Can You Afford That Second Income?

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Can You Afford That Second Income?

Many stay at home mothers have to work extra hard at making the dollar stretch. For some, like me, it’s a full-time job planning the budget each week. I have had many women tell me that they must find a part time job to help supplement their income. Some have stretched each dollar and just can’t do anymore, some enjoy their careers, others like the break from the everyday.

What I have found, however, is that many women think that if they go out and get a part time job, they can “save” their paychecks to either pay off debt, or towards some other financial goal or obligation. I would like to challenge that notion. I will use myself as the prime example. (simply because I don’t usually learn things the easy way)

After trying to “keep up with the Joneses”, we found that our budget was stretched to the limit. The answer was not to look at our spending and see where we could cut back, NO! It was to have me take on a part time job! Although my husband was set against it, I did it anyway (mistake number one-if hubby doesn’t want you to work, please don’t!) I found a job cleaning offices for $9.50 a hour. I could work in the evenings, which wouldn’t take away from my homeschooling the kids, or my house management. Um hmmm. This is what I found: (taken from an actual paycheck)

  • $9.50/hour for 20 hours a week=$190.00
  • $38.00-taxes (very high taxes where we live!)
  • $50.00 for gas getting back and forth to work
  • $40.00 that grocery budget went up simply because I didn’t have the time to plan
  • $65.00 for eating out two times a week because I was too exhausted to cook, or “needed the break”.
  • Total amount earned=$190.00 Total amount spent working=$193.00No kidding, folks, I was in the hole around $3 per week!!! Not to mention the guilt that I felt at missing baseball games, piano recitals, and not being able to function as well during school time. Here’s the biggest loss of all. When we filed our taxes, my “extra” income put us in a higher tax bracket, and we paid even more out in taxes!

    Another example is a friend of mine, who works “because she needs to”:

  • $8.50/hour for 40 hours $340.00
  • $51 week taxes
  • $50 week sitter fees
  • $25 week for breakfast at school (sitter won’t feed them breakfast)
  • $50 gas getting to work
  • $60 week eating out (two meals a week)
  • $60 week for convenience foods at the grocery storeThis leaves her about $44 a week. For 40 hours of working, not to mention getting the kids up at 5AM to take them to the sitters, being exhausted, and having no time to herself to recharge her batteries.

    Before you take on that part time job to “help the budget”, please look at all areas. Sometimes, the money isn’t really that green on the other side.

    Other options include working from home as well. You can look on the internet and find many different opportunities. If you are computer savvy, consider teaching others. Can you sew or crochet? Consider running a class. You can also look up different ways to start your own online business with places such as eBay or Wagglepop. They can get you started with little out of pocket expenses.

    For other ways to help stretch your dollar and get more “bang for your buck” check into some of these resources:

  • Money Saving Mom
  • Bargain Banana
  • Frugal HacksKeep checking back for more money saving ideas!

    Heather is a stay at home mother with 3 blessings to take everywhere with her. Teaching women to shop and save and get the most for your dollar are a vision that has been a long time in the making. She enjoys sharing her trials and triumphs at the local stores, as well as some good (and some not so good) recipes to help make those dollars stretch. Her column, “Practical Penny Pincher” is a must read for the thrifty homeschool mom. Visit her blog at Dime Savin’ Diva.

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