One trick to building the nest egg, or pay down some bills is to carefully look for little boosts in income or opportunities to take full advantage of savings. I've not done much of this, but 2017 is a good place to start. A couple bloggers have interesting names given to their bonus savings accounts or lines in their revenue. Jolie at Shaking the Money Tree, calls her little extra dividends "snowflakes." I like it, but don't want to coin someone elses phrase, pun intended. I think it would be fun in 2017 to create a separate revenue tracking category where all the little extras, and I intend to find them, come into play. I believe it could motivate me to look at the bonus's from any sales I might do via e-bay or our local Facebook sales page, the long overdue garage sale, bonus gift cards, DD2 activity fundraisers (that literally are like cash to cover expenses) and potentially any freelance, survey, or blog revenue, as true earnings. These earnings then can be applied to my 2017 savings target, as opposed to being absorbed into household spending. But what to call these dollars? If any of you have any great ideas, let me know.
Figuring out how to spend them at the same time as tracking them, so that I don't mistakenly count them twice, is part of the challenge. For example, if I have $50 in show choir earnings, but the cost of her fees are $1,200 next year, I shouldn't count the $50 as earnings, and then only say show choir fees are $1,150. Pulling the earnings as they are spent into revenue, and then making a deduction notation might solve that. Alternatively, I could pay myself the credit, so the bonus money stays in tact, and I can truly see the results at the end of the year. That would be a trick with things like Kohl's cash, and target bonus cards, and as long as those are used towards expenses I would already have, I would really be spending like money.
If you have any unique or new schemes to make extra dollars in 2017, let me know. With our salaries, it is unrealistic to make the kind of savings goals I set ambitiously for myself. Figuring out extra sources takes some pressure off our traditional earnings, while I continue to stretch those as far as they can go.
And to you as well!
ReplyDeleteRain drops? :-)
ReplyDeleteThat could work. The pitter-patter of coins in a piggy bank-nice comparison.
DeleteBeing on a pension now doesn't really allow for MORE savings as it is a finite amount. I've often thought about ways to find more $$ each month but I've gone about as far as I can go with reducing utility bills etc. The only thing left that will increase savings is for my daughter to move out! Then the grocery bill will go down, the heating bill will go down as will the electricity. Also I could probably get a cheaper internet package as it would only be me using it. Someday that day will come - I'm hoping it will happen in 2017 when she turns 27!!
ReplyDeleteWe saw a little spike in costs, groceries, utilities, when DD1 moved back in for three months last winter, and decreases when on her own. Now though, she has the expenses. I keep thinking no matter what I think is the lowest of the low, there must be room to trim even a tiny bit. However, I know when we retire, if we get there in the 8.5 years I'm hoping for, that will be it for earning unless I can keep a low key way to bring in a few dollars a month, so best to practice now.
Deletecouch crack income
ReplyDeleteyou know, like finding coins in the sofa :)
I think the snowflake thing too, its not someone's phrase as much as something that's said in Dave Ramsey circles. Since the Dave Ramsey debt payoff is known as the snowball effect, people who throw a little extra into their snowball tend to call it snowflakes.
I think you could easily use the term snowflake if you want and you wouldn't be encroaching upon anyone's turf.
I get it now. I like the raindrops.
DeleteAww thanks for the mention. Definitely not my phrase, though it would be cool to coin something that goes global lol
ReplyDeleteRaindrops rocks too. Saving for a rainy day kinda drops.
Happy new year.