Tips to Cutting your Budget So You Can Stay at Home
June 4, 2007
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Which is better: staying home with the kids or being a working parent? There is no one answer to this question. The decision has to be made by both parents.
Most families today cannot survive on one income. Unless one parent has a high paying career, affording to pay expenses each month requires more money than one person can provide. But, more and more families are coming to the conclusion that money isn’t everything.
Families that want to try to survive on one income must have a budget. If you have depended heavily on both incomes in the past, this will be quite a task. It may take a few months to organize everything and see if the idea is feasible for your family.
Start off by cataloging all of the expenses you currently have. This includes eating out, movies, groceries, gas, and emergency money for vehicle repairs. Now figure up the monthly bring home pay of the parent who will continue to work. Subtract the two to see the deficit that needs to be cleared in order to make it possible to have one parent at home.
A large deficit may sink your hopes, but it doesn’t have to. It just means that you have some work ahead of you. If you are both in agreement to making the necessary sacrifices for the good of the children it can work.
Take a month and track your spending habits. Using a bank card or checks to make purchases will produce a paper trail without too much trouble. At the end of the month, examine how you’ve spent your money.
Learn to grocery shop with a list. Purchase food in bulk whenever possible. Make sure your list includes items that you usually run out of. Purchasing them all at one time will reduce the total food bill.
If credit card bills are a problem, look into a home equity loan or a personal loan from a banking institution. Consolidate this type of debt to reduce the total expenditures in your household. Paying back the loan will be one bill instead of several and the price will be a set amount.
The deficit may still be too high after cutting all the “fat” out of the budget. There is an entire network of moms on the Internet that make a living from home. You can still watch the kids and accumulate the money needed to erase the deficit for good.
Staying at home to watch the children is a noble idea. Even if it is not readily feasible, both parents can make it so if they are willing to sacrifice. No matter what you do, remember that your children will benefit the most.
Grab your Guide to Family Budgeting - Step-by-step guide to help you establish a workable budget.
Posted by admin | Filed Under Stay At Home Moms
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How to finally bring a hot meal to the table every night of the week - even if you work full time or think you have the craziest schedule on earth!