Can You Afford to Go From Full Time to Part Time?
The mantra for every woman is "I can do it all." From car-pools to board meetings, women are the ultimate multi-taskers. Millions of women juggle tough job while keeping up with all the demands at home, but sometimes the stress adds up.
A recent survey from Work and Family Institute shows 60 percent of working parents feel like they don't spend enough time at work or with their kids. This struggle is also evident in a Pew Research Center study that shows the majority of full time moms would like to work part time rather than full time.
The problem is, what women would like to do to balance their life and what they can afford to do are often two different scenarios. The U.S. Department of Agriculture estimates it costs the average middle class family $184,000 to raise a baby from birth to age 17. And that doesn't even cover the cost of college.
If you're considering dropping down to part time work, you'll want to give it some serious thought. You'll need to pay special attention to your finances and see if it's possible for your family to have the kind of lifestyle you want with the income that's coming in. You'll also want to take a look at your monthly bills and see if you can reduce any of your expenses. Where do you start? Here are a few ideas to save money each month.
Decrease your technology dependency
Your family couldn't function without cable or cell phones, right? You don't have to toss the flat screen on the curb or ditch the cell phones, but you can cut the usage. Call up your cable company and down grade your cable. You probably don't need all 500 channels. According to DailyFinance, your cable bill should run around $75. If it's higher than that, call and start negotiating. It might sound odd, but if you call the company and say you're thinking about leaving altogether, most of the time, they'll offer you a deal to keep you as a customer. The same idea goes for your cell phone bill. Yes, your teens may have to calm down on the texting, but it can be done.
Ditch the gym membership
We're not trying to make you unhealthy here, but one finance study shows four out of five gym memberships go unused. If you use if faithfully,then by all means, keep the gym membership going. But if you go once in awhile, it's not worth it. You can always opt for at-home workout routines or check and see if your local community center offers affordable exercise classes.
There are other options as well. Consider making wise investments to collect additional income. A reverse mortgage could be an option for some people. Set up a reverse mortgage alert on your phone to see if you qualify. Or consider moving into a more affordable home. These are all big picture ideas that are worth looking into as well.