New year means fresh beginnings and also a brand new opportunity to be wiser with our financial management. Considering the major expenses brought by a marathon of holiday celebrations, we can only imagine the break in our saving accounts. Don’t worry mamas, these tips will help you handle your financial goals this year:
- Start your emergency fund
Probably, you’ve read and heard this tip many times but we’ll emphasize it since it’s basic and an effective way to rebuild your savings. By setting up automatic transfers from your payroll account to your savings account during your paydays (we’ll at least 10% of your monthly income), you are doing yourself a great deal. Be patient and disciplined enough in sticking to this plan and you’ll be surprised on how fast your savings grow.
- Start saving for the next holiday season
You’ll think it’s too early to plan for the next holiday celebrations but time (really) flies so fast and you don’t want to break your savings again any time soon. As such, start saving for the forthcoming yuletide season. $30-$50 a month will earn you as much as $600 by year-end. Isn’t it amazing?
- Declutter and sell online
Sometimes, our home serves as our financial resource, especially in emergency situations. The trick is you just have to declutter your room especially your closet and sort all things unnecessary like used clothes, shoes, electronics, and unused gift cards. Your next step is to sell these items online and tada! You just exchange your possessions on a great value.
- Engage on the side hustle
Let’s be honest. Sometimes a full-time job is not enough to meet our family’s basic needs. Count in child care and healthcare expenses among many others. The solution is to open yourself with other opportunities like a side hustle that can bring you additional income. Dog walking on weekends and part-time babysitting will bring in more figures on your savings account. That’s for sure.