It doesn’t matter who you are; you always need more money if you have a family! No one is saying that your finances are in ruins or that you struggle to make ends meet every month. Nope, it’s just a basic fact that families and kids, in particular, are expensive. As a result, the money never seems to stretch as far as most people would like.
If you’re sick and tired of worrying about your finances, it’s time to take action. Yep, it is possible to give yourself a bit more financial wiggle room every month if you know where to start. Luckily enough, you can begin by reading on because everything you need to know is below.
Ladies and gentlemen, these are the mom hacks that will give you extra every month. Who needs an accountant when you have a mom on hand?
Start Saving
I know it’s difficult, but you will never have any spare cash if you don’t make a conscious effort to put money away. After all, this isn’t Harry Potter and you can’t magic it out of thin air. Instead, you have to budget the money you have and cut back. Then, it is possible to take a chunk of money and keep it in a safe place for a rainy day. Of course, there is no need to take a big amount out each month because it will only make things harder. Plus, it will make dipping into your savings a lot more tempting. As the saying goes, less if more. Remember that you’re playing the long game here because there is no legitimate ‘get rich quick’ scheme.
Lend In Your Time Of Need
There is no reason to scrimp and save because you’re too proud to ask for help. Life is difficult, and everyone needs a helping hand every now and again. You’re no different, which is why a loan is a good idea. What you have to figure out is which loan best suits your needs. After all, it’s vital that you choose wisely when planning for financial emergencies. If you need money quick, a payday loan is often the easiest option. Just be careful of the typical APR percent because it can leave you in a worse position. Usually, your best bet is to borrow from friends and family if they have the excess cash. Family loans are a lot more flexible, don’t carry the same risks, and have zero percent interest. All you have to be careful of is taking your friends and family for granted. Lots of people have ruined relationships through lending money.
Exploit Balance Transfers
Is it safe to assume that you have a credit card or two? And is it also wise to guess that it has a negative balance? There is no doubt that a piece of plastic seems like mom’s best friend until the bill turns up at the end of the money. Then, it is your worst enemy. However, not all credit cards are the devil incarnate. Some have promotions which will help you cut down your debts and transform your finances. The promotion you’re looking for is called a balance transfer. As the name suggest, the company allows you to move your outstanding debt to another card. Why is that beneficial? Well, the new firm will charge a lower rate of interest for a set amount of time. Some even offer 0% for 12 to 18 months. The money you save in interest should be enough to not only keep your head above water but to keep it well clear. And, you can carry on transferring the balance until you pay off the whole amount.
Spend Less Time In The Car
Let’s move onto cutbacks you can make around the house. To be honest, there are plenty, but most of them don’t make much of a dent. Using your car less, however, does have a big impact. Simply put, your motor is one of the largest monthly expenses, and not just because of insurance. It also costs a lot to fill it up with fuel and park, not to mention breakdown coverage and repairs. Cars can cost thousands on top of the initial amount, and that is a lot of money. By using it less often, the rate drops considerably. For one thing, there is no need to waste money on fuel if you carpool, use public transport, or walk. And, there the vehicle isn’t going to break down as much if you don’t use it as often. Plus, parking it on your drive at home doesn’t cost a penny. It isn’t easy, but it’s well worth a try if you want more money for nicer things.
Shop Around
Speaking of insurance, there is no reason to accept the first quote you find. And that goes for every insurance policy you own. Of course, car insurance is probably the most major one because it’s illegal to drive without it. However, you also need contents, health and life insurance to name but three. The cost of all of these policies is bound to be high unless you negotiate a better deal. The good news is that it isn’t as hard as it seems. Although insurance firms appear as if they are in each other’s pocket, they are independent businesses. As such, they always try to undercut their rivals to increase their profits. As long as you let them know that you have a better quote, they will attempt to beat it.
Sell Unwanted Items
Everyone has belongings at home that they don’t need. But, instead of selling them, they sit there idle. Well, sadly it’s a massive waste of money because one man’s trash is another man’s treasure. There is always someone that will buy the things you don’t want, and they will pay a pretty penny too. All you have to do is use a site like eBay to advertise it to the public and wait for a response. Or, you can go old school and have a yard sale. Either way, take the plunge and sell the items that you neither want nor need.
It might come as a surprise, but it’s a lucrative industry.
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