Hadley Mendelsohn is the co-host and executive producer of the podcast Dark House. When she’s not busy writing about interiors, you can find her scouring vintage stores, reading, researching ghost stories, or stumbling about because she probably lost her glasses again. Along with interior design, she writes about everything from travel to entertainment, beauty, social issues, relationships, fashion, food, and on very special occasions, witches, ghosts, and other Halloween haunts. Her work has also been published in MyDomaine, Who What Wear, Man Repeller, Matches Fashion, Byrdie, and more.
Inside: Learn the roadmap to financial freedom with no money. Surpass debt, embrace millionaire habits, invest wisely & start a victorious journey to become financially independent!
Navigating the road to wealth can feel daunting, especially without a financial head start. But the journey to becoming a millionaire isn’t reserved for the lucky few with an inheritance at their heel.
It’s about strategy, perseverance, and making informed decisions.
Reaching the status of a millionaire is possible. I have done it and many other Money Bliss readers as well.
You have to change your mindset to make this happen. Becoming financially stable is of utmost importance.
Now, if you are serious about making seven figures in your net worth, then keep reading on how to do it.
Foundations of a Millionaire Strategy with No Money
Building a wealthy future from the ground up demands a strong and comprehensive financial plan. This isn’t something super fancy and you don’t need crazy knowledge.
You just have to start and be determined.
Step 1: The Essential First Steps Toward Financial Growth
Before plotting any course, assess your current circumstances candidly. Are you battling debts? Barely managing expenses? Or perhaps saving inconsistently? Acknowledging your starting point is critical.
A financial plan acts as your roadmap. It outlines not only your current standing but also sets the destination: your millionaire goal. This is not a figure plucked from thin air but rather a calculated estimate determined by your aspirations and timeframe.
Structure your plan to encompass these elements:
Income Assessment: Calculate your total annual income, be it from your primary job or any side gigs you maintain.
Expense Analysis: Track every expense. From the daily coffee to the monthly rent, understand where your money is going.
Debt Strategy: High-interest debts can cripple financial growth. Prioritize paying off these debts to alleviate financial pressure.
Savings Plan: Start with achievable goals. Perhaps saving $100 a month initially, then incrementally increasing as your earnings grow.
Investment Consideration: Every dollar saved should be working for you.
Ultimately, keep your plan documented and visible. Regular interaction with your strategy keeps the vision of financial growth at the forefront of your daily choices.
Step 2: Harness a Mindset Crafted for Success
Maintaining a positive mindset can significantly amplify your success with money, empowering you to manifest your financial ambitions with clarity and confidence.
This positivity helps to reframe financial obstacles as opportunities for growth. To cultivate this prosperous mindset:
Practice gratitude by acknowledging and appreciating what you already possess, which can create a sense of wealth beyond the monetary value.
Counteract negative thoughts about money by consciously redirecting them into positive money affirmations, reinforcing your belief in your financial acumen and capabilities.
Focus on your ultimate goals and align your behaviors accordingly.
Step 3: Starting Small: Saving with Limited Means
When funds are scarce, saving can seem impossible. However, even the most modest savings habits can blossom into significant wealth over time. The key is to start – no matter how small, and to remain consistent.
Implement these techniques to save effectively on a tight budget:
Automate Savings: Set up a direct deposit from your paycheck to a savings account.
Savings Challenges: Engage in one of my popular money saving challenges.
Save Raises and Bonuses: Save at least half of any raises, bonuses, or tax refunds you receive rather than increasing your spending.
Micro-Saving Apps: Consider using apps that round up your purchases to the nearest dollar and save the difference.
Saving is habitual. Even with a limited budget, adapting ways to make saving a consistent part of your financial behavior is crucial.
Start with a small percentage that won’t strain your daily living but will quietly accumulate in the background. These mini saving challenges are perfect!
Step 4: Handling Debt: Strategies for Minimizing Financial Burdens
Tackling debt is a pivotal stage on the road to financial freedom and accumulating wealth. Personally, this is exactly what happened to me. Once we paid off our debt, we were able to increase our net worth substantially.
Simply put… When debt is left unchecked, it can blossom into an insurmountable challenge, thwarting efforts to acquire wealth. The cash flow killer.
Consider these tactics to manage and minimize your debt:
Debt Audit: Begin by evaluating all your debts. Take note of balances, interest rates, and minimum payments. Understanding the total sum of your debts is essential for forming a repayment strategy.
Prioritize High-Interest Debts: High-interest debts such as credit cards can quickly grow beyond control. Prioritizing these debts for repayment can save you a significant amount in interest over time.
Debt Snowball vs. Avalanche: Choose the method that will keep you motivated and align with your financial goals.
Negotiate with Creditors: If you’re in financial hardship, reach out to your creditors to negotiate for lower interest rates or modified payment plans. Many creditors prefer to work out a payment plan rather than risk not being paid at all.
Avoid Accumulating New Debt: As you pay off existing debts, it’s crucial not to accrue new ones. Stick to your budget and avoid temptations that could lead to further debt.
Remember, every debt you free yourself from is one step closer to letting your money work for you, not against you.
Step 5: Identifying Skills That Pay: Turning Talents into Revenue
In the evolving economy, capitalizing on your skills can be a powerful way to generate additional revenue streams. The beauty of skill-based earning is that it can fit around a traditional job and can be scaled up or down as your situation changes.
Here are possible avenues to pursue:
Demand for Your Skills: Look at the market and find out if you can outsource your skills
Start Freelancing: Platforms like Upwork, Fiverr, and Freelancer can connect you with clients looking for your specific skillset. Begin with competitive pricing and build up your portfolio and rates as your experience grows.
Teach Others: If you’re knowledgeable in a particular area, consider creating an online course or conducting workshops. With platforms like Teachable or Udemy, you can reach a global audience.
Networking: Leverage social media, professional networking sites like LinkedIn, and community forums. This builds your professional presence and can lead to job opportunities.
Lastly, do not be afraid to ask for a pay raise. Thus, will help you fast-track your path to six figures.
Step 6: Side Hustles and Entrepreneurship: Growing Your Earnings
To build real wealth, especially with no initial capital, earning income from multiple streams can be a game-changer. Side hustles and entrepreneurship are about leveraging your time, talents, and sometimes minimal financial investments to grow your income outside of your primary job.
Almost every millionaire I know has a side hustle or business that helped them to get to that point.
Here’s how you can expand your earnings with side hustles and entrepreneurship:
Make money online: The fastest growing area is knowing how to make money online. Even seemingly mundane skills can be lucrative.
Choose the Right Side Hustle: You can choose to make money or chill and watch TV. Pick on the popular side hustles to get started today.
Start Small Business Ventures: Consider creating a small business. It could start as simple as lawn care services, homemade goods, or consulting. Validate your business idea with minimal investment before scaling up.
As financial expert and entrepreneur Ramit Sethi states, “There’s a limit to how much you can save, but there’s no limit to how much you can earn.”
By actively growing your earnings and establishing additional income streams, you accelerate your trajectory toward millionaire status.
Step 7: Investment 101: Basics for the Beginner Investor
Investing is the escalator to wealth, turning your savings into passive income generators.
For beginners, the world of investing can seem labyrinthine, but with foundational knowledge and strategic baby steps, you can begin to navigate it confidently.
Don’t be afraid of the stock market as you are giving up way too much money! This was the stupid mistake I made in my 30s. Now, my investment portfolio is the primary way I am growing my wealth today.
Here’s what you need to know to get started with investing:
Start with a Retirement Account: If your employer offers a retirement plan, like a 401(k), especially with matching contributions, take full advantage of it. This is often a beginner’s first, and potentially most profitable, investment.
Low-Cost Index Funds: As a beginner, it’s wise to invest in low-cost index funds, which are designed to mimic the performance of a particular market index. They are diversified and typically have lower fees.
Automatic Investing: Set up automatic transfers to your investment account to facilitate regular contributions without having to actively think about it. Don’t forget to select which fund to invest in.
Educate Yourself: Take advantage of online resources, books, and courses to understand the basics of stocks, bonds, and other investment vehicles. This is what I did – invest in my stock market knowledge and it has paid off big time!
Understand the Rule of 72: A simple formula to estimate the doubling time of an investment. For example, at a 7% average annual return, your money could potentially double every roughly 10 years.
Understand Risk vs. Reward: All investments carry some level of risk. Typically, higher risk could mean higher potential returns, but also greater potential losses. Assess your risk tolerance before investing and use those stop losses!
Investing isn’t a sprint; it’s a marathon with compound interest serving as the tailwind to push you forward over time. Learn how to invest in stocks for beginners.
Step 8: Retirement Accounts: Why Maxing Out Early Matters
By maximizing contributions to retirement accounts, you not only safeguard your golden years but also capitalize on tax-advantaged growth, which can be substantial over time.
Just because you are in your 20s or 30s, don’t say I’ll invest later. You are missing the boat.
Here’s why it’s beneficial to start maxing out your retirement accounts as soon as possible:
Compounding Interest: The earlier you start, the more you benefit from compounding interest.
Tax Benefits: Contributions to retirement accounts like 401(k)s and traditional IRAs are made each year, but they come with limits and potential tax-deferred (IRA) or tax-free (Roth IRA) accounts.
Employer Match: Many employers offer a match on 401(k) contributions up to a certain percentage. Failing to contribute at least enough to get the full match is akin to leaving free money on the table.
Higher Contribution Limits: The earlier you start maxing out, the less you have to play catch-up later. The IRS sets annual contribution limits, and consistently hitting those maximums can mean a considerable difference in your retirement savings over time.
By comprehensively engaging with your retirement accounts from an early age, you start an assured path towards the millionaire echelon.
Yes, it is possible to have multiple Roth IRA accounts.
Step 9: Adopting the Growth Attitude: Learning from Millionaire Mentors
The difference between those who accumulate wealth and those who don’t can often be traced back to mindset and mentorship. Adopting a growth attitude and learning from successful individuals can accelerate your path to prosperity.
Millionaires, with their experience and results-driven approaches, often provide valuable insights into effective wealth-building strategies.
Here’s how tapping into the wisdom of millionaire mentors can benefit your financial growth:
Learning from Their Experiences: Millionaires can share their triumphs and tribulations, offering you a roadmap that highlights what to do and what pitfalls to avoid. Cultivate these millionaire habits in your life.
Networking Opportunities: Millionaire mentors often have expansive networks. By building a relationship with a mentor, you may be introduced to key connections that can lead to lucrative opportunities.
Mindset Shift: Interacting with successful individuals can shift your perspective from a fixed mindset to one that embraces challenges, persists in the face of setbacks, sees the effort as the path to mastery, and learns from criticism.
Innovative Thinking: Mentors can inspire innovative approaches to income generation, investment, and savings. They can encourage out-of-the-box thinking that may lead to financial breakthroughs.
Emulating Success: By observing the habits and tactics of millionaires, you can emulate strategies that have proven successful while avoiding practices that may lead to failure. Start these billionaire morning routines to help you.
By adopting a growth attitude and learning from the insights and experiences of millionaire mentors, you sharpen your financial acumen and enhance your ability to create and capitalize on wealth-building opportunities.
Step 10: Community Counts: Surround Yourself with Success
The people you surround yourself with can significantly influence your thoughts, actions, and ultimately, your success. By intentionally building a community of hard-working, success-oriented individuals, you can foster an environment that promotes wealth accumulation.
Here is why it’s crucial to immerse yourself in communities that align with your aspirations:
Shared Success Mindset: In a like-minded success-oriented community, you’ll find individuals who have goals similar to yours and an attitude that is conducive to financial growth. This collective mindset can reinforce your own ambitions.
Peer Learning: Being a part of a community allows for collaborative learning. Exchange insights, experiences, and tactics with peers who are also on a path of financial growth. I love my masterminds!
Accountability: Just as with individual mentors, a community can keep you accountable. Regular interactions with people who take financial success seriously can encourage you to do the same.
Cross-Pollination of Ideas: Varied perspectives in a group can lead to a cross-pollination of ideas, sparking creativity and innovation in your own wealth-building strategies.
Increased Confidence: As you witness others achieving success, it instills a belief that you can do the same. This confidence can push you to take calculated risks that lead to greater rewards.
This adage stresses the importance of being selective with the company you keep, as their attributes frequently rub off on you, influencing your path to becoming a self-made millionaire. Likely you want friends who are millionaires or striving to be, too.
Step 11: Steer Clear of Debt: Remaining Unshackled as You Ascent
The gravitational pull of debt can be a formidable force, impeding one’s ascent toward the zenith of financial independence. But, you can overcome this by using these debt free living habits.
Here are strategies to remain unshackled by debt:
Budget Religiously: A budget constrains overspending and reduces the temptation to rely on credit.
Build an Emergency Fund: A substantial emergency fund can cover unforeseen expenses, diminishing the need to fall back on credit cards or loans that could exacerbate your financial situation.
Spend Less Than You Make: This may sound simple, but this helps you to live within your means and avoid going into debt.
Discern Needs from Wants: Be meticulous in distinguishing true needs from mere wants.
Ultimately, your ability to evade debt not only safeguards your financial stability but also amplifies your capability to invest and save, propelling you firmly on the trajectory toward millionaire status.
Step 12: The Lifestyle Inflation Trap: Keeping Expenses in Check
Success and salary hikes can often lead to lifestyle inflation, a phenomenon where spending increases as income rises, negating the potential for savings and investments. Keeping lifestyle inflation at bay is pivotal to ensuring that growing income translates into growing wealth.
Here’s how you can avoid the lifestyle inflation trap and keep expenses in check:
Stick to Your Budget: Even as your income grows, maintain the budget that facilitates your savings habits.
Identify Trigger Points: Be aware of what prompts you to spend more. Sometimes, seeing others upgrade their lifestyle can trigger the same desire. Stay focused on your financial goals rather than external influences.
Automate Savings Increases: When you receive a raise or bonus, immediately update your automatic transfers to increase the amount going into your savings or investment accounts.
Value Experiences Over Possessions: Studies have shown that experiences bring more lasting happiness than material goods. Opt for a modest increase in experiences rather than expensive goods as your income grows.
Embrace Minimalism: Adhering to minimalist principles can reduce the urge to accumulate non-essential items, keeping spending down and savings rates up.
Avoiding lifestyle inflation doesn’t mean living as frugally as possible regardless of how much you earn. It’s about finding a balance that allows for a comfortable yet modest lifestyle, wherein you can enjoy the fruits of your labor without compromising your long-term wealth goals.
Billionaire investor Warren Buffett exemplifies this principle by still living in the house he bought in 1958 for $31,500 and driving a reasonably priced car. Buffett’s lifestyle choices display an astute awareness of the perils of unnecessary spending and emphasize the importance of consistency in financial discipline.
Step 13: Compounding: The Wonder that Builds Big Balances Over Time
Compounding interest is a powerful tool that has the potential to turn modest savings into vast sums over time.
The principle behind compounding is straightforward: the returns you earn on your investments generate their own returns in the next cycle, leading to exponential growth given enough time.
Here’s how the wonder of compounding works to build big balances:
Start Early: The magic of compounding is maximized by time. The sooner you start investing, the more cycles of compounding your money can go through, and the larger your balance can grow.
Reinvest Your Returns: To truly harness the power of compounding, reinvest the interest, dividends, and any capital gains you receive, rather than spending them. This increases your investment balance, which in turn means more significant potential returns in the next cycle.
Regular Contributions: Make regular contributions to your savings and investments. Consistent additional deposits can significantly amplify the effects of compounding over the long term.
Step 14: Procrastination and Perils: Why Immediate Action is Crucial
Procrastination is often the thief of time and opportunity, especially when it comes to financial decisions. Postponing essential actions like saving, investing, or paying down debt can have compounding negative effects, making it harder to achieve financial goals.
Understand the perils of procrastination and the importance of immediate action:
The Cost of Waiting: In the realm of investment, the longer you wait to begin, the more you miss out on the potential compounding returns. Delayed action can mean the difference between a comfortable retirement and a financially insecure one.
Opportunity Loss: Procrastination can lead you to miss out on time-bound opportunities, such as market dips that are ideal for purchasing investments at lower prices or missing the deadline for a tax-advantaged account contribution.
Paying More on Debt: By putting off debt repayment, you accrue more interest, which only increases the total amount you’ll eventually have to pay. Acting quickly to pay off high-interest debt saves money in the long run.
Increased Stress: Delaying important financial actions can lead to an accumulation of stress and anxiety, which can, in turn, impair your ability to make sound financial decisions.
Potential for Rash Decisions: When you constantly procrastinate, you might eventually rush into decisions without adequate research or consideration, leading to poor financial outcomes.
Recognize this type of behavior and set weekly money meetings with yourself to help you move forward – one task at a time. Grab an accountability partner too!
Step 15: Long-Term Vision: Setting Up For Sizeable End Gains
The journey to becoming a millionaire is often a marathon, not a sprint.
Nurturing a long-term vision for your financial future is essential in guiding your daily decisions and motivating you to stay the course.
To ensure sizeable end gains, you need to establish and maintain a future-oriented mindset:
Set Long-Term Financial Goals: Establish clear, achievable long-term financial goals that align with your desired = future. Whether it’s attaining a specific net worth, owning property outright, or securing a comfortable retirement, these goals should inspire your action plan.
Strategic Planning: Develop a comprehensive financial plan that includes savings, investments, retirement accounts, and estate planning. This plan should act as a living document that you can adjust as your circumstances and goals evolve.
Patience is a Virtue: Recognize that wealth typically accrues over time, and not without fluctuation. Stay patient and avoid knee-jerk reactions to short-term market swings or temporary setbacks.
Regular Investments: Commit to making regular investments, even in small amounts. Over time, consistent contributions can result in substantial wealth through compounding interest.
It’s about creating financial disciplines that compound over time, ensuring that with each day, month, and year, you’re progressively building towards a considerable nest egg.
FAQ: Climbing the Financial Ladder Without a Silver Spoon
Getting rich with no money might seem like a paradox, but it’s a trajectory that many self-made millionaires have pursued successfully. The blueprint involves a combination of mindset shifts, disciplined financial habits, and strategic action.
You have to take proactive steps to increase wealth even when starting from zero.
Starting from nothing and achieving millionaire status requires a multifaceted strategy, encompassing personal development, financial planning, and an entrepreneurial approach to income generation.
Wealth creation is a journey, and starting from zero means that progress may be slow initially.
However, by adopting these steps and maintaining a disciplined and proactive approach, you incrementally increase your chances of accumulating significant wealth.
Ready to Become a Millionaire with Nothing?
Are you ready to become a millionaire with nothing but your ambition, intellect, and unwavering resolve? If your answer is a resounding yes, then it’s time to take the first step.
With every small victory and learned lesson, you inch closer to your ultimate goal.
Your journey starts with dedication, a commitment to yourself that from this day forward, you will work relentlessly toward the life you envision.
Wealth is not just about the money you accumulate but also the knowledge, experience, and relationships you develop along the way. Wealth creation is often not a straight line but a series of strategic moves and consistent behaviors that, collectively, lead to financial success.
Remember, your current financial position is just a starting point – with the right mindset and actions, significant financial growth is within the realm of possibility.
Your next step is working towards becoming financially independent.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
This funky Swiss home might not exactly have towers and turrets, but it was indeed built for Italian royalty in the 1970s. The informal dining area features a curvaceous vinyl-clad banquette and grass-green carpet, among other throwback features—ideas you can pluck from in your own home if the allover look doesn’t appeal. But for its current resident, Prince Emanuele Filiberto di Savoia, the extraness of this home is part of its charm: “If today’s kings and queens could build their own castles, perhaps they would do it like that,” he says.
While many people may like these trendy wall art ideas, we understand that everyone has different tastes. So, we were sure to look for various LED wall decor options to match different aesthetics and styles. Whether you want something to help set the party scene, help you relax after a stressful day, or anything in between, we found the perfect LED decor and will present those different options in numerous subcategories to avoid wasting your time.
Moreover, we’re aware that some shoppers may want to stick to a budget, while others are looking to splurge, so we found pieces at different price points so money concerns won’t necessarily prevent anyone from finding their ideal LED wall decorations. We also carefully and thoroughly assessed the customer ratings of each item and read numerous reviews to be sure that real consumers enjoy the products so that you’ll be happy with them, too.
Looking for the best jobs for single moms? Being a single mom can be hard because you have to manage both your job and taking care of your kids. There are not many hours in a day, so it’s probably important to you to find a job that pays you a good income and lets…
Looking for the best jobs for single moms?
Being a single mom can be hard because you have to manage both your job and taking care of your kids. There are not many hours in a day, so it’s probably important to you to find a job that pays you a good income and lets you take care of your children.
The good news is that nowadays, there are many stay at home jobs for moms. This means you don’t have to follow a strict 9-to-5 schedule, making it easier to balance work and family. There are also many in-person jobs that allow you to have a better schedule to match your children’s schedule (such as when they are in school!).
Whatever you may be looking for, there are many flexible jobs for single moms. Continue reading below to learn more!
Best Jobs for Single Moms
Below is a quick summary of some of the best jobs for single moms.
Bookkeeper – You can organize the finances for businesses and have flexible working hours. With quick training, entry-level bookkeeping jobs might start at around $20 per hour, but with experience, you could earn a lot more.
Blogger – Bloggers get to work from home and make their own schedule, which is great for anyone, including single moms.
Teacher – Teaching probably aligns well with your child’s school schedule. Whether full-time, substitute, or part-time, teaching can be a good choice.
Virtual Assistant – This job involves helping businesses with tasks online, and you can typically make your own schedule.
Childcare provider – If you enjoy taking care of children, providing childcare for others while watching your own can, at the same time, be a way to earn money.
Below, you can learn about each of these, as well as many more of the best jobs for single moms.
1. Blogger
Blogging is one of the best jobs for single moms, and this is because you can work from home, make your own flexible schedule, and be your own boss; these are all reasons why I think it’s one of the best jobs for single moms who stay at home.
Plus, to start, you don’t need a lot of stuff – just a computer and internet.
I do this myself while taking care of my daughter, Marlowe. Blogging lets me travel whenever I want, make my own work schedule, earn good money, write about topics I like, and I really enjoy having a blogging business.
I started Making Sense of Cents in 2011, and since then, I’ve earned over $5,000,000 with my blog. When I began, I didn’t know it would become one of the best jobs for stay-at-home moms. Now, blogging lets me have a flexible schedule and spend lots of time with my daughter. It’s been a great way to balance work and family for me.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
In this free course, you will learn:
Why you should start a blog today
How to decide what you should write about
How to create a blog (this will go over the actual step-by-step process)
How to make income from your blog
How to get people to read your blog
And more!
10
Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
2. Day care (and bring your kid)
Finding a job that lets you bring your child along can save you childcare costs and watching other people’s kids is one way to do it.
You could start your own day care or find a job at a day care.
If you want to start a home day care, then you will want to check your state’s rules for home day cares, such as if you need a license. You’ll also need a safe space for children, as well as toys and games.
You could also try to find a job at a day care in your local area. Many day care centers allow you to bring your child, or they will give you a discounted rate to have your child attend the day care as well while you work.
Another option is to become a nanny or babysitter for a family that allows you to have your child there as well.
Starting a day care, working in one, or becoming a nanny/babysitter can be a win-win. You earn money and don’t worry about finding someone to watch your kid. Plus, your child gets to play and learn with other children.
Recommended reading: How to Make Money on Maternity Leave: 27 Real Ways
3. Sell printables
Selling printables is a great work-from-home business idea for single moms. This is because you can do this while your kids are sleeping or at school and earn passive income too!
Printables are digital files that people buy, download, and print themselves. These can include planners, calendars, wall art, grocery shopping checklists, weekly meal plans that someone puts on their fridge, and educational worksheets for kids.
You can sell your printables on websites like Etsy. This is a way to make money from home because you only need to make one digital file for each product, and you can sell it many times. You don’t have to print or send anything to your customers. You make the digital file; your customer buys it, downloads it, and takes care of the rest.
I recommend reading about this further at How I Make Money Selling Printables On Etsy to learn more about one of the best jobs for stay-at-home moms.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
4. Virtual assistant
As a single mom, you may be looking for a job that fits into your schedule. Working as a virtual assistant (VA) could be your answer, as you get to work from home and choose hours that work for you.
I’ve worked as a virtual assistant before, and I also have virtual assistants who help me with my business. Many parents have told me that a virtual assistant job is one of the best jobs for stay-at-home moms because it’s very flexible, and I agree!
A VA is someone who works from home as an assistant for someone else. Nowadays, many businesses can be operated from home, so it makes sense that an assistant can also work from home.
A virtual assistant can do tasks like managing social media accounts, formatting and editing content, scheduling appointments, handling travel plans, managing emails, and overseeing Facebook groups, among other things.
You can learn more at How Kayla Earns $10,000 Each Month From Home as a Virtual Assistant.
5. Freelance writer
If you’re a single mom looking for a job you can do from home, freelance writing might be a good fit for you. It’s a job where you write articles, blog posts, and sometimes even books for money. You don’t have to work in an office; you can write from anywhere, even your own kitchen table.
I have been a freelance writer for years, and it can be a great career choice for someone who wants to work from home.
When you’re just starting as a freelance writer, you might begin by writing articles that pay around $50 each or even more. However, the amount of money you can earn can vary a lot. You may be able to earn around $50,000 a year, and I know several freelance writers who are moms who make over $200,000 per year.
Many people are searching for freelance writers, and this job has a lot of opportunities for growth. It could be a great career to begin with.
Learn more at 14 Places To Find Freelance Writing Jobs – (Start With No Experience!).
6. Book author
If you love telling stories or sharing your knowledge, writing books could be an ideal job for you as a single mom. You get to create your own schedule and work from anywhere, even your home. Writing can be done at times that fit your schedule best, such as when your kids are at school or asleep.
For publishing your book, there are two options:
Traditional Publishing – You submit your manuscript to publishers. If a publisher likes your work, they will print, distribute, and market your book for you. In return, you’ll earn royalties from sales.
Self-Publishing – Platforms like Amazon Kindle Direct Publishing allow you to publish your book yourself. You control every aspect and get a higher percentage of the sales, but you also handle marketing and distribution.
The amount of money that you can make as a book author can vary by a lot. As a first-time author, getting published can be challenging, and earning substantial income takes time. If you self-publish and your book becomes popular, you could make a significant amount. But, this isn’t guaranteed.
Recommended reading: How Alyssa is making $200 a DAY in book sales passively
7. Graphic designer
Graphic design is a creative job that involves making artwork and visual designs. You might create designs for websites (like logos), advertisements, or printed materials like brochures and magazines.
Your work helps companies communicate with their customers through eye-catching and effective visuals.
This can be a great job for single mothers, as you may be able to find a work-from-home job as a graphic designer, or even start your own business where you can make your own flexible schedule.
Recommended reading: How To Make Money As A Digital Designer
8. Social media manager
Becoming a social media manager can be a great fit for single moms looking for remote work jobs.
Social media managers are in charge of social media accounts for businesses or people. Their job is to post on social media, reply to comments, and keep everyone interested.
This can include TikTok, Instagram, Pinterest, Facebook, X (formally known as Twitter), and more.
I have been a social media manager for companies, and it’s a great job that allows you to have a flexible schedule. That means you can work when it suits you – such as when the kids are at school or asleep.
9. Real estate agent
If you’re a single mom looking to balance work and family, becoming a real estate agent might be a great fit. As a real estate agent, you help people buy and sell homes.
To be a real estate agent, you just need a high school diploma and a license.
In 2021, the average pay for this job was $23.45 per hour, which is about $48,770 per year. But, there are many real estate agents who earn much more than this.
10. Proofreader
Proofreaders read documents and check for spelling, grammar, and punctuation errors, and they make sure everything is perfect before it gets printed or published online. They review books, articles, blog posts, social media content, newsletters, advertisements, and more.
If you want flexible work hours, proofreading is a good choice. Depending on your experience and the job’s complexity, you can earn between $20 and $50 per hour and more.
As a single mom, this job lets you balance work with looking after your kids. You can usually set your own schedule and work from home, which can make life a little easier.
You can read more at How To Become A Proofreader And Work From Anywhere.
There is also a FREE 76-minute workshop where you will learn more about how to become a proofreader with Proofread Anywhere. You can sign up for free here.
10
This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
11. Bookkeeper
If you’re a single mom, becoming a bookkeeper might be a good option for you. Bookkeepers manage money records for businesses by keeping track of all the money that comes in and goes out.
If you work as an online bookkeeper, you could make about $40,000 or more per year. Typically, this involves managing finances for around 12 to 16 clients.
Being an online bookkeeper is great because you don’t need to be an accountant or have any prior experience. Also, virtual bookkeeping is a service that many people are looking for, so there’s a demand for it.
Recommended reading: Online Bookkeeping Jobs: Learn How To Get Started Today
10
This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
12. Transcriptionist
As a transcriptionist, your job is to listen to audio or video files and type out what you hear into text. This is a task that you can do from home, making it a good option if you’re a single mom looking for flexible work.
One of the biggest benefits of this job is flexibility. You can usually choose when and how much you want to work (such as when your kids are sleeping or when they are at school). This can make balancing work and family much easier.
You need to be able to type quickly and accurately and attention to detail is important because you need to catch every single word.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
10
In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
13. Customer service representative
Customer service representatives help people by answering questions and solving problems on the phone or online, which means they can sometimes work from home.
On average, customer service representatives earn around $35,868 a year as an average salary. This will change depending on where you work and how much experience you have.
Some large companies like Apple, Progressive, U.S. Bank, American Express, and U-Haul hire customer service representatives who can work from home. This means you can do the job from the comfort of your own house.
14. Data entry clerk
Data entry clerks enter information into databases or spreadsheets. They type things like numbers and names into computers to keep everything organized and make sure records are correct.
Jobs in data entry usually pay about $15 to $20 per hour.
Recommended reading: 15 Places To Find Data Entry Jobs From Home
15. Dog walker or pet sitter
If you’re a single mom looking for a job that fits around your schedule, you may want to look into becoming a dog walker or pet sitter. This type of job lets you choose when you work, which is great for making sure you have time for your kids.
As a dog walker, you walk dogs for people who are busy or away from home. You might take them around the neighborhood or to a park. If you’re a pet sitter, you take care of pets while their owners are out of town or at work.
The money you make can vary. Some jobs might pay you each day, like $15 to $25 an hour or a flat rate per day like $75. How much you make could depend on how many pets you care for and how long you spend with them.
Rover is a great company that you can sign up with in order to become a dog walker and pet sitter.
16. BabyQuip
If you’re a mom looking for a flexible side hustle, BabyQuip might be worth looking into. It’s a service where you can rent out baby gear like strollers and car seats to traveling parents – starting is simple: apply online, and BabyQuip will guide you through the process.
As a mom after all, you probably already have a lot of baby gear that you can rent out to make money with.
With BabyQuip, you make money by renting out items you already own or plan to invest in for rentals. Because parents travel, the demand for clean and safe baby gear is always there.
People using BabyQuip can make about $1,000 a month on average, and some even earn more than $10,000 each month.
On BabyQuip, you can rent items like cribs, strollers, car seats, high chairs, toys, bouncers, books, hiking packs, and many other things.
17. Teacher
As a single mom, teaching can be a great career for you. As a teacher, you typically work while your children are in school as well, after all.
Most teaching jobs follow a traditional school year calendar. This means you usually have summers off, along with school holidays, which can help you spend time with your kids.
18. Doula
If you’re a single mom looking for a job, you may want to become a doula. A doula supports women during childbirth, but your work can also extend to helping moms after the baby is born.
They are there to give comfort, encouragement, and knowledge during the pregnancy journey, labor, and the postpartum period.
19. Tutor
If you’re looking for part-time jobs for single moms, then tutoring may be an option to look into.
If you’re a single mom who knows a lot about a specific subject like math, science, or a language, becoming an online tutor could be a smart choice. You can schedule sessions around your life and help students learn. You pick when you work, which is perfect when you have kids at home. You might teach early mornings, afternoons, or even nights.
You will need a quiet place to work, a computer, and a good internet connection.
Income as a tutor ranges, and you may be able to earn $20+ an hour. And, if you specialize in something more advanced, like SAT prep or college courses, you could make more, even up to $50 per hour or more.
20. Photographer
As a single mom, becoming a photographer can be a rewarding job choice for you. With a camera and some practice, you can start taking photos that people will enjoy.
To begin, you need a decent camera. Don’t worry, it doesn’t have to be the most expensive one. You also need to learn about lighting and how to frame a good picture. There are lots of free tutorials online, such as on YouTube, if you want to learn more.
One of the best parts about photography is that you can make your own schedule. You decide when to book photo shoots, which can be great for balancing time with your kids. It’s possible to do photo shoots on weekends or during special events like weddings.
You can earn money by selling your photos online or by working with clients directly. Graduations, weddings, family portraits, and even pet photos can be great opportunities. Pricing varies depending on the job, but as you gain experience, you can charge more for your work.
As you grow, you can invest in better equipment and editing software to enhance the quality of your photos. This helps you stand out and can lead to more jobs and higher pay.
I know many moms who are successful photographers, and they love having a photography business.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
21. Instacart shopper
If you’re a single mom looking for a job that fits around your schedule, becoming an Instacart shopper might be a good choice. Instacart is a service that lets people order groceries online, and shoppers like you do the shopping and deliver the orders to their homes.
When you’re an Instacart shopper, you can set your own hours. This means you can work when it’s best for you, like when your kids are at school or sleeping. As a shopper, you get a payment card from Instacart to buy the groceries at the store.
Shoppers usually earn about $11 to $20 per hour. It’s important to remember that as an independent contractor, you will have extra costs like gas and vehicle maintenance that you need to think about when figuring out your earnings.
You can learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
22. Paralegal
As a single mom, you might find the role of a paralegal interesting. It’s a job where you work in a law firm or legal department, helping lawyers by preparing legal documents and doing research.
Your typical work hours are most likely Monday to Friday, fitting well with a school-week schedule.
Paralegals earn around $30,000 to $35,000 a year.
23. Dental assistant
As a single mom, if you’re looking for a job that lets you help people and have regular hours, you might like being a dental assistant. In this job, you work in a dentist’s office and help the dentist with patients.
Your tasks could include getting the tools ready, making sure patients are comfortable, and teaching them how to care for their teeth.
Your week would be busy, but you usually wouldn’t have to work nights or weekends. This is great because it matches up with your kids’ school schedule.
24. Travel agent
As a single mom, you may find that being a travel agent is a job that fits well with your life. It’s a job where you get to plan and book trips for others. You could work from home or an office.
Travel agents plan vacations, business trips, and getaways for clients and they find the best deals on flights, hotels, and fun activities.
The money you earn can vary because some agents get paid hourly and others get a commission, which is a part of the trip cost.
25. Nurse
As a single mom, you might worry about balancing work with taking care of your kids. As a nurse, there are jobs that can fit your life.
Some examples include:
School nurse – You can work the same hours your kids are in school. You’ll care for sick children, keep track of health records, and help with health checks.
Doctor’s office nurse – Working here can be less stressful. Usually, the hours are regular, Monday to Friday, so you can be home with your kids in the evenings and on weekends.
Home health care nurse – You’ll visit patients in their homes, which can give you a flexible schedule.
Public health clinics – These places look after the community’s health. Hours can be more regular, meaning you won’t have to do lots of night shifts.
Nurse educator – If you love teaching, this lets you work in a classroom instead of a hospital. You’ll have a steady schedule, perfect for family time.
26. Speech pathologist
A speech pathologist helps people with speech and language issues. You would work to improve their communication skills, which can be very rewarding.
You need a master’s degree in speech-language pathology and certifications vary by state.
Your work may take place in schools, hospitals, or private clinics. Some speech pathologists work from home providing virtual sessions.
27. Sleep consultant
Sleep is really important for the growth and well-being of babies, and it’s important for parents too. But sometimes, parents find it hard to make sure their child gets the sleep they need.
Pediatric sleep consultants are very helpful in solving children’s sleep problems, making it easier for families to have peaceful nights. If you really enjoy working with kids and want to make a positive difference in their lives, becoming a sleep coach could be a great career option.
I have personally learned from sleep consultants in the past, and I know many others who have hired a sleep consultant as well. These are typically moms who have firsthand experience with improving a baby’s sleep.
Learn more at How To Become A Sleep Consultant And Make $10,000 Each Month.
28. Run a dog treat bakery
If you enjoy cooking, starting a home bakery could be a way to make money from home. It allows you to use your cooking skills to create dog treats and earn some income.
You can make dog treats, cupcakes, cookies, cakes, and more.
Starting a dog treat bakery business could potentially help you earn an extra $500 to $1,000 a month or even more. It’s a niche small business idea that taps into the love people have for their pets.
I also recommend reading How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).
Frequently Asked Questions
Below are answers to common questions about how to find jobs for single moms.
What should a single mom do to handle financial stress?
I get it – as a single mom, you may have a lot of financial stress. It is hard to be a single mom and manage everything all on your own after all. To manage financial stress, I recommend trying to find jobs that pay well but also have flexible hours or work hours that match up with your children’s school schedule. Jobs that allow you to work remotely can also help lower your childcare expenses as you can work from home.
How to work as a single mom without help or childcare?
If you don’t have help or childcare, then you may want to work during hours when your kids are at school or asleep. This may include looking for jobs or employers who understand your situation and have flexible schedules or the ability to work from home.
What are the best work from home jobs for single moms?
I think one of the best ways for a single mom to make money is to work from home. This is because you may be able to make your own schedule, and you may be able to find a job that allows you to take care of your kids at the same time.
The best work-from-home jobs include jobs like virtual assistants, freelance writers, and bloggers.
What are jobs for single moms without a degree?
Jobs for single moms without a degree include administrative support, customer service positions, and sales roles as these jobs usually give on-the-job training.
How can a single mom go back to college and what degrees are best?
You can go back to college by looking for online degree programs, or classes when your children are at school, that fit your schedule. Popular degrees that balance well with being a single mom could be in fields like education, business, or healthcare, which have the potential for career growth.
Best Jobs for Single Moms – Summary
I hope you enjoyed this article on how to find the best jobs for single moms.
Whether you are looking for full-time or part-time jobs for single moms, there are many options that may fit what you need.
As you probably noticed above, jobs for single moms vary and include different types of work. Some jobs are creative, like writing or graphic design, while others are more regular, such as customer service or bookkeeping.
If you enjoy telling stories and writing, you could be a blogger or a freelance writer. If you’re good with organizing and numbers, you might like being a virtual assistant or a bookkeeper.
If you prefer doing your own thing, you could start a home day care or sell printables online.
As you can see, this is a long list of the best jobs for single mothers! There are many different job ideas that you could try that have a good work-life balance.
What do you think are the best jobs for single parents?
Navigating the complexities of procuring the best wholesale home decor supplies can occasionally prove to be a daunting task.
As a business, you strive to stock high-quality, distinctive and engaging items that pique the interest of your clientele. However, finding such unique and captivating products isn’t always a straightforward journey.
The quest for the right wholesale products necessitates a considerable amount of research, with a focus on sourcing high-quality items that don’t compromise on aesthetic appeal.
As challenging as this process might be, it is an essential step in ensuring your stock stands out in the competitive home decor market.
In this article, we aim to shed light on the process of finding top-tier home decor supplies. We will delve into the specifics of locating the right suppliers, who can provide a diverse range of intriguing home decor items.
Additionally, we’ll explore and highlight some of the leading home decor suppliers available in the industry today.
Small Business Deals
Whether you are a novice in the industry or a seasoned veteran looking to refresh your inventory, this guide promises to be a valuable resource in your business growth journey.
How to Find Home Decor Suppliers
In the dynamic and ever-evolving world of home decor, locating the ideal suppliers is a crucial task that requires a strategic approach and comprehensive consideration. Here, we delve into some pivotal tips that can serve as a guide in your quest for the perfect home decor suppliers.
Here are some tips:
Develop a strategy considering various sourcing channels to find home decor suppliers.
Look for suppliers that provide a broad array of product styles and regularly update their catalogs.
Consider working with multiple suppliers to diversify your offerings.
Begin your search using Google and explore other online marketplaces.
Assess potential suppliers based on the variety of products, pricing structure, and shipping options to your location.
Determine if the chosen supplier is the best fit for your business needs.
Review shipping policies: most suppliers offer free or discounted shipping based on order size, but always verify before finalizing the order.
12 Best Wholesale Home Décor Suppliers Selling Quality Products for Your Business
In order to assist with your search, we’ve compiled a list of some of the premier home decor suppliers in the market.
These suppliers stand out by providing extraordinary wholesale products, ranging from everyday home accessories to unique, statement decor pieces.
These handpicked items, chosen for their quality and uniqueness, are guaranteed to resonate with your customers, helping them transform their living spaces into a true reflection of their personal style and taste.
If you are starting a home staging business or already have one, these are great resources.
1. Faire
Faire is one of the best online marketplaces if you’re looking for wholesale farmhouse suppliers made by small businesses and companies. They have a huge selection of products, including wooden signs, table linens, tea towels, throw pillows, candles, coasters, collectibles, and other gift items. If you’re looking for truly unique products for your shop with a wide range of prices, Faire should be your first stop. It’s one of the best sites to find home decor items from all over the world, designed with love and integrity.
2. CTW Home Collection
CTW Home Collection sells farmhouse decor gifts and includes a large selection of new products to choose from. CTW Home Collection is also one of the best furniture wholesale suppliers as well, so you find a lot of different items to choose from. You’ll find fun products like lanterns, candle holders, tabletop items, and more in many different styles with cost-effective shipping options available.
3. Creative Co-Op
Perhaps a little less traditional than some of the other options on this list, Creative Co-Op is a one-stop shop if you’re looking for wholesale furniture suppliers and farmhouse wholesale suppliers. Their website has amazing products for resale, including stylish items and decorative accessories that have the potential to be a hit with customers.
4. Roux Brands
Roux Brands is known for its timeless and elegant wholesale selection. Their product selection includes gift items, wooden signs, home accessories, and much more. As a farmhouse wholesale supplier, Roux Brands offers a wide variety to choose from for retailers, such as fun decor items and party gifts.
5. KaemingK
If you’re seeking seasonal decor items for your shop or website, KaemingK might be the right choice for you. All their wholesale products are designed for the holiday season as decor items for the home. You’ll find Christmas decorations, Easter decorations, and general home decor on their website, with over 10,000 items to choose from.
6. ITEM International
For wholesale home decor such as wall decorations, throw pillows, tabletop decor, gifts, and a vast array of items you can sell, ITEM International has it all. They are both a farmhouse wholesale supplier and a wholesale furniture supplier, so there is plenty of variety to choose from for every kind of occasion to stock in your shop.
7. Benzara
Benzara is another wholesale product supplier with high-quality products for retailers. Benzara is also a wholesale furniture supplier alongside a farmhouse wholesale supplier, so there are a lot of new products to choose from. Shop many different styles all in one place, including unique decor items and a. variety of home decor items that will appeal to a wide demographic of shoppers.
8. Hill Interiors
Hill Interiors has a vast array of fab items perfect for home decor and suits every kind of style. You’ll find decor items for resale, including pillows, gifts, wooden signs, and many other items in their inventory. There are over 2,500 products that retailers can choose from, all designed with the latest trends in mind.
9. Light and Living
If you’re looking for both farmhouse decor and wholesale furniture suppliers, take a look at Light and Living. With a wide selection, quality products, and stylish home accessories, Light and Living has a lot of great options for resale. You can find items for your shop, including general home decor, statement pieces, and other accessories such as pillows, gift options, signs, and many more types of accessories.
10. Globe Imports
A Florida-based wholesale home decor supplier, Globe Imports, has a lot of great options on their site for a home decor store. Their inventory includes items ranging from furniture to garden accessories, gift items, and more. They also do themed collections such as coastal/beach, pirates, new age, and more, which can be a fun option to stock.
11. Kole Imports
If you’re looking for diverse product collections that are designed to be fun and interesting, Kole Imports is a very good choice. Their product catalog will get you excited for what you can stock in your store, ranging from smaller gift options to larger home decor accessories. There is a complete balance for retailers to select from, with a balance between functional home decor and more funny gift ideas.
12. Strade.Global
With Strade, sellers have a lot of options. You can choose to shop from their marketplace to find unique home decor items to sell, including rustic gifts, farmhouse decor, and more. If you are a manufacturer, you can join Strade.Global to have products found by other retailers. Additionally, Strade.Global also offers management services to online and brick-and-retailer shops to help boost profits and reduce some of the retailers’ workloads.
Supplier Name
Specialities
Notable Products/Services
Faire
Farmhouse decor from small businesses
Extensive product range
CTW Home Collection
Farmhouse decor and furniture
Wide product selection, cost-effective shipping
Creative Co-Op
Furniture and farmhouse decor
Stylish decorative accessories
Roux Brands
Elegant wholesale selection
Gift items, wooden signs, home accessories
KaemingK
Seasonal decor
Over 10,000 holiday decor items
ITEM International
Diverse decor and gifts
Farmhouse and furniture wholesale supplier
Benzara
Quality products for retailers
Diverse decor styles, wide product range
Hill Interiors
Diverse home decor
Over 2,500 products available
Light and Living
Farmhouse decor and furniture
Quality, stylish home accessories
Globe Imports
Themed collections
Furniture, garden accessories, gift items
Kole Imports
Diverse, fun product collections
Balance of small gift options and larger decor items
Strade.Global
Marketplace and management services
Options for sellers and manufacturers, management services for retailers
Wholesale Home Decor Market Trends
The home decor market is constantly evolving, with trends shifting from season to season. Staying abreast of these trends is crucial for businesses looking to captivate customers.
Current trends include sustainable and eco-friendly products, minimalist designs, and bold, statement pieces that reflect personal style. Keeping an eye on these trends helps in selecting products that resonate with contemporary consumer preferences.
Evaluating Quality and Sustainability
Quality and sustainability are key factors in the home decor industry. When choosing suppliers, consider the materials used, the craftsmanship, and the environmental impact of the products.
Suppliers committed to sustainable practices not only add value to your inventory but also appeal to eco-conscious consumers, a growing demographic in the home decor market.
Building Relationships with Suppliers
Fostering strong relationships with your suppliers can lead to better pricing, understanding of inventory cycles, and exclusive access to new products. Regular communication, timely payments, and clear contract terms are essential in building and maintaining these relationships.
A reliable partnership with your suppliers ensures a steady flow of quality products and can provide you with a competitive edge.
Importance of a Unique and Diverse Product Selection
A diverse product selection caters to a wider customer base and sets your business apart from competitors. Look for suppliers offering unique items that reflect various styles and tastes. A mix of traditional, modern, and eclectic decor pieces can attract different customer segments, enhancing the appeal of your inventory.
Tips for Effective Inventory Management
Effective inventory management is crucial when dealing with multiple suppliers. Utilize inventory management software to track stock levels, sales patterns, and reorder times. This helps in maintaining an optimal inventory level, reducing the risk of overstocking, and ensuring a fresh and varied product range for your customers.
Implement a Just-in-Time (JIT) Inventory System: Aim to order stock close to when it’s actually needed to reduce holding costs and avoid overstocking.
Regularly Review Stock Levels: Conduct frequent audits of your inventory to identify fast-moving items and adjust order quantities accordingly.
Utilize Inventory Management Software: Invest in software that provides real-time tracking and analysis of inventory levels, sales trends, and reorder points.
Categorize Inventory: Classify your inventory into categories based on sales velocity, value, and seasonality to prioritize and manage stock more efficiently.
Set Par Levels: Establish minimum stock levels for each product to simplify reordering decisions and prevent stockouts.
Optimize Warehouse Layout: Arrange your warehouse in a way that maximizes efficiency in storing and retrieving items, and reduces handling time.
Train Staff on Inventory Practices: Ensure your team understands the importance of inventory management and is trained in best practices.
Leverage Supplier Relationships: Collaborate with suppliers for bulk discounts, better payment terms, or consignment options to optimize inventory costs.
Track Sales and Forecast Demand: Analyze sales data and seasonal trends to accurately forecast demand and adjust inventory levels accordingly.
Implement a Returns Management System: Efficiently handle returned goods to ensure they are quickly restocked or disposed of, keeping your inventory accurate.
Use Barcode or RFID Systems: Implement barcode or RFID scanning to improve accuracy in tracking inventory movements and reduce manual errors.
Consider Dropshipping for Certain Products: For items that are rarely sold, consider a dropshipping arrangement to eliminate the need to hold these items in stock.
Leveraging Technology in Wholesale Purchasing
Technology can significantly streamline the wholesale purchasing process. From online ordering systems to real-time inventory management tools, technological solutions can save time and reduce errors. Embracing these tools can lead to more efficient operations, better customer service, and improved profitability.
Marketing Strategies for Home Decor Retailers
Effective marketing is key to the success of a home decor business. Utilize social media platforms, email marketing, and an engaging online presence to showcase your products. In-store displays, seasonal promotions, and collaborations with interior designers can also enhance visibility and attract customers.
Navigating Shipping and Handling Challenges
Shipping and handling large or fragile home decor items can be challenging. Work closely with your suppliers to understand their packaging methods and shipping policies. Consider offering shipping insurance and ensure that your logistics partners are equipped to handle delicate items safely.
Legal and Regulatory Considerations
Be aware of the legal and regulatory considerations in your region, such as safety standards, import regulations, and consumer protection laws. Compliance with these regulations is crucial to avoid legal complications and ensure customer safety.
Exploring Global vs. Local Suppliers
Consider the pros and cons of sourcing from global versus local suppliers. While global suppliers may offer a wider range of products at competitive prices, local suppliers can provide faster shipping, lower freight costs, and opportunities for supporting the local economy.
The Future Outlook of Wholesale Home Decor
In conclusion, finding the right wholesale home decor suppliers involves a blend of trend awareness, quality evaluation, and strategic relationship building. As the market continues to evolve, staying informed about future trends and consumer preferences will be key to the success and growth of your home decor business.
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:
Get answers to common questions that will allow you to maximize your credit card rewards points and avoid common point planning pitfalls with our Nerdy expert tips.
How can you travel more while spending less? How could changes in airline loyalty programs affect your travel plans? What are the benefits of co-branded airline or hotel credit cards versus flexible rewards cards? NerdWallet’s Sean Pyles and Erin Hurd dive deep into credit card rewards points, addressing a range of topics that will resonate with anyone eager to maximize their credit card points and travel perks. They discuss recent changes in airline loyalty programs, including Delta and Alaska Airlines, and explore the advantages and drawbacks of co-branded airline or hotel credit cards and the benefits of using flexible rewards cards.
They also present strategies for maximizing credit card sign-up bonuses while avoiding common mistakes that can lead to fewer rewards, and offer tips for how you can track and manage credit card points and perks. Sean and Erin also explain the pitfalls of carrying a balance on travel credit cards, the implications of credit card fees and surcharges at local stores, potential industry changes, such as interest rates and fee structures, and the potential impact of the Credit Card Competition Act on rewards programs.
Check out this episode on your favorite podcast platform, including:
NerdWallet stories related to this episode:
Episode transcript
This transcript was generated from podcast audio by an AI tool.
Sean Pyles:
Airline points, restaurant points, retail points, rental car points, hotel points, points, points, points, points, points. Wrap them all up in credit cards and sometimes it can be head spinning.
Erin Hurd:
My guidance is generally pretty similar for most people, even if they have pretty different travel goals, and that all really goes back to the idea of just earning flexible points. If you have a stash of flexible points that aren’t locked into any one travel brand, you have a lot of options.
Sean Pyles:
Welcome to NerdWallet’s Smart Money Podcast. I’m Sean Pyles.
Erin Hurd:
And I’m Erin Hurd.
Sean Pyles:
This is the final episode of our nerdy deep dive into your money in 2024. Erin, we’re almost a month in, so how is your 2024 going so far?
Erin Hurd:
So far, so good. I can’t believe we’re already into 2024, but all is going well.
Sean Pyles:
Love to hear it.
Erin Hurd:
How about you, Sean?
Sean Pyles:
It’s been alright so far. I’m just glad the days are getting longer at this point, however slowly. So, Erin, we’ve brought you back onto the show because you are a nerdy points pro. How did you come to be so interested in credit card points programs and do you have a degree in complex mathematical equations? Because sometimes it seems like you need one to figure out how to use all of these.
Erin Hurd:
That sounds like it could be true, but actually it’s quite the opposite. I majored in English and math was always my least favorite subject. I’ve always been a deal seeker. I’m always looking for sales, I’m finding coupons, I’m figuring out how to get more, but how to pay less for it. So my husband and I have always loved to travel and I started dabbling in points and miles many years ago to help defray our travel costs so that we could travel more. But I really fell down the rabbit hole with the points and miles when we grew our family, and now we needed four seats on the airplane and in some circumstances, we need two hotel rooms for our family of four. So that’s when I really got serious about earning enough points and miles so that our family could travel more than just to the local campground, because that’s all that I would be willing to pay for.
Sean Pyles:
Yeah. And when you’re wrangling kids, I’m sure you don’t want to spend time doing math, but the good news is nobody needs a math degree because all they have to do is go to the NerdWallet site, poke around with our very handy calculators, and all will be revealed. But let’s give everyone a rundown of things they might want to think about when managing their credit card points. Now, would you say that the start of a new year is a good time for listeners to take stock of where they are with their points programs? Or is that something they should be monitoring all year round?
Erin Hurd:
Great question. Well, in a perfect world, ideally you do want to be giving your points some attention more than once a year, especially if you’re trying to save them up to take a big trip, because the amount of points that you’ll need for that trip can fluctuate. Often it requires more than you think that you’ll need and it can take time to earn those points and then to find great redemptions for them. But don’t fear, it’s never too late, so the new year is a fantastic time to check in if you haven’t been already.
Sean Pyles:
Well, we are going to give everyone a head start by taking a look at what we can expect from 2024 in Point Land. But before we get started, a reminder that we always want to hear what you think, too, listeners. To share your ideas, questions, concerns around credit card points, or anything else, leave us a voicemail or text the Nerd hotline at (901) 730-6373. That’s (901) 730-NERD, or email a voice memo to [email protected]. Stay with us. We’re back in a moment with the future year in credit card points.
So Erin, let’s start with a look back at last year in Point Land and see if there are some lessons that we can learn from 2023 to take into this year. And before we get too deep into the conversation, I want to flag that we are going to mention some companies that are NerdWallet partners, but that does not influence the way that we talk about them. So, Erin, in this conversation, we’re mostly going to focus on maximizing credit card points, but I want to briefly touch on the fact that at least two of the major airlines, Delta and Alaska, changed their point reward systems toward the end of last year. What did that mean for flyers and were there any kind of bigger messages about point systems that came out of that?
Erin Hurd:
Yeah, those were big headlines in the travel world. Now, they were pretty different in scope. Delta changed the requirements to earn elite status in future years, this won’t actually take effect just yet, but they also put limits on some of the benefits that credit card holders can use, like airport lounge access.
Now Alaska, on the other hand, made big changes to its award chart and an award chart is what determines the number of miles you’ll need to pay for a ticket. But these are both examples of a bigger takeaway that we see over and over again, and that is that you should never have all your proverbial eggs or points in one basket. So what I mean by that is that even if you fly a certain airline often because that’s what serves your home airport, having only a credit card that earns points or miles for that one brand really limits your options. The truth is that, unfortunately, travel loyalty programs change or get devalued relatively often and sometimes with little to no notice. So that means if you’ve racked up a nice chunk of say, Alaska miles for an upcoming trip, but they suddenly change their award chart, as they just did, and decide that the flight you want to book will now cost double the miles, you’re pretty hamstrung if all you’ve got is a chunk of Alaska miles.
Sean Pyles:
Yeah, having multiple different cards from different brands is a way of having credit card dollar cost averaging in a way, where you’re spreading your risk across different kinds of products. So, that is one way to offset the ups and downs of what these companies are doing. But I can see these changes making some folks wary of using these cards that are co-branded with an airline or hotel. Do you still think they’re worthwhile given recent changes?
Erin Hurd:
I do. For travelers, carrying a co-branded airline or hotel credit card, it can be really beneficial for certain perks. Some of the airline cards, for example, will give you free checked bags for you and sometimes, depending on the card, up to eight traveling companions every time you fly. So, that can add up to a huge value if you’re flying relatively often, even if you’re flying a couple times a year and you’re checking a bag, that can make it worth it. And especially because you’ll earn, generally, a welcome bonus when you open up the card.
But I advise leaning more on what we call flexible rewards credit cards, and they can give you a lot more options for your travel, plus they often earn more rewards on everyday purchases.
Sean Pyles:
Can you tell us what you mean by flexible points? How do they work and how do you earn them?
Erin Hurd:
Oh, sure. As the term suggests, they are flexible. So, there’s a number of credit cards that have their own travel points. Instead of earning Delta miles or Alaska miles or Marriott points, for example, there are several Chase cards that earn points called Ultimate Rewards. There are many different American Express cards that earn something called Membership Rewards. There’s City Thank You points, ect. And the beauty of these flexible points is that they can be used to book all kinds of travel, not just a Delta flight or not just an Alaska flight.
So generally, these credit card issuers have their own travel portal and you can book your travel there and pay directly with your points and you don’t have to involve any cash. And many of these programs also allow you to transfer those points to certain airline and hotel travel partners, usually at a one-to-one ratio, which is great because often you can get more value from your points when you transfer them to the airline or the hotel and book directly. But really, the biggest benefit is just having so much more flexibility. So instead of being locked into a Delta flight, like you probably would be if you only had a Delta miles earning credit card, flexible points just give you lots of options.
Sean Pyles:
Okay. Well let’s get to cards. First, anything from last year stand out to you? Any program changes you saw that were worth paying attention to or new ways to use them?
Erin Hurd:
Yeah. Well, the good news is that we’re still seeing some pretty juicy bonuses offered for new card holders who sign up for a card and meet certain spending requirements in the first few months. And we’re excited that those seem to be sticking around. Years ago, it used to be that a credit card welcome bonus of around 30,000 or 40,000 points was really generous, but over time those numbers have crept up and up, and it became not uncommon to see bonuses of 60,000 points or 80,000 points or even 100,000 points offered to new cardholders.
Now, that trend continued throughout COVID, even when people weren’t traveling as much, the banks kept offering big bonuses to keep travel credit cards interesting. And we’ve been wondering, all this time, if we’d start to see the bonuses start to shrink back down as people return to travel, as inflation and recession fears crept in. But the good news is we have not seen that happen so far. Right now, there are several six figure welcome bonuses out there for various travel credit cards and welcome bonuses are an important part of the travel credit card strategy for a lot of people.
Now, I don’t open credit cards just for the welcome bonus. I don’t advise doing that, but I also know that I’ll earn more rewards from that bonus than I probably will from a year or more of regular spending on that card. So it’s definitely a factor.
Sean Pyles:
Yeah. And these signup bonuses are often folks’ best chance at getting a huge amount of points since points can take a long time to accrue through daily purchases alone. And we’ve also seen new ways to use rewards, right? What’s the latest on that front?
Erin Hurd:
As far as new ways to use rewards, we’ve seen a steady stream of options evolving to use your points to pay for merchandise at various stores. At Amazon, for example, when you check out, you may have noticed you have the option to pay using several different kinds of points, credit card points. It makes it really easy and it can feel like you’re getting stuff for free if you’re using points instead of actually charging your card or paying cash. But really be careful because the downside is that you’re often getting poor value for your points when you use them this way. You’re paying for convenience and they’re betting on people not really understanding or questioning the value of the points.
So for example, if you use Chase Ultimate Rewards at Amazon to check out, they’re worth 0.8 cents each, but those same points can be worth up to 1.5 cents each when you use them to book travel through Chase, depending on which card you have, or often even more than 1.5 cents each if you transfer them to travel partners.
Sean Pyles:
Wow, that breakdown is really eye opening. I’ve seen that at Amazon checkout and I’ve been a little tempted to use my points in that context, but after that, I definitely won’t be doing so. So, thank you for that. So Erin, I think one of the most common questions people have is how to know which card and point program is not only best in class, but best for them and their specific situation. So, if you’re looking to maximize points, how do you figure out which card to get in the first place?
Erin Hurd:
Yeah, it’s a great question and there are so many options, and I know it can be really overwhelming for people who aren’t immersed in credit cards all day long like we are here at NerdWallet. And it may seem like there are many different factors, maybe you think it’s going to be different if you want to use points for travel, which airlines are most convenient for you? What style of travel do you enjoy? What kind of trips are you planning for? But really my guidance is generally pretty similar for most people, even if they have pretty different travel goals. And that all really goes back to the idea of just earning flexible points. If you have a stash of flexible points that aren’t locked into any one travel brand, you have a lot of options.
So I also encourage people who really want to get the most from their points to not get scared off by credit card annual fees. I know it can seem silly to pay a fee just to have a card, I hear resistance from people, and I get it, but the rewards and the perks that you get from the cards that charge annual fees often far outweigh the fee itself. In a lot of cases, you get what you pay for, and yes, there are lots of excellent no-fee cards out there, but if you really want to up your points game and take it to the next level, it’s really worth considering the more premium cards that do charge a fee.
Sean Pyles:
Yeah, I, for a long time, was really opposed to annual fees on credit cards because I just didn’t want to pay for access to a credit card and the fee-free option seemed to be sufficient for me. But I recently actually acquired a travel credit card that does have an annual fee because I looked at all of the perks that it was going to offer me and then compared that to how much the card costs on an annual basis. And the perks, by far, outweighed the cost. So you’re really getting something that’s worth more than you’re paying an annual fee if you make it worth it. You do have to do a bit of work to make sure you’re taking advantage of all of the benefits that these cards offer you.
Erin Hurd:
That’s right.
Sean Pyles:
So Erin, since you are deep in the points world, I would love to hear how you have approached this thought process in the past. Are you the type to be selective with cards in your wallet, or do you have a small collection of cards at your disposal?
Erin Hurd:
Well, both. So personally, I am selective, but I have also collected a pretty large portfolio of cards over time. Our family does travel a lot, and so we make pretty full use of the credits and the perks that the cards give us, but I also reevaluate each and every year to make sure every card still makes sense for me and for our family. And I really recommend that people go slowly and have a strategy. It’s really easy to get excited by the big welcome bonuses and people can be tempted to open lots of cards all at once, but please just slow down. Be aware that each credit card issuer has their own set of guardrails. They won’t extend excessive amounts of credit to any one person, and they want to make sure that you’re going to be a good long-term customer.
One issuer, for example, won’t approve you for a new credit card if you’ve opened more than five cards across any card issuer in the past 24 months. So I really like to hammer home that this is a long-term game and it pays to have a strategy. Don’t just go opening cards willy-nilly without a plan.
Sean Pyles:
And then with the cards that you use, how do you keep track of the points and perks that you have and the fees associated with them? Do you have a spreadsheet? Are you using a notebook? What’s your process for that?
Erin Hurd:
Yeah, I have a simple spreadsheet. As a credit cards Nerd, I’m also pretty engrossed in it all day long. NerdWallet has a lot of resources to keep everyone up to date, we cover all the news. So you can always check NerdWallet, but I recommend just a simple spreadsheet, taking note of what cards you have, when you opened it, what signup bonus you earned when, and then just what categories that bonus is on.
So another tip is to make sure you can meet the minimum spending requirements when you do open a new credit card. In order to earn the bonus, you’ll typically need to spend anywhere between $1,000 and $5,000 or even more on that card in the first three to six months. Make sure you have a plan to meet those spending requirements without spending any more money than you intend to or would otherwise.
Sean Pyles:
Yeah, and one big thing to watch out for is bonus categories. You can look for specific spending areas, say travel or groceries or gas, and get more points for those than for other purchases. Walk us through how to make sure we’re using each card in the most efficient way to rack up those points and rewards.
Erin Hurd:
Yeah, that’s a great point. And honestly, that’s another reason why many brand-specific cards, like a Delta card, probably won’t be your best bet because they tend to offer only 1x rewards on most everyday spending categories, except purchases on their brand. So if you really want to ramp up your points earning, don’t just blindly use one card for every purchase. I like carrying a few cards that can work together to earn the most rewards across many different categories. So you could use one card for groceries, but have a different card for restaurants.
Now, the good news is many of the major credit card issuers offer several cards that have synergy. They all earn the same bucket of flexible points for you, but one card is better for some categories and another is better for different kinds of purchases. Now, in the show notes, we’ll include our articles about some three-card combos you can have that can really help you ramp up your rewards.
But I know there’s a lot of people out there who don’t want to futz with having a lot of cards, and that is completely fine, but I would ask you to at least consider two cards. That way, if the largest spending in your budget is on grocery stores, say, you could choose a card that earns good bonus rewards at grocery stores, and then you could use another card that earns a flat 2% on all other purchases, and you’ll be good to go.
Sean Pyles:
When you’re thinking of which card to use or which card to take out, it really helps to know yourself and where you’re spending the most amount of money. So the card is helping you earn points on those categories that you’re spending on.
Erin Hurd:
That’s right.
Sean Pyles:
So Erin, what are some common mistakes that people make when trying to maximize their points? Can you run down a few of those for us?
Erin Hurd:
Absolutely. I think one of the problems I see a lot are that people don’t really understand the value of their points. And please do not feel badly if this is you, because it is a pretty complex scenario. Not all points are created equal.
The good news is NerdWallet has a full breakdown of baseline values for your points, and it shows you how you should expect to redeem them. Consult that guide before you redeem your points and it’ll help give you a gut check to see, is this a good use of my points or is this a poor value? I think it helps to think of points like a currency, right? So there are many different kinds of points and they all do have some kind of value, and that value is equivalent to an amount of money. And once you start thinking of them like a currency, and not just something that you get for free, you’ll be apt to spend them more wisely.
Sean Pyles:
And we should also mention that carrying a balance on a credit card that offers points, especially travel credit cards, can be a really costly mistake. Credit card interest rates are really high right now, and paying interest on your balance can negate any benefit that you get from the points that you earn.
Erin Hurd:
Yes, that is the number one rule in this game. The interest that you’ll pay on balances that aren’t paid in full every month will far outweigh the rewards that you’ll earn. Now, if you need a breather on interest, there are many cards on the market that offer a 0% intro APR period, and they also earn rewards. Another reminder is that it also rarely makes sense to pay more in order to use your credit cards. Like sometimes at local stores or restaurants, you may have to pay a surcharge in order to use that credit card, and the reality is that that surcharge that you’ll pay usually outweighs the reward that you’ll earn.
Sean Pyles:
That’s a great point and something that I am guilty of, because I just want the convenience of using my credit card and getting those points. But like you said, it negates the point of doing that in the first place. So, I’m taking that with me into 2024.
So Erin, if you could look into your plastic credit card crystal ball, is there anything you think is worth watching for this year in particular besides possible changes in interest rates?
Erin Hurd:
Yeah, we’ve seen several cards raise their annual fees, creep up the fees in exchange for adding more perks and benefits to the cards. And I think that’s a trend we could see continue. But just be careful because oftentimes these perks require some hoops. For instance, some offer credits towards certain purchases, but those credits are doled out monthly or quarterly, and they’re use it or lose it in that short timeframe. So just make sure you’re taking a look at the value you personally receive from a card each year when it’s up for renewal and not just its potential value on paper. If you are not using the perks, then it may not make sense for you any longer, even if it still makes sense for others.
Sean Pyles:
Erin, I also want to ask you about the Credit Card Competition Act, which has been making headlines for over a year at this point, but it seems like we might finally see some movement on this legislation that could change how we use points. Can you give us a rundown on that and what it might mean for point fanatics?
Erin Hurd:
Yeah. So, the Credit Card Competition Act is definitely something we’re keeping close tabs on here at NerdWallet. For those who aren’t familiar, this is proposed legislation that could really affect the rewards you earn from your credit cards.
See, merchants pay transaction fees as a cost of doing business for accepting credit cards. They’re called interchange fees, and this is where a lot of the money comes from that fund the credit card rewards. So if credit card issuers get less money from these fees, they may be forced to cut back on the rewards that they offer to consumers. So, we could be having a pretty different conversation about credit cards this time next year if it passes.
Sean Pyles:
We will all be keeping close eyes on this, and folks listening, we’ll let you know what happens as there’s any updates on this. Well, Erin Hurd, thank you so much for joining us and getting to the point.
Erin Hurd:
Thanks, Sean. And that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at (901) 730-6373, that’s (901) 730-NERD. You can also email us at [email protected] and also visit nerdwallet.com/podcast for more info in this episode. And remember to follow, rate, and review us wherever you’re getting this podcast.
Sean Pyles:
This episode was produced by Tess Vigeland and Erin. I helped with editing. Kenley Young helped with fact checking. Kaely Monaghan mixed our audio. And a big thank you to NerdWallet’s editors for all their help.
Erin Hurd:
And here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general education and entertainment purposes and may not apply to your specific circumstances.
Sean Pyles:
And with that said, until next time, turn to the Nerds.
Inside: Escape the cycle of being broke with insightful tactics. Learn to invest, save smartly, spot financial traps, and build secure money habits today.
You are desperate right now. You want to know why I am broke.
I get it. This is a situation I have been in before and just recently when I lost my main source of income.
The feelings of you can’t afford anything may send you down a steep spiral of depression.
So, how do we escape?
Here are the tips I used before and plan to use again.
Top Reasons for Why I am Broke
#1 – The Mindset Traps That Keep You Broke
A mindset that cultivates a sense of scarcity rather than abundance can be a massive roadblock to financial prosperity. When you’re shackled by thoughts like “I am always broke,” you unwittingly set the stage for a self-fulfilling prophecy.
The mental narrative that convinces you wealth is unattainable can keep you trapped in a loop of missed opportunities and poor financial decisions.
You may inadvertently sabotage your potential to earn more, save, or invest wisely by clinging to a defeatist paradigm.
Fixing a broken mindset is about shifting from a state of helplessness to one of deliberate, empowering action.
It starts with self-awareness and is further built through intentional positive affirmations and financial education.
Overcome By: Remember, the mind is powerful—it can be your greatest ally or your most formidable adversary. Change your money mindset.
#2 – Living Beyond Your Means: A Fast Track to Empty Pockets
Living beyond your means is akin to constantly filling a sieve with water, hoping it will someday retain more than it loses—a surefire way to financial drought. It’s a lifestyle where your outflow far exceeds your inflow, and every paycheck evaporates into the ether of consumerism.
With the advent of credit cards and buy-now-pay-later schemes, the temptation to spend money we don’t have has never been greater.
The façade of affluence conceals the grim reality of financial instability.
Acknowledging this trap is step one. Living within one’s means doesn’t imply sacrificing joy or reverting to asceticism; it’s about striking a harmonious balance between the lifestyle you desire and the one you can sensibly afford.
Overcome By: Making choices aligned with your financial reality, finding contentment in simplicity, and prioritizing financial health over transient pleasures.
#3 – Chronic Debt: Borrowing from Tomorrow for Today
Chronic debt is a pervasive issue, ensnaring individuals in a vicious cycle of borrowing today and worrying about repayment tomorrow. This pattern often stems from an urgency to fulfill immediate desires or needs without adequate financial resources.
Alarmingly, the trend of increasing consumer debt signals a culture obsessed with instant gratification as consumer debt is $16.84 trillion in Q2 2023, according to Experian. 1
Being in debt should not be normal.
The onus of breaking free from chronic debt lies in reevaluating your relationship with money. It means slowing down the urge to splurge, meticulously planning for future financial obligations, and carving a path towards debt repayment.
Overcome By: Find the discipline to not only stop accumulating debt but also to aggressively tackle existing debts through methods like debt snowball or debt avalanche strategies.
#4 – You Haven’t Learned to Plan and Budget for a Brighter Tomorrow
The lack of a strategic financial plan and a detailed budget is tantamount to navigating unknown terrain without a map. Without these critical tools, your finances are left to chance rather than choice, leaving you vulnerable to the whims of circumstance.
Budgeting is perhaps the most fundamental step toward taking ownership of your financial future. It gives you a clear snapshot of where your money is going, which is essential for making informed spending decisions.
However, many avoid the budgeting process, perceiving it as restrictive or complex. The truth is that budgeting liberates you from the anxiety that comes with uncertainty. It empowers you to align your spending with your financial goals and to find a balance between today’s necessities and tomorrow’s aspirations.
Overcome By: Choose a budgeting method whether it be the zero-based budget, the 50/30/20 rule, or the envelope system, the key is to find a method that resonates with your lifestyle and stick to it.
#5 – No Emergency Fund to Weather Financial Storms
An emergency fund is an essential bulwark against the financial tempests life invariably hurls your way. Without it, a single unforeseen event—a job loss, a medical emergency, or an urgent car repair—can capsize an already precarious financial ship. The lack of an emergency cushion extends an open invitation to debt and financial strain.
The data tells a stark tale:
A statement from the Consumer Financial Protection Bureau highlights that nearly a quarter of consumers (24%) don’t have an emergency savings account. 2
Additionally, 39% have less than a month’s worth of income saved for emergencies, setting the stage for potential financial disaster. 2
This precarious situation has become more pronounced with the increasing cost of living and high inflation rates witnessed in 2021-2023.
Overcome By: Structured, automatic savings transfers to facilitate the gradual growth of your emergency fund without it feeling like a financial blow. The goal is to build a reservoir robust enough to cover several months of living expenses, providing a comfortable buffer that can help you bounce back from setbacks without the need to borrow money at high-interest rates or liquidate precious assets at inopportune times.
#6 – Lack of Understanding of The Power of Investing
Understanding the power of investing is key to grasping the potential of a seed. A seed, given the right conditions, can grow into a flourishing tree. Similarly, investing allows your finances to grow beyond the confines of stagnant savings.
Yet, many people fail to harness this power due to a lack of understanding or fear of the unknown. This was me for many years until I decided to learn to trade stocks.
A common misconception surrounding investing is that it’s solely the playground for the rich or financially savvy. This myth steers many away from multiplying their wealth via investments, leaving them to rely solely on their primary source of income. Moreover, a lack of understanding often leads to panic during market volatility, resulting in ill-timed decisions to buy high and sell low—contrary to sound investment strategies.
Overcome By: Invest money consistently into a low-cost mutual fund or ETF that tracks the overall S&P. Then, continue your investing education on how to invest in stocks.
#7 – Wasteful Spending Habits
Wasteful spending habits are the quiet thieves of financial security. They nibble away at your earnings, leaving you wondering where your money has gone at the end of each month. This pattern often goes unnoticed, as it’s usually composed of small, seemingly insignificant purchases that accumulate over time.
The danger of wasteful spending is its subtlety.
It’s the daily coffee on the way to work, the meal out because cooking feels like too much of an effort, or the impulse buys during the sale season.
Individually, these do not seem like considerable expenses, but together, they can consume a substantial portion of your budget.
To curtail this financial leak begins with recognizing and acknowledging these habits. Tracking every penny spent can be an eye-opening experience, illustrating just how quickly the ‘little things’ can add up. With this awareness, one can then consciously decide where to cut back.
Overcome By: Adopting a minimalist approach, where value and purpose become the benchmarks for every expense, can help combat wasteful spending. Questions like, “Do I really need this?” or “Will this purchase add value to my life?” can serve as useful filters. Take up a no spend challenge to see your mindless consumption.
#8 – Fail to Recognize the Patterns That Lead to a Near-Empty Wallet
Failing to recognize the patterns that deplete your wallet is akin to ignoring the signs of a leaking roof until it caves in—it’s a disaster in the making. Often, it isn’t one significant financial blunder, but rather a series of small, recurring missteps that lead to the near-empty wallet syndrome.
For instance, routinely underestimating monthly expenses can lead to a perpetual state of surprise when the bills pile up.
Similarly, neglecting to keep tabs on bank account balances may result in overdraft fees that, over time, take a sizable bite out of your funds.
Disregarding the accumulative effects of late payment charges or routinely paying only the minimum on credit card balances can exacerbate financial distress.
Overcome By: To reverse this trend, one must become a detective in their own financial mystery. Start by scrutinizing bank statements and tracking expenses. Look for patterns, like repeated late-night online shopping sprees or habitual dining out, which contribute to the thinning of your wallet. Use budgeting apps or spreadsheets to flag these patterns visually, making it easier to identify and amend them.
#9 – How Fear and Denial Contribute to Ongoing Money Issues
Fear comes in several forms: fear of failure, fear of taking risks, and even fear of facing the truth about one’s financial situation. It can immobilize individuals, preventing them from making necessary financial changes or taking action that could otherwise mitigate or reverse money woes.
For instance, the fear of losing money might dissuade one from investing in potentially lucrative opportunities, leaving them stuck in the low-yield safety of a savings account.
Further, there’s the psychological phenomenon of denial—a defense mechanism that numbs the pain of reality. When faced with mounting debt or budgetary failure, denial kicks in, allowing individuals to live as if the problem doesn’t exist. Unfortunately, ignoring overdue notices or dodging calls from creditors doesn’t make debts disappear.
Denial only deepens the financial hole, often leading to larger, more complex problems.
Overcome By: To confront these challenges, it’s crucial to adopt a stance of brutal honesty with oneself. This means acknowledging fears and confronting financial shortcomings head-on. Professional help, such as financial counselors or advisors, can provide support and guidance to navigate these tricky emotional waters.
#10 – No Clear Financial Goals and Plans
The absence of clear financial goals and plans is like embarking on a voyage without a destination. It not only leads to aimless wandering but also ensures that you miss out on the focus and motivation that well-defined objectives provide.
When you lack clarity on what you’re saving for or what you wish to achieve, there is little impetus to resist the temptations of immediate gratification or to weather the short-term sacrifices that long-term gains often require.
Setting clear and measurable financial goals lays the groundwork for creating effective plans to reach them.
Overcome By: To break this cycle, begin by reflecting on what you value most and where you would like to be financially in the future. Whether it’s achieving debt freedom, owning a home, funding education, or planning for retirement, having specific goals in mind will define the purpose of your financial activities. Craft a plan that outlines the steps needed to accomplish them.
#11 – Laziness is your Game
When you approach your finances with a laissez-faire attitude, it’s akin to ignoring the health of a garden; without regular attention and effort, it’s bound to wither. Financial laziness can manifest in various ways, from failing to review bank statements and ignoring budgeting to neglecting opportunities to cut costs or boost income.
Each act of omission is a step closer to the financial doldrums.
Procrastination or avoidance might seem less painful at the moment, but they ultimately compound the problem. Contrary to what some might think, simple acts of financial diligence, such as cash management or regularly doing household chores, do not require Herculean effort.
Moreover, they set a foundation for sound financial habits that thwart needless spending.
Overcome By: Schedule time for financial management much like an important meeting.
#12 – Keeping up with Others is Breaking Your Bank
The urge to keep up with others—often termed the ‘Keeping up with the Joneses’ or ‘Keeping up with the Kardashians’ phenomenon—is a profound pressure that exerts an invisible, yet powerful, force on financial habits. This social comparison can lead to an insidious form of competition, one that disregards personal financial realities in favor of an illusory social standing.
It’s an impulse driven by comparison, where the benchmark of success is set not by personal satisfaction, but by the possessions and lifestyles of others.
The decision to upgrade to a luxury car, splurge on designer clothes, or redo a perfectly functional kitchen stems not from need, but from a desire to project an image that matches or surpasses those in your social sphere.
Financial guru Dave Ramsey encapsulates this philosophy with his common saying, “Live like no one else will now, so in the future, you can live like no one else can.” This means making money moves that are right for you, not those dictated by social pressures, which can sometimes involve humbler living now for a wealthier future.
Overcome By: Breaking free from the shackles of this social competition requires introspection and a bold reaffirmation of personal values. Adjusting focus towards personal financial goals and aspirations, rather than mirroring others’ spending decisions, is key.
#13 – Need Help Differentiating Needs from Wants
The blurring line between needs and wants is a common financial pitfall that can lead individuals deeper into the morass of money woes.
Needs are essentials, the non-negotiable items necessary for survival—food, shelter, healthcare, and basic utilities.
Wants, on the other hand, include anything that is not vital for basic survival but enhances comfort and enjoyment of life.
The difficulty in distinguishing between the two often stems from habituation. What starts as a luxury, like eating out at restaurants, getting a high-end smartphone, or subscribing to multiple streaming services, can quickly become perceived as essential. This is particularly difficult in a consumer-driven society, where advertising and social media constantly inflate our perception of what we ‘need’ to lead a fulfilling life.
The result? A budget that’s stretched thin on non-essentials, leaving little room for savings or investment.
Overcome By: Regularly reassess expenses and ask the hard questions about whether a purchase is genuinely essential or merely a desire dressed up as a need.
#14 – You Don’t Make Enough Money to Cover Your Expenses
When your income doesn’t cover expenses, the strain can be relentless. This financial imbalance is often the stark root of the “I am broke” refrain. In such cases, every dollar becomes precious, and the financial breathing room feels nonexistent.
The reason is straightforward: if what comes in is less than what goes out, deficits and debt are the inevitable outcomes.
Addressing this challenge requires a two-pronged approach—increasing income and/or reducing expenses. For many, reducing expenses is the immediate reflex, and while it’s an essential strategy, there’s only so much you can save, but no limit to how much you can earn.
Overcome By: Focus on making more money. This could mean asking for a raise, seeking better-paying job opportunities, pursuing a side hustle, making money online, or acquiring new skills that offer higher income potential.
Long-Term Solutions to Build a Secure Financial Future
Building a secure financial future is an aspirational goal for many, but achieving it requires a strategic approach characterized by foresight, discipline, and an understanding of personal finance.
Becoming financially independent doesn’t happen by magic chance; it’s the result of deliberate actions taken with consistency over time.
Here are the foundational blocks for constructing a sturdy financial edifice:
Invest in Financial Literacy: Knowledge is power, and this is especially true in the realm of finance. Educate yourself about budgeting, investing, insurance, taxes, and retirement planning. Reliable resources include books, online courses, podcasts, and workshops.
Set Clear Financial Goals: Define what financial success looks like for you, whether it’s being debt-free, owning a home, or achieving financial independence. Detailed goals provide direction and motivation for your financial plan.
Create a Robust Budget: A flexible budget isn’t a one-time exercise but a living document that should evolve with your financial situation. It should reflect your income, fixed and variable expenses, and financial goals.
Establish an Emergency Fund: This is the bedrock of financial security. Aim to save three to six months’ worth of living expenses to protect yourself from unforeseen circumstances without falling into debt.
Pay Off Debt: High-interest debt is a major impediment to financial growth. Utilize strategies like the debt snowball or avalanche methods to tackle debts efficiently. Once you’re debt-free, avoid accumulating new debt.
Diversify Income Streams: Relying on a single source of income is a risk. Look for opportunities to create additional streams of income, such as side businesses, freelance work, or passive income from investments.
Invest Wisely: Make your money work for you through smart investments. Consider diversified portfolios, retirement accounts, and tax-efficient investment strategies to grow your wealth over time.
Plan for Retirement: The future is closer than you think. Contribute regularly to retirement accounts like 401(k)s or IRAs. Take advantage of employer match programs if available, as they’re essentially free money.
Protect Yourself with Insurance: Ensure you have adequate insurance coverage for health, life, property, and potential liabilities. This helps to guard against catastrophic financial losses.
Breaking the Cycle of Being Broke
Just like becoming broke is often a gradual process—a few uncalculated loans, hasty investments, and numerous credit card swipes. Suddenly, financial stability seems like a far-off dream.
The same goes for breaking the cycle of being broke. It is about moving from living paycheck to paycheck with no savings, drowning in debt, and making questionable spending decisions to become financially stable.
Even though our society may see being broke as normal, it is possible to embrace financial prudence to defy such norms. It’s time to delve into the reasons behind the perpetuation of brokeness and unveil practical steps toward lasting financial freedom.
What do I do if I’m broke?
Finding yourself in a financial predicament where the end of your money arrives before your next paycheck is a stress-inducing scenario.
When faced with the stark reality of being broke, here’s a step-by-step guide to help you navigate through and set the stage for a more stable financial future:
Assess Your Situation: Take stock of all your available assets and resources. This includes checking account balances, any savings, and items you could potentially sell for quick cash. Understanding what you have can help you gauge your immediate next steps.
Prioritize Your Expenses: Sort your expenses by urgency and necessity. Essentials like rent, utilities, and groceries come first. Non-essentials or discretionary spending should be paused or significantly reduced until your financial situation improves.
Reduce Costs Immediately: Eliminate any non-essential expenses. Cancel or suspend subscriptions, memberships, or services that are not vital. Consider cheaper alternatives for necessary expenses, and utilize community resources, such as food pantries, if needed.
Negotiate with Creditors: If you’re struggling to pay your bills, proactively reach out to creditors to discuss payment options. Many are willing to work with you on a revised payment plan to avoid defaults.
Seek Additional Income Sources: Consider taking on a side job, selling unused items, freelancing, or offering your skills for short-term gigs. Even small amounts of additional income can make a significant difference when you’re broke.
Consider Assistance Programs: Look into local, state, and federal assistance programs. You may be eligible for temporary aid to help with food, housing, or utility bills.
Borrow with Caution: If borrowing is unavoidable, be cautious and choose the most cost-effective options such as loans from family or friends, a personal loan with a low-interest rate, or a hardship withdrawal from your retirement account (as a last resort).
Remember, being broke can happen to anyone, so there’s no shame in it.
The key is to take swift, decisive action to mitigate the immediate crisis while also planning longer-term strategies to prevent recurrence. By addressing the issue head-on and adjusting your financial habits, you can initiate the journey from being broke to becoming financially buoyant.
FAQ: Navigating Away from Being Broke
Finding yourself consistently broke at the end of each month is an indicator that there’s a disconnect between your income and your spending habits.
It’s often the result of several factors or behaviors that, when combined, result in a cycle of financial scarcity. Here are common reasons why this might be happening:
No Budget or Poor Budgeting
Overspending
Impulse Purchases
Lack of Emergency Savings
Failure to Track Expenses
Living paycheck to paycheck
High Debt Payments
Remember, understanding why you’re broke at the end of the month is the first step towards financial stability.
Saving money when funds seem stretched to their limit is a challenge that requires creative strategy and discipline. Even with a tight budget, there are ways to eke out savings without significantly impacting your day-to-day life.
If saving a significant amount seems daunting, start by saving your change. Physically save coins or use apps that round up your purchases to the nearest dollar and save the difference. Check out my mini savings challenges.
Saving money when it seems there’s barely enough to cover the bills begins with a commitment to take whatever steps are necessary, however small they may initially seem. Every dollar saved is a step towards financial resilience and a buffer against future financial challenges.
Investing can be a powerful tool for building wealth over the long term, and it’s often considered a key component of achieving financial stability. However, for those who are currently struggling to make ends meet, the decision to invest should be approached with caution.
Investing typically involves committing money with the expectation of achieving a future financial return. It has the potential to outpace inflation and increase your wealth due to the power of compound interest. Nevertheless, it often carries the risk of losing the invested capital, a risk that those in financial distress may not be in the position to take.
Feeling Broke without Money – Time to Make A Change
Feeling broke is a stressful and demoralizing experience, but it’s also a clarion call for change. It signals that your financial health needs attention and that your money management strategies may require a significant overhaul.
However, the situation is not without hope; with determination and the right approach, it’s possible to transform your financial landscape.
The journey away from the precipice of being broke begins with honesty, introspection, and a willingness to adapt. It’s about confronting uncomfortable truths, devising a clear plan, and taking decisive action. From crafting and adhering to a precise budget, cutting unnecessary expenses, to seeking additional income streams—all these steps are essential in the path to financial stability.
Remember, feeling broke isn’t a permanent state. Mindset is everything.
It’s a challenge to be met, an opportunity for growth, and a chance to steer the course of your financial ship towards calmer and more abundant waters. Your future self will thank you for the changes you implement today, so take that first step now.
>>>It’s time to make a change—because you deserve the peace of mind that comes with financial security.
Source
Experian. “Experian Study: U.S. Consumer Debt Reaches $16.84 Trillion in Q2 2023.” https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/. Accessed January 25, 2024.
Consumer Financial Protection Bureau. “Emergency Savings and Financial Security.” https://files.consumerfinance.gov/f/documents/cfpb_mem_emergency-savings-financial-security_report_2022-3.pdf. Accessed January 25, 2024.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
When you live in an apartment, you most likely won’t have a backyard or lots of outdoor space. However, a lot of apartment complexes include a patio on the ground level so you can step outside and enjoy some fresh air. Even if a patio is small, it doesn’t mean it can’t be grand. If you are looking for ways to spruce up your patio and turn it into a luxurious outdoor space, here are some small patio ideas to consider.
Small patio ideas you’ll love
Whether you opt for all of these ideas or choose only a handful of these small patio ideas, you can turn any mundane patio into a place you’re dying to spend all your free time.
Just be sure to check with your landlord first before installing or building anything!
1. Add a table and chairs
First on the list is finding a set of chairs and a table. Patio furniture comes in all shapes and sizes. You can get wrought iron, plastic or rattan to name a few. No matter what kind of patio furniture you choose, a table and chairs are essential because it’ll be the place you sit to eat, drink, read or simply relax.
2. Consider multi-use furniture
If your patio is small, you’ll want to consider purchasing furniture that has multiple uses. For example, you could get a foot pedestal that also used as a small table, a footrest and a place to hold plants for decoration. If you can get each piece of furniture to serve more than one purpose, you’ll save money in the process, too.
3. Find foldable furniture
Are you short on space on your patio? This small patio idea is perfect for those with cramped quarters. Buy foldable furniture that you can easily store when you’re not using it. You can easily access and use it when you need to, otherwise, you can quickly fold it and store it to add more space to your patio.
4. Decorate with a mattress
Mattresses don’t just belong in a bedroom. Putting a mattress on your patio is a great way to create a Bohemian-style feel on your patio. Take a blow-up or regular mattress, put some sheets over it, add some blankets and you’ve got created a comfortable and chic patio.
5. Use pillows for comfort and decor
Pillows add both decoration and comfort to any patio space. Get some oversized pillows and add them to your patio, like this idea from Pinterest. You can put them on your chairs or use them as poofs to sit on. Pillows are a great way to add a pop of color to your patio as well as adding an element of comfort and design.
6. Get a blanket basket
Like pillows, blankets are another way to spruce up any patio. On summer nights as the sun sets and it starts to get cooler, people will want to grab a blanket to drape over their lap as they continue chatting and hanging out into the night. Get a basket to fill with outdoor blankets and you’ve got yourself some small patio decor that’s practical and cute.
7. Set up a speaker system
Music can set the mood on any occasion. From outdoor date nights to a casual gathering with friends on the patio, you need music to create ambiance. Invest in an outdoor speaker system for your patio. This could be a small speaker you plug your phone into, a smart home device like Alexa or even a full-blown speaker system. Regardless of what you choose, a speaker is a great small patio idea.
8. Watch movies on a movie projector
Movie projectors are a fun purchase to splurge on for your small patio. You can project a movie onto the wall of the apartment and watch it from the comfort of your patio. They don’t take up too much space but are a fun way to get outside more often.
9. String up a hammock
Opting out of traditional patio furniture? Consider hanging a hammock on your patio. If you’re cramped for space or simply like to hang from a hammock, this is a great small patio idea to go for.
10. Install a privacy screen
Given that patios are on the ground floor, you won’t have as much privacy as on a balcony. But, you can easily install a privacy screen, shutters or even curtains to your patio to create some privacy. Plus, you can have fun with the decorating process as you choose what color of the curtain you want or what color of paint to use on the privacy screen.
11. Burn some candles
Candles are a great small patio idea. They don’t take up much space but add a lot of ambiance to any patio. Get a variety of sizes, shapes and colors and use candles to both decorate and light up your patio.
12. String up lights
Strings of lights are another easy way to decorate your small patio. You can hang the lights from end-to-end, drape them around the table and chairs or hang them above the doorway. White string lights are cute, sparkly and practical and will make any patio feel like a fairy garden.
13. Add a rug
Rugs are a great way to decorate a small patio. First of all, they can add a pop of color to the patio. Second, they can cover up the ugly cement they likely were made of. And third, they make the space feel cozier.
14. Prop an umbrella
Your patio may already be shaded, but adding an umbrella is a great small patio idea. Umbrellas easily move so you can block out the sun anywhere it comes through on the patio. Umbrellas also come in a variety of shapes, colors and sizes.
15. Pot some plants
Potted plants add charm to any patio. You can buy pots of all sizes, depending on how large your patio is. From small pots that fit on a table as a centerpiece to giant ones that take up lots of space, using pots as a small patio idea is a great way to add greenery to your patio.
16. Get flower window boxes
If you don’t have a garden but want to plant some flowers, you can buy a few flower boxes for windows, ledges or gates. Add the window box and fill it with your favorite flowers.
17. Think vertically
Because patios often are small and short on space, think vertically when decorating. You can use ladders, tall planter boxes or racks and decorate upward instead of outward. This allows you to have lots of decorations without taking up too much space.
18. Buy a barbecue
Barbecues go hand-in-hand with summer nights. Barbecues are a great product to invest in and add to your small patio. They may take up some space but it’ll be well worth it when you’re cooking and entertaining all summer long.
Just make sure they are allowed at your property before investing the money. Some cities do not allow grills on patios due to fire codes.
19. Build up a bar cart
Bar carts are a fun item to have on your patio. You can choose a bar cart and start building up the contents over time. You can add different types of drinks, mixers, cups and ice containers to it. Not only is it a great small patio idea, but your friends will also love coming over and mixing themselves up a drink.
20. Splash some paint
If your landlord permits, you can paint your patio. Consider painting the floor a fun color or one of the walls. This takes up no space and allows you to add more color into the space.
Decorating with our small patio ideas
It doesn’t take a full-blown renovation to turn an ordinary patio into a place of relaxation and rest. Your patio can become your outdoor oasis with these easy ideas for decorating your small patio. Any one of these small patio ideas will surely turn it into a place you want to spend all your free time.
Sage Singleton is a freelance writer with a passion for literature and words. She enjoys writing articles that will inspire, educate and influence readers. She loves that words have the power to create change and make a positive impact in the world. Some of her work has been featured on LendingTree, Venture Beat, Architectural Digest, Porch.com and Homes.com. In her free time, she loves traveling, reading and learning French.
Ready to simplify your year by cutting back on some of the excess stuff? Here’s where to minimize first.
Is decluttering on your list of resolutions for 2024? (Ours too!) If you don’t know where to start, we’ve got great ideas for you.
1. The pantry
You probably have so many seasonings and food items that you haven’t used in ages. Start with cleaning out your pantry and getting rid of anything you no longer use or eat.
If you have old food or beverages that you have no use for anymore, simply throw them out. Check expiration dates, because it’s likely that you also have expired items that you never even used.
2. Bathroom drawers
Listen, we all know how cluttered and unorganized bathroom drawers get throughout the year. Before the new year, deep clean your drawers and throw out any personal items you don’t need anymore.
Items such as makeup, old toiletries and accessories often get thrown into bathroom drawers without notice. Sooner or later, you realize that your bathroom drawer has become your junk drawer.
3. Kitchen drawers
Similar to bathroom drawers, kitchen drawers can also often become “junk drawers” by accident. Go through your kitchen utensils and cooking appliances to see if there’s anything you don’t use anymore.
More times than not, kitchen items just end up collecting dust. Make sure you actually utilize the utensils you choose to keep.
4. Closets
This is a tough one. Going through your closets might take some time, but it’ll be worth it in the end. Consider giving away clothes that you no longer wear. You can donate the items to different charities.
It’s also a great idea to go through your closet floors and get rid of any items you forgot were even there to begin with. If you haven’t even looked at something in over a year, it’s a telling sign that it’s probably not something you need.
5. Magazines and books
Some people keep a lot of magazines or books in their apartment which is fine, but it’s good to purge this pile every year and start fresh. Old magazines and books serve little to no purpose in that bin next to your couch. Go through all of them and see what you actually want to keep, then decide what to get rid of.
6. Toiletries
This especially applies to people who travel a lot. If you travel often and have a toiletry bag that you re-use for trips, it’s important to clean this out each year. In general, toiletries are worth going through because it’s likely that you have a lot of old items you don’t need anymore. Toiletries need to be replaced often, so take some time to decide what you need to replenish.
7. Storage Areas
Similar to closets, this is another area that might take some time to purge. Whether it’s your storage closet, a garage or another space you keep storage items in, there’s always a lot of junk you can clean out each year. The idea is to only keep items you actually need, not things that just take up space in a storage closet.
All of your items should serve a purpose. This is why we recommend purging your entire apartment for the new year, so you don’t hold onto extra things you don’t use or need anymore. Decluttering will help you start the year fresh and in turn, you’ll feel a lot more organized going forward.
Linzi Martin has been a freelance writer for over five years. A Florida native, Linzi resides in Delray Beach, where she works as a content marketer and writer for small-to-medium sized businesses around the globe. Her work has been featured by the Porcaro Law Group, VoyageMIA and The Connect Magazine, just to name a few.