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?  (This reader is referring to my Vicky Challenge)

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!

Update:  part 2 of my answer continues HERE.

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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.

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