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Kirsten S
My husband makes $5K/mth & I make $2.5K/mth. Our major bills (not including groceries) with daycare will total almost $4K/mth & without $3K/mth. We are currently living off of his paycheck & saving mine to see if we can swing it. Any thoughts/suggestions before making such an important decision? Our baby is due in Feb. & I need to decide by June/July.
Answer
There was this whole article about this in the November 2008 issue of American Baby Magazine...
Run The Numbers: Don't just add up your rent or mortgage, utilities, and phone and then just guess the rest. Instead, look at everything you spent over the last three or four months. List fixed expenses that don't change from month to month, such as loan or car payments and mortgage or rent. Then take averages of expenses that vary, like utilities, phone, gas, groceries, gifts and entertainment, car maintenance, etc. And don't forget the last bit of unfixed expenses: cash. The amount of cash you mindlessly spend, says Monica Samuels, {...} is often drastically underestimated by couples. the point is not so much to find ways to trim those extra expenses (that comes later), but to get brutally realistic picture of what's going out relative to what's coming in.
Practice Before You Quit: If you're sure enough without detailed budgeting, or if you have run the numbers and can see in black and white that doing it is feasible, just do it! "Not only will you be testing your plan, you'll also be saving your salary to create a savings cushion," says Samuels. That said, it's actually the rare mom-to-be who is absolutely sure she'll either quit or return to work. So don't sweat it if you don't have the time to practice the one-salary lifestyle. If you're getting paid while you're on maternity leave, take your salary and put it in the bank instead of spending it. (And if you're not getting paid, you'll have a good sense of how you would manage.)
Don't Forget the Costs of Working: There is, of course, the cost of child care. Then there are commuting expenses, whether that means more gas tank fill-ups, or train/bus/subway tickets. And although these are hard to quantify, factor in such costs as lunches out (not every working mom can brown-bag it every day!), dry cleaning, and buying new duds sutiable for the office.
Think (Way) Outside the Box: Were you thinking of upgrading to bigger digs to accommodate your growing family? Maybe now's not the time. {...}
Economize Without (Much) Pain: If your family is like most Americans, food is probably your biggest unfixed expense. According to Jonni McCoy, founder of Miserly Moms (miserlymoms.com), it's also the one that you can most easily, and creatively, cut down. The way you do it is in a word, plannign. "I spend probably seven hours a week making manu plans, finding and using coupons, shopping, and cooking," McCoy says. Other budget trimmers aren't too draconian. Limit your cable; you can always get a cheap Netflix subscription to catch up on your favorite HBO drama. Find low-cost or free entertainment in your area, such as free days at museums or zoos, free children's shows and concerts in parks, and so on.
Hope this helps... there's also a part on choosing part-time work if your intersted...
There was this whole article about this in the November 2008 issue of American Baby Magazine...
Run The Numbers: Don't just add up your rent or mortgage, utilities, and phone and then just guess the rest. Instead, look at everything you spent over the last three or four months. List fixed expenses that don't change from month to month, such as loan or car payments and mortgage or rent. Then take averages of expenses that vary, like utilities, phone, gas, groceries, gifts and entertainment, car maintenance, etc. And don't forget the last bit of unfixed expenses: cash. The amount of cash you mindlessly spend, says Monica Samuels, {...} is often drastically underestimated by couples. the point is not so much to find ways to trim those extra expenses (that comes later), but to get brutally realistic picture of what's going out relative to what's coming in.
Practice Before You Quit: If you're sure enough without detailed budgeting, or if you have run the numbers and can see in black and white that doing it is feasible, just do it! "Not only will you be testing your plan, you'll also be saving your salary to create a savings cushion," says Samuels. That said, it's actually the rare mom-to-be who is absolutely sure she'll either quit or return to work. So don't sweat it if you don't have the time to practice the one-salary lifestyle. If you're getting paid while you're on maternity leave, take your salary and put it in the bank instead of spending it. (And if you're not getting paid, you'll have a good sense of how you would manage.)
Don't Forget the Costs of Working: There is, of course, the cost of child care. Then there are commuting expenses, whether that means more gas tank fill-ups, or train/bus/subway tickets. And although these are hard to quantify, factor in such costs as lunches out (not every working mom can brown-bag it every day!), dry cleaning, and buying new duds sutiable for the office.
Think (Way) Outside the Box: Were you thinking of upgrading to bigger digs to accommodate your growing family? Maybe now's not the time. {...}
Economize Without (Much) Pain: If your family is like most Americans, food is probably your biggest unfixed expense. According to Jonni McCoy, founder of Miserly Moms (miserlymoms.com), it's also the one that you can most easily, and creatively, cut down. The way you do it is in a word, plannign. "I spend probably seven hours a week making manu plans, finding and using coupons, shopping, and cooking," McCoy says. Other budget trimmers aren't too draconian. Limit your cable; you can always get a cheap Netflix subscription to catch up on your favorite HBO drama. Find low-cost or free entertainment in your area, such as free days at museums or zoos, free children's shows and concerts in parks, and so on.
Hope this helps... there's also a part on choosing part-time work if your intersted...
What does your child need when attending preschool?
ACJ Mom
My daughter starts in September and aside from doing some clothes shopping for her, what else might she need?
No, no bus taking for her. I already stocked up on crayons (on sale at walmart for $0.25!) and I believe lunch/snack is free.
Angel- It's full day, 5 day a week preschool...
Answer
Our son starts Pre-K in September as well. Maybe they can be buddies.
Here is the list we were given:
For school:
-Toothbrush
-Two (2) pocket folders
-Backpack or tote bag
-Box of tissues
-Change of clothes
-Once a month classroom snack
For home:
-Safety scissors
-Box of crayons
-Pencils
-Markers
-Glue sticks
-Paper
-Variety of children's books
-Routine or schedule for daily activities
She may or may not need a lunch box. Our school will provide them with a free lunch. Is she taking the bus? Our son is taking the bus there, but he will be getting picked up (if he takes the bus home it's with high schoolers).
Our son starts Pre-K in September as well. Maybe they can be buddies.
Here is the list we were given:
For school:
-Toothbrush
-Two (2) pocket folders
-Backpack or tote bag
-Box of tissues
-Change of clothes
-Once a month classroom snack
For home:
-Safety scissors
-Box of crayons
-Pencils
-Markers
-Glue sticks
-Paper
-Variety of children's books
-Routine or schedule for daily activities
She may or may not need a lunch box. Our school will provide them with a free lunch. Is she taking the bus? Our son is taking the bus there, but he will be getting picked up (if he takes the bus home it's with high schoolers).
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