Increase income or decrease spending?

amother

Wed, Jan 31 2024, 6:23 am

I bH have a stable salaried job while dh is working to start a business. We split childcare pretty evenly because while he has the more flexible schedule, I made my work schedule in a way that he can spend more time on his business because we only have little kids who aren't out many hours.

His business is starting to grow a bit but not as quickly as it needs to to start tackling our financial goals (accumulated a little bit of cc debt while adjusting to new business and then had a baby, would like to eventually buy a house, etc) I keep going back and forth on if I should do some type of side hustle to generate more income or make a more concerted effort to lower our expenses.

We already live pretty simple, no cleaning help or car loans or many luxuries. But we do get takeout for dinner or lunch once a week or so. I could also make more snacks homemade, look for more hand-me-downs before buying clothes, only free activities with kids, etc. There's also a few options of side hustles I could do either within my line of work or starting Sunday clubs or something like that. I could also spend more time helping dh with advertising, sourcing cheaper materials, etc.

Burnout is a definite concern but I feel like there's more I could be doing to help us along even if I can only manage for the short term, just looking for advice on what.

LeMortedeLilac

Wed, Jan 31 2024, 6:42 am

I would suggest doing both at once so you can hit your financial goals faster. Side hustles can really add up, and thrifty tendencies (even when you earn enough to not look for deals) can help you feel better about the occasional splurge. Getting rid of your cc debt is a big first step so I would focus there. Then aim to accumulate 6 months of savings and once that's done, work on your deposit for a house. Reaching each of these goals is huge and makes all the hustling and budgeting worth it. Good luck!

amother

Calendula

Wed, Jan 31 2024, 7:15 am

LeMortedeLilac wrote:

This could get really overwhelming really fast. Sometimes it’s just what’s necessary but this site sometimes loses sight (lol) of the ikar- we work to live not to save money all the time and there’s a balance. Her husband and her are working hard, she doesn’t have to work Sundays and not use papersgoods and and and.

Op it’s really a matter of what’s easier for you. Personally sometimes like with a young baby or pregnant it’s easier for me to cut back than do something extra. On the other hand when I can manage it I feel like earning extra and not obsessing over every single way to cut back feels much better and calmer for me and for my husband also. It’s hard to work hard and feel deprived of small comforts, within reason.

amother

Wed, Jan 31 2024, 8:16 am

Yeah I definitely do not feel like I can cook more from scratch/shop only sales/ etc and take on another job. My concern is more if I focus on saving money will it actually get into the account versus if I focus on making more money, how much will be spent on conveniences to keep us sane. Obviously doing everything is always the fastest method but I also have 3 kids under 4, working 30hrs a week, and a husband trying to build a service based business so his time is literally money.

amother

Peach

Wed, Jan 31 2024, 8:33 am

A helpful tip I once heard- always overestimate how much you spend and under estimate how much you put away. Just a. Little mind game that helps!
If you spent 79 on groceries- tell yourself you spent $100.
If you put $220 in savings tell yourself you only put in $200. I'm not a Type A personality so counting every dollar doesnt work for me so this helped me get an overall picture of what I'm spending.

B'Syata D'Shmya

Wed, Jan 31 2024, 8:38 am

amother OP wrote:

You are doing enough. Dont spread yourself too thin, it will cost you more in so many other ways.