When Unemployment Knocks on Your Door

When Unemployment Knocks on Your Door

by | May 23, 2012

unemplyment pink slip

Over the last nine months I have been out of corporate America. In other words I am technically unemployed. Despite that my bills are getting paid and I’m learning what it means to be humble and wait for God to show me the right path to take.

I can blame everything on the recession but it would be pointless. It really wouldn’t change the circumstances of my life. I have good days and more challenging ones.

The great thing about unemployment is the time I’ve been able to spend with my kids. It’s been priceless being a stay at home/ work at home/homeschool mom. My children seem to like it too. My son is thriving and my daughter is too. She got straight A’s, is well liked, is a leader, and is involved in activities outside of school designed to build her sense of worth up.

This could have been a terrible time for me, but I’ve had the opportunity to stretch my faith, discover more of myself, and define my purpose.

I’m sure that I want to continue helping women realize their value, embrace their freedom, and attract love and wealth. I’ll be sharing more with you soon because I’m excited about the programs I’m about to bring you, so watch for them.

This journey has been a good learning experience for me. There is plenty more to learn though which means I’ll always be a student of life…

My Uncle Died; Why Single Moms Need Life Insurance

My Uncle Died; Why Single Moms Need Life Insurance

by | May 21, 2012

I heard a long time ago that one of the reasons some families remain wealthy is because of insurance. The father (or mother) makes sure there is adequate insurance to cover the funeral and the lose of their income. There is often multiple policies in place to make site the family never has to worry about money.

You are probably wondering why I am talking about insurance and death right? Its because my uncle passed away on Friday. He was a good man; kind, funny, and always smiling. But he had been sick for the last couple of years. This illness left him financially devastated and his family unprepared for his death.

There is no insurance to cover the funeral service and burial, so the family has to rely on the kindness of others to help cover the expenses. It’s good for people to help, but insurance usually covers all this. It takes the financial burden out of the equation so the family has time to mourn.

This scenario is an example for everyone, especially single moms. We are solely responsible for the welfare of our children so it is important to have life insurance to cover funeral expenses. The insurance should also cover the lose of yearly income three or four times over.

A friend of mine had already taken care of her funeral expenses so her family doesn’t have to worry about it. Making these decisions while you are still alive is an option that can save your family time and expense. It relieves them of the burden of planning.

I know all this may sound morbid but the reality is death is a part of life. We are born, we live, than we die. My uncle’s death just makes it very relevant for me right now.

I must get life insurance for myself as well as look into pre-planned funeral services. I’m sure there is a lot to think about and options to consider when choosing a service. I have had my will drawn up so that’s a step in the right direction. I also need to get short and long-term disability insurance. All this is important to good financial health for you and the children you may leave behind (God forbid).

Do you have life insurance? Is it enough to cover funeral expenses and provide 3-4 times your yearly income? Do you have disability insurance? Do you have a will?

Side Hustle Series: Sell Handmade Jewelry

Side Hustle Series: Sell Handmade Jewelry

by | May 18, 2012

Handmade Butterfly Earrings

My Own Handmade Jewelry! Order a Pair. Only $10

I’m sure you’ve seen the latest jewelry trends on the runway and in the stores. Did you know half of the trends you see started at someone’s kitchen table? Jewelry is no different. Visit any arts and crafts show or festival this year, and next year you will see the same designs being sold for retail. If you have any kind of creativity you can design and make handmade jewelry.

Materials for Handmade Jewelry Side Hustle

To get started you need basic tools including:

  • Needle nose pliers or other multi-use tool
  • Multi-gauge wires
  • Chains
  • Charms
  • Beads
  • Closures / Findings

How Much to Start this Side Hustle

If you are starting out making simple jewelry pieces your investment can be as little as $20. It will depend on the complexity of your pieces and the quality of your materials. There are jewelry kits for beginners that you can get on Amazon, at Michael’s, or other craft stores.

Level of Difficulty of this Side Hustle

The level of difficulty for making jewelry ranges from super easy to challenging. It will depend on what you are making. A simple pair of earrings can take less than a minute to make. If you are making your own crystals it could take weeks because you have to go through an intense process and a lot of heat to make them.

Where to Sell Handmade Jewelry

The number of places to sell your jewelry seems endless. You have the choice to see at arts and crafts shows, at yard sales, on consignment, hair salons, home parties or on your own website. You can also sell on numerous craft selling marketplaces such as:
Etsy
Yardsellr
Art Fire
Lily Shop
Bonanza
Jewelry Wonder

How Much Money Can You Make Selling Handmade Jewelry?

You can make as much or as little as you want selling handmade jewelry. It will depend on the uniqueness and quality of your pieces. For example, if you see a simple pair of dragonfly earrings for $10 each you could make $100 if you sell 10 pair. Depending on if you sell on your own website or through one of the online marketplaces listed above, you may or may not have to give up a small percentage of your sales. The faster you can make jewelry and the higher the demand for your pieces the better your chance of making a nice profit. Of course you have to let people know that you have amazing handmade jewelry for sale. Do this through social media, advertising, offering specials and discounts, and using a variety of marketing methods.

How to Make Handmade Jewelry

 

Additional Handmade Jewelry Resources

3 Tips to Staying Debt Free

3 Tips to Staying Debt Free

by | May 14, 2012

Single Mom MoneyIf you’re a single mother these days, then you probably don’t need anyone to tell you how hard it is to raise a child, or multiple children, and always make ends meet.  Often times, we rely on a combination of credit, extreme determination, and the grace of God to get us through.  Staying on top of your finances and following budgets can certainly be hard work among all the various other things you’ve got to worry about.  That’s why I’ve compiled this short list of tips that have helped me stay debt free, and on top of my financial obligations during times of serious struggle:

 Prepaid Cards

Prepaid debit or credit cards are some of the best options for those problem spenders out there that can’t seem to shake bad credit habits. Because you control how much goes into a prepaid card, there’s no risk of overspending or getting behind on payments.

They also offer the benefit of making you more away of how much you’ve got in your account and how much you’re spending on a day-to-day basis; checking your balance is usually as easy as logging in online via a computer or smart phone and makes for some very easy monitoring.

Getting a prepaid card is also extremely easy.  Just hop online and apply for a Green Dot credit card or a similarly helpful card that’s right for your needs.  In my personal finance journey I’ve found that these cards can truly help keep you out of debt and get you on the path to better spending habits in no time.

 Budgeting

I know it’s often hard to stay on track with budgets, but if you can create one and really stay adamant about following it, you’ll be saving more money than you realize.  Take the time to write down all of your expenditures over a two or three-week period, and then go back and look at that list.  You’ll probably be   appalled by the amount you’re spending on unnecessary items or items that you could do with less of.

Once you’ve got that information, you can start planning a monthly or weekly budget that only allows for the essentials, plus a small stipend for unexpected costs that pop up here and there.  This will save you tons in the long run if done properly, and is a great way to even start saving some money on the side for the future.

Credit Use

If you absolutely have to use credit cards, there are some important rules to follow for staying out of debt.  The biggest one is don’t use your card unless you absolutely have to.  I know it’s easy to pull out that little piece of plastic whenever you see a cute dress or something you feel like you really want, but in the end, it’s these impulse purchases that can kill your credit.  Also, try to keep your credit card count to one card if possible.

By opening multiple lines of credit you increase your risk of forgetting about payments or being late on others, which can be detrimental to your credit score.  This also brings us to the next point, which is make your payments on time and in full at all costs.  Missed or late payments not only damage your credit score, they will ultimately increase the amount you owe in accrued interest.  One or two late payments can lead to three or four, which can in turn snowball into a whole mess of debt.  Staying smart with your credit card(s) is probably the biggest tip to staying debt free in this harsh economy.

In using these three tips personally, I’ve gotten myself into much better spending habits and reduced my risk for debt substantially.

Although I still struggle in the day-to-day grind that is single motherhood, it’s nice to know there are others out there dealing with the same things and trying to improve all the while.  Hopefully these tips help you and your family through the times, and can potentially save you some extra cash in the end.