This year, I'm going to try The 52 Week Money Challenge. It's something I found on the internet. For each week of the year, you put that same amount of money in a jar. So, for week 1, I put in $1.00. For week 2, I'll put in $2.00, and so on. By week 52, the jar will have $1, 378 cash! Here's a link to the label to tape on the jar.
12/11/2013
I've decided to update this section because a lot has changed with our financial standing. I am happy to report that we no longer live pay check to paycheck. Some of my solutions listed below in the original page section have helped. But two unlisted factors have helped us tremendously. First, I received a significant promotion at work. The pay raise has helped a lot. The drawback is that I was on forbearance of some of my student loans, so when I started paying those back, we only saw a slight pay increase. The second action we took was meeting with a financial planner. This is one of the best decisions my husband and I made together. He showed us ways to deal with my student loans, helped us switch to a cheaper and better life insurance plan (it involved a lot of medical tests, but totally worth it), and helped us set short term goals and meets up with us every couple of months. We started a modest savings account and have had to use it a few times. I know that's not the best case scenario, however in the past we didn't have that padding. We foresee a few obstacles in our near future:
- Car trouble: Our car isn't going to make it another year, as it won't pass inspection. This will be a new cost in the 2014 year.
- Husband's job security: It looks like my husbands charter school will be closing next year. Given the education budget cuts and competitive teaching jobs in Pennsylvania, we might be turning into a one income family.
Given our financial goals, we have decided to sell our house. As I stated in the original section of this page, we are living in a neighborhood above our means. We can move to a different area and pay a fraction of our mortgage. This will give us a lot of growth in terms of savings. It will also give my husband the opportunity to make an informed decision of a career change while staying at home with our son, saving us on the very expensive cost of childcare!
Original Section
Even though I have a great career, I live paycheck to paycheck. My husband and I are both teachers. Modest teachers' salaries teamed with a mountain of student loan debt, a mortgage in a neighborhood that's probably above our means, medical bills, and childcare leave us broke.
"THE BUDGETS" is a term my brother and I created that whimsically refers to financial woes as a plague; "I have the budgets!"
As a working mother who puts in roughly 45-50 hours a week, a second part-time job is out of the question for me. As a teacher, I do get some paid time off, and recently tried working a retail job during my break. The only really benefit I had from working this job was the employee discount. It was very useful to help pay for Christmas presents, and larger clothes because I had recently given birth. The drawbacks were I spent all my extra income there, my income tax return lessened, and I was away from my baby during my break. I will not do this again.
Solutions
Cut Costs- Couponinig
- I took a class!
- My perspective on grocery shopping has changed
- This Pittsburgh guru is my hero; check out her website: Simply Frugal Living
- Know Where to Shop
- Shop online: I love it. Here's why:
- Discount retailers such as Amazon Mom and Totsy
- Many online stores offer free shipping, which saves money in gas and prevents impulse shopping
- Read ads, use coupons, and compare prices!
- Car Pool
- Speaking of saving gas, my husband and I car pool. We share one car, which means we only pay for the maintenance of one vehicle.
- Homemade Baby Food
- If you check out my readings page, you will follow a link all about making baby food. It costs 1/3 of the price of store bought food!
- Groupon:
- they are awesome! They offer discounts on just about everything in many areas. They have restaurant, grocery, salon, vacation deals and more!
- At Work
- Because I'm a teacher, I have opportunities to participate in extracurricular activities for extra income. I have chosen 2 activities that are not very time consuming to boost my income.
- Promotions: With a promotion comes a hefty pay raise! I am preparing myself to begin this process now.
- Freelance
- I am interested in pursuing freelance writing or genealogical research in the future!
- Affiliate Programs
- Because I started a blog, I figured it wouldn't hurt to become an affiliate. I joined LinkShare for free, and found websites suitable for my blog's theme: career and family. I earn a percentage of sales these companies make from people who visit my website!
