Thursday, March 11, 2010

Before You Quit Your Job...


This has been my first week posting daily and I'm pretty happy with how it is going. I've knocked the educational theories down to Monday only so that we can start off the week with one and work it really well for a full week. I'm going to continue chronicling my SAHM adventures because:

  1. They really are adventures. My kids wear me out!
  2. I want to look back at all of this and smile and if I don't record it as I go, I'll forget and just never get around to it.
  3. I want to relate to other moms and dads who stay home. Parenting, while working or staying home, can be really alienating. I think that blogging and all Internet connections provide support for those doing this difficult job of parenting!
Anyway, back to finances for this Friday-I guess I'm sort of digging the alliteration with this week. Today was inspired by a discussion I had with a friend I'll call Janice. It was funny because as I continued with my daily posts, I was stuck with what to do for Friday. After I got off the phone, finances made sense. What person who quits his or her job doesn't worry about money? My hubby and I did and still do.

Janice called and wanted to know what financial considerations my family took before I quit my job as a teacher to be a SAHM. I really wish I could have told her we had money stocked away and sold our second car before I quit. That is not the case. Here (from an English teacher, not someone with any sort of a degree or background in finances) are a few ideas.

Preparation 
As I prepared to quit my job, I did prepare my finances. 

  1. The hubby and I got rid of our piddly credit cards. All the store cards and "back up" cards-we eliminated. Gone. Anytime I thought about putting a shirt on a credit card, I looked at my babies and put the shirt back on the rack. 
  2. We traded in our gas guzzler for a smaller, used car. Our payment went down, and our gas bill did too.
  3. We modified our food bills. Groceries--fresh food and less canned and eating out--gone.

In Hindsight
Sure, we really tried, but if I could do it again, I would try to pinch a few more dollars.

  1. Eating out. I know this contradicts the previous list. We did cut out eating out, but not totally. We did as a family, but with friends or coworkers, not so much. Especially at the end of my school year, everyone wanted to "have lunch one more time." Think about it: going out to eat for one person is a minimum of $7, and that's if you go to Subway. $7 for an unemployed person (which I am now) is good money.
  2. Coupons/deal hunting. Now I have no problem searching for the best place for an oil change. Before, I don't remember what I did. I just wasn't used to looking for deals. I would have started that practice beforehand. 
  3. Looking for small jobs. I write on the side and substitute teach as well. Getting into these gigs took some time. I would have done all that paperwork and searching before so I was ready to go when I quit.
Any other tips for those thinking of becoming a SAHM?