A reality check for me.
Results 1 to 13 of 13
  1. #1
    Registered User kiveve's Avatar
    Join Date
    Mar 2007
    Location
    Western North Carolina
    Posts
    24
    Post Thanks / WTG / Hug
    Rep Power
    0

    Arrow A reality check for me.

    I'm newly out from lurking here at FV & trying to figure out how to stay at home with my two girls. Staying at home would mean cutting our income almost in half -- and, cutting our expenses almost in half. That's a tall order.

    I like the suggestions from another thread about starting to live on one income now, before I actually stop work -- that way we can save the extra that we don't spend and get accustomed to living on a leaner budget. On the other hand, I like the idea of just jumping in with two feet and making it happen NOW without too much though or planning.

    Any thoughts on which way to go?

  2. #2
    Moderator baxjul's Avatar
    Join Date
    Nov 2004
    Location
    W. Central Florida
    Posts
    10,774
    Post Thanks / WTG / Hug
    Rep Power
    26

    Default

    We pretty much just jumped in and I quit my job. It worked out well, because we didn't have to pay for gas and childcare.


    June grocery challenge $114.99/$400

  3. #3
    Registered User eyrehead's Avatar
    Join Date
    Nov 2007
    Location
    Ohio
    Posts
    201
    Post Thanks / WTG / Hug
    Rep Power
    7

    Default

    I was a stay home wife before we got pregnant, so basically it was jumping in feet first. I had quit my job a week before we got married (almost 15 years ago), so after we got married and got our own place, we were on a single income. Some months were obviously tighter than others, but we've always managed!! Good luck with your decision!! And keep us posted on what you decide to do!!

  4. #4
    Registered User
    Join Date
    Sep 2006
    Location
    Maryland
    Posts
    263
    Post Thanks / WTG / Hug
    Rep Power
    9

    Default

    I certainly know how hard it tugs at the heart to walk out the door for work every day. However, I don't think you should jump right in. Your signature is very revealing on how close you are to being debt free (I think) except for the mortgage. Pay off the credit card in July and squeeze everything you can from your budget to pay off that HELOC before you quit. You will be glad you did. This will make your budget more managable. You will be surprised at how you will be able to do without your income if you are planning properly.

  5. #5
    Registered User FarmerSue's Avatar
    Join Date
    Jul 2006
    Location
    Southeast Saskatchewan
    Posts
    217
    Post Thanks / WTG / Hug
    Rep Power
    9

    Default

    Wow!
    That really is a tough one. I guess trying to live on one income while you work may be very hard if you have to pay for daycare and your job expenses out of that. This calls for some real number crunching! Does your husbands employer have the medical coverage? I know that is a big consideration for Americans.
    At any rate I hope you can come home sooner than you think. I quit my job right before I had my first and have never once thought about it since! This is where I'm meant to be!
    Take care and good luck!

  6. #6
    Registered User kiveve's Avatar
    Join Date
    Mar 2007
    Location
    Western North Carolina
    Posts
    24
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    Quote Originally Posted by FarmerSue View Post
    Does your husbands employer have the medical coverage? I know that is a big consideration for Americans....
    Thanks FarmerSue -- believe it or not we just saved $400 a month by switching to independent health care coverage (not great coverage, but good enough), and my husband works at a Community Health Center. Pitiful state of insurance in our country.

  7. #7
    Registered User DonnainME's Avatar
    Join Date
    May 2007
    Posts
    979
    Post Thanks / WTG / Hug
    Rep Power
    9

    Default

    Good luck. Right now our only income is my Avon business. It's bringing in about $500 to $700 per month - depending on my customers. It's almost enough to pay the bills. I'm trying to push it harder though because I don't want to work outside the home again. DH is trying to get disability.

  8. #8
    Banned
    Join Date
    Jan 2007
    Posts
    10,457
    Post Thanks / WTG / Hug
    Rep Power
    48

    Default

    I went from full time to part time and then to two days a week and did a budget to see if we could live without. It worked for us at the time. We also had a small savings.

  9. #9
    Banned
    Join Date
    Jan 2007
    Posts
    10,457
    Post Thanks / WTG / Hug
    Rep Power
    48

    Default

    Quote Originally Posted by DonnainME View Post
    Good luck. Right now our only income is my Avon business. It's bringing in about $500 to $700 per month - depending on my customers. It's almost enough to pay the bills. I'm trying to push it harder though because I don't want to work outside the home again. DH is trying to get disability.
    Just want to say you are doing good if you are making that much from selling Avon. I love Avon!

  10. #10
    Spendthrift Guru aka KarlaBob Karla's Avatar
    Join Date
    Jan 2002
    Location
    Idaho
    Posts
    1,479
    Post Thanks / WTG / Hug
    Rep Power
    14

    Default

    I would see if gas/daycare cost are worth quitting, otherwise I'd pay off the bills and then live on one income and get some saved.

  11. #11
    Registered User SewCrafty's Avatar
    Join Date
    Jul 2002
    Location
    Upstate NY
    Age
    54
    Posts
    15,917
    Post Thanks / WTG / Hug
    Rep Power
    29

    Default

    Quote Originally Posted by FarmerSue View Post
    Wow!
    That really is a tough one. I guess trying to live on one income while you work may be very hard if you have to pay for daycare and your job expenses out of that. This calls for some real number crunching! Does your husbands employer have the medical coverage? I know that is a big consideration for Americans.
    At any rate I hope you can come home sooner than you think. I quit my job right before I had my first and have never once thought about it since! This is where I'm meant to be!
    Take care and good luck!
    I agree with FarmerSue, take care of the biggest bills you have before quitting work. The stress just isn't worth it.

    I too hope you can be home sooner with your little one much sooner.

  12. #12
    Registered User Gotonenerveleft's Avatar
    Join Date
    Sep 2006
    Location
    Texas
    Age
    55
    Posts
    183
    Post Thanks / WTG / Hug
    Rep Power
    10

    Default

    Well for me I just took the plunge. I'm a stay at home grandmother and I quit work to keep my grandson. His doctor did not want him in daycare so I volunteered to watch him. I was making good money and I worried how we would do it, but jumped in anyway. Amazingly we found we were better off with me home. Am still not sure how it happened but it was true.

    There are hidden costs with working. I didn't pay for daycare, but I did pay for gas, work clothes, food, and so on. Also I was usually so tired that we ate out alot. I would pay bills late, had the money but not the time to sit down and take care of them. Frugality was nowhere in the picture. I didn't try to cut costs on anything. It seems that everything was a blur back then.

    You can probably do well if you quit, especially if you are paying daycare. You'd probably find some of the same things I did. Less expenses on the work front (clothing, gas, etc.) and for your children.(Kids hanging around the house require less new clothes than ones out and about each day) You can have the time to really focus on meals, energy savings, bills, etc.

    Sorry this has been so long, but what I'm trying to say is that You can do it. If you don't want to quit right now, set a goal of when you can and just jump right in. You might just be amazed!!!

  13. #13
    Registered User luv-my-lexi's Avatar
    Join Date
    Jan 2008
    Location
    Oklahoma
    Age
    53
    Posts
    723
    Post Thanks / WTG / Hug
    Rep Power
    7

    Default

    Quote Originally Posted by Gotonenerveleft View Post
    Amazingly we found we were better off with me home. Am still not sure how it happened but it was true.

    There are hidden costs with working. I didn't pay for daycare, but I did pay for gas, work clothes, food, and so on. Also I was usually so tired that we ate out alot. I would pay bills late, had the money but not the time to sit down and take care of them. Frugality was nowhere in the picture. I didn't try to cut costs on anything. It seems that everything was a blur back then.

    You can probably do well if you quit, especially if you are paying daycare. You'd probably find some of the same things I did. Less expenses on the work front (clothing, gas, etc.) and for your children.(Kids hanging around the house require less new clothes than ones out and about each day) You can have the time to really focus on meals, energy savings, bills, etc.

    Sorry this has been so long, but what I'm trying to say is that You can do it. If you don't want to quit right now, set a goal of when you can and just jump right in. You might just be amazed!!!
    This is basically my family too. I don't stay home but I only work 3 hours a day and my dd can come with me to work in the summer or on her school days off. We too blew tons of money cause I was just too tired to cook or try to be frugal in any way shape or form. It is so strange that by me not working full-time we have kept our bills paid off and put more money into savings than we ever did when I was working full-time.

    Good luck to you on whatever decision you decide to go with.

Similar Threads

  1. Christmas & B-day reality check please
    By Mochashello in forum Christmas
    Replies: 34
    Last Post: 11-09-2008, 10:14 PM
  2. Do you ever have a physical reality check???
    By TheRootedNomad in forum General Chat
    Replies: 19
    Last Post: 04-12-2008, 07:31 PM
  3. Reality Check - Good Thing!
    By telephus in forum Debt Reduction & Money Management
    Replies: 12
    Last Post: 06-18-2007, 08:14 PM
  4. Major Reality Check!
    By SMILESFRSD in forum Debt Reduction & Money Management
    Replies: 13
    Last Post: 06-18-2007, 07:25 PM
  5. Reality Check RE: day care costs
    By Michelle in forum Careers
    Replies: 32
    Last Post: 02-17-2006, 05:00 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •