Facing the No. 1 Obstacle
By Cheryl Gochnauer

Maxed out. Stressed out. Worn out. I was out and out ready for a change.

I used to love office life, but that was before I was peeling a wailing toddler off my leg every morning and avoiding "one last change" bosses at night. There are lots of women who do it everyday, but I was having trouble finding the elusive balance between work and family.

The two worlds waged a daily tug-of-war over my attention and devotion. As
time went on, my maternal instincts started winning out over my long-range
plans at work. Besides, holding down the equivalent of two full-time jobs -
one at work and one at home -- was wearing me down. Becoming a stay-at-home mom began looking real attractive.

But how could my husband and I make it work? Like most prospective at-home
parents, money was the Number One obstacle.

Setting priorities formed the bedrock upon which we built our stay-at-home
dream house. My husband and I decided to stop spending money in ways that
restricted our parenting freedom.

Here are some family-focused financial tips that worked for us:

Subtract childcare, transportation, fast food, business clothing, taxes and
any other work-related expenses from your paycheck. Now look at the
remaining amount: This is your true take-home pay. If you're wondering how
quitting work will affect your bank account, this is the figure to use.

Afraid of selling your new car to buy an older model that may need repairs?
An imaginary $400 bill on an older, paid-off car beats a real $400 payment
each and every month.

Resist the impulse to buy NOW and more often than not, the urge will pass,
leaving your family with more spending money.

Coupons, discount shopper cards and rebates represent real money in your
pocket. I save at least $25 a week this way. Multiply that $25 by 52 weeks. In this manner, I "earned" $1300 last year, tax-free.

Trim costs wherever possible: bump up insurance deductibles; shop for better lending rates; choose a cheaper phone company; switch to a free internet service; cancel subscriptions and borrow magazines from the library
instead.

A coat bought at Wal-Mart keeps you just as warm as one bought at Saks.

The most important money tip? Don't try to buy love. Children want YOU
more than they want things.

If your heart is calling you home, don't automatically assume it's not financially possible. I've been there; done that. I figured that since we were barely making it on two incomes, we'd go under if I quit work. But when I did the math, subtracting work-related expenses and exploring money-saving avenues, I  realized I could have come home a year before I actually did so.

Learn from my mistake. Explore your options; determine your true wage; see
where you can cut. Then make a decision based on fact, not assumption.

(To sign up for Cheryl's free weekly e-mail newsletter, write subscribe-ds-homebodies@xc.org, or visit her website at www.homebodies.org.  Copyright 2000 Cheryl Gochnauer.)

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