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Work At Home Finance 101Whats In Your Wallet?Do you know what comes in and goes out of your walletevery month? Do you have any extra cash to see you through a rainy day? Do youknow your net worth? If you decide to work part time from home you will mostlikely take a significant pay cut, so understanding your true financial pictureis critical to achieving your work at home dreams. How do you do that? Maketime to sit down with your spouse or significant other and calculate what itreally costs to make ends meet in your household.Lets look at your income first. If youre currentlyworking full time as an employee, a large percentage of your current salarygets taxed to a good degree, so only take-home pay counts. Add up whats leftafter all deductions and work expenses (daycare, drycleaning, etc.) to get yourcurrent monthly income number, or CMI.Once you have your CMI figured out, the next step is tocalculate your spouse or significant others CMI. Add these two numberstogether to come up with your total household income, or THI.Now you need to account for all your other monthlyexpenses. Your mortgage or rent. Groceries. Gas. The electric bill. Your cellphone. Any monthly entertainment costs such as dinners out and associatedbabysitting expenses, shopping sprees, or other disposable income. You need toaccount for everything. Some people keep an expense diary for a few weeks or amonth to help them really nail this information down. If you dont keep aregular household budget this is an important exercise that will help set abaseline of your monthly expenses. Depending on your activities, some monthsmay be more, some may be less. The longer you keep your expense diary, the moreaccurate your results will be.Once you have everything collected together in one placesuch as a computer spreadsheet, its time to start identifying what can be cutor reduced. Do you really need to go to Starbucks everyday? Do you really needto buy Us magazine every week? Do you really need that weekly Barnes & Noblebook fix? If you really do need those things, its important to know that nowbefore you change over to a reduced work schedule.Whats The Difference?Now subtract your total monthly expenses from your THI. Isit a positive or a negative number? Are you living below your means, paycheckto paycheck, or under water? If youre not living below your means you need toaim in that direction, otherwise be prepared for some financial stress andstrain. Learning to live below your means now while youre still working fulltime is excellent practice that will come in handy later if you eventually dotake a large pay cut.And living below your means doesnt mean doing without thethings you enjoy. Its more about changing the way you value your time andresources so that you can manage them more effectively. Knowing what things arereally worth to you will help you evaluate your spending decisions a littlemore carefully.Be Ready For A Rainy DayWhat about savings? If you dont already, make acommitment to save at least 10% of everything you earn starting today, andthink of it as another monthly expense. By thinking of it as an expense, itbecomes another line item in your budget. The easiest way to do thisconsistently is to setup an automatic payment program whereby your savings isautomatically deducted from your checking account and deposited into yoursavings account at the beginning of each month.You will be amazed at how much accumulates over time.Youll want to have at least 3-6 months THI stashed in a safe, secureinterest-bearing savings account that you can access easily if things gettight. This will give you the confidence to get through any unexpected expensesor cash flow crunches after you stop working full time. To paraphrase RobertKyosaki, you want to make your money work for you so you dont have to work sohard for it.Money isnt everything, but managing it well buys youchoices. And if leaving the full time working world is high on your list youwant to be able to afford that choice. Taking the time now to get a good gripon your finances will help you move closer to your part time work at homedreams. About The AuthorMary Shaw is a part time work at home mom and the authorof The Mommy Track: How To Live A Full Time Life On Part Time Income.Get a free chapter at www.themommytrack.net/chapter1.html
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