Ten Ways to Save $1000
So, last week I painted a bleak picture of what could be left of that second paycheck if the stay-at-home parent re-enters the workforce. One of my friends, who first wincingly confirmed that my extra-cost estimates were actually low, still defended her decision to go back to the office. “I like my job better than I like cleaning my house.”
Hey, no argument there! As a new entrepreneur, I’m still working for less than free. If you love your job and your family isn’t suffering for it, then what do you care if the paycheck’s pitiful?
My concern is that:
- The financial impact of “replacing” the stay-at-home parent with some services is not always considered.
- When a family’s looking for more money, they don’t recognize the advantages of savings over earnings.
- Parents who want to stay home with their kids don’t realize that their more flexible schedule gives them more savings options than if they’re working for someone else.
So, as promised, here are 10 ways to save a grand a year: (I’ll assume you’re a family of four.)
- Drop the housecleaning service from once a week to three times a month.
- Pack your lunch two days a week.
- Pack a lunch for two kids all school year.
- Drop one gym membership and buy a set of dumbbells.
- Take a kid out of preschool for one semester.
- For a family of four, eat out one time less every three weeks.
- Grow two hundred square feet of vegetable garden.
- Mow your own lawn.
- Drive 2500 fewer miles. Bike, carpool, take the bus or walk instead. (Keep track w/ a journal!)
- Buy all but the adults’ professional clothes from thrift stores. (Save more by accepting hand-me-downs.)
Some of these are doable by organized two-income families, too, of course. A stay-at-home parent can do all these, as well as home-maintenance projects, better home-cooked meals, be more vigilant for good sales, run timely errands, and generally improve the family’s quality of life.