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Will I Ever Earn Enough?

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In my therapy session earlier this week, I was telling my psychologist all my grand plans for my business and the financial goals I’d like to accomplish. As I was explaining to my therapist that I have a full-time job, I blog, I’m a landlord, I’ll soon prepare taxes, and somehow manage to run my business, she became concerned that I was taking on too much. I assured her that many of my jobs could be done from home and don’t require a lot of effort. She then asked me why I work so hard, and did I ever think I’d earn enough.

This conversation could have become an in-depth philosophical discussion regarding money and my need for more of it. However, I don’t require more cash or have a goal to reach a specific salary. On the contrary, my life was simpler when I had less, and I miss those times. My goal is to get out of debt as quickly as possible, so I can have the life I really want.

My Why

I’ve been carrying a sizable amount of debt for two years since I purchased my primary residence and rental property and took out a loan to expand my business. Though I have rental income, the profits don’t make a sizable enough dent in the principal or the mortgages. Therefore, I supplement them with additional streams of income until I can sell the properties. Ultimately, while I’m single, I want to have a tiny house paid for in cash, zero debt, and a puppy.

My Goal

My goal is to be completely debt-free by December 2021. This journey will require sacrifice and plenty of extra income. I realize I haven’t been sticking to my budget like I should and prioritizing my debt payoff. I know I have to get back on track to make my dream a reality. Increasing my income is just one part of the equation. The other part is reducing debt, minimizing expenses, and keeping both of those low.

How Much is Enough?

Personally, without debt, I think I could live comfortably on $50,000 annually or less. I don’t want a big house because that means more maintenance, taxes, and cleaning. The type of vehicle I drive is negotiable as long as it has good gas mileage and low maintenance costs. I spend the majority of my income on housing, traveling, and food. I’m single, and I don’t have any children, so my expenses are minimal at this point, other than my debt payments.

Will I Earn Enough?

To answer her question, I think I already earn enough in the grand scheme of things. I have a high salary and several streams of income. I’m working to make more to eliminate my debt and set up my future earnings. If I can invest well, I plan to live off my dividends. If I can make $50,000 annually in dividends with no debt payments, I should be in an excellent position for a simple life.

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Savings Tip: Make Your Clothing Last

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make clothing last longer

Wouldn’t it be great if you could make your clothing last longer instead of paying to replace them regularly? The average adult spends about $1,800 per year on clothes. You could save your self over $1,000 by following these simple tips.

Follow the Care Instructions

In case you didn’t know, the little icons on your garment tags are the care instructions. Depending on the label, they might have even written the instructions down. Either way, figure out what your clothes need and do just that if you want them to make it past one wash cycle. They will give you guidelines for water temperature, wash cycle, bleach, ironing, and drying.

Update Your Routine

Are you doing your laundry the same way you did in college – you toss everything in the washing machine and then the dryer? Beyond the fact that you missed the first step of looking at the tag, you also failed to sort.

make clothing last longer

Sorting

Sorting is usually done by color family to avoid dye transfer, but you also have to consider the type of fabric. Delicates need a gentler cycle to prevent rubbing against the agitator or coarser materials. You might want to forego the washer altogether and handwash them in the sink.

Fabric Softener

Are you washing workout attire? You may want to skip the fabric softener. This additive can destroy the stretchy fibers in your tights and tank, making them ill-fitting. Additionally, it can cause your gear to retain odors or lose their moisture-wicking properties. In other words, fabric softener can defeat workout clothes’ entire purpose.

Drying

Further, everything doesn’t need to go in the dryer. You should hang clothes to dry if you don’t want them to shrink or the tag says to avoid high heat. When hanging them up, you can minimize wrinkles without using an iron. Thus, you can eliminate burn marks or that sheen on the fabric. Again, check the tags to see if you’re supposed to iron your clothes and at which setting. If you must, ironing while damp can alleviate wrinkles better than ironing dry fabric.

Buy Better Clothes

Now that you know how to maintain the clothing you own already, here’s how you find new pieces for your wardrobe. Search for clothing made out of quality, durable material. I know you can find most of the items you’re looking for on Amazon for a fraction of the price. However, you will probably need to replace them next month and the month after that. I’m not encouraging you to spend $100 or more on undergarments by any means. I’m recommending you compare fabric and durability before you invest in the product. You get what you pay for with clothing. If it’s cheap to purchase, it’s probably cheaply made.

Properly maintaining your clothes may take more time, but it will make your clothes last longer. It will also save you money, even with a small increase in your laundry costs. If you buy quality pieces you love, then take care of them, you may have them for years to come.

Read More

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Savings Tip: Cutting Down on Monthly Spending

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Without a proper budget and financial plan, it’s easy to spend out of your means monthly and find yourself in debt without even realizing it. Expenses can add up quickly, and you may end up spending more than you are making.

There are plenty of great methods to cutting down monthly spending that may be worth looking into when you find yourself needing to save money.

Get Some Extra Income

If you found that after creating your budget you do not have extra money to cut down on, another viable option is to get another part time job. This can be reselling clothes on a resell platform, or driving for a ridesharing app.

If you find yourself with some extra hours on the weekend, you can make some extra money to cover extra expenses! Getting a part time job bartending or waiting tables on the weekends could really potentially supplement your income, even if it is just a few extra hours during the week.

Another excellent option for getting an extra influx of cash is taking out a loan, specifically a title loan. This type of loan can let you keep driving your car while you pay off the loan and have some extra money for your budget.

Calculate What Your Spending Habits

Most people love to drink coffee in the morning. Whether it be from a big coffee chain like Starbucks or a tiny little café on your way to work, coffee expenses can add up quickly, and you can be spending over $185 a month on espressos alone! This can be an example of spending outside of your means.

One of the ways to manage your spending habits can be tracking your spending habits. An easy way to do this can be keeping a spreadsheet in your phone and recording what you spend, as well as tracking your automatic debits for more accuracy. Every time you go out to eat, or pay a credit card bill, mark it in your expenses category that matches what type of expense it is!

Create a Realistic Budget

When you find yourself in a financial pinch, sometimes one of the best steps can be creating a budget to understand your financial situation. The first step to creating a realistic budget it to start tracking your monthly expenses. Then, you can separate the expenses into two categories:

  • Fixed Expenses-These are expenses that do not change from month to month. They can be items like mortgage payments, rent, car payments, or utility bills.
  • Variable Expenses– These are expenses that will change from month to month. These are generally items like gas, eating at a restaurant, groceries, and entertainment.

By separating your monthly expenses into two categories, you are able to track what money you can save by seeing where you are overspending. If you are spending too much in your fixed expenses, consolidating bills or debt may be your answer.

If you are spending too much in the variable expenses, you may be eating out too much and need to start taking your lunch to work.

Get Control of Your Finances

With the right financial plan, you can get in control of your finances and help cut down on your extra spending!

For more on this consider reading our articles on:

The 52 Week Money Challenge

The 365 Day Money Challenge

The 52 Week Mega Money Challenge

Image source: Pixabay.

How to Save Money on Your Daily Coffee or Espresso

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Most people love to drink coffee and espresso. After all, what’s not to love? The flavor, the routine, the jolt of energy in the morning – it’s all fantastic!

But the fact is that having a coffee habit can get expensive. When was the last you went to Starbucks and spent under $3? Probably not for a very long time. If you’re ordering specialty drinks like lattes or cappuccinos you’re probably spending close to $5 every time you go!

[Read more…] about How to Save Money on Your Daily Coffee or Espresso

Savings Challenge: $1000 by Black Friday

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black friday

There are eight Fridays between now and Black Friday. Those are eight opportunities to save up for holiday shopping, especially if you budget or get paid weekly. If you get paid biweekly, you have four or five paydays to save up. If you don’t think you have room in the budget to save, then you’ll need to get creative to reach $1,000 by Black Friday.

Reaching your goal will be easier if you break it up into small chunks. Here are five ways to save $125 per week.

  1. Easy ways to start saving are to cook more of your meals at home and use coupons for groceries. Also, bike, walk, or take public transportation instead of driving if it is more affordable. Skip happy hour and try potlucks at home to spend time with friends. Additionally, review your subscriptions and services you may not use. Cancel Netflix and sign up for free with a new email address for 30 days. You will have saved $12.99 already. If you don’t think that’s a lot, keep in mind that everything will be on sale for Black Friday so that $12.99 plus any interest earned can buy a toy, doll, action figure, coloring book, or pair of kids’ shoes. Dig deep into your budget to see where you can save. 
  2. Now is a good time to shop around for new car insurance, cell phone plans, or bank promotions. You can make hundreds of dollars by lowering your monthly expenses and putting the savings into a new account. If you decide to have $125 per week or $250 every two weeks direct deposited, you could have an extra $100 or $200 in your account by the end of November.
  3. Sell items to earn $1000 without having to change your lifestyle. If you’re going to purchase the latest gadget, then sell your old one. You’re probably going to buy clothes and shoes, so make room by selling items on Poshmark. Additionally, You should sell things that still have tags because you will get more. Do you have any watches or other jewelry collecting dust? You can sell them on eBay. If you handmake items, sell them on Etsy. Some brick and mortar consignment shops will buy unused products from Bath and Body Works and Victoria’s Secret.
  4. Extra Work. Side hustles are old faithful for extra money towards a goal. Wash cars, mow lawns. If you’re in the northwest where it’s already snowing, plow driveways and sidewalks. If your job offers overtime, take advantage. 
  5. Get a seasonal job. Many businesses hire seasonal workers. Some start earlier than others. Know that it will be two to three weeks before you receive your first paycheck. Plan to set all of the money earned aside for holiday shopping. If you know you want to purchase items at a particular store, try to get a seasonal position there. Many offer employee discounts, even during the holidays. I worked as an associate at Coach after college during the holidays. I started as a seasonal employee and became eligible for the discount and other perks in time for Christmas.

If you’re not into holiday shopping, this plan is an easy way to beef up your emergency fund or save towards a goal. These tips are useful for any dollar figure or event you’re planning. If you have an anniversary trip six months from now, you could have $3,000 saved by following the same plan. 

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Which Unlimited Plan is Best for One Device?

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unlimited plan

I’m in the market for the lowest-price, unlimited data cellular plan that works internationally at no additional cost. It’s time to revisit my service to make sure I’m getting the best deal.

Current Plan

I’ve had my current phone plan, Google Fi Flexible, for almost a year, and it’s incredibly inexpensive and easy to use. However, it does not have unlimited data, so I pay $10 per gigabyte (GB), or fraction thereof. My base costs are $20 for unlimited talk and text. My total comes out to about $25 with taxes and fees before data.

Generally, metered data isn’t an issue because I work remotely and am on WiFi about 80-90% of the time. I only have a problem when I have to travel and can’t connect to a secure network. My last long trip resulted in more than double my normal data usage, and my bill was $72. On average, my statement is $37, which includes several months where credits canceled out my charges. The Google Fi Unlimited plan starts at $70 per month.

Unlimited Plans

If I stop working remotely full-time or increase my travel, an unlimited plan that works internationally is the ideal solution. Currently, Google Fi operates in over a hundred countries by switching to the local cell towers. I used it when I visited Europe last year without needing data unless I was sending photos to an iPhone.

T-Mobile

T-Mobile has a similar international setup, and it offers WiFi calling. Google Fi is essentially the same network with the same perks, but T-Mobiles services will work on my iPhone. Google Fi works best with Android phones, so not all functions work on my phone. T-Mobile’s Essential unlimited plan for one phone is $65 without autopay, plus $4 for voicemail transcription, with international capability. I could save $5 by using autopay, but it still doesn’t seem more affordable long-term. I already have the transcription service included and cheaper rates internationally. Taxes and fees would have me paying my highest bill consistently.

Sprint

Sprint’s Essential plan is $60 per month and includes Hulu. I currently only pay $1.11 per month for Hulu, so that doesn’t help me. It only plays video in standard definition (SD) and will degrade service in congested areas. Its mobile hotspot is limited to 500 megabytes which is an odd amount for an unlimited plan. This plan sounds like it’s secretly a metered plan and Sprint hopes you won’t notice.

AT&T

AT&T’s lowest unlimited plan is $70 per month with autopay and after two billing cycles. It has unlimited talk and text in Mexico and Canada, but it streams in SD and also meters for congestion. It offers live television, but I don’t watch TV enough to justify paying over $70 every month. As the most expensive so far, this is at the very bottom of the list.

Verizon

Verizon’s unlimited plan pricing is similar to AT&T’s. However, Verizon is also promoting a metered data plan comparable to Google Fi’s. It offers unlimited talk and text, plus two GB of data for $35. The drawbacks are you have to add international functions, every additional GB is $15, and you need to lease a new phone for an additional $20 per month. I was interested in switching at first, but it doesn’t fit my criteria.

Final Decision

Based on my research, I have the most affordable plan for my needs. I can manage my data usage to keep my statement balance low, especially when traveling. There is WiFi for everything else.

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