Print Friendly and PDF

The holiday season tends to wreak havoc on our bank accounts. Between the gifts, the parties and the inevitable self-indulging, most people blow through their holiday budgets in no time and dip into other accounts. But it doesn't have to be that way, mama.

Here are 17 ways you can start working towards your financial goals now.

1. Rebuild (or start) your emergency fund

To rebuild your savings in the new year, set up automatic transfers. Typically, we advise clients to save a minimum of 10% of their gross monthly income. They set-up automatic transfers to move the money from their checking account to their savings account on the days they get paid. Just set it and forget it, you'll be amazed how quickly your savings grow!

2. Set up goal-based budgets

Another tool we use to help our clients get organize is goals-based budgeting. Make a list of the goals you hope to accomplish next year, then figure out how much you need to save to make them a reality. Planning a vacation for June that will cost you $1,000? Transfer $200 to a travel savings account each month and you will save that money in just five months. You can have a different account for each goal and make contributions on a weekly or monthly basis.

3. Start saving for the next holiday season

To avoid the usual holiday spending trap, start saving for next year now. Putting just $50 away each month will help you save $600 for next year. Can you afford $75 each month? That will get you to $900.

4. Track spending + cut wasteful costs

A new year is a great time to review your spending from the previous year. Take some time to look over bank statements and credit card bills to discover your problem areas (some credit card companies even provide year end summaries showing what you spent on the most). This can help you identify areas where you are overspending or wasting money. You should also review the subscription services you and your family utilize. Are you using them? If not, cancel them.

5. Clean out your closet + declutter your home

This is perfect time to clean out your closet and get rid of items you no longer need or want. You may find that there are clothes you forgot you owned, some of which have never been worn. You might be able to save yourself a shopping trip just by organizing your closet and seeing what you already own. Clean out junk drawers, hall closets and kitchen cabinets. Take inventory of everything you find and use it all before you go out shopping.

6. Sell unwanted gift cards, clothes, electronics, etc.

Did you get a gift card you'll never use? Are you holding on to clothes that you will never wear? Do yourself a favor and take advantage of sites like Raise, CardPool and GiftCardGranny that allow you to sell unused gift cards for cash. Once you've cleaned out your closet and decluttered your home, use thredUP, Poshmark, or Tradesy to sell clothes and shoes. For electronics try Gazelle, Nextworth, or Ebay. Amazon and Best Buy also have trade-in programs that allow you to exchange electronics for store credit.

7. Save up your spare change

This is probably the easiest thing you can do to save money this year. I keep a mason jar on my windowsill and empty the change from my wallet into it every couple weeks. Some people take this a step further and put dollar or five dollar bills into a jar every time they clean out their wallet. Either way it adds up over time, and once you've filled the jar you can use this money to treat yourself to something special.

8. Make a change

Are you eating too many meals out? Do you have a bad (and expensive) habit you've been meaning to kick? Make a point to tackle these problems in now. Not only will it help you save, but you will also make strides to improving your personal well-being too.

9. Do the side hustle

Sometimes cost cutting just isn't enough. Figure out a side hustle that can help you bring in more income. It doesn't have to be starting your own business, it can be something simple, like babysitting or dog waking. Have experience in hospitality? Waitron is revolutionizing staffing in the NYC area. You can become an employee and work as often (or as little) as you want.

10.  Start investing

Investing doesn't have to be scary! And you can start small! The easiest way to get invested is to make sure you are enrolled in your employers' retirement savings plan. Ready to take the next step? Try using one of these apps to help you get started, Stash, Robinhood or Acorns. For those a bit more comfortable with the stock market, you can buy shares of an ETF or enroll in Dividend Reinvestment Plans (DRIPs).

11.  Try a no spending challenge

Sometimes we get off track and need to refocus. When this happens, I recommend trying a no spending challenge. Whether it be for a month, a week or just a few days, it is beneficial to reset and find a way to recommit to your savings goals.

12.  Schedule cash-only days

Like the No Spending Challenge, cash only days give you the opportunity to be more mindful of your spending. Using cash instead of credit cards will help you identity areas where you're being wasteful. Typically, people have a harder time shelling out cash than they do swiping a card. You will notice that you are less likely to make impulse purchases and end up spending less when you shop.

13.  Automate payments

Monthly credit card payments should be automated to avoid missed payments and the resulting late fees. In addition, you can automate your cable, utility, cell phone and pretty much every other monthly bill to be automatically deducted from your bank account or charged to a credit card. If you are deducting from a bank account make sure you have enough funds to cover the payment and that you are enrolled in overdraft protection, just in case.

14.  Do credit score maintenance

Everyone should use CreditKarma to check their credit score. There are always opportunities to increase your score, and doing so will help you in the long run when you apply for things like personal loans, mortgages or additional cards. For those who have a high credit score and are responsible card users, there are many opportunities to earn rewards points. CreditCards.com is a great reference for finding cards that best fit your needs and help you build the rewards that will be most useful to you.

15.  Look for daily deals + comparison shop

Groupon, Living Social and other daily deals sites can help you save money on everything from household items to vacations. You should do research and shop around, but don't write off these sites. When shopping for more expensive items, make sure you shop around compare prices before making a purchase.

16. Negotiate a raise

This time of year, many companies are doing their annual performance reviews and giving out raises and promotions. If you anticipate that you will be receiving a raise or promotion you should do your research ahead of your annual review.

Find out what people in your position make at other firms using Glassdoor. Make sure you are earning what you're worth and don't be afraid to ask for it! Chances are if you are receiving a promotion they value you as an employee and will be open to paying to keep you.

17.  Learn accountability + mindfulness

The most important aspect of a financially fit lifestyle is creating accountability and mindfulness around your financial decisions. You should set goals with specific intentions and see them through. Creating a rewards system or doing a monthly review of you spending are two ways to create accountability and mindfulness.

Originally posted on Financial Gym.

You might also like:

The very best of Motherly — delivered when you need it most.
Subscribe for inspiration, empowering articles and expert tips to rock your best #momlife.

When we buy baby gear we expect it to be safe, and while no parent wants to hear that their gear is being recalled we appreciate when those recalls happen as a preventative measure—before a baby gets hurt.

That's the case with the recent recall of Baby Trend's Tango Mini Stroller. No injuries have been reported but the recall was issued because a problem with the hinge joints mean the stroller can collapse with a child in it, which poses a fall risk.

"As part of our rigorous process, we recently identified a potential safety issue. Since we strongly stand by our safety priority, we have decided to voluntarily recall certain models of the Tango Mini Strollers. The recalled models, under excessive pressure, both hinge joints could release, allowing the stroller to collapse and pose a fall hazard to children. Most importantly, Baby Trend has received NO reports of injuries," the company states on its website.

FEATURED VIDEO

The strollers were sold through Amazon and Target in October and November 2019 and cost between $100 and $120. If you've got one you should stop using it and contact Baby Trend for a refund or replacement.

Four models are impacted by this recall:

  • Quartz Pink (Model Number ST31D09A)
  • Sedona Gray (Model Number ST31D10A)
  • Jet Black (Model Number ST31D11A)
  • Purest Blue (Model Number ST31D03A

"If you determine that you own one of these specific model numbers please stop using the product and contact Baby Trend's customer service at 1-800-328-7363 or via email at info@babytrend.com," Baby Trend states.

News

[Editor's note: While Motherly loves seeing and sharing photos of baby Archie and other adorable babies when the images are shared with their parents' consent, we do not publish pictures taken without a parent's consent. Since these pictures were taken without Markle's permission while she was walking her dogs, we're not reposting them.]

Meghan Markle is a trendsetter for sure. When she wears something the world notices, and this week she was photographed wearing her son Archie in a baby carrier. The important thing to know about the photos is that they show the Duchess out for a walk with her two dogs while wearing Archie in a blue Ergo. She's not hands-free baby wearing, but rather wearing an Ergo while also supporting Archie with her arm, as the carrier isn't completely tight.

FEATURED VIDEO

When British tabloids published the pictures many babywearing devotees and internet commenters offered opinions on how Markle is holding her son in the photo, but as baby gear guru Jamie Grayson notes, "it is none of our business."

In a post to his Facebook page, Grayson (noted NYC baby gear expert) explained that in the last day or so he has been inundated with hundreds of messages about how Markle is wearing the carrier, and that while he's sure many who messaged with concerns had good intentions he hopes to inject some empathy into the conversation.

As Grayson points out, these are paparazzi photos, so it was a private moment not meant for world-wide consumption. "This woman has the entire world watching her every move and action, especially now that she and Harry are leaving the umbrella of the royal family, and I honestly hope they are able to find some privacy and peace. So let's give her space," he explains, adding that "while those pictures show something that is less than ideal, it's going to be okay. I promise. It's not like she's wearing the baby upside down."

He's right, Archie was safe and not in danger and who knows why the straps on Markle's carrier were loose (maybe she realized people were about to take pictures and so she switched Archie from forward-facing, or maybe the strap just slipped.)

Grayson continues: "When you are bringing up how a parent is misusing a product (either in-person or online) please consider your words. Because tone of voice is missing in text, it is important to choose your words carefully because ANYTHING can be misconstrued. Your good intentions can easily be considered as shaming someone."

Grayson's suggestions injected some much-needed empathy into this discourse and reminded many that new parents are human beings who are just trying to do their best with responsibilities (and baby gear) that isn't familiar to them.

Babywearing has a ton of benefits for parents and the baby, but it can take some getting used to. New parents can research safety recommendations so they feel confident. In Canada, where the pictures in question were snapped, the government recommends parents follow these safety guidelines when wearing infants in carriers:

  • Choose a product that fits you and your baby properly.
  • Be very careful putting a baby into—or pulling them out of—a carrier or sling. Ask for help if you need it.
  • When wearing a carrier or sling, do not zip up your coat around the baby because it increases the risk of overheating and suffocation.
  • Be particularly careful when using a sling or carrier with babies under 4 months because their airways are still developing.
  • Do not use a carrier or sling during activities that could lead to injury such as cooking, running, cycling, or drinking hot beverages.

Health Canada also recommends parents "remember to keep your baby visible and kissable at all times" and offers the following tips to ensure kissability.

"Keep the baby's face in view. Keep the baby in an upright position. Make sure the baby's face is not pressed into the fabric of the carrier or sling, your body, or clothing. Make sure the baby's chin is not pressed into their chest. Make sure the baby's legs are not bunched up against their stomach, as this can also restrict breathing. Wear the baby snug enough to support their back and hold onto the baby when bending over so they don't fall out of the carrier or sling. Check your baby often."

Meghan Markle is a new mom who was caught off guard during a moment she didn't expect her baby to be photographed. Every parent (no matter how famous) has a right to privacy for their child and the right to compassion from other parents. If we want people to learn how to safely babywear we can't shame them for trying.

Mama, if you've been shamed for wearing your baby "wrong" don't feel like you need to stop. Follow the tips above or check in with local baby-wearing groups to get advice and help. You've got this.

News

At one of the most important nights of their career, celebrities made sure their hairstyles stayed put at the 26th Screen Actors Guild (SAG) Awards. As a collective, the hairstyles were beautiful—french twists, bobs, pin curls and killer cuts filled the red carpet on the night to remember.

And surprisingly, the secret wasn't just the stylist team, mama. For many of the celebs, much of the look can be attributed to a $5 hairspray—yes, you read that correctly.

Dove style+care micro mist extra hold hairspray was one of the top stylist picks for celebs for a lightweight, flexible finishing spray, leaving tons of body and bounce. Unlike most hairsprays that can take several minutes (even a half hour) to set the look, this extra-hold one contains a fast-drying, water-free formula that helps protect your hair from frizz in minutes. As a result, celebrities were able to hold the shape of their styles with mega volume.

"Dove hairspray works well by holding curls in place with maximum hold and ultra shine, while still maintaining soft, touchable texture that is easy to brush out," says Dennis Gots for Dove Hair, who styled Phoebe Waller-Bridge for the SAG Awards. Translation: It's great for on-the-go mamas who want a shiny hold that lasts, but doesn't feel sticky.

Here are a few awesome hairstyles that were finished with the drugstore Dove style+care micro mist extra hold hairspray at the SAG awards:

Lili Reinhart's French twist

"I sprayed Dove style+care micro mist extra hold hairspray all over Lili's hair to lock in the shape and boost the shine factor, making the whole look really sleek," says stylist Renato Campora who was inspired to create the look by Reinhart's romantic gown. "Lili's look is sleek and sharp with a romantic twist."

Cynthia Erivo's finger waves

"This look is classic Cynthia! I knew I wanted to keep it simple, but it's actually quite detailed and intricate up close," says stylist Coree Moreno. "While the hair was still wet (yes—I needed to work fast!) I generously spritzed on the hairspray for all night hold without flaking. The hair continued to air dry perfectly while she finished up makeup."

Nathalie Emmanuel's curly high pony

"Nathalie wanted a retro Hollywood glam for the SAG Awards, so I used her natural texture and created a high pony with loose tendrils framing her face and neckline," says stylist, Neeko. "I finessed the look with the hairspray to lock in the style while keeping her hair looking and feeling touchable."

Phoebe Waller-Bridge's slicked back bob

"I used duckbill clips on different areas of her hair to keep the shape and curl while the hair air dried. Air drying the hair allowed for maximum shine and then I sprayed lots of hairspray all over to truly lock in the sleek shape and enhance the shine," says stylist Dennis Gots, who was inspired by a 90s vibe for Waller-Bridge's look.

Dove Style+Care Micro Mist Extra Hold Hairspray

Dove Style+Care Micro Mist Extra Hold Hairspray

Who doesn't want a hairspray that makes your hair feel as good as it looks? Dove Style+Care Extra Hold Hairspray holds body, volume and enhances shine. It gives your hair touchable hold while fighting frizz, even in damp or humid conditions.

$4.89

We independently select and share the products we love—and may receive a commission if you choose to buy. You've got this.

Beauty + Style Shopping Guides

We often think of the unequal gender division of unpaid labor as a personal issue, but a new report by Oxfam proves that it is a global issue—and that a handful of men are becoming incredibly wealthy while women and girls bear the burden of unpaid work and poverty.

According to Oxfam, the unpaid care work done by women and girls has an economic value of $10.8 trillion per year and benefits the global economy three times more than the entire technology industry.

"Women are supporting the market economy with cheap and free labor and they are also supporting the state by providing care that should be provided by the public sector," the report notes.

FEATURED VIDEO

The unpaid work of hundreds of millions of women is generating massive wealth for a couple of thousand (predominantly male) billionaires. "What is clear is that this unpaid work is fueling a sexist economic system that takes from the many and puts money in the pockets of the few," the report states.

Max Lawson is Oxfam International's Head of Inequality Policy. In an interview with Vatican News, he explained that "the foundation of unpaid work done by the poorest women generates enormous wealth for the economy," and that women do billions of hours of unpaid care work (caring for children, the sick, the elderly and cooking, cleaning) for which they see no financial reward but which creates financial rewards for billionaires.

Indeed, the report finds that globally 42% of women can't work for money because of their unpaid care responsibilities.

In the United States, women spend 37% more time doing unpaid care work than men, Oxfam America notes in a second report released in cooperation with the Institute for Women's Policy Research.

"It's an economy that is built on the backs of women and of poor women and their labour, whether it's poorly paid labour or even unpaid labour, it is a sexist economy and it's a broken economy, and you can only fix the gap between the rich and the poor if at the same time you fix the gap between women and men," Lawson explains.

According to Lawson, you can't fight economic inequality without fighting gender equality, and he says 2020 is the year to do both. Now is a great time to start, because as Motherly has previously reported, no country in the world is on track to eliminate gender inequality by 2030 (one of the Sustainable Development Goals adopted by 193 United Nations member countries back in 2015) and no country will until the unpaid labor of women and girls is addressed.

"Governments around the world can, and must, build a human economy that is feminist and benefits the 99%, not only the 1%," the Oxfam report concludes.

The research suggests that paid leave, investments in childcare and the care of older adults and people with disabilities as well as utilizing technology to make working more flexible would help America close the gap.

(For more information on how you can fight for paid leave, affordable childcare and more this year check out yearofthemother.org.)

News
Motherly provides information of a general nature and is designed for educational purposes only. This site does not provide medical advice, diagnosis or treatment.Your use of the site indicates your agreement to be bound by our  Terms of Use and Privacy Policy. Information on our advertising guidelines can be found here.