No mother takes her decision to return to work lightly. I should know, but I am fortunate: I work at home with my husband. But after having my first son, I was at a crossroads. I didn’t know how many clients I should take on, if any at all. I also didn’t know when, or if, or how long I should put my son in daycare, and if the cost of daycare would offset the amount of money that I made as a freelance writer.
This is the exact dilemma that every working mother faces before returning to work. Some women choose to be stay-at-home moms for personal reasons; other women are forced to stay at home because they can’t afford to work and pay for daycare at the same time. Some women choose to work for personal reasons; other women are forced to work and budget for daycare in order to put food on the table.
Whatever side of the fence you fall on, balancing your household budget is never easy. Household expenses will quickly eat into your salary, with housing accounting for as much as 34.1% of your income. From there, you still have to cover all the “basics,” including transportation, utilities, food, and insurance. I can tell you from personal experience as a working mother that it can be depressing to watch your hard-earned paycheck disappear before the end of the month.
Working mothers need to work smart and budget even smarter to come out ahead. Consider these five tips to save money on bills and stretch your paycheck:
1. Comparison-shop daycare as if your life depended on it.
Every working mother knows that daycare is going to eat up the biggest piece of the pie. Depending on where you live in the country, daycare could cost you thousands of dollars per month—even more than your mortgage, in some cases. Childcare website Care.com recommends seeking a cheaper daycare alternative, “A family child care center may be even less expensive than a day care center. It takes place in a caregiver’s home and while the amenities may not be as fancy, the money you save can be significant. Just make sure whatever facility you choose is licensed by the state, so you know you’re getting the best care possible.”
2. Make adjustments to your thermostat.
Heating and cooling costs also account for a major chunk of household expenses. While your family may consider this a sacrifice, turning up the thermostat several degrees in the summer and turning it down a few degrees in the winter can make a significant difference in utility costs. The odds are, your family won’t even notice a minor temperature shift in the house, but they will appreciate more room in the budget.
3. Rethink your telecommunication bill.
In the smartphone era, many households may consider cutting the landline but just don’t want to let go of that number they’ve had for years. Set aside some time to research and compare communication package alternatives. Consumers own their own number now and can easily port it to a new company, giving some peace of mind and flexibility to shop around. A service like magicJack lets you keep your existing number and uses an in-home broadband connection to offer unlimited calls in North America. Twelve months of unlimited local and long-distance service with free voicemail, call waiting, caller ID, call forwarding 411 and a conference call number (great for home businesses like mine) is priced at $59.95 for the first year (includes the device) and $35/year thereafter. And the free companion mobile app allows your home phone to ring on your mobile device wherever you go. Look for holiday deals to save even more.
“Increasingly, women searching for ways to save money are looking to eliminate the high cost of home phone service. But with the lifestyle of the busy mom, shuttling between their job, children’s activities, school, and sports practices, it is equally important to have access to that home number on the go,” A representative from magicJack explains. ” At less than three dollars per month, magicJack is positioned as the low cost, high mobility solution for busy families, providing crystal clear quality voice service and putting your home number or office number in your pocket wherever you go with the magic App for iOS and Android.”
4. Quit wasting power on unused appliances.
Most homeowners are shocked to hear that idle appliances suck electricity from the wall socket. Just as the name suggests, this phenomenon is referred to as “vampire power.” Energy experts recommend plugging all kitchen or entertainment devices in one room into a power strip that you can turn off when not in use.
5. Downsize your home.
This may be a tough pill to swallow, but living beyond your means is one of the quickest ways to tax your family budget. Experts unequivocally caution not to live in a home larger than you need or can afford. If your monthly mortgage payment has become too much, it may be time to run up the white flag; consider meeting with a realtor to assess your options. Buying a smaller home in your area could give you the financial breathing room you so desperately need.
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