Done working, that is. Well, soon.
Quitting my job (a job that I LOVE ) this summer. As much as I love my work, it is making me and the family miserable. It has for years. I keep tweaking my schedule, cutting hours, even changing jobs, and no matter what, we can't make it work. Yes, the money is nice, having kids in private school is lovely, but, in the end, not worth it.
Big irony- I now make more money than I ever have, but my bills don't get paid because I simply can't find the time to sit down and do them. Nice, huh?
I am so excited, I can't stand it. Have to wait until summer so I can pay off credit cards and stuff, because money will be TIGHT on just my husband's income. That's ok, I welcome the simplicity that comes with having less money.
Things are so dreary right now, but the light is knowing I get my family and home back soon. I've finally realized what needs to happen.
Just had to put this out there. I'm not ready to share in real life yet, since I have to time it delicately at work. Saying it here makes it seem more real for me :)
Counting down the days... Think I will make a special countdown calendar thingy just for this ;)
I have 6-8 months to prepare. My main priority is to pay off credit cards, but I want to stock up on stuff too, and put money away for things like swim lessons, camp, etc. If any one has some advice towards prepping to live off one income, I would love to hear it!
Thanks! Congrats on your big life change too! I wish I had figured this out sooner, but, what can you do. What is done is done. I would love to hear about your money jars/envelope system too!
ENVELOPE for each category (all cash):
- Groceries/Household: 7.5%
- Gas/transportation: 3.8%
- Baby/Kid Activities: 2.4%
- Extra funds: 9.3%
We spends from these envelopes and sometimes move things around. Say I overspend on groceries but underspent on gas, I can slide money from gas to grocery. It really keeps us in track!
- Medical/Dental Insurance: 9%
- Savings: 22.5%
- Student loans: 10%
- Rent: 27%
- Utilities (heat, water, cable, electric, phones etc.): 8.3%
First off congratulations!!! You should post in frugality and finances as well. The ladies are very helpful over there with budget ideas and working things out. If you can/want to share details they can help you brainstorm more ways to save and juggle it all as well. One thing that helped me with budgeting was to scrimp until I got us a month ahead so say all checks for Jan are saved and on Feb 1st I have all the month's income to pay bills and divide out for Feb, then I save all money made in Feb and use it on March 1st for March. This really helped with a variable income so I knew how much we really had for the month instead of "thinking" I had extra only to make less the rest of the month. Then I pay all "set" bills like rent/mortgage, lights, phone, etc. After that I set amounts for the month for the variables like gas, groceries, etc. Then I can plan our extra purchases and such that are allowed for the month. I also make a list each month throughout the month of things I want to get that aren't crucial and wait til the next month's budget "comes out" to start buying. This helps me keep from too many impulse buys plus I can plan my purchases better.
I'd take this time while you're still getting the extra to pay down/off any debts you can and stock up like you said. I'd also try to buy the things I needed for cutting out future purchases like cloth pads, family cloth, un-paper towels, water filter and/or reusable water bottles etc. (if you want any of those things or something similar) I try to keep a list going of things I want/need to save us in things like that to cut items off our buy list. There are lots of ways to save money also once you are home that you probably aren't able to do right now like line drying clothes, more scratch cooking, etc. i know working makes those things very difficult if not impossible but you can save a lot by being a stay at home mom if you do some of that. I make my own cleaners and laundry detergent, scratch cook and home package snacks etc to save us a lot of money that i couldn't when i worked. Good luck. Definitely check out the frugality and finance forum and don't be afraid to ask any questions you have!
Michelle mom to DD , DS , & lil DD plus and spending my days