Quote:
Originally Posted by St. Theresa
I could use the same advice. I work from home, but my business is sort of disorganized right now. I had the misfortune of ending up with a man who turned out to be a Narcissist - in short, everything he seemed to be was actually the opposite of who he really was.........
So what would you do in my shoes? I've got a brain, two hands which type fast, good computer knowledge (software AND hardware) and some web development skills. What's the first thing you would try to do (aside from getting a housemate)?
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The first thing i would do is cut cable and internet expenses down - get dial up and a basic cable plan (savings of around $50+ or more per month, which is enough to start a retirement fund at TROWE PRICE). Then i'd check your utilities...i know it can get high but is there anything you and your teens can do to immediately improve the high utility situation?
...i would also cut out the phone line expense. $100 seems wayyy too high for one line. is there extras you can truly do without (caller ID, voice mail, etc... you can get a $20 digital answering machine from walmart)?
Next i would focus on expanding my sources of passive income.... you have great webskills?? start a blog and update it every day with detailed knowledge of something you're passionate about (you can get a cheap host and set up wordpress). buy a cheap domain... get it into google... keep track of your stats for 3 months and work to build visitors. then add a few adsense (it will build a good passive stream within a year...i have first hand knowledge with this!). are you artistic? design artwork with a theme and open a store at cafepress.com (again, i have first hand experience that this works).
both your son and your daughter are old enough to where they can start supporting their own "wants" like high fashion clothing, electronics, playstations, makeup, etc.... they can get a job.....after the age of 14 or so i dont believe any parent should
have to buy teen "wants" .... "needs" (food, basic clothing, shelter) yes, but not frivolous "wants". they should also be able to pay for extracurricular activities --- can you cut back in that area? those fees rack up fast!! maybe you could, say, agree to pay for one a year and they foot the rest.... it would also be a good time to teach them about finances. do they know your household financial situation? many fine kids are more than willing to pitch in when parents are honest about whats going on (and i dont mean to "pay electric bills" but to "foot their own wants" and help you manage extraneous expenses). perhaps your teens have a better insight into ways you guys can immediately cut back in some areas!
dont worry over not having a college fund. your children will survive with or without one --- but what are you going to do when you are "old"? you need a retirement fund and that should be your first focus. you do not want to end up at 65 years old with no savings and a "highly educationed" son. i know a mother's first instinct is to put her children first - but in this case you MUST put yourself first by focusing on your personal savings and retirement...because in doing so, you will be creating an easier future for your children in the long run!
also, dont look into the past - focus on the future. dont berate yourself or regret your past..... things can be done now to change your situation... you have full control of your life.
HURRAY for having no credit card debt! you dont need a card. and hurray for having a loan free car title! now run that car in the ground for the next decade! dont be tempted to upgrade on a whim (its easy to be tempted!).
you should also keep (at least for a year) a DETAILED track record for where any and all money goes in your household. if you're not ready for a true budget, dont try yet --- just step by step... start tracking where everything is going. by doing that you'll get a feel for how your cash flows, where you can cut back and then out of that your budget will evolve. you'll also find weird things you never realized (i.e. $200 for cat toys? ... $50 for a pair of Etnies???... $889 for starbucks?? etc etc..) and you'll be able to cut out and put that money elsewhere.