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is this financial plan too crazy or crazy enough

post #1 of 6
Thread Starter 
Hello wise mommas.
As I sit here I am just 10 months from my objective:

To work part time or less by the time my son is 3yr old in Feb 2011 or sooner.
I am still working full time, my baby boy is attending preschool from 7am to 6pm...

My quest for my own business is taking just a little longer than I expected, I am writing the third page of my website...so I came out with a plan and I wanted to run it by you. Am I going crazy? Is this feasible, am I missing something?

Ok so my monthly budget is $4000, and I bring home $5800, working part time I will bring just a little over $2900.

I have 10 months to go, I could save $16,000 from apr 2010 to jan 2011
So, to make up the $4000 I would have $2900 from salary and I would need to use $1100 from the 16000 fund.
I know I will need to be more frugal on months wit holidays because in part time holidays are not paid

I should be able to be on this plan for a year, during which I need to come up with a way to make 1100 on the side b4 the 16000 run out.

What do you think? I really want to pick up my son at 12:30 and not at 6:00...
post #2 of 6
Your numbers make sense, but the trick is going to be to come up with a stable way to come up with $1100 monthly from your side business - that is probably the key to your plan ... if you have a solid plan figured out there, then it looks feasible!
post #3 of 6
Can you cut your expenses to meet the $1100? Is there anything work related that would be reduced? What about childcare costs? There will be a big savings there. What about healthcare? Will you still be covered?

Good luck! Your plan is admirable!
post #4 of 6
Thread Starter 

It is taking shape. And God is blessing me. He is too good to me.

I received an annual increase of $2000, not sure yet what that means on my paycheck, will now this coming paycheck.
I also got a $4000 performance bonus, half of that goes to pay my last credit card.. Only standing debt would be the car payment (I rent so no mortgage).

I was praying for a way to make the money I need, I was having lunch and I received a call from my pediatrician, he needs help with his website and has a partner lined up who also needs help...!!!
It might be too much, but i want to get attuned for Reiki so I can do healing sessions. i believe it is less than $80, and usually about $50 to get stunned.
A friend at a financial forum propose I take care of another kid for that half time...Perhaps close in age with mine...

Also, if you want help setting and enforcing a budget, I am an expert!... I charge cheap, lol!

I have a $400 budget for food, I should be able to cut that up...I need to get better at meal planning.

Child care reduces by $100 when the kid is picked up before 1pm.

I need to look at my other numbers to see what else can be cut off. I already eliminated cable and the home phone. I don't do shopping unless is a real need. I have paid off all my other debt with the exception of car payment, I owe 8000 there with a monthly payment of $300 3 more years to go...
Baby diapering is costing me $80, they don't do cloth diapers at the daycare . By next year he should be potty trained...

So it should be:
Reduced daycare -100
Potty trained: -80
Food budget -100 (One mom one kid, $300, feasible, right?)
Total cuts: $280

New budget: 3720. So I would be short by -820, I will know exact number when I see my first increased paycheck so I can calculate what would be my part time salary.

Health Care, I lose it. So baby goes on his dad's insurance I would buy a catastrophic insurance for $150/mo. I only use holistic for checkups and medicines which is not covered by insurance anyway, so I only need coverage in case of an accident or hospitalization. I have a $120 budget for natural health, acupuncture, etc for my son and I. I hardly ever spent it all.

Keep the tips coming, you help me think about consideration I couldn't come up by myself.

The power of prayer
I was also praying to ask if it was ok for a Christian to meditate and use visualization. That same Sunday, the pastor talked about the power of visualization and the use of dream Boards....I couldn't believe it! Praise the Lord!

If you are a non-believer, just try to tune in with your higher power.
post #5 of 6
Great! Sounds like a lot is going your way!

Depending on how the interest is on your car loan, you may be able to pay a bit more than $300 every month to substantially decrease the interest you are paying (ie. and extra $20 can amount to a lot of interest over the 3 years you have left that you would not have to pay) ... just make sure you investigate that option ... good luck with all else!
post #6 of 6
Hmmm. I love figuring out ways to cut out debt. The only thing that jumps out at me is the car, so I'll ask about that. Could you sell it and pay cash for a cheaper one? That would free up $300 a month and you could quickly put money back into savings and then you'd be completely debt free. (I'm almost there, too, I am SO excited!). Can you say what your business is? If you can't post it here, please pm me. I'd be happy to help brainstorm more ways to increase income/cut down costs. Staying at home all day gives me lots of time to listen to Dave Ramsey and Dan Miller podcasts.
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