Like it or not, if you’re a mom-to-be considering taking an extended leave from the professional arena, successfully
funding your new family unit is possible in single-income situations. That’s the good news. The bad news is that to make it
happen, you must be willing to make fairly considerable sacrifices. However, before you can even begin to decide which
sacrifices you are willing or able to make, you first need an accurate idea of how much money you’re spending each month and
what you’re spending it on.
Money Monitoring Madness
If you’ve never been REALLY tight with your money, with a clearly defined budget and a down to every last dollar awareness
of where your funds go in between deposits, you’re in for a ride. Over the next month, you’re on mission to track every
single cent you spend and record it diligently in software form so you can easily eyeball where your money goes and the big
picture impact of making seemingly small shifts in your spending. Keep every receipt and perform a line item transfer, with
clear labeling in the process.
Label and Categorize
Now visual learners: take a piece of white poster board, orient it horizontally, draw a line down the middle and label one
side “Wants” and the other “Needs.” Now, go through on Post-It notes and categorize each piece of your monthly budget’s pie
chart items and decide whether it is a need or a want and place it on the correct side of the board. Needs, obviously, are
untouchable, though you still have the option of comparison shopping to insure you’re getting the absolute biggest bang for
your buck. Wants, on the other hand, are often dispensable. While you might need caffeine in the morning, you don’t NEED a
Starbuck’s Latte with an extra shot. See what you can do to logically downsize your spending without totally eliminating your
fun and comfort.
Become a Promo Pro
Another way that you can off-set the loss of your regular income is to find ways to save as much money as you once made.
Part of this process generally entails learning how to get your hands on coupons, promotional codes, special discounts and
other free trials and profitable promos that can compensate for your cut in pay. Whether you search through your local
newspaper, subscribe to special coupon packages online or accumulate those neighborhood welcome mailers for new residents,
keep your eye out for great deals. This can also include shopping for used items, though it is critical to do your homework
regarding product recalls and other relevant hazards.
An Inner Entrepreneur
Being a stay at home mother AND having an income isn’t at all mutually exclusive. You can easily manage to successfully do
both without having to sacrifice a salary after all. However, you’ll have to compensate by being balanced, disciplined and
multi-functional all while juggling the responsibilities of raising a newborn.
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