The Frugal Creditnista

I’ve Cut Everything I can Cut, What Now?

Q & A Friday!!!

Hi Netiva,

Question: I am in school FT and I work FT as well. I live a pretty simple life, nothing really outside of my basic expenses; I have 2 children (single mom), invest 3% in my 401K, save about 5% of my income to build a savings account. I'm trying to save a bit more, but I really can't seem to cut anything else; any suggestions?

I would really give yourself a pat on the back for what you have accomplished thus far! I would review your budget again just to see if there is anything else that you can adjusted.

Since you are going to school and working FT, getting a 2nd job or another traditional source of income may be out. I'd focus on bringing in additional income using non-traditional sources: mystery shopping (can be done on your lunch hour); focus groups, surveys, to name a few. These start off small but are really quick to do in most cases and the money adds up at the end of the month!

You didn't mention your profession, however, sometimes simple easy, already put together freelance work on sites such as fiverr can add up as well.

I absolutely love the penny hoarder's website for ideas on easy money, I encourage you to take a peek as well.

Basically, when you've really cut all you can cut, the only answer is to make more money. I don't know how long you have before school is over, but as a single mom, I would suggest not stretching yourself too thin (you didn't mention their ages). You're saving for retirement, saving for emergencies, and investing in yourself; that's a LOT to be proud of! If earning extra is going to put a strain on mommy duties and your kids are young, you may have to keep life as it is (meaning no new major expenses) so that you can take care of your #1 job – Being Mommy.

Hope this helps!

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