Trying your hand at a work at home job is a great plan. But, you will need to learn how to pad your budget while working from home. If you have left the corporate world and are buying or starting an at home business there will be many challenges to face. A change in monthly income is one of those challenges and probably the biggest one to adjust to.
With so many ways to earn money from home, like crafting, doing daycare, dog sitting, blogging or drop shipping, or being a virtual assistant, just to name a few. If you feel you are ready to jump in with both feet, check out my tips and suggestions to transition smoothly and know what to expect.
Tips on How to Pad your Budget While Working From Home
Cut Back on Monthly Bills
Take a look at your monthly bills, like insurance, phone, internet, TV, and subscriptions. There most likely are a few places where you can either cut out a service, or downgrade a plan. Even if it’s a small savings, it’s a savings.
Maybe you have a couple vehicles, but now that you have decided to work from home you won’t need to drive them both. Sharing one vehicle for the household can save some money monthly. Not only on insurance, but on maintenance as well.
Couponing is something I recommend regardless of who you are or what your job is. But, if you are one needing to cut monthly costs, it’s a must do. Grocery shopping, dining out, and just shopping in general can be hard on ones bank account. There are many ways to cut corners when it comes to what you have to spend monthly.
When shopping online for every day items I use sites like BeFrugal or Ebates. BeFrugal also offers printable coupons for your in store shopping. Using sites like those not only save you money, but earn you cash back.
Eat At Home
This might be a tough one if you are a fan of dining out. Dining out is easy, but it is not cheap. Between the cost of the meal, and the tip, a person can really drop a lot of money.
Try meal planning and finding things you like to eat that don’t take a lot of time to make, or ingredients needed. Eating at home can save you a lot of money a month, that can go toward the monthly expenses you have to pay for, like house or rent.
Coffee lovers, this means no more expensive coffee runs either. That daily latte can be made at home, cheaper and better.
Skip the Gym
Many people hit up a local gym before heading to their job. But, if your job is now at home, you can save on gym membership fees by working out at home. If you have internet, you can find almost any kind of workout and do it anywhere in your home. My favorite is using Beachbody on Demand.
Dig that bicycle out of the garage and start biking every day instead of going to the gym. Or take up speed walking or jogging. Maybe hook up with a neighbor and walk the dogs together. There are many different fitness options out there that are free or cost way less than a gym membership.
Debt consolidation is another great way to lessen your monthly spending. If you have a lot of smaller bills or debt spread out you can take a loan out to consolidate that and have one payment. One payment with one interest rate is better than many payments with many different interest rates.
Many times if you have a mortgage you can refinance and roll everything into one payment. While not ideal for everyone, it’s something to consider.
And, if you have purchased a business or have put money out to start a new business from home you will have that expense as well. Consolidating things to lessen the monthly expenses will helps a great deal.
Cut out Child Care and Dog Walkers
A huge monthly expense can be your child care or dog walker. Now that you plan to work from home you can cut those expenses out, possibly. Many people will still use a part time child care but depending on age and needs of your kids you might be able to do away with it. And, dog walkers are not needed when you are home all day. Plus, your dogs will love having you home.
Final Thoughts on Working from Home
Getting out of the 9-5 grind is an amazing feeling. Not everyone can do it, or wants to do it. But, those that do find that working for yourself has many benefit. However, losing a steady income and even benefits can be scary. Click to learn more about budgeting and see if you are ready to take the leap.
I have worked from home for year and love it. However, my husband just retired and while he isn’t working from home, he is working for himself. We too had to tighten our budget just because we don’t know what our income is from day to day. For many that might be a scary thing, but it shouldn’t be. Life is to short to live each day just wondering if working from home is right for you.