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Five financial tips for home immigrants


Source: The Penny Hoarder

What it takes to take care and find out in advance if you are going to become a parent who is sitting at home with a child? What needs to be considered and planned?

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Edition The Penny Hoarder gathered opinions and recommendations of experienced parents in this matter, thanks to which you will be able to optimally plan your financial expenses.

1. Base your budget on net earnings

When you look at monthly income and expenses, trying to optimize your budget, do not forget that for calculations it is necessary to use your partner's net earnings (“on hand”), and not his full salary on paper. When taxes are deducted from these checks, you are not left with the full $ 50 (or other figure) that the person theoretically earns. However, lower earnings, financial experts say, may have its benefits. For example, tax cuts. Typically, if one of the two stops earning, your tax balance goes down too. This means you will be saving more money from the same salary.

2. Subtract work related expenses

When you're trying to come up with a new budget, remember that you are cutting down on the actual costs that were associated with the job of the one of you who quit. For example, you do not pay for a nanny whose salary can become a serious embezzlement of the family budget, you do not pay for trips to the office and back, for parking, coffee, lunches and business lunches, do not discount for employee birthdays, various events, etc. other fees. Some mothers joke that they even saved on the hairdresser, because they stopped visiting him often in order to look perfect at work.

3. Communicate openly about liability

This is not the kind of conversation you’re in the mood for at the end of a tough day when both are tired and staring at the sink full of dirty dishes. But you will have to talk about this before you quit your job and even before your baby appears. Discuss how you are going to distribute household chores such as cooking, cleaning, and doing errands. It is much easier to do this, for example, before the baby is born than after, being in a state of panic, mothers say. Making a plan, assigning roles - this will help your relationship too.

On the subject: How to earn $ 280 for half an hour without leaving home

4. Look for ways to make money at home.

A lot of companies offer remote work. When you keep an eye on children, it is important for you to have a flexible schedule and work that can be done in any free time, without clearly specified hours. There are many ways to make money at home: to become a freelancer, work part-time, make things and sell on the Internet, and so on.

5. Sign up for free diapers in advance.

When only one of you works full time, frugality is essential. Diapers are not cheap, but you have to go through with it. Get ready as early as possible by exploring the possibilities of getting free diapers and other hygiene products through various promotions and programs for parents.

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