What do you do when you have more month than money?
Becoming a stay at home mother recently, my significant other and I have, for the first time, have run into the problem of having more month left over than we do money. It's very hard to comprehend this since we have always been fine before. If this happens to you, what do you do to resolve the problem and how do you change your lifestyle to fit your budget?
Ideally you want to (plan) ahead before you implement a change in your lifestyle. This may have entailed paying off some major bills prior to one person quiting their job, practice living on one salary for six months while putting the other person's income in an emergency fund.
However since that is water under the bridge at this point I would look into part-time jobs or businesses that could be run from home. You might spot some deals on off season items, set up an eBay account and Amazon account to sell those items around list price when they are back in season. (Example purchase crayons or other back to school items in June when they're 50 -75% off. Wait until fall to list them for sale at near the orignal list price)
You could offer to watch other people's children in addition to your own. Some companies have telemarketing or survey positions that can be done from home. The bottom line is you need more money and there is only one way to get it and that is to earn it. The way this economy is limping along it's pretty scary to rely on one income. Suppose your spouse lost his job?
It's always a good idea to play the "What if?" game before making major decisions. Best of luck!
Thank you for the advice. My only concern here being that while a part time job is a good idea, most of them are during the same time as my spouses. Would it be worth it to pay for child care with a part time job. Infant care is expensive.
Research more ways to save money. For example, couponing. Re-evaluate the finances. Know where every penny goes. Do you eat out too often? Where do you eat out? How much is spent on clothes? How much goes into hobbies or extra activities? It might be time to remain home and save so you can eat. How much do you pay for cell phones and TV channels? It might be time to switch plans or drop TV altogether and just have Netflix. Etc.
We are working on that. But how do you drop a cell phone plan or television service when you have entered into a contract. We don't eat out often, but we do spend money in other ways that could be used better. Thank you for the advice!
Honestly, I don't enter contracts. Anything that I have to sign up for two years to have is not worth it in my book. Have you heard of the Dave Ramsey program? I believe it would help you out.
It's a method of how to attack your personal finances. There are plenty of tips of how to get good deals, to not have credit, and teaching your children about money. It's my favorite method.
I get very creative with the items in my pantry. We don't eat out and we try to do things that don't require money, like go for a walk, play at the park, do puzzles and color.
I was in this situation years ago, when was also in debt. Here is what I did:
1. plan our budget well and pay the bills in time (we didn't need any more commission and penalties)
2. no eating out (we still don't do it, unless we're traveling). Even if we can afford it now, I'd rather save money for our retirement or some trips. Not to mention most the food out there is bad and expensive and we're also trying to eat healthier.
3. cut down the TV/cell plans as much as possible. I have a 'no interner' cell phone plan that costs me 4 bucks/month.
4. see what can be save from the utilities bills. With a little saving there's quite some money to be 'cut' from them.
5. try to find ways to earn money. While saving can go a while it's good to find ways to supplement the earnings. From babysitting, to cake baking (and selling them, of course ), working online (paid posting, VA jobs) etc. .. there are many ways one can get an extra buck.
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