your own schedule and not have to work the normal 9 to 5, or more often these days, 7 to 6?
Am I right?
What if instead of getting stuck in rush hour traffic both on your way to work AND on your way home from work, your commute was as short as walking from your bedroom to your home office?
Let’s talk about making money from home!
Whether you’re home with little ones (like me) or simply prefer the convenience of working in your pajamas on your own schedule, as technology advances, securing a work at home position is becoming more and more appealing and more and more attainable.
Today, I’m going to share three ways that you can bring home the Benjamins without leaving your home.
From nurses to call center agents, transcriptionists and even teachers, there are growing opportunities to work from home for a reputable company. Companies like BabyCenter, 1-800-Flowers, and even the Hilton, will pay you to work from home. You may have to stick to a certain schedule and follow the rules of the company you work for, but you’ll have the convenience of working in your own home.
The sky is the limit when it comes to the type of jobs you can do as a freelancer. You can be a writer, graphic designer, virtual assistant, or video editor. Whatever skills you have, you can use them to create a side income or even a full-time income. With freelancing, you are your own boss so it’s on you to find the work, but when you do, you usually sign on for one project at a time. Check out websites like Upwork, Fiverr, and Hire My Mom that can help you find projects or ongoing positions. If you want to get out of the house, consider becoming a Tasker for TaskRabbit, where people can hire you to hang pictures, do their grocery shopping, or even stand in line.
Imagine getting a ding on your phone, and someone wants to pay you $25 to drive them to the airport! Well, you can make that happen by becoming a local driver for Uber or Lyft and get paid to drive people around town. And don’t forget about Craigslist! As you likely know, Craigslist is a free forum where millions of people post items to sell, places for rent, and job opportunities. But you can also post on Craigslist if you’re looking for work. List your skills and specifically what type of work you’re looking for, and you might be exactly the person that someone is looking for! It’s completely free, and free is definitely worth a try!
Becoming an entrepreneur is only limited by your creativity. It’s similar to freelancing, but entrepreneurship is where you focus more on creating a sustainable business rather than performing one-off projects. For example, as an entrepreneur, you can sell new or used physical products, on websites like Craigslist, eBay, Amazon, or Etsy. You can either create the product yourself or sell an item you purchased for a higher price. If you find a company whose products you love, you can often get them at an extreme discount or even for free by selling the products to others who may love them just as much as you!
Do you have a message that you want to share with others? Do you have something you can teach others how to do?
1. You can sell digital products, such as eBooks or online courses and programs. It’s now easier than ever to become a self-published author by uploading your eBook to the Amazon Kindle store and gain access to their hundreds of millions of customers. Alternatively, you could potentially charge higher prices by selling the eBook on your own website.
Websites like Udemy and Teachable, make it easy to create and sell self-study online courses. You create the course, customers purchase the course, and you get paid.
2. In line with that is to become a coach or consultant. Do you have a skill that people keep asking you to teach them or help them with? Are you an expert in marketing, gardening, nutrition, or fitness? If you make it known what you can help people with, you can find clients that will pay you to coach them. For example, my husband and I paid off $120,000 of debt in two years on a single, middle-class income, and now people pay me to help them create and implement their plan to get out of debt!
3. And there are millions of bloggers, podcasters, and YouTube sensations who make a full-time living by sharing their message on the Internet! Usually, they earn money from advertisements or sponsorships, but they may also use the other strategies that I mentioned to create multiple income streams.
Gone are the days where the only way to earn a paycheck is by trekking to an office building across town, working for someone you don’t like with people you don’t care for.
Today, there are more opportunities to work from home than ever before. If you long for the convenience of working in your pj’s or you just want to bring in some extra income, then I encourage you to explore some of these options.
Every year or two, you should take the time to review your family’s financial plan and assess whether it is still relevant. There have been a plethora of changes for our family over the last several years. Because we hadn’t reviewed our financial plan since before our daughter arrived last August, it has been a topic of discussion in our household fairly often recently. So, what’s next for the Blankenships?
While much of our financial plan remains the same, some things have changed. Overall, we still aim to be debt free (minus our future mortgage). However, several things have changed for us.
A couple of weeks ago, I updated our debt numbers here on the blog. We were pleasantly surprised with our progress. It is easy to feel like you are standing still in your debt journey, especially if you’ve been paying on a loan for years. Looking at the numbers re-motivated us in our financial journey.
However, if we want our financial plan to be successful, we need to be honest with ourselves. We don’t have all of the same goals we did four years ago when we started our planning (hell, four years ago we said we weren’t have children). A lot has changed, so changes need to be made to accommodate! Here are the things we are adding and taking away from our current plan…
As mentioned above, our bottom line is still the same: we want to be financially free. On top of that, we want to be able to work for ourselves and work on projects we care deeply about. Being financially free will make that possible. Having more money in savings will also help make that possible. We will have more peace of mind and, better yet, we will be setting a positive example for our little one.
Readers, when is the last time you reviewed your long-term financial plan?
The other day I received an excellent question from a reader, and I thought it would be best to answer the question publicly so that everyone could benefit.
This gave me the idea to make this question and answer format a regular series on the blog.
So today is the first installment of Monica’s Two Cents!
At the end of Q2, household debt in America raised to $16.15 trillion. This jump was largely driven by the rise in mortgage balances across the nation. Credit card and auto loan debt are also climbing in the United States. So, what is the average American (like you and me) supposed to do if we want to pay off our debt? It seems impossible. The best advice I can give you is do you best to continue to avoid debt when possible.
The staggering numbers don’t stop there either. Overall delinquency rates continued to rise in Q2 as well, albeit moderately. Researchers said that they will be more concerned if they see the overall delinquency rates rise drastically or return to pandemic levels.
Some more of the jaw-dropping figures can be found listed below.
“All debt types saw sizable increases, with the exception of student loans,” regional Fed bank’s researchers said of the increases. This is due to increased borrowing, which can be attributed to the higher prices everyone is the nation is seeing.
It may seem impossible to make progress on your debt-free journey right now. You are not alone in feeling that way. Many people have had to take on debt to be able to keep up their bills or cover emergencies due to the economy. A large number of people had already emptied out their practically non-existent savings during the pandemic. So, when something comes up, they are taking out loans or swiping cards to cover the cost. How do you avoid doing that when everything seems to be working against you right now?
Readers, what are you doing to avoid credit cards and loans right now with household debt in America on the rise? Let me know in the comments!
You may be just as surprised as I was to learn there are actually people who go into debt throwing their own baby shower. I have been checking out Pinterest boards and subreddits and, believe it or not, there are people that really spend thousands for their shower. Insane! We won’t be running our credit card for anything for our celebration. Here is how we plan to throw a budget-friendly baby shower.
Baby showers typically cost between $100 and $1,000. Some showers may cost even more if you are anticipating a large number of people. I read about one couple who expected their shower to cost nearly $4,000! So, what makes up this seemingly astronomical cost?
First, the food people are eating is a huge part of the budget. Many people have their baby shower catered, so you are paying the caterer a “per person” price. This adds up quickly! Then when you factor in the cost of the cake, which can be up to $4 per serving, the price of food for your shower may be startling.
The next largest expense for your baby shower is the location. While some people choose to have it in their home, many people rent out a community center or other space for the shindig. Depending on your location, this can cost $200 and up.
Many people spend a fair amount of money on invitations and decorations as well. Invitations cost anywhere between $0.50 and $1 per invite. Decorations for the party can cost between $50 and $200 or more, depending on the size of the party and how many decorations you need to buy. Not to mention, you’ll need to buy plates, cups, napkins, and silverware as well.
On top of all of this, people generally play games at baby showers. So, you’ll need to purchase what you need for the games as well as prizes. For instance, our shower will have a diaper raffle. For every pack of diapers and/or wipes someone brings, they will be entered into the raffle for one of three prizes. You may also want to include party favors for your guests as well.
As you can see, the cost of a baby shower can start to add up really quickly. We have been able to cut costs in a few areas that will save us a bit of money. Here are some tips I’m using to throw a budget-friendly baby shower…
Readers, how much did you spend on your baby shower?
According to the G.19 Consumer Credit Report recently released by the Federal Reserve, America’s total student loan debt has topped $1.5 billion – and we are having trouble paying off that debt. At of the end of 2017, a whopping 11 percent of student loans were either ninety days delinquent or in default.
[Read more…]
Last week we talked a bit about virtual baby showers and some of the awesome ideas people have come up with to celebrate a new arrival virtually. In addition to there being a number of ways to celebrate from afar, there are also a plethora of ways to register for and receive gifts from loved ones (no matter where they are). Here are some of the best online registries I’ve found so far (plus the perks they offer).
There are a number of online registries out there. Depending on what you are celebrating, there may be different options out there for you. Here are some of the best places to register online if you are getting married.
Amazon will be listed here a few times because, among all of the online registry options out there, it is the best. You can register for a wide range of items, track what has been purchased, and send virtual thank you notes to each of the people who purchased something from your registry. It makes things really easy. For weddings, you can even add things like Southwest Airlines gift cards, Airbnb gift cards, and other monetary gifts to help you celebrate your big day.
If you and your spouse are moving in together or buying a new home after your big day, a Bed Bath and Beyond registry is also a good option. There are a number of coupons available for the retailer, so your guests can save some money. Plus, you have a full year after the gift is purchased to make a return. This way, you don’t have to go rushing around after your wedding.
Blueprint is an awesome online registry option because you have access to 50+ retailers through the site. They also just have a cash gift option, which is nice.
Honeyfund is another registry option rising in popularity for newlyweds. This allows your guests to contribute to experiences or honeymoon costs instead of physical gifts. They can give money towards airfare, hotel stay, or experiences during your honeymoon.
Target is always a good place to register, no matter what the occasion is. Like Bed Bath and Beyond, you’ll have a full year to return any gifts from your registry.
If you are planning your wedding through Zola, you may also want to do your registry through them as well. This website is truly a one-stop-shop for everything to do with your big day. The site also gives you access to more than 450 brands, making it pretty user-friendly no matter what you want to add to your registry.
After your big day, you may be planning a family, so you’ll need to create a new registry for your baby. Here are the best registries online for baby showers.
As mentioned above, Amazon has a plethora of options when it comes to what you can add to your registry. Some of the perks to your baby registry include a diaper fund people can contribute to, group gifting options, and item suggestions. Amazon also provides you with a checklist of everything you need for your baby (things you may not have considered). Once you (or someone you’ve shared your registry with) purchase $10 worth of items from your registry, you’ll also get a free registry box from Amazon with some samples and things like baby socks. On top of that, Amazon also gives you a completion discount. So, after you’ve reached a certain point in your pregnancy, things on your list will be marked down.
Buy Buy Baby is a sister company of Bed Bath and Beyond. One of the biggest perks of registering here is that any coupons for Bed Bath and Beyond can also be used at Buy Buy Baby. You can receive a completion discount on your registry (between 10% and 15%). The store also does price matching. On top of all that, they also offer a free box of goodies with coupons and samples that you can pick up in-store.
IKEA is a great place to register while you are putting together the perfect nursery for your little one. They carry cribs, changing tables, high chairs, and even a few baby toys. You’ll also be able to register for closet storage items, which is always a plus when it comes to putting together a nursery. Gift-givers who are buying things off the registry will also receive a family discount at checkout.
If you just can’t decide which retailer you favor or want to condense your lists from each, MyRegistry.com is a great place to start a registry online. You can add gifts and items from literally any online retailer to your registry. As if the added convenience wasn’t enough, you’ll also be able to reap the benefits of any completion discount the retailers offer. For instance, Buy Buy Baby items on your list will be eligible for up to 15% completion discount.
Pottery Barn Kids is another great place to register when you are piecing together your nursery. Like many of the others listed here, they offer a completion discount (20%). The discount is valid for up to six months after you’ve given birth.
Target is another retailer that has a great online registry for your new arrival. One of the biggest perks of registering with Target is that you’ll get 15% off of whatever you don’t receive after your baby has been born. You can also stop by guest services at a Target location and ask for your baby registry gift. Their box is packed full of coupons and samples ($50 value).
There are Walmart locations all around the United States, making it an accessible place for anyone to purchase items from your registry. The retailer also offers a price-match guarantee on items from most other stores including Amazon, Target, and Kohl’s. Similarly, they also offer a welcome box with coupons and samples.
Even if you aren’t getting married or having a baby, there are plenty of things you may want to celebrate. For instance, you may be moving into a new home. Consider registering at one or more of these places.
Once again, Amazon is a great place to start. They have literally everything you could think of when it comes to putting together a housewarming registry or list for another type of celebration. In my opinion, it is one of the best online registries out there simply because of its convenience.
Besides Amazon, MyRegistry.com is another great pick for creating your online registry. You can add items from literally any retailer that has a website. This makes it much easier to find and receive exactly what you are looking for.
When it comes to celebrating other occasions, many of the options listed above are great too. Walmart, Target, Bed Bath and Beyond, Pottery Barn, IKEA, and other retailers all offer online registries to make your gift-giving and receiving easy.
“What gets measured, gets improved.”
If you haven’t seen my debt freedom progress reports before, each month I bring you a recap of the previous month’s progress on paying off our debt.
This serves two purposes — to keep my husband Mike and me accountable to our financial goals and to give you a look behind the scenes of our strategy for paying off our debt.
When you are trying to pay off debt and save toward financial freedom you can get pretty creative in trying to save money. But sometimes taking [Read more…]