Making Money

How I Have 5 Income Streams

How I Have 5 Income Streams

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It really is hard to only have one source of income now. It just doesn’t cut it for most people anymore. I know for myself, as a teacher, it definitely doesn’t. Especially when you haven’t received a raise in 2 years.

If it wasn’t for living at my parent’s house and having multiple income streams, there is no way I’d be able to afford everything. My salary just doesn’t support the cost of living in New Jersey. Luckily, I have paid off $127k of my debt, so my minimum payment has gone down.

When I first started my financial journey after grad school in 2015, I added multiple income streams out of necessity. I didn’t have a choice. Even with living with my parents, my budget was in the red or just barely in the green with just my salary.

So, in 2015, I started brainstorming how I could make extra money as a teacher. I was a first year teacher and totally overwhelmed just from my teaching job. But, I needed the extra money if I ever wanted to pay off my debt.

When I first started my journey, it was hard to figure out how this was all going to work. That’s why I offer monthly money coaching to help people get their money right. In that month, it is designed specifically for you and what you want to get out of it. We’ll figure out a game plan to increase your income and get you on the path to build your wealth. Starting out is hard and sometimes a little accountability can help.

I had to make a lot of sacrifices on this journey. Including deciding to hustle a lot to get myself to my goals faster. It all depends on what you are willing to do. I’m fortunate that I enjoy being busy. Of course, I make sure to have time for me, but I also love working.

That’s the thing. Find income streams you love working on and it won’t be as draining. Yes, I have 5 income streams, but I enjoy them. This makes it so much easier to actually do the work.

Here are my 5 income streams that I regularly work and count on for income.

1. My full time teaching job is my main source of income.

This is the income that I can count on the 10 months that I teach. In my current school, I get paid my salary twice a month from September to June. This means that I don’t get this paycheck in the summer. However, I do get all of my health insurance benefits throughout the summer because I pay more during the 10 months for 12 months of coverage.

This source of income is the one that I use to budget every month. All of my other sources of income are considered extra and are used to reach my financial goals. My current goal is to pay off my student loan debt.

By only budgeting my teaching income, it allows me to reach my goals so much faster. I don’t even think about my other income streams as money to be spent. That money goes strictly to my debt.

2. Before and after school programs through my school.

This is a great source of income for me. I enjoy it because I don’t need to go anywhere from my full time job. It’s super convenient to just stay for that extra time helping the kids.

I do need to submit an extra time sheet at my current school for this position. But, my pay is included in my direct deposit I get with my salary as a separate line item.

This is easy for me because I don’t need to worry about taxes. In my new school for next year, this position is included in my salary. This means I won’t have to do a time sheet or anything. I just need to show up to the program every day.

I would consider this type of position similar to if you work a job that offers overtime. Overtime pay would be considered an additional income stream because it is additional money. It fluctuates depending on if you work it or not.

3. Private tutoring.

I really enjoy tutoring privately. It allows me to work with a child one on one and really work on the skills they need help with. My favorite tutoring is working with the little ones who are learning to read. By far, it is my most rewarding tutoring time.

The crazy part is that there is nothing better then when a child no longer needs to be tutored. That’s why I love tutoring them. They are so excited when they see me and get to tell me that they are now reading on grade level. It is such a wonderful experience.

Of course, that does mean I lose my job, but the parents and kids are so wonderful and appreciative of the help I provided. It really is the best feeling in the world to teach a child to read.

However, this work is a bit more challenging when it comes to pay. The challenging part is mainly the taxes, not that challenging, but you need to track your income and claim it come tax time.

4. Babysitting

Babysitting is such a great way to make some extra money. For me, it’s so easy, especially when it’s for a date night. Once the kids are in bed, I literally get paid to sit on their couch and do whatever I want. It’s awesome!

It’s also great to just relax and play games with the kids. When you babysit, you basically just need to keep the kids entertained and put them to bed. I really enjoy the time I spend babysitting and have found families that have been awesome to work for.

Once you find a few families to babysit for, it really could be a consistent income stream for you. One summer when I was home from college, I worked 7 days a week babysitting. It was a lot, but it allowed me to save up a lot of money.

Babysitting is similar to tutoring in that I need to track my income and save for taxes. I do this all in a simple spreadsheet.


My newest income stream! I am totally obsessed with teaching these classes. For the longest time I was super hesitant about working for VIPKID. But, I have to say, I wish I had done it sooner.

If you’re a teacher, this is absolutely something you should consider, especially for the summer. It allows you to just be a teacher and have fun with the kids. You don’t have to worry about all the things when you’re a public school teacher.

And the lessons are provided for you! I definitely think that if you’re not a teacher, it would be a little more difficult to get comfortable with it. There is an adjustment to online teaching, but the hardest part, actually teaching, is something us teachers find easy.

I am an independent contractor with VIPKID. This means I will need to pay my own taxes. This will just be added to my current spreadsheet and I will track it that way.

Multiple income streams allows you to reach your goals faster.

It can be overwhelming at times to have so many income streams. But, if you enjoy them and they get you to your goals faster, it’s worth it! You need to find a balance, but there is such a great peace of mind from having money coming from multiple places.

There are ways to make it easier to have this many income streams. Try out adding an additional income and see how it goes for you. I love my side jobs and that makes it so much easier to do the work. However, you do need to listen to your body and what works for you. Do you have multiple income streams? What are they?

Making Money

Why You Need Multiple Income Streams

Why You Need Multiple Income Streams

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Gone are the days of working one job forever and retiring with a nice pension. It just doesn’t happen for us millennials. Our reality is that most salary jobs don’t cover cost of living with our debt.

But, we also can’t rely on one job to always be there. Our world is changing so fast that it no longer is enough to be a good employee. Companies grow and fail at alarming rates now. We can’t count on our jobs to always be around, like our parents did.

That’s why we need multiple income streams. This gives us piece of mind and money coming in. It also gives us some nice flexibility in our work and our location.

I personally have 5 income streams I can count on regularly with a variable income. On top of that, I have countless other income streams that randomly bring in money.

1. You aren’t relying on one income source with multiple income streams.

Having only one source of income is risky to me. Even if you’re in a job that you consider super secure. You just never know what will happen. You can be doing an amazing job, and still lose your job. That’s just the way the world works.

I just experienced this with my teaching job. I’ve been at my school for 4 years and just got a non-renewal letter. I was told that it wasn’t because of my lack of knowledge, or my teaching, or how I work with the kids. They just don’t think I fit there.

Luckily, it’s for next school year. So, I have time to plan and prepare for next school year. By having multiple income streams, I’m not concerned about money though.

When you have multiple income streams, it allows you to still have money coming in.

2. It allows you to have more flexibility when you have more income streams.

Having only one income stream really forces you to stay in that position. It may be more difficult to leave a job you don’t enjoy or force you to stay somewhere that isn’t allowing you to grow professionally. Either of these situations are not ideal.

This is especially true if you are a millennial. We are young and have a lot of our lives ahead of us. This means we should be at jobs that allow us to grow and is a place we enjoy being at.

By having multiple income streams, it makes it much easier to take the time and find somewhere that is a good fit. We can easily beef up our other income streams, if we need to make a change.

For example, I normally work summer school. This year with me leaving my current district and starting in a new school, I won’t be. It’s okay though. I can easily work a lot more in my other income streams to bring in enough income throughout the summer.

3. You have more control over how much income you bring in.

The greatest luxury of having multiple income streams is that you can make more money when needed. If you can work more and make more, then you can easily make more money when you want.

For example, I have more time in the summer, since I am not teaching. I’m also not getting my salary though (For now, my new job pays 12 months!). This means I have all the time to focus on my side jobs. I can easily open more slots with VIPKid, babysit, tutor, or work on my blog more.

This is the same during the school year. If I feel like really making some money, I can easily work more to do so. That’s why I love side jobs. I have total control over it and can easily make a lot more money, if I want.

This does get tricky though. With side jobs you do need to be disciplined to actually work them, if you want the money. I find it is easier to work them when I remind myself of my goals. My side jobs allow me to reach my goals a lot faster.

That’s why side jobs are so great, they allow you to reach your goals faster and you have the control over it.

4. You can do work that you actually enjoy.

Let’s be real. Not all of us love our full time job. It’s just the reality for a lot of people. If you’re someone that enjoys the hustle, you can add more income streams that you actually enjoy. Wouldn’t it be awesome to leave your full time job to work your side jobs.

We should enjoy our work and we live in a world where that can be done, if you want to work at it. So, why not try. Create income streams that you absolutely love. Work on them whenever you have down time. See what you can make of it.

When you have income streams you absolutely love working on, it makes it easier to work on them. The work doesn’t actually feel like work. It really is a wonderful feeling to make money doing things you really love.

Think of the things you truly enjoy and love. Start brainstorming ways you can make money doing it. There are so many possibilities out there. And so many more opportunities to be made. We live in a constantly changing world, there is always room for more.

More income streams mean more flexibility, freedom, and peace of mind.

I love having more income streams. But, I’m also someone that likes to be doing something constantly. This won’t be the case for everyone. More income streams for me mean I can reach my goals faster and know I have money coming in always.

For me, that’s worth it. I enjoy the peace of mind it brings and the work I do. This definitely makes it easier. Find the things you love to do and figure out a way to make money doing it. There is nothing better than doing work you love. Do you have multiple income streams, what do you do?


How to Navigate 6 Figure Debt

How to Navigate 6 Figure Debt

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6 figure debt is no joke. And I’m not talking about a mortgage, I’m talking about all the other fun kinds of debt that are out there.

I’m 27 years old and had $201k of student loan debt to my name once I graduated as a teacher. Yeah. You read that right and yes, I was stupid to take out that much debt to become a teacher. I’m well aware now. But, that doesn’t get rid of my debt.

I’m at the point now where my debt doesn’t feel so overwhelming. It definitely makes my budget trickier, still having a minimum payment of $1,100, but it’s a lot better then $2,000. And now that I’ve paid off $127k, the process is moving much faster.

I’m now in the 5 figure debt club. This was absolutely something I celebrated. 5 figure debt is so much better than 6 figure debt. And it was right around my half way mark too.

I’m at the point now though that it’s frustrating to think about the things I could have done with this money. I could have bought a house in cash with the amount of money I have put towards my debt. 6 figure debt is not fun, especially on a single income.

Over the last 4 years I have found some ways to help get myself through this. It’s been a long journey, but one that I know will be worth it once it’s done.

1. Don’t deprive yourself to pay off your 6 figure debt.

Yes, you need to cut your expenses to pay off your debt. But, learn from my mistakes. Slowly make these changes. Don’t try to drastically change your life in the beginning. All this will do is set you up to fail and feel down on yourself.

When you have 6 figure debt you know you’re going to be on a long journey. There is no avoiding it. This means you need to be realistic with what you cut from your budget.

But, how can I actually do this?

My biggest tip is to look to see what expenses you can live without. How I managed this was by looking at my transactions the previous month. I was so angry by how much I spent eating out, that I cut this from my budget first. This would be hard to cut out completely, but I limited it. I made sure I was aware of my spending in this category throughout that first month. Also, I made sure I only went out to eat to be social and not for convenience.

I suggest you do the same when you’re first starting out. Cut whatever makes you the most angry. Every time you go to make a purchase in this category, check in with yourself. Is this necessary, how has my spending been in this category so far?

Once you have done this, I suggest seeing if there are ways to do the things you enjoy for cheaper. For example, I won’t give up getting my hair cut and I won’t do it myself. However, I do spread out my hair cuts much more and make sure I get a cut that doesn’t need to be maintained.

Being in 6 figure debt is hard, which is why you shouldn’t deprive yourself throughout the journey. You should be more intentional about where you spend your money though.

I also love a good no spend month with 6 figure debt. You can go one month with not spending anything on extras, it’s short and super effective. I don’t recommend this for long term, since you’re going to be in debt for a longer period of time.

2. Get creative about big monthly expenses.

Unfortunately, there are just some things in the budget that you can’t cut out. Like, your housing. But, you can get creative with this category. Depending on your situation, you may need to make some major changes. I think housing is one of the best ways to save money. It’s typically a huge monthly expense. If you can get it as low as possible, you’re going to help yourself a lot.

For me, I literally didn’t have any money for housing with my minimum payments when I graduated. No teacher salary gave me a high enough salary to afford both. That’s when I realized I had to move back home with my parents.

This did 2 things for me, lowered my housing costs and put me in a high cost of living area. Which also got me a higher teaching salary. Is it ideal to live with your parents at 27, no. But, it has allowed me to pay off a ton of debt in a short period of time.

If I didn’t move home with my parents, I would have been putting every single expense on a credit card. There was no money left over in my budget, if I had rent. My current situation would have been so much worse then it was when I graduated.

Figure out ways to cut your housing expenses. Can you rent a smaller apartment? What about getting a roommate? Could you move in with a friend and split rent? The more money you can save in housing, the more that can go to your debt payoff.

3. Create a plan to pay off your 6 figure debt, but don’t be afraid to change it.

Like I have said a few times throughout this post, this is a long journey. When you’re first starting out, you’re going to make this perfect debt payoff plan. You’re going to be so excited to get things moving. But, life happens.

You need to make changes for life, or you’ll never get out of debt. It doesn’t make sense to be tied to a financial plan. These plans can’t take into consideration the things that life will throw at you. You’re better off delaying your plan, then going into more debt.

This also means that you can change the order that you pay off debts in. Nothing is telling you how to pay off your debt. Of course, there are plans out there and I’m sure you created your plan based on one of them. But, that doesn’t mean you need to follow it exactly.

Right now, I’m paying off my private loans. It doesn’t follow the snowball or the avalanche method. But, it makes sense for me and my current situation. In general, federal student loans are a bit more forgiving than private student loans. For that reason alone, I am paying them off first. My private loans also come with a minimum payment of $865 and I can’t wait to take that out of my budget.

Figure out what works best for you and make changes to keep yourself going. With 6 figure debt, paying off debt is paying off debt. Get it gone in whatever keeps you going on this journey.

4. Increase your income.

When you have 6 figure debt, you absolutely need to increase your income. It’s simple math. There is no way to get out from where you are without more money coming in. Figure out what you can do while keeping your sanity.

My rule is that I’ll always try it to see how I like it. If it’s too much with my teaching schedule, I eventually stop it. Of course, I can always do something short term. It makes it so much easier when there is an end date in mind.

With that being said, make sure that you enjoy what you’re doing. If you’re miserable, going to another job is going to slowly drain you. It’s just not worth it. You need to find something that you enjoy that also brings you in some extra money.

However, I also remind myself a lot that I can do anything for a short period of time. So, maybe you get a side job that you know you will be done with in a month. You can feel stretched for one month and you know you will be done soon.

It all comes down to what you are willing to do.

That’s really it. What are you willing to do to get out of debt. Some of us are willing to go crazy intense to have it be gone. Others want to live a little while they tackle their debt. It’s all about what you want to do. For me, I was very intense for about 3 years. I needed to take my foot off the gas though. I was burning out and getting very frustrated by how much my debt was holding me back from.

The reality was that my debt was no longer holding me back. I had paid off enough that it was no longer a huge burden anymore. I had put those restrictions on myself trying to see how quickly I could get this gone. The issue with that though was that I wasn’t living my life. Now I have a better balance and I’m still making extra debt payments every month.

So, I want to know, do you have 6 figure debt? Are you actively trying to get rid of it? If you aren’t, what’s holding you back? Sometimes all it takes is someone else to look over your situation and I’m happy to be that person for you. What have you done to pay off 6 figure debt?


How to Get Quick Debt Relief

How to Get Quick Debt Relief

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It took time to get into debt, so of course it’s going to take time to get out of debt. But, there are things you can do to experience quick wins to get you some debt relief. When you are feeling completely overwhelmed by your debt, sometimes you just need to free up a little cash flow to feel better.

I know when I hit my financial breaking point, I was totally overwhelmed. When my student loans went into repayment, I’d have a monthly payment of $2,000. And that was just the minimum, on a teacher’s salary.

To say I needed some debt relief was an understatement. I remember being in grad school and having no idea how I was going to afford everything.

That’s when I started getting into personal finance. I started looking at my situation differently. I stopped thinking about how much debt I had. The only thing I thought of was how to get my cost of living down and paying down my debt.

You need to stop thinking about what you can’t do in your situation. What can you do right now to help get you some debt relief.

And I’m not saying you should do any shady things. I’m saying look at your situation and start getting creative to get some quick debt relief.

1. Call every monthly bill you have and try to get a lower payment.

I’m not saying your monthly debt bills, I’m talking about other bills that you can negotiate. Most of the time, if you say you are going to switch providers, your internet and cable will lower. Worst case that happens is they say no. Then, you start shopping for other providers.

If you do this with a few of your monthly payments, the money saved will add up. This won’t help with your debt relief, but it will help with your cash flow. The money you save will go to adding more to your smallest debt to pay it off.

By spending some time shopping around for different options, you’ll be surprised how much you can save. A lot of the time we get loyal with the company that we originally did service with. The problem with this is that there are constantly new companies starting for all services.

This is fine, but when you’re struggling with your debt, it isn’t helping you. Shop around and see if you can get a better price. Lowering multiple monthly bills will free up money to go to debt.

2. Cancel any subscription you don’t use for some debt relief.

Cut out any subscription or monthly bill that you don’t use. After a while, we get complacent spending money on subscriptions we don’t even need. Get rid of them. It’s not helping your situation.

If there is a subscription you like, see if you can get something similar for a lower price. Or, cancel it for now until you pay off some of your debt.

Whatever money you save by not having these subscriptions, throw it at your smallest debt amount.

3. Sell big ticket items around your house.

Just like how we get with our subscriptions and monthly bills, we tend to hoard things in our houses. Anything that you can part with that will earn you some money, sell it! You’d be surprised by how much stuff you have in your house that can be sold.

I suggest looking at furniture items that you don’t use or can see your house without. Personally, I like using Facebook Marketplace to sell my furniture that I don’t need anymore. It’s easy and immediate cash for your items.

Whatever money you get from selling things, put it towards your smallest debt. Are you seeing a pattern here?

4. Lower your housing costs.

This was the true game changer for me. If I didn’t move back home to my parent’s house, I would never have been able to pay any debt off. This brought my housing cost down to zero. When I felt like I was drowning with my payments, this saved me.

You don’t need to move back home, but think about how much money is going towards housing. How can you lower that expense. Can you get a roommate? Move to a lower cost of living area? Downsize?

There are so many ways to lower your housing expenses. It just depends on what you’re willing to do. I see so many people spending SO much money on housing. And are drowning in debt.

To me, thats a no brainer. It’s such an easy way to free up some cash flow. Downsize to a smaller living arrangement and put all the freed up cash towards your smallest debt.

5. If you have a large car payment, sell the car for debt relief.

I know, you’re probably thinking that you need a car! I get that, I need my car too. There is no public transportation for me to use. I’m not saying get rid of your car, unless you truly don’t need it.

I actually babysat for a family that moved so that they could be walking distance to work. This allowed them to drop to a single car family. It was awesome and serious goals.

Back to where I was going with this. Sell your car and get a car with a lower car payment. If you have savings, use the savings to buy the car outright. Not all of your savings obviously, but take what you’re comfortable with. Make sure to keep at least 1 month of expenses in there.

If you’re someone that bought a new car with nothing down, chances are your payment is very high and on very long terms. Get rid of it! If you’re drowning in debt and feel helpless, there is no reason to have that car. And I’m not saying get a car that isn’t safe. I’m saying get a used, reliable car, with a low car payment, if needed.

By doing this, you will lower your monthly expenses. The freed up cash will go towards your lowest debt amount.

It’s all about what you’re willing to do.

The only way you are going to experience some debt relief is to make changes. You got into debt living this kind of life, you can’t continue it and get out of debt. What it all comes down to is what you’re willing to do to get some relief.

A lot of people aren’t willing to do the hard work and change their life. These changes that I mentioned can help you within a month. Others will take longer, but will see bigger changes. For example, moving might take longer to do, but you will experience a huge change with doing so.

This is a lot to do on your own, but you can do it. If you need more accountability, check out my 1:1 coaching that I offer. It’s for you if you know that your debt is overwhelming you and need to make a change. What have you done to experience quick debt relief? 

Saving Money

The Easiest Ways to Save Money

The Easiest Ways to Save MoneyI have always been a saver. I know that’s not what you want to hear from me. But, that is just the plain hard truth. When I was a kid I begged my mom to take me to the bank to open a savings account. The bank fascinated me and I loved seeing my money accumulate. And I got free money! It was pennies, but still, free money to an 8 year old is awesome.

There are so many reasons to save money, but it can be a hard transition. Especially if you are a natural spender. For those of you that are natural spenders, I recommend some automation to help you out.

If you naturally save your money, then you can have some serious fun in saving some money. But, I still recommend automation. Let’s be real, it’s just plain easier this way. Personally, I enjoy simplifying my life in any way possible.

There are so many ways to save money, but you need to find what works for you. This isn’t going to happen overnight, take the time to figure it out.

It’s part of your budgeting. Once you have a budgeting system you like, dive into a saving money system. Here are a couple ways that I have saved money in the past.

1. Sinking funds to save money.

My fave part of my finances, other than paying off debt. I love my sinking funds. That may sound weird, but they are truly the game changer of budgeting. They have brought so much relief to some of the crazier times in my life. That’s typically when I’m using most of my sinking funds.

I woke up with what I thought was strep throat and headed to urgent care. I didn’t even need to think about the financial aspects of this trip. I already had money in my sinking fund for this. It’s amazing to not have to think about my budget when I’m sick.

Another example was when a nail went into my tire diagonal. They tired to patch it, but it didn’t work. They came out to me with the bad news I’d need a brand new tire, when my tires were only a month old. I didn’t even need to think about money. All I had to do was move my money from my sinking fund to my spending account.

If you don’t have sinking funds, I strongly recommend you start creating some. Sinking funds allow you to not touch your emergency fund as much and allows your budget to stay intact. I really only think about using my emergency fund for income loss, or something is more than I have in my sinking funds.

So far on my debt free journey, I haven’t had to touch my emergency fund. My sinking funds have always covered whatever I needed.

2. Automate transfers as soon as you get the money.

I am all about automation and simplifying aspects of my life. There is no difference when it comes to saving your money. There are a few ways to do this. You can have your direct deposit set up to have a certain percentage go straight to your savings account. Or, you can set up the transfers yourself after you are paid.

I personally have automatic transfers set up for a few days after I am paid. This way I know the money has cleared the account and I won’t get overdrawn by accident. I personally like doing it this way because I have more control over the unexpected.

For example, if something unexpected were to come up that I can cash flow, I absolutely will. In the event of this happening, I can just cancel the automatic transfer for that month. This allows the money to be in my account already and not need to transfer it from savings.

If you set up an automatic deposit to your savings account, then you’d need to transfer the money from savings. Savings accounts only allow 6 transfers every month. This is another reason why I don’t do this. When life gets crazy, sometimes you need those 6 transfers.

Either way, you need to find what will work for you to save more money. If not seeing the money in your account is easier for you, absolutely set up automatic deposits. It’s not worth the temptation for you.

3. Start off slow to save your money.

If you aren’t a natural saver, I suggest starting off slow. In the beginning, start by just transferring a small amount each week. Of course, this is after you have created a budget and know you have extra money in your budget.

If you don’t have extra money in your budget, you need to cut some expenses or increase your income. It definitely would be easier to cut expenses quickly. I always say to list out your transactions from the previous month. Add up different categories, like groceries, gas, eating out, etc. Whatever pisses you off the most, cut it out.

This will make it easier for you to cut an expense because you’re angry you spent so much money in a specific category. This isn’t going to build a ton of wealth, but it’s a good place to start. For me, I was so annoyed by how much my transactions added up to at Chipotle and Starbucks.

When I saw the number added up over the month I immediately cut it out. I started meal prepping and making my coffee at home. These are your quick fixes to free up cash. Eventually, it’s much more practical to cut expenses in the larger areas of your budget, like housing. It’s why I moved home with my parents, it freed up a ton of cash in my budget.

By slowly starting to save, it will get easier to add more and more once you see the money start to pile up.

4. Create specific goals to save for.

Focus on one savings goal at a time. When you are trying to save for multiple things, it can get overwhelming. The only thing I recommend doing at the same time is sinking funds. Those have very specific purposes and are easily divided over multiple months.

For example, figure out the exact number you need to save for a specific purpose. Work towards that. This way once it’s done, it’s done. You’ll no longer add to it, unless you need to use the money and need to replenish it. This is the perfect example of your emergency fund. Once you hit your goal, it’s done. Let it sit in that high yield savings account and grow for you!

By creating specific goals, you’re able to measure if you’re hitting those goals. Create a visual for yourself so you can see how you are doing with your progress.

5. Track your net worth.

Being totally honest here, I don’t track my net worth currently. Mint lets me know based on my accounts that are connected. But I don’t have all my accounts hooked up.

My net worth is really not motivating for me right now, since I still have a lot of debt. But, I can’t wait until I focus more on my savings goals. I already have them started on a list. Once I am saving more of my money, it will be incredibly motivating to see my net worth grow.

It’s super important to find what motivates you and work towards that. Right now, I’m motivated by seeing my total debt decrease each month and focusing on each loan. When I see my net worth and how far I am still in the negatives, it just kills me. I can’t wait to hit a positive number and start tracking my net worth every month.

Find a system that works for you.

You need to find a system that works for you. Whatever is going to make you be successful in your savings goals is what you need to do. It’s going to take some trial and error, but take the time to figure it out. Once you have a system that gets you to save, you’re going to find it easier to do. How do you make sure you hit your savings goals?

Money Management

Building My Emergency Fund While Paying Off Debt

Why I'm Building My Emergency Fund While Being in Debt

Usually it is always said to pay off your debt before you build your emergency fund up. I would encourage you to have at least 1 month of expenses, if everything is very predictable in your life. What I mean by this is you don’t have any health issues, no kids, no house, fixed income every month, etc.

If you are someone with a variable income, kids, or a house, I would strongly recommend you having a larger emergency fund. At least have more sinking funds that can help you in the event of the unexpected. I would feel more comfortable with at least 3 months of expenses, in this situation.

Currently, I live with my parents, have no kids, no major health issues (I do have a sinking fund though), and have a fixed income I can rely on with additional income that varies. I only have 1 month of expenses saved up right now.

This has worked for me for the last 4 years while I paid off my debt. But things are about to change for me and I want to be prepared. I will also be changing my debt free plan shortly as well.

As always, personal finance is personal, so you need to do whatever works best for you.

1. I am moving out in June and my monthly expenses will be increasing.

Since I will no longer be living at home, my monthly expenses will be increasing and will be more unpredictable. This means that I will need a larger emergency fund. I’m not planning to stop my debt free journey for this, but I am adding to it now each month as the move approaches.

I have saved $950 for a moving out fund. This it to cover anything that might come up in the process of moving. If this is not used, then it will be immediately transferred to my emergency fund account. This will help me to hit my new emergency fund goals much faster.

Once I move out, I will continue to add to my emergency fund until it gets to my 3 months of expenses amount. I will not stop my debt free journey for this, but contribute some each month to help me get there. I do have cash available in a few sinking funds in the event that something happens that is larger than my emergency fund.

2. I will be done paying off my high interest debt shortly.

I started with $201k in student loans ranging from 3%-8.05% rates. This basically guarantees a long debt free journey on a teacher’s salary. When I first sat down and tracked it out, it was going to take me 8 years. This would bring me to about 31 years old. This didn’t take into consideration income increase or change in living situation.

I knew that I’d be able to do it quicker since I planned to increase my income with side hustles. And I wouldn’t be living with my parents until I was 31!

Once I am done paying off my high interest debt, anything over 5%, I will be shifting gears a bit. I plan to still pay off debt. But, I will also be building my emergency fund. Then, I will contribute more to my retirement accounts.

My plan is to split the difference of my leftover money each month. This means that any money I have leftover in my budget, half will go to debt and half will go to those goals.

I cannot wait for this to happen. I hope that it will happen at some point in the next year. With me starting a new job and moving out, things are a little unpredictable right now.

3. Time is on my side right now with compound interest.

The reason I am planning to change my financial plan once my high interest debt is gone is because I will still be in my twenties at that point. This is important because it gives me more time until retirement. For me, I consider time to be super important to consider when making your plan.

For me, I want to start investing more as soon as possible. The reason being that the longer my money can sit in my investment accounts, the more compound interest will work for me.

Compound interest, in simple terms, is when your interest earns interest. This is what will really build your wealth because it will make your money grow much faster without you even adding more money to it.

4. Since I will only have low interest debt, my investments will have higher returns.

I’m still going to be making debt payments, but I will be also focusing on my savings and then investing. A lot of people say it isn’t worth it when you still have debt because you are losing more money in interest then you’re making.

This is why I am waiting until my high interest debt is paid off. I will also wait until my private loans, which are 4.97%, are paid off. The reason being that my minimum payment each month is very high ($865.00). By getting rid of that monthly payment and my high interest debt, my money will be working much harder for me.

The high monthly payment I have with my private loans is a very large amount and I know once that is gone, I will be able to reach all of my other goals so much faster.

You have to do what works best for you!

You need to do what works best for you and your current life. Your finances should change as your life changes, and that’s exactly what I am doing. I am so excited to start this new part of my life because I will finally be seeing my money grow instead of putting it all to debt.

I encourage you all to look at your finances and make sure that you are financially set for emergencies, even if you are paying off debt. The point of paying off debt is to never go back into debt. If you are prepared for an emergency, you’re going to end up right back in debt. That’s why I don’t believe in having only $1,000, it’s not practical and potentially sets you up to not be prepared for an emergency. Do you save and invest while paying off debt?

Making Money

How to Manage Multiple Jobs

How to Manage Multiple Jobs

This post may contain affiliate links. Check out my Disclosure Policy for more information.

When you’re trying to get out of debt it can all be overwhelming. I’ll never forget the day I totaled up my debt to $201k with a salary of $56k as a first year teacher. I knew I would need to do some drastic things to get myself out of this hole quickly.

The reality I quickly faced was that I had cut all of my expenses as much as I could. I moved back home with my parents, bringing my housing expenses to zero. I was making my breakfasts, lunches, and dinners at home and making sure to eat cheaper meals while still being healthy. I wasn’t going out, except for the occasional celebration.

My minimum payments were $2,000 a month, trying to pay extra was hard. I knew I had to make more money, but I was drowning as a first year teacher.

I eventually got it figured out and now I manage multiple jobs with my full time job, it’s a lot, but there are certain things you can do to make it easier.

1. Always have your schedule on you.

I use a Day Designer to organize my days personally, but I love using Google Calendar on my phone. I was always a paper planner girl, but I quickly realized with me working so many jobs, that it just wasn’t practical.

I’d be finishing up at one job and they’d ask my availability the next week. I’d always have to let them know. It wasn’t a big deal at first, but eventually when I got more and more jobs, it definitely became hectic trying to remember to contact them after.

It made it so much easier to pull my phone out and let them know my schedule. I make sure to update my Google Calendar immediately. Then, I use my Day Designer to plan out each individual day to make sure I get the most done.

They serve two different purposes, one is to keep my schedule going, the other is to organize my time. You can totally do both in Google Calendar, I’m just a paper planner girl for life. Some things will never change!

2. Keep a consistent schedule.

I try my best to keep the same schedule each week with all of my jobs. This obviously isn’t realistic for everyone, but if you can, it can help a lot in managing your time.

For example, my teaching hours are basically always the same, that’s easy. I work the before and after school program, that’s always the same time. I privately tutor the same kids at the same time every week. If there needs to be a change one week, I make sure to update my Google Calendar immediately.

This allows me to keep a consistent schedule for the things I can control. For my babysitting side jobs, that’s completely unpredictable. It helps that the rest are consistent because it allows me to easily schedule babysitting.

Keeping a consistent schedule when working multiple jobs always helps your body adjust to working so much. Eventually it just becomes part of your routine. Which leads me to the next point.

3. Slowly add on more jobs.

Make sure you consider yourself when you are planning to work so much. I don’t recommend going from just working your full time job to working 4 jobs. You are more likely to burn out and overwhelm yourself.

I suggest slowly adding side jobs to your full time job once you are comfortable with your full time job. For me, this looked like adding 1 tutoring client after my first few months of teaching.

Eventually I got into the swing of things at my full time job and was able to add many more side jobs. This has been a work in progress for many years and I don’t recommend adding so many right away.

In the fall, I will be getting a new job and I am purposefully planning to work less side jobs while I adjust to my new school. It’s obviously going to slow down my debt free journey, but my mental health and sanity is worth it.

Of course, my full time job always takes priority, it provides me my benefits and my salary. I don’t want to risk losing my full time job because I was spreading myself too thin with my side jobs.

4. Plan out your week to make it easier.

This is why I love the Day Designer, I can plan out my week and my days to get the most accomplished. For example, I plan out what I need to get accomplished for my blog each day in order to keep it up and running. If I didn’t do this, I would let the blog go on the back burner when I feel overwhelmed. Plan out what you want to get accomplished.

I also highly recommend meal planning and prepping when you do have time. For me, I spend time Sunday meal planning, going to the store, and prepping my meals for the week. It doesn’t take much time and makes my life so much easier during the week.

It is so nice to come home after a long day to meals that are cooked and a lunch already planned to bring to work. If I didn’t do this, I would definitely grab lunch out or pack random, not so healthy meals for me to eat at work.

5. Remember that this is temporary.

This is probably something I remind myself daily. Whenever I feel overwhelmed by how much I’m working I just tell myself that it’s temporary. I don’t have to work these jobs and I won’t forever.

Of course, I love working multiple jobs and I probably will for a long time, but the volume that I work will drastically change once I am debt free. It’s important to remind yourself of that when it starts to be too much.

With it being temporary also means that you need to keep yourself in mind when working all of these jobs. If it starts to be too much, figure out an exit plan and stop working so much.

Yes, these jobs are great to get out of debt, but if it is impacting your mental health, you need to stop working that job. Extra money is great, but not at the cost of your health.

I recommend finding jobs that you have interest in, it will make it feel less like work and make it easier to get there.

Managing multiple jobs ultimately comes down to scheduling.

Multiple jobs can absolutely feel overwhelming, but it doesn’t have to be if you schedule out your days, weeks, and months a bit more. When you have your meals prepped, schedule ready, and know what you want to accomplish each day, it definitely makes it easier to manage. How have you managed multiple jobs?