New and need help! (LONG!)
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New and need help! (LONG!)
| Sun, 03-21-2010 - 10:37am |
Hi All,
I have been lurking for awhile, and finally got the nerve to post. I am faced with a dilemma of sorts, and just looking for some input. A little background (I am happy to give more details if needed, just trying to keep this post from becoming a novel): We have a huge amount of cc debt, but have been slowly paying things off. We've gone from 13 (yes, 13) CCs down to 6.


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Hi Jodi,
You might find it helpful to frequent frugal message boards for ideas and inspiration to really stretch that dollar.
Hi Jodi
The food thing is huge, you can save a lot of money staying at home. You'll have more time (sort of) to do things like make chicken stock etc and use less convenience/pre-packaged food.
And more time to look for coupons, check the sales before you shop etc.
I started doing dayhome again when my youngest was 3.5 months old. It can be done but make sure you don't overwhelm yourself just in hopes of making money.
One thing I can recommend is take on full-time or contracted p/t kids if you can - don't do drop-in/casual care if you want to depend on this business as your income. It's much easier to know you have a certain amount is coming in and then any more than that is "bonus" to be applied to debt etc.
Make sure you know how much your costs will be (food, increase in water, power, heat/A/C, supplies, extra laundry for towels, bibs etc) and don't short change yourself with your rates. Do some research before you start as to what the going rate is in the neighbourhood, and stay competitive.
I would put that 2,000 into an e-fund, or at least half of it. Until you know what kind of income you can bring in, you'll want to have a plan B so to speak...an e-fund is neccessary before the baby is born, IMO.
~ Mom to 5 ~
I
FLINGING DEBT:
I agree with Melissa.
Norma
"Patience is the best remedy for every trouble"- Plautus
FLINGING DEBT:
Thanks! I had a feeling that was the safest thing to do, I just want so
Thanks for the input! Luckily my state does not require home daycares to be licensed, so I don't necessarily need to worry with that. OTOH, I think it probably helps CYA, and I would think it would make my potential clients more comfortable leaving their children with me. I plan on only offering before & after school care, since I don't need a huge amount of income, and it would cost less in the long run (no extra lunches, etc.). I would also get more time while the children are at school to focus on my own two little ones (DD goes to school). I could also offer back-up care for snowdays/school holidays at an extra cost, and that would bring in extra cash every now and then. That's what I'm thinking, anyway.
Thanks for the info about insurance- I hadn't thought of that. I am still researching everything, since I won't be starting until September.
~Jodi
~Jodi
Jodi,
I'm an absent member who wanders in now and again. You mentioned that you are a teacher. Have you explored any tutoring options? I know that my SIL has made pretty good money working part time for Sylvan and there are actually online sites that I've looked at before that pay online tutors. You would likely make a better hourly rate and I imagine you could work with students in your home tutoring in the afternoons/evenings and maybe make that much in a lot fewer hours.
Also, what are you going to do come summer time? I think the tutoring is probably easier to keep going year round vs. the day-care where you might lose kids if you weren't willing to do all day.
Peg
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