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November 2012 Moms
BabyMakes 3
member
XP From SAHM Board- Budgeting to become a SAHM
BabyMakes 3
member
We have planned for me to stay home. But that will not come without sacrifices. While I definitely don't make much, it's still enough to save, splurge sometimes, etc. We put my last paycheck away to start getting used to going without it and it caused total and complete upset in our house. I stressed, DH stressed, and it was overall no fun! So when we rationally sit and talk about changing our spending, ie, not eating lunch out everyday, not spending as much in gas with me not having to commute, maybe turning off cable, etc. it seems like sacrifices are just going to be something we get accustomed to. I want so badly to stay home and to make this work, and DH wants that to.
Has anyone else gone through this stressful transition and made it through?
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Re: XP From SAHM Board- Budgeting to become a SAHM
I'm right there with you.
For the past six months, we've been living only on DH's income, and I've been saving mine/ using it for baby/maternity purchases. So far it's going very well, but it's still stressful. I keep reminding myself that even if I am SAH, I can still occasionally pick up extra work (I run my own business, and I don't need to shut it down entirely) if it comes to that.
I feel for you!
FI is a SAHD so we only have my income coming in. It can be hard at times when we want something that we know we can't have/do. It can definitely be stressful, but FI does a small amount of artwork/sculptures that he sells from time to time to give us a boost. My job just recently gave us the option for a bit of Overtime work to help in a different department, which I have been jumping on so that helps a bit.
I wish that FI and I could swap roles, I would love NOT to have to work 8-12 hour shifts!
I will not be a SAHM, but I know the challenge of living on one income! Actually, less than one income. Years ago, we decided that in order to be able to afford the house and land we wanted, to buy a second house, and continue to travel, we had to make some adjustments. I make a little more than him, but for all intents and purposes, we bring in the same amount of money. I don't want to scare you by saying this, but it took us almost 2 years to successfully live off of 40% of our combined income. It takes a ton of discipline and a really hard look at how you spend your money.
Just some tips that helped us:
- create a budget (in excel or use an online software like mint.com) and follow it.
- put your debit cards away and use CASH (cash has saved my finances and I swear by it).
- check out the "envelope method".
- make a list of all of your expenses every month and decide what is and isn't necessary - if you even consider it not necessary for a minute, eliminate it from your expenses.
Best of luck! You can totally do it!
We knew before we got married that I would be a SAHM. We set our budget up to not include my income at all. Since we got married, I think those lines have blurred a good deal and I guess we'll see in the coming weeks where we need to cut back, but I know we can afford all our major expenses (food, mortgage, cars, utilities) on just his paycheck. Maybe he'll have to stop eating out for lunch everyday, and he might have to spend less money on beer or his love for expensive scotch/bourbon (this would not bother me at all, since I had to give up all my vices), but I know we can get by.
Things we decided to go without so we wouldn't miss them when I stopped working:
- Cable. We download stuff and watch it for free, and we have netflix. Total cost, 8 bucks a month. DH's job pays for our internet. I had cable my whole life, and honestly, I don't really miss it anymore.
- A home phone line. I think a lot of people are skipping those these days.
- A big house. We bought something that was well within our price range so that when we grow out of it, we'll have some cash set aside to buy a bigger one, and things won't be so tight.
Looking at this though, I think it's time to go through our budget again...
THIS!
I haven't been working throughout this pregnancy (however, I will go back to work once baby is about a year old). We have been budgeting very carefully, and DH makes pretty decent money, so a lot goes to savings. DEFINITELY use cash when you can- it works so well. When you have a debit card, you want to spend everything because you know how much is in there. Also, do make a list of expenses (bills, groceries, money to put away, etc). It truly does help. Good luck! I'm sure you'll be fine.
My hubby is obsessed with Maker's Mark bourbon. It's his love (him & his Manhattan's...ridiculous). Haha! But all this is awesome & agree with this too!
Oh husbands and their $50 bottles of liquor that last a week or two... Before I was pregnant we worked out about how much a month we spent on alcohol, and between the two of us, it was around $200. And we're not drunks! Ridiculous.
True that girl. I LOVE me some wine & my cosmos! You cut back SOOOO much money not spending it on alcohol! My hubby doesn't drink anymore now that I'm pregnant since I can't have any- he volunteered to do this- who am I to refuse his request?!
It saves a lot of money.