Why not work more to pay off debts?

[Snoopy2645]

Re: Why not work more to pay off debts?

Well some people cant work more because of kids & other things maybe taking care of elderly parents or something. I am going back to work ft I planned on keeping my pt job on the side but think working 7days a week with 3 kids is too much. Dh on the other hand does work tons of OT but he knows I am here to watch the kids & take care of the house ya know.

[Tree0164]

Re: Why not work more to pay off debts?

It is a personal situation on whether someone wants to get a second job or not to pay off debt or get beyond living paycheck to paycheck. It is suggested to people on this board when they come and let us know what their budget is and they can't make ends meet, how about getting a second job.

[lrjohnson]

Re: Why not work more to pay off debts?

I am asking because I have not read one post yet where anyone is working extra jobs to pay off their debt faster after stabilizing your budget.

We choose to spend fast and furious, but work slow and hard at paying it off. It we only put as much vigor into paying off our debts as we do spending we would all be debt free!!

I think there a fair number of us who have no debt, or only mortgage debt. The reason we are in that position often relates to us not spending "fast and furious." We wouldn't need to consider a second job, and we don't have much spending to curb. Certainly I don't.

When folks have debt, my opinion is that more can be gained at first from analyzing spending patterns and reducing outgo than to gain additional income to pay for expenses that really could be reduced or cut. And many money saving activities may require additional time, such as cooking from scratch and the like.

[shengmei]

Re: Why not work more to pay off debts?

I could not wory very hard because my husband will suffer. Right now my husband works overtime and I am feeling a bit lonely.

I think too many people in Asia work too hard. Suicide rates are high. I promised myself I would take a break because money cannot save my soul.

[Ima saver]

Re: Why not work more to pay off debts?

Well, I for one, have saved over $10,000 in my challenge money. I looked up my social security statement and the most I have ever made working for one full year was $8,232. So I have done better than working for a year.

[Hypersion]

Re: Why not work more to pay off debts?

If i could find a moonlighting job that pays are well as my primary job I might take it. With the income from my primary job I'm just at the edge of the 34.3%, add in FICA and ~40% of the money from my second job would go to Arnold and George.

[cschin4]

Re: Why not work more to pay off debts?

greedy - Why aren't you as smart as your SIL? She has found a way to not work yet have a home, car, and who knows what else while you slave away at work. Maybe you're missing the boat!

[greedy4chips]

Re: Why not work more to pay off debts?

Thanks for the replies! I see I struck a couple nerves as well.

Krist10leigh, you're right about being careful about mothers staying home with the kids and each family does have to make that choice. My wife did stay home for 8 yrs with our kids until I had back surgery and couldn't return to work. Now I stay at home to watch the kids and go to school full time.

My point is many people choose to have lots of debt, but then when things get tough they rarely choose to work more and earn extra cash.

It seems everyone has a friend or family member who is not a responsible spender and eventually it catches up with them and they try to find the easiest way out.

[tgavin71]

Re: Why not work more to pay off debts?

The only debt we have is the mortgage. As mentioned in other posts we have just got our loan refianced so that we can do some much needed renovations. This means that I will be able to do family day care from my home. To earn some more money to pay off the debt faster.

[veronak]

Re: Why not work more to pay off debts?

I work part time nad have been for about 3 monthing in order to pay off debts. My part-time job is all I ever talk about especially when something is pais off

[cashqueen]

Re: Why not work more to pay off debts?

I do not NEED to work another job but I will start teaching as adjunct faculty this fall. We we are trying to pay off DH's student loans ASAP (about 14 months) but want to take a vacation next year so the teaching will pay for the trip. Since we have a small child and live away from family it's important to us to take this vacation and spend our time with our extended family. That said, it is only 2 nights a week and I don't feel it will interfere *too* much with family time. I think it's a worthwhile thing in order to meet our goals. Everything financial decision we make right now is geared toward me being able to make a career change in a couple of years to a more family friendly job. We recognize there may be a few sacrifices along the way but it will all be worth it in the end.

[greedy4chips]

Re: Why not work more to pay off debts?

For those of you who do sacrifice family time, do you explain to your kids why you have to leave and work so much?

my 4, 6, and 8 yr olds all hate when mommy works and after I explain to them the reason people work and the great sacrifice they are making by not being home with them they seem to understand.

Our oldest certainly grasps the concept of money and budgeting since we pay her an allowance and teach her about saving and the value of what you spend your money on. A $.50 candy bar lasts 2 minutes but a toy, coloring book, crayons, etc last alot longer.

I hope I am doing a positive thing for them by trying to teach them how money works, even if it isn't perfect advice.

[Kris10Leigh]

Re: Why not work more to pay off debts?

Greedy4chips, since I work in the schools, and I am only gone when my children are at school, for the most part, so they don't question me at all. My husband, on the other hand, works mostly out of the house, so the children get used to seeing him all the time. But when he is gone, they get pretty upset. He went away for a month a business this summer, which is something he pretty much only does in the summer when I am home. The kids really missed him and could not understand why he was working so much. We do the same thing in explaining to them why Daddy is working and what that money buys.

Lately, with us trying to dig out of debt, I have been explaining how it costs money for electiricy and water and how eating out is more expensive than eating in. I think any advice in teaching kids about how money works is great advice! You are doing a great thing.

My favorite FlyLady says something close to "Housework done imperfectly still blesses the family." Well, let's say "Money advice given inperfectly still blesses the children".

[greedy4chips]

Re: Why not work more to pay off debts?

My favorite FlyLady says something close to "Housework done imperfectly still blesses the family." Well, let's say "Money advice given inperfectly still blesses the children".

Good quote!

It drives my wife a little batty when my kids ask why does it rain and I go into a 5 min tutorial on how rain happens. Even if they only learn 1% of what I say, I feel like I am doing the right thing. If they ask about something I do not know then I run to google and get the info for them. At 4, 6, and 8 they are a little young to google themselves....lol.

The latest google run for them was where do avacados come from? Not sure if there is any pertinent info for them in knowing where they come from and how they grow them, but at least they are learning to ask, wonder, and learn!

[Kris10Leigh]

Re: Why not work more to pay off debts?

Greedy, I think that is awesome, I really do! I do the same thing, but I admit I haven't gone as far as to google it. As a child I hated the words "It's too hard to explain." Well, try! I've recently been explaining to my six year old about how credit cards work so that he understands a little bit about why we're not taking him to McDonald's so much! At the same time, I don't want him to lose his sense of security by thinking there's anything wrong with our finances! It's a tough one!