Have you hit some financial bumps in 2013? Maybe you’re grappling with debt or haven’t set up an emergency fund yet. Starting a retirement account apart from your employer’s contribution might still be on your to-do list. Or perhaps you’re worried about saving for your child’s college education as they get older.
If any of this sounds familiar, know you’re not alone. Many Americans share these concerns. However, the solution might be simpler than you think—all it takes is dedicating specific tasks to your extra funds.
WHERE TO FIND THIS EXTRA MONEY
Think you don’t have any extra cash? Think again. You probably have more than you realize, but you just haven’t been viewing it as “extra.”
Your tax refund? That’s extra. Any refunds or savings from coupons or discount codes also count. Profits from a side gig? Yep, that’s extra too.
When you pool together these additional funds, instead of letting them disappear into your everyday budget or unplanned splurges, you can gather a considerable amount.
EXPLORING THE IMPACT OF DIRECTING EXTRA MONEY
Look at what Julie from The Family CEO did with her “found” money. From July to September 2013, they gathered $7,113.37. Part of this went into their emergency fund, and the rest covered their daughter’s college costs. They managed to pay for her entire education this way, without taking on any debt.
Directing your extra resources towards specific goals can have significant long-term benefits. Even if you don’t reach Julie’s amount, you probably have more spare funds than you think.
Similarly, Erika from Newlyweds on a Budget used her side job to bring in over $20,000. This mostly went towards paying off her and her husband’s debts, and the rest funded fun vacations, including a honeymoon in Costa Rica and trips to New York, Seattle, Las Vegas, Temecula, San Francisco, and San Diego. By assigning specific tasks to her money, Erika managed to balance debt repayment and enjoyable travels.
HOW TO BEGIN
If you’re looking to gain control of your finances, start identifying and reassigning your extra funds. This could make a substantial difference in meeting your financial goals.