by Claire
While the spending cuts continue, I’ve spent a little time brainstorming some income generating ideas. Hubby and I have a storage room of “extras” that we didn’t need when we combined our families. In addition to wanting to cut that $35/month cost for the storage space we have discussed selling the “extras” in the storage unit. Our original thought was to keep everything for the eldest when he goes off to college but I think we just made a blanket decision on that and didn’t really take a good inventory of what we have, what he can realistically use and–most importantly now that we are tackling debt–what we can make money from selling! We have a refrigerator, washer and dryer, lots of furniture. We’ll do an inventory soon, figure out what can go and put all proceeds toward debt.
I also have some leads on side income that I can work on during the “kid free” weekends. I’m looking at doing some side jobs in my professional area as well as some new things that are out of the box. I have a telephone interview for a position as a reservation clerk for a major company…but they already sound perplexed by my application. Oh well….I’ll just be honest and tell them I’m on a debt elimination plan! All of the ideas are “work from home” opportunities so there will be no additional costs incurred for commuting.
I did a closet clean out this weekend and have a good size box of random Ebay stuff. I’ve sold on Ebay before—mainly craft supplies a few years ago. I might have $200-$300 worth of random items so I’m excited about that!
I took two big boxes of my daughter’s clothing to a consignment shop this weekend. I had taken a small bag of things to this store in the past just to see how I did and from about 15 items, I made over $50. I am excited to find out what I earn with this batch. I had a load of adorable Easter dresses from over the years and I’m glad I actually got them TO the store well before Easter!
I’m looking at things through these new glasses and asking myself if something I find around the house can make us money! Let me hear your unique ideas for income!
Born and raised in Texas. I’ve at least driven through every state in the US courtesy of a roadtrip loving Dad.
I’m single with two children and a good parenting relationship with their father.
I am a “life is just half full of funny” kinda gal. Humor is my saving grace and I am thankful for it every single day. I have a strong Catholic faith and am thankful for that foundation.
I read a lot for a living but still enjoy a good book. I love biographies but in recent years have found the need for fun fictional books–sadly, for a long time I just didn’t enjoy fiction!
I love live theatre of any kind–from local productions to Broadway.
I love to scrapbook and pride myself in my kids’ albums.
I love being a mom but also love my career. I’m blessed to have found a balance allowing me to be at everything my kids need and want me to be at–while also having a career.
Favorite Quotes: Well behaved women rarely make history.
Behold the turtle. He makes progress only when he sticks his neck out. -James Bryant Conant
Great ideas!
you have some nice ideas here, it will be great to see your debt getting smaller faster and faster.
Good luck on the increasing income aspects!
I’ve spent the past year (on mat. leave) doing a bunch of these things to save up money for an upcoming vehicle purchase. I’ve posted a bunch of ideas about how to earn extra money here: http://preservingpennies.com/category/earning-extra-money/ We sell stuff on Ebay and Kijiji (like Craigslist), recycle scrap metal, teach piano, repair computers, sign up for bank accounts etc. I’ve saved up almost $4000 over the last 9 months doing these things. It’s been cool!
Selling unwanted stuff on eBay is a very good way to go to raise some spare cash.
My hubby and I just got married last fall and I sold several things like this when combining the two households. It’s a great way to get rid of things you don’t need – and make a little extra cash!
You have great ideas that should be quite fruitful for you!
Claire,
I think you mentioned before you live in Texas. Being from Dallas was just wondering which consignment shop you use?
Thanks,
Mat
Ugh, now I feel intensely lazy. I really should do a clean-out. Good for you and your energy!
wow, you have taken this longhorn bull by its horns. great job. i guess soon it will be time to start looking for the next blogger.
Thanks Adam! 🙂
hey, you posted your first numbers update – 1 credit card is history! congratulations! you gotta tell us this stuff!
Yes! Do share your numbers. Us PF’ers love the numbers. Interest rates, minimum balances and definitely pay offs!
That’s a lot of good effort going toward generating more money to pay down debts.
My caution is to still put equal effort toward reducing expenses. This will make sure you know how to stay out of debt long-term, regardless of your income.
Storage units are almost always such a waste of money – a tribute to the immense amount of crap that Americans own! When your children leave your home, they will be able to furnish their places for free or for almost free using freecycle, craigslist and garage sales. No need to store stuff for years for them.
I agree with Margot. I kept stuff for years and neither kid wanted it (china, glasses, drapes etc.) when they moved out. On the other hand, they did take twin beds and dressers with them but some of those have come back (I’m storing some pieces for my daughter so she didn’t have to move them across the country when she plans on returning and my son is downsizing in preparation for moving to Australia for a year, so more things just came back as he moved from a three bedroom house to an apartment.)
In my case, I have 400 square feet of storage inside my house. Downsizing is not fiscally prudent (to move to a condo – our dream – would mean adding $200K to proceeds from selling our house so we’ll stay put in our fully paid-for home.) But when I do downsize the kids will have to take their things back.
In your case, getting rid of things will also save you money monthly since you won’t be paying for storage. So that’s a double incentive to sell things.
Yes, ditch the storage unit! At $35/month, you’re at $420 a year for how many years until the kiddo is ready to take the stuff? By the way, that’s a trick I use – multiply everything by 12 to see what it costs you for the year, and you really start to see the impact of making small changes.
My mom lives in San Antonio and I can think of one great resource for you…CRAIGSLIST.
The San Antonio CL is the best one yet…she always buys and sells anything on there. So Awesome.
If you have any more craft stuff left, see if any of it is suitable to use for activities at your daughter’s next BD party. In the past I used to assume each child’s party/cake/lootbags would be $200-250 because for simplicity we ordered a cake and booked a party at one of those indoor gym places, or took a group to a movie. Now I make the cake and do home parties. For kids 7+ there seems less risk of them destroying the house and in my experience girls can spend a long time enjoying craft activities that take more planning than cost. At my daughter’s 9th party we had a beach theme and held the whole thing out on our verandah. At the dollar store I got wooden picture frames and a bag of shells. I collected up all the silk flower remnants I had and pulled all the blooms off the stems. The girls picked out the flowers and shells then wanted and then took turns having them all glued gunned onto the frame my my ever patient husband. While those dried they made leis from dollar store kits. Lunch was served on a table covered in beach towels. The center piece was tropical flowers and every “beach” creature my daughter had in her stuffed animal collection (turtle, fish, seahorse, octopus). The plates were frisbees lined with wax paper. Chips were served in a new sand pail. The cake was kite shaped and served up with a new plastic sand shovel. For loot bags they each got a group photo in the picture frame they made, their frisbee plate, their lei, a dollar store shell bracelett and a hand full of pineapple and mango candies. By making the crafts into the lootbags items we got double use from those funds. The entire party for 8 girls came in well under $50 and they had a blast. Yes it took more planning than making a reservation but it was more memorable and saved us $200.
With your gang 4 BD parties a year could easily add up to $800 or more without including gifts. Start giving some thought to cost effective alternatives well before so your kids can have input and you can fine inexpensive ways to accomplish it. Sometimes setting a small budget forces a lot more creativity and a better result.