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Wednesday, September 14, 2016

Question & Answer: Work Savings?

Here’s a question that I recently received that I thought deserved its own post …

I noticed that you put $100 savings by not working … how?

First let me say the choice to work or not work is strictly personal.  Things to consider would be one’s earning ability, what it would cost you to work financially and mentally and what it would do to your family unit.

I have worked outside my home in the past so I am basing my savings on my experiences.

Here’s how I came up with the $100 savings …

Gas that I don’t have to put into my gas tank each week for going to and from work … $25 - $50 (depending on the price of gas).

Luncheon foods that I wouldn’t normally purchase … $10

Vending machine expenditures … $10

Co-worker expenses:  fund raising (someone’s child’s school; causes, benefits, etc); luncheons, celebrations, etc … this is just an average as these things did not occur daily nor even weekly  but they did occur and should be taken into consideration … $5

Eating out because I’m too tired to cook or because there wasn’t enough time to cook when going from work to another appointment/event. … $50

Maintaining a ‘work’ wardrobe … again, this is an average … $10

No time to be frugal, DIY, shop sales, etc which often results in purchasing or doing things the ‘quick and easy’ way which cost more … $50 (at least)

And not to mention that it throws us into a higher tax bracket which means we have to pay more federal and state taxes (our state has it's own income tax).

These are things that I can think off right off the top of my head and it comes to $160 - $185 per week plus the additional yearly federal and state taxes. 

I hope this is helpful and answers your question.   Great question!

Patsi
She looketh well to the ways of her household … Proverbs 31:27

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A Working Pantry is more than just about food! It's about household items needed to keep my home running smoothly readily available when needed.  It's about keeping a gift trunk so that I'm ready for any gift giving occasion.  It's about a lifestyle.  It's about keeping my home and looking well to the ways of my household and it's about doing it all as frugally as possible.  I hope you enjoy what you read here.

14 comments:

  1. Hi Patsy!

    As well as what you have stated, a rural home property can easily grow out of order whilst we're working elsewhere. This costs a lot in labour to bring back into good running order, and is of very significant value to the property.

    Anyway, the more years I have chalked up at home, the more little steps I find I can take to answer life's needs with what we already have. These answers and skills take time. This is what a home is meant to be - a base for living! I love it!!

    Regards,
    Rachel Holt

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    Replies
    1. Rachel, those are some good points and I totally agree! I love being at home too!

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    2. I love being at home, as well!

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  2. I'm glad you addressed that. People often wondered why I don't work. Firstly, he makes a good wage. Secondly, when I looked at part-time work locally, it didn't pay well and then you add in all of those gotchas. And in my case, extra taxes...cough.

    You have to treat staying at home as a "job" and "make" your money with savings in bargain hunting and homekeeping skills.

    ReplyDelete
    Replies
    1. I like your statement, 'you have to treat staying at home as a 'job' and 'make' your money with savings and bargain hunting and homekeeping skills.' For me, this is what I have chosen to do.

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    2. Patsy, your post is so true and I am also a fan of this quote by MDoe ❤️

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    3. An older man at my husbands job a few years ago, told him that based on what all he told him that I did at home, and frugal shopping, etc. I actually made more than my husband. He figured my yearly income to be around $92,000. I was blown away. (Keeping in mind, this was the other guy that did the figuring based on his and my husbands' conversations)

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  3. I agree but mine would have come up more than yours because I would have added child care costs. A few of my girlfriends couldn't believe it until I told them to figure out everything they spend in a month and many of them realized it was more than what they made. It's something most family's should try and figure this out,

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    Replies
    1. tealady, I'm sure that many don't realize just how much they really bring home after 'working' expenses are subtracted.

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    2. Truly, doing the math will enlighten the eyes!!! All the figuring's as Mrs. Patsy has done, is how my husband and I saw that it was senseless that I continue working...I hardly brought anything home...left the insurance field after 10+ years, to stay home with my children, and then to homeschool them. Still home after 19 years...still loving it...The Lord has taken such wonderful care of us!

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  4. Thanks for answering this question with an entire post...it's exactly what I needed right now as I try to make a decision wether to leave my job or not. For me...it's mental. I am so "fried" when I get home that I'm no good to anyone. I want to come home full-time even though I have no young children who need me at home. I feel I would have to explain my decision to everyone...why do something of us feel this way? Have you ever addressed this in a post?

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    Replies
    1. mamabeanof4, bless your your heart! I have not addressed this in a post, but as a follow-up to your first question, I think I will. Let me do some praying and writing for a few days and then I'll post a follow-up.

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    2. My question is similar. How do you keep track of what you are saving? How do you make a transfer to savings when there isn't enough in checking account to transfer? Savings on puchases is the way we can afford to get them. So how do we accumulate enough in checking to purchase , save and transfer? Thank you. Sharon

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    3. Sharon, I'll answer your question in a separate post after I get mamabeanof4's post done.

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