Finances at Dead Center

Okay lets talk about that one thing that we hate to talk about Finances. That one little thing that you know pretty much is a major part of our lives, i’ve always found it ironic that it has always been down played or frowned upon to discuss this. Hey what’s one bad apple out the bunch I going to address it.

As you know I am a stay at home mom of 3 wonderful girls so I have to be aware of the amount of money that is being spent within and outside of the necessities of what my family needs. What are the main necessities you might ask…

  • Shelter
  • Electric
  • Food
  • Water

Those are the main components on which we rely to support us and our families. So let’s get smart how would you map this all out. I would go for the main necessities first and pay them. Then I would break it down even further to items that I may either

  • Want
  • Need

I place them in bullets because I want to emphasize although this may be a very hard task this is reality there’s no way around it. So say my list would look different from another person’s list because no mom or person is the same.

Somethings I may need.

  • Clothes (family)
  • Shoes (family)
  • Car

You get my point now on the other hand what are some of my wants?

  • Hair Products
  • Beauty Products

So on and so forth, but you kind of get the feeling that after you map this out what matters the most is what you NEED. So how do we get to a place where we want to be and can occasionally enjoy a variety of things on our want list. Yes we are all thinking it BUDGETING. That’s all it really takes and I am going to show you how. If your a mom like me then your thinking okay things happen unexpectedly and you need to be prepared. Some people have this mindset that they may be above being a low income family. That’s okay, but having a low income family show’s you that anything can become accomplished just by being frugal in certain places.

How can you start a low income family?

Come on we are almost there to accomplishing a budget outline let’s not give up and start thinking that this is never going to work. I am saying to you trust me and I will help you through the finish line. So these would be the steps in which you can take

  • Start a budget
  • Live within your budget
  • Cut down on wants
  • Get another form of income
  • Downsize
  • Shop around
  • Use coupons

Budget

We addressed this earlier on but I am going to strongly remind you once again about Needs vs. Wants let’s stick to it. The first mission is to get everything in order. So say for instance

  • Necessities (Bills)
  • Needs
  • Wants

It is as simple as that once you get these categories going you will be able to sort everything out and be more efficient when it comes to your bills.

Living Within Your Budget

When I say live within your budget that’s exactly what I mean, so say for instance if you have a budget that is already set up. Now this budget has been made around your income so you are now at a point where you know what you can and cannot afford due to your budget.

Now this doesn’t mean you have to abide by the budget you can go out there and splurge on a 2020 bmw knowing that you cant afford it chances are that’s what I call a lose, lose situation. In your mind you believe that you are gaining something but in reality your really not. Yeah I’m going to give you this BMW and loan but if you cannot pay I’m going to destroy your credit, take your car, and the icing on the cake is that they have made off with you money as well.

See Lose, Lose

Let’s be smart folks and stay in the lane where you can feel the sun on your face and the relaxation in knowing that you made a great choice by living COMFORTABLY snug within that lovely safety jacket called a budget.

Let’s get smart

Income

We all need income in order to maintain our way of living and so the best idea would be to have 2 incomes if you have children. Now i’m not saying that you have to have a second job I’m simply saying it’s good to have another one. I have survived with 3 children off of one income so I know that it can be done but is that really how you want to live. Yea me either and so I developed a second income.

Your looking at it, yes a good old blog where I can be me and do what I love to do which is being a mom and writing it’s the to main things that I am good at. Not to say that i’m not good at other things but this is a passion of mine I love it.

Oh just an idea we should find jobs that make us happy not that we dread getting up to go to, what life is that. You only get one life why live it the way you want not the way it’s expected of you. (Learned that the hard way).

Anyway another source of income gives you wiggle room and the ability for the bills to be paid amongst the two not just one. So I say let’s be productive when there is a will there is a way find your idea for a form of income that suites you.

Now I know downsizing isn’t your first choice but…

Downsizing when you are on a budget or fixed income may be pheasable because you see it’s not just about you it’s about your family. Think about it this way you went out and rnted a 1200 dollar townhouse but you know you can only afford 800. It’s like your setting yourself up for failure, now say you found a smaller townhouse that will suite you family and save you and your spouse money. Which one is the better alternative. Let me speak more plainly,

  • Family + Big House = Debt
  • Family + Budget friendly home comfortable for you and your family = comfortability, you get to keep you sanity, have extra money

I think you get the point so let’s be comfortable with extra cash vs having problems with something that isn’t affordable in the first place. Materialistic doesn’t matter when your broke with no where for you and your family to go.

What you mean you don’t shop around?

We all know that we have had these moments when we go into the store and see something that we need but it’s too high you see so you get that motivation to find it somewhere else. That’s what I mean by shopping around nothing nitty gritty but straight to the point.

Share Time.

So this morning I went to the store with my husband and I’m looking for something in particular, something that I know the price for and so on. Anyway we arrive at the walmart and we are in electronics sp we found something sort of like what I was looking for but not exaclty and it cost 40 bucks. I would have had to buy the piece as well as the hdmi now it has went up to 50 bucks.

What! OMG! You will never catch me paying that amount of money for something I can get cheaper. My husband says no your not going to find it, what if you get all the way to the other store and they don’t have it either.

I looked at him and said I know what I brought and I’ll show you that I can save a buck. I went to the other location low and behold I found the same piece that I was l was looking for and ll for 16 bucks.

#moneysaver

Coupon Queen in the flesh.

When it comes to shopping for a family of 3 I know me personally I am always looking for the best sale because it’s about saving money to be used in a different place. Why pay full price for something that you ca save on, why because your ashamed, don’t want to hold up the line, or not sure if they can be used for a specific item. Either way it’s a lost because you didn’t try, sometimes being a mom means that you have to bite the bullet.

I used to be that mom that didn’t want to us coupons because it holds up the line but when I did it was a game changer. After I had seen that I g=had saved money I said oh no what’s a couple more minutes for scanning a coupon that could help me financially? So yes don’t say you are not a coupon clipper because it has great benefits and rewards at the end of that road.

How can I save money after I become a low income family?

  • Keep housing costs down including utilities (pay on time avoid extra fees= more money)
  • Stay out of debt
  • Keep entertainment cost down (Ditch the cable start streaming)
  • Buy only when necessary (self explanatory)
  • Get a handle on grocery expenses (If you can’t afford to be vegan with a family of 4 then don’t be realistic.)
  • Automate savings. (If you no good at saving money some of us aren’t no judgment)

How do you manage monthly expenses?

I used to map out all of my billed on a lined sheet of paper and dress it up really nice but it just so happens that while I was in Walmart I came across something awesome.

https://www.walmart.com/ip/Pen-Gear-Pg-Asst-Wkly-Plnr-Pad-60-Sheets/606485013

yes I got a steal on this and not only was it a need but a want as well see win| win for me and possibly you if they sell these near you. $2.47 is what this little booklet is and it gives you a page for each week. All the categories make it easier for you to save as well. Some of the columns you may see is

  • Mortgage/ Rent
  • Groceries
  • Cars
  • Monthly Bills
  • Entertainment
  • Health
  • Clothing
  • Other Expenses

It just simply doesn’t get any better than this. Okay now that I have overwhelmed you with a lot of knowledge what are you going to do moving forward. I’ve broken down how you ca achieve your goal went over all the steps the choice is for you to make.

Thanks for Reading Hope To See You Soon!