I've written on previous years that I try and use gift cards or bonus bucks/cash in the same way as I would use cash. Rather than use for extra items, I try and use them for buying things our family already needs or put towards gifts. I haven't physically converted them to cash by taking out the equivalent as I spend it down, but I think I might as a way to jump start this side fund and see how much a difference it makes. Does anyone do that-physically cash out your bonus bucks and earned gift cards? I'd really be curious how that works for you. Another area of savings, at least for DH is for him to start taking the surveys on his sandwich receipts and getting the promo codes for a free one. Not that I want to encourage him to eat more fast food, but if he is going to, he might as well reduce the price a bit.
I commented on Abigail's blog,I pick Up Pennies: 7 Ways to Manage Money Anxiety, about the anxiety I am feeling facing four years of college tuition and room and board. It is real. I guess having a little puddle of money on the side feels like it is another way to lessen that anxiety. How about you? What motivates you to earn a little bit on the side or maximize your savings into real cash? Do you feel your efforts help you feel more in control of your financial life?
I do a few things. I track all "unplanned" money (gifts, rebates, etc) & immediately put it towards one of our savings goals. That helps. And, I track all of my sidehustle income, and have various ideas going at any given time of other things I can sell, ideas, etc.
ReplyDeleteI'd love to develop a knack for finding gems at thrift or garage sales and then resell the items. It seems like it could be a double hobby-thifitng and selling.
DeleteI used to save all my gcs/pts for Christmas but found I buy more things I don't need grocery wise in Dec - last year I used them as I went along to stay on track for groceries and it worked better. Every single thing I sell, either for resale or just to get rid of on our facebook bidding site the money goes into what I call the fun fund. It is sitting at $460 right now. We last cashed it in to go salmon fishing last summer.
ReplyDeleteMy goal would be to put towards fun items-things that will seem extra special because we aren't interrupting our regular savings goals. You do great saving for your fishing trips
DeleteI really like saving all my change and the save the $5 bill fund is over $200.00 now and it isn't even 1/2 way through February. Getting kids through school is scary, but you will be able to do it. Will she get any scholarships?
ReplyDeleteI've kept my croissant and baguette fund going. It just might pay for one of our college or show choir overnights.
DeleteI do online surveys which pay in cash or supermarket vouchers but haven't done many since I took on some extra work about a year ago. DH does small repairs on bikes for cash & I have a friend who just started baking cakes for some side income. I track the extra, it helps with motivation to see how the small amounts add up. perhaps you could see excess stuff on facebook - less fees than ebay?
ReplyDeleteI'd like to try the FB marketplace. Little items and earnings do add up though don't they.
DeleteI still what I do when I first set out on my own--any money leftover from our monthly household allowance goes straight into savings. When I first set out on my own, I would visit my bank every Monday and transfer what I didn't spend from my "allowance" for the week from checking to savings. It made making the decision to NOT grab a bagel when I had a perfectly good snack from home very easy. When that balance grew, money was put in more lucrative, less accessible accounts. We still do the same thing, only monthly. Anything over the set amount we like to keep in checking for the regular running of the household gets saved/invested. We do NOT go the other way, even if, say, the insurance is higher because we put teen drivers on it. That kid knows why things might be lean for them. If we were to decide he pays his own insurance, then the difference would be deducted from our monthly budget, and put in to savings. When they are on their own they'll have to decide between car insurance and, say, a ridiculously priced yearbook, or if they do have the extra cash for both, then they'll have to make the decision to buy that same useless item or save for their first house, or later, same useless item or paying off the mortgage early, and then, more useless items or putting their kids through college. It's a fine tradition handed down from my grandparents to my parents, which they handed down to me, which I am now handing down to my own kids. Just because extra money is available, doesn't mean you HAVE to spend it. I treat my own wants the same as I do my kids. I think that by careful choosing, and not giving in to every whim and desire, the things we do get ourselves are that much sweeter. As far as side hustles, I've been off my side hustle for about 3 years now, and honestly, I don't miss the paycheck, but I do appreciate the time I have at home in the evenings.
ReplyDeleteI totally agree kids need to learn early that choices have consequences-positive and negative. Right now, my daughter want the yearbook, the memory pictures, etc. She is choosing to wear older clothes and doe snot turn down a hand me down!
DeleteApril over at Cash Only Living just posted "100 Sources of Income" if you want some ideas.
ReplyDeleteI saw that post and good ideas for if DH's job goes south. A lot involved very time consuming things like get a second job or more hours, but I like the creativity in her list.
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