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Becoming financially stable

Posted by on Jan. 29, 2013 at 3:22 PM
  • 16 Replies

Ladies-

I stress about bills constantly. I am tight every month. I work a full time job and a part time job to support my family. My hubby stays home with our two children to save money on daycare costs. (Due to background and economy, I am the higher paid out of the two of us).

Any ideas on how to cut costs, and increase some income?

I'll be more than happy to give some details if need be. I want to not have to stress daily about bills, i'd like to slowly start putting some money back for emergencies or vacations and so on.

by on Jan. 29, 2013 at 3:22 PM
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Replies (1-10):
momofsixangels
by on Jan. 29, 2013 at 3:54 PM

I wish I did.

mem82
by Member on Jan. 29, 2013 at 4:56 PM

Wll, can you tell us your basic budget? maybe we can find where the money goes. 8)

BipolarMom09
by Member on Jan. 29, 2013 at 6:53 PM

I am starting to coupon again. Have you tried that before? I know we were able to live off of my stockpile for 3 months when my husband was having to stay home to take care of me and our sons. Also, can you cut back on tv channel packages, minutes on your cell phone/house phone/texts? We have done that before and suprisingly saved quite a bit. Our biggest struggle right now is eating out because I am 6 months pregnant with two toddlers and my husband works 50+ hours a week now so I am just exhausted and can hardly stand by supper time :( Do you eat out often? I know couponing will save quite a bit on groceries and you can get free stuff like toothpaste, toothbrushes, deodorants, etc. Every little bit helps ;)

gmadiane
by on Jan. 30, 2013 at 9:44 AM

Do you coupon?

pattya925
by on Jan. 30, 2013 at 9:59 AM

this.

Quoting mem82:

Wll, can you tell us your basic budget? maybe we can find where the money goes. 8)


baconbits
by Bronze Member on Jan. 30, 2013 at 11:45 AM

 We do ebay on the side. I know a lot of people have trouble with them because they do take to much money out for my liking BUT I pick up stuff cheap and have made quite a bit of money on it for the little bit of time I invest in it. EX: I bought a bunch of craft kits at a yard sale for $.25-$.50 each and spent $10 total. I put them all on Ebay for $1.00 each and made after fees $50. Not a ton of money but it was about $40 profit. I then used that to help pay extra on a student loan cutting it way down. On an average month we bring in $100- $150 clear profit. I know it's not a lot but it does help. I've also sold things that I've had gathering dust around the house. Now that the student loan is paid off (YIPPEE!) I am starting on the next loan and hope to take it from 4 years down to 2 years or less.

This might be something your dh can do when the kids are down for nap.

Something else that my dh does is he looks for great deals on campers, lawn mowers, etc. He's very good at fixing them up and then turns around and sells them for a really nice profit. The last camper he paid $1,500 for and put $500 into it. It mainly involved lots & lots of elbow grease. This is what we sold for $4000 on Ebay and paid off the student loan with. Ebay and Paypal only took $150 total. Not a bad little profit.

I would advise you to take it slow and steady. Try to sell things from around the house first and if you think you might have something research it a little before listing it. You may find people listing item X for $50 but they have no bids. If you take item X and list it for $25 and only paid $5 for it chances are you will sell it. Seller ratings are very important so do everything you can to keep your buyer happy.

HisSweetheart07
by on Jan. 30, 2013 at 12:26 PM
2 moms liked this

1) cut everything that's not necessity - yes it sucks but you'll get use to it.

We got rid of our satelite and got netflix. Saved $112/month. Our cellphones went from contract to prepaid (dh's is unlimited, mine is 250 mins/unlimited text (I'm the SAHP). Saved $80/month. We went to one car (it sucks but since I'm SAHP I only needed it for appointments/etc and I have great neighbors that help with bus stop). Saved $120 on insurance plus the cost of gas for the second vehicle. Now dh grabs what we need after work and I go grocery shopping to stock up once a month on one of his days off (he keeps the kids too!).We're going back to two vehicles soon though since our DS is wanting to start sports and we'll need it (the old car was a POS anyhow so that's why we sold it instead of just adjusting the insurance to being a "leisure vehicle" and saved the savings to put toward the new vehicle). I also started doing freezer meals which I've noticed has helped with our cost of food - we're not as tempted to buy a pizza on a busy day when we know we have something that can be popped in the oven and ready in 45 mins. I also made DIY oatmeal packets, pre-made breakfast meals then froze them so they just needed reheated, etc Making your own bread from scratch helps save as well. 

2) Make your budget. 

House, Utilities, Insurance, Vehicles, Food are the top five categories. If your income is constant - this should be easy to figure out because you know (roughly) how much you're going to be recieving.

Paid Weekly? Get some scrap paper and fold it into 4 sections (accordian style). Label each section "Week 1" "Week 2" "Week 3" "Week 4". Then fill in when the bills are due. So your rent or mortage would be due the 7th - so it would go in "Week 1", your electric is due the 23rd so it would go under "Week 3", till all your major sections are filled in. Then you can add in the extra stuff like Netflix, cellphones, "fun" (You need to budget for some fun or it will never work! - even if it's $10 to rent a movie, buy some popcorn and have a movie night at home!). 

Paid bi-monthly (every two weeks)? Fold scrap paper in half (hamburger style). Any bills due 1st - 14th of the month go in to the top section. Any bills due 15th - 30/31st go in the bottom section. 

ALWAYS PAYS YOUR HOUSE - UTILITIES - INSURANCE - VEHICLES - FOOD BEFORE DOING ANYTHING ELSE THAT IS DUE IN THOSE WEEKS. If you can get your "due dates" moved so that you have more balance on your checks - great! If not, you'll have to learn to keep some of your check in the account to cover the next months bill. Food will vary but set your goal and stick to it! If that means you're living off of pasta and bologna for that week - then that's what it means! LOL (ok in all seriousness though - coupon, search sales, and meal plan to get your food budget to where it needs to be)

3) Start the envelope system for your "extra items" like the fun, pets, clothing, kids, etc. Once you've paid all you major bills - take out of your account and seperate the cash into the envelopes. When you notice you need more dog/cat food - you take the money out of that envelope and buy it - putting the change back in the envelope when you're done. If you're taking $5 out of each pay (pay weekly) or $10 out of bi-monthly - that's $20 for the dog/cat food. Adjust your budget accordingly. 

4) Save up extra and stockpile when you can. For example Target has out brand of detergent on sale for $12 (for the largest containers that are normally $15) PLUS if you buy 2 - you get a $5 gift card. Normally one large container lasts us 2-3 months. The next pay I'm buying 2 for $24 plus getting a $5 gift card to use on my next purchase... and I won't have to buy laundry detergent for approx 6 months! I'm searching for some good coupons that I can use as well to make the price even lower. I do the same with toilet paper, dish soap, etc. 

5) Make your own and save - if it's something you're interested in. Vinegar and Dawn Dish soap work wonders in the bathroom (I filled a $ tree sponge with handle with 50/50 and just keep it in the shower so when I take my shower I can just scrub down the shower while I'm conditioning my hair - boom always clean shower!). Vinegar is also a streak-free way to clean your windows... it's also great at whitening whites and being used as fabric softner (6c vinegar, 1c conditioner). Just do a search if it's something that interests you! I DIY 90% of my cleaning supplies. I buy laundry detergent bc I like the pouches and I like the no mess and that the kids can help without worring of knocking over the container, etc and I buy dish soap (dawn) and bleach tablets. Other than that it's DIY. 

6) Start a savings - and save every extra penny you have after the budget. Even if it's only $0.30! 

Tiftigger1
by New Member on Jan. 30, 2013 at 1:28 PM

Hey Ladies-

So far wonderful ideas. I think for the most part i have cut things to a min. But here is a run down of my expenses:

Mortgage, car insurance, school loan, 1 monthly cell bill ($54 for unlimited everything, my phone is paid for by my company, so only one cell for hubby), car payment, netflix and xbox live (since we don't have cable), water, gas, electric, internet (clear- cheapest i could find in my area), and two small CC's. We only have 1 car and we don't have a home phone either.

I saw someone mention free items when coupon clipping... anyone have any additional info on that?

Also some other ideas on making ur own stuff around the house.

Mommyagain39
by Member on Jan. 30, 2013 at 2:02 PM

is there any home business that your husband can p/u?  Not sure if this will help, but one thing i am doing is getting a sams mmbshp this year to see if it will save money  on household needs.  did some research and i will save on everything except space if  buy in bulk.  also, watch your cable bill, they creep up and you have  to watch it  closely.  

Tiftigger1
by New Member on Jan. 30, 2013 at 4:14 PM

He would definatly be willing to do something from home to bring in some extra money from home. Everything that i've looked into is either a scam, wants money out of pocket, selling stuff, or surveys and stuff that amount to a dollar a month or something small and usless like that.

I've did sell a few items on ebay, i'll have to house clean again.... any other ideas?

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