Why not work more to pay off debts?

[lrjohnson]

Re: Why not work more to pay off debts?

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!

An additional tactic is to explain that you are reducing spending in some areas so you have money for other areas. When debt is paid, you may want to be putting that same McDonald's money into another area: retirement, a family vacation, more time for Mom at home. So he knows that it's not just debt, but that McDonald's money can go to a lot of things that are great for the family.

[PrincessPerky]

Re: Why not work more to pay off debts?

I don't have a real job, nor does DH have a second real job because paying off the house and car are not above spending time with family..that doesn't mean we haven't looked into alternat scources of income..DH started his 20$ challenge and has made upwards of 1500, which is left as investment/EF if ever needed...

For my kids we often talk aboiut how we can spend money on one thing or another...not everything..so more money on the electric bill is less we have for steak (and sorry steak is not a need..but we sure do like it on occassion!)

[greedy4chips]

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!

Don't think that hasn't crossed my mind a thousand times!

Perhaps she should design a course and sell it...lol

[getforfree]

Re: Why not work more to pay off debts?

In some cases it's easier to save money than make money. I would rather not go out and eat and cook at home, than work extra 2 hours.

I would rather spend half an hour hanging 5 loads of clothes and save like $2.50 than working an extra half an hour at work and make extra $6, which is less than $5 after taxes(not the federal or state taxes, but those like SS and medicare taxes which I will never get back, but they still count towards my gross income, because I don't think it will exist 50 yrs from now when I will need to retire).

we never had any debts, but have almost 190K mortgage, which is much less than most people that I know.

We live on Dh's paycheck, now don't even spend all of it, mine goes towards extra payments, savings, and fun things.

[PrincessPerky]

Re: Why not work more to pay off debts?

as an addition to getforfrees note

While hanging that laundry I am playing with my kids (or teaching themto hang/sort) but if I was off at work someplace I would be missing them..Same with most other saving strategies.

[lillyb]

Re: Why not work more to pay off debts?

My dh doesn't have an extra job cause he works about 60+ hours a week, in the elements. Right now I don't work, so I don't even have a first job. When we realized how our finances were going and decided to start cutting out the debt our route was to cut expenses, really cut expenses and start payind down the debt.

As of now we've paid off enough debt to be living on half dh's income. This is within a year, so I feel we're doing pretty good. However, should we be drowing in debt you bet I'd be off to work. Right now, though, we are doing great with me taking care of the home, working at cutting expenses and stretching our single income, and getting to be here for my daughters last year at home before she graduates.

I see your point though... if you can't cut expenses enough to make it why don't more opt for working more?

[smooper]

Re: Why not work more to pay off debts?

My wife and I decided early on that it would be better for her to stay home with our 3 kids, the oldest is now 16. She has done some part time jobs and maybe averaged about 3-4k per year, so I guess we can't legally say we are on one income. Anyhow, we've managed to make it just fine and have no regrets. I work around 4-6 hrs overtime per week and do a bit of side work(maybe 1 day a week, after my normal job), so it isn't cutting into family time too much, but when we are totally debt free (mortgage), and have a decent emergancy fund set up, by-by to the side work and probly only 6 hrs overtime per month! I can't wait.!

[LuxLiving]

Re: Why not work more to pay off debts?

I've been a SAHM for years now homeschooling my kids. That period of time is coming to an end for me - but while it was going on, much like Amy Dacquezen (sp?) of The Tightwad Gazette, I have made it my business - 'my job' so to speak to work at home making the right financial moves, cutting costs, stretching the income we do have. I have done a few things thru the years to add to the pot, such as Demos (sample giver outer), my junque' booth, ebaying, etc. We also took care of my f-i-l when he came to live with us which of course was a savings on his estate.

Now, I am thinking of returning to the world of work. I do not look forward to it at all. I did work three jobs at one point in my younger life to pay down debt. However, with all of that I am still a few credits short of receiving SS benefits on my own merit, so I plan on going back to work long enough to earn that recompense, but afterwards I'm not sure. I hate working at an 8-5 job! I am too much of a free spirit to be on lock down for 8 hours a day.

So, while we NEED the income based on The Hubster's MIA pension, I am loathe to hit that trail again!!

This is something for stay at home folks to remember - most men pay into the SS system, retirement funds, 401K's, IRA's, longer than women do. Most women take between 7-14 years off out of their work lives to care for family and then we have the nerve to live longer than men!! So - our lifetime income needs are in a sense greater than men. Those years out of the system cost us, which is why most women who are widowed are living at or below the poverty level. Something to think about!! A solid, VALID reason for women to save MORE of their money.

[Ima saver]

Re: Why not work more to pay off debts?

My husband puts in a lot of extra hours to pay down our debt. He almost always works weekends and takes off only holidays like christmas, the rest he works. Yes, I agree, women do need to save more than men. In his book, smart women finish rich, it states that a woman should save 12% of their gross income. (David Bach)

[Broken Arrow]

Re: Why not work more to pay off debts?

While I do agree, Ima, I actually think that it's more important for men to learn to manage their finances and learn to save than women do.

The reason why I say this is because far too many men think that they can away with it by simply working more, or getting that better job or promotion/raise. Therefore, they just don't always grasp the urgency or at least the importance that many women may feel.

Instead, the grim reality is that, if they lack that money sense or discipline, bringing home more money often times only translates to having more money slip through their fingers. I have friends like that, overextending their money on frivilous vices and then getting stressed out to make ends meet.

Generally speaking anyway.

[Gruntina]

Re: Why not work more to pay off debts?

I am working two full time jobs and with both jobs combined, 70% goes to paying off debts! Its hard and I am adamant to paying my debts off. I am tired and exhausted and now have nerve damages in my arms due to overwork on the computer all day long.

Funny how when I am so close to paying off all my debts, I will lose my jobs to job deliminations. At least my debts will be paid off... but I don't tell everyone I am in debts and its funny how they think i work so much and have nothing to show for.

I would not do this again and I will do all I can not to be in the debt situation again if I can help it.

[TBH]

Re: Why not work more to pay off debts?

I already have two PT jobs that add up to FT hours. I could add hours at one job, but it would be hard.

I do sometimes pick up freelance work, not to pay down debt (nothing except mortgage) but to save more. I've been thinking of looking for more regular freelance work.

[Ima saver]

Re: Why not work more to pay off debts?

20 years ago, my husband thought nothing of working 18 hours or longer a day. He is getting older now, and i can tell how tired he is when he gets home at night. He does hard physical labor all day long. The past two weeks, he has been laying rock, standing on a scaffolding, all day long.

[Great to be Debt Free]

Re: Why not work more to pay off debts?

When my debt reached its highest levels (back in 2000) and I was struggling, nay, unable to make minimum payments on the different credit accounts, was behind on my rent and car all due to poor financial habits (hiding bills under the sofa just doesn't make them go away?? how interesting) I switched to a sales job with flexible hours and took 2 part time jobs. One was waitressing at a deli/restaurant I worked at whiile in college, and the other was a dollar theater. The hours all worked out pretty well, but all I did was work for those 6 months. That got me current. Then I switched to a better sales job and quickly moved into management and then a training position.

I caught a lot of flak from family for working "teenager" jobs, but then, I wasn't running to daddy for money (who always loaned it to whatever kid asked, but then would have trouble making his own payments -- I don't run to daddy for that kind of thing). I worked hard to get myself out of debt and I did it. Just this past year my dad apologized for not having discussed finances more with us kids. He also apologized for pushing me out of the house so soon (esp. when other kids got to stick around for YEARS after finishing college), and he told me how proud he was that I took responsibility for all my debts. I think he still bails out my big brother! What a headache!

I was single when I worked the extra jobs, though, with no kids and I gave my pets away. I ate soup, ramen, tuna and cereal. It wasn't fun, but I learned my lesson and am now very fiscally aware.

I can't wait until we move to CO and I get back on the career path. I love making money and contributing to the wealth building we're doing, and we have plans of starting a non profit. But again, being sinle and childless meant I could work the kind of jobs/hours I did. It would have been very different otherwise.

[b4freedom]

Re: Why not work more to pay off debts?

Ever notice that if you work longer and harder you tend to spend less? Maybe it's because you're too busy earning and don't have time to spend.