Still penny pinching

[Williss2]

I work at a local hospital, med-surg. I work very, very, very hard. When I'm at work, I give my all to my patients. Sometimes I come home dog tired. Too tired to eat. So why do I do all of this, go to school, get my degree, only to be rubbing two pennies together when I get home. I certainly feel as if I don't get paid enough for what I do. But when you think of a Registered Nurse, you don't really associate that with struggling. My family seems to think I'vw got it made. For some reason, I can't get over 300 in my savings account. Too give you a bigger picture of me personally. I do have a 2 income household with 2 kids. Renting, but with only 1 car note. It would seem as if I should be rolling in dough. But far from it. The only guilty pleasure that we can afford is eating out. We do this very often because of how tired I am when working. Don't get me wrong. It pays the bills, but exactly that and not much more. I am not sure if financially, I would even be considered to be in the middle class. How do you all discipline yourself enough to save? Am I the only nurse with lint in my pocket after working so hard everyday? How far can this career take you when it comes to making good, good money instead of chump change?

Thanks for any comments!

[ajhill00]

I think you hit the nail on the head, when you said you like to eat out a lot... you can save a ton of money cooking at home. I understand you are tired and don't feel like cooking, but maybe you could just eat out one day a week less and save that money?

[Aneroo, LPN]

I understand!

1- Write down everything you're spending. You'll be amazed at the small areas you're spending money that add up.

2- Figure out ways to cut back. Do you really need 247 cable channels and 1500 cell minutes/month?

3- Cook! I hate cooking, but it saves us money. Cut coupons every Sunday. It takes a while to get used to coupons, but after a few weeks, you get enough saved up in coupons and you get some great deals. http://www.grocerygame.com is a great website to help start coupons and will tell you who has what on sale (you should be able to do a few weeks for free). I cook several pounds of ground beef (bought on sale of course) and freeze it. That way if I am cooking hamburger helper, spaghetti, tacos or something like that, I just have to heat it in the microwave while I prepare the rest of the food, instead of cooking more beef. I was shocked to see we were spending over $500/month on eating out between two adults and a preschooler!

[Meriwhen, ASN, BSN, MSN, RN]

The problem isn't your salary; it's your family's spending.

You and your spouse need to sit down and honestly look at your finances. Look at your last month's expenses (or if that is not possible, track them for next month). Consider every expense, big or small because you'd be surprised at all the little places that your money can be going and which you don't even realize...such as eating out for lunch, your daily capuccino, cigarettes, raids on the vending machines, etc.

Look at your trips to the store: does a quick trip "just for milk/one item" end up being a $30+ purchase because you saw several other things that were on sale/you forgot you needed/you just plain wanted? Have you been stopping in at WalMart, Target, etc. a little too frequently because you "needed" something?

The kids: how much of that spending is on them? By them?

Look at your household expenses and see what you're spending on what services (e.g., internet, cell phone, television, etc.) and how much you really use those services. Also, you should know what your household bills will be (approximate) every month.

And you admitted that you eat out a lot...save your dining receipts for a month and you'll see that unless you're doing the Dollar Menu at Mickey D's each time you go out, dining out for a family of four isn't really that cheap.

Once you have an idea of what you are spending and where, you and your family need to make a budget. In order to save money, you have to have money to put into savings...meaning that you will have to control your spending and/or you will have to cut back somewhere. Where you should cut back is up to you--I won't tell you to give up dining out if that's important to you. But you need to accept that if you want to save money too, you will probably have to sacrifice another expense, such as downgrading the tricked out cable subscription plan to a basic plan, or giving up weekly trips to the bookstore.

And get a program like Quicken or Microsoft Money and use it! Once you start paying attention to your spending habits and track them, you'll learn a lot :)

[MagsMom]

Besides looking at all of your finances you can try what I do. I am a single mother and very busy.

I cook ALL of my meals for the week on Sunday (you could pick any day of the week).

I use my slow cooker about 4 times per week and to do this I prep all the ingredients on Sunday and just throw in the slow cooker before I leave for work in the morning.

The other food I cook and then just reheat during the week.

It took a little adjusting for me because I grew up with a mother who went to the grocery store everyday because she never knew what she was in the mood to cook/eat.

I also buy yogurt and bread. If my planned dinner is not going to be eaten the ONLY thing that is eaten for dinner is yogurt/breat(toast) or leftovers from a previous meal.

I know it sounds a bit rigid but I had to come up with a system since I have no help from the ex - and I work and go to school full time.

It may take some time for your kids to adjust but trust me they won't starve in the meantime. Good luck - and know that my suggestions were given with the best of intentions from someone who has been in a similar situation.

Edited to add - let me know if you want some sample menus. I would be happy to share.

[arigsbee]

Eating out is the single quickest way to poverty/debt/never having money. It's like a person who is not 'rich' hiring servants....there just isn't that much money for the average person to support that lifestyle.

I read an article about a family's budget overhaul. The at-home-mom felt they couldn't live on one income, so she had tried 2 or 3 side businesses, part-time jobs from home, but they were still struggling financially. An analyst took a look at their spending, and found they spent about $30K annually on fast food and out-to-eat dinners (for just 2 adults and 1 kid!) . She did this b/c she was too busy and tired from taking care of the kids + working her part-time gigs , which were netting her about $20K annually. So her part-time job ended up putting them $10K in the hole every year..... (more so after taxes)

The great thing about saving via 'not spending', is that your 'earnings' are 100% income tax free - i.e., that $20 you save by not going through drive through adds up to about $35 of taxed income.....

Might even be worth your while to cut back a few hours and do your own cooking + lots of other chores that people spend money to have someone else do...

[nunnurse1]

I feel the same way some days. It seems like everything is more expensive and the more you make the more you spend. I definately have to stop going to starbucks because before you know it, I have spent $20 in a week!! I have to track my spending and really be careful about whether i need something or just want it. Good luck, friend!

[Jami RN, BSN, RN]

I agree with the previous posters. It is a very enlightening experience to track every penny your family spends in a month. When we have done this, we have been astounded at the many places we waste our money. It is easy to forget all the small places we spend money. Dining out can really use up all of your expendable income -- I know that is one of our big money drains.

Speaking personally, my "needs" tend to expand to match my current income. It doesn't really matter whether I make $10 an hour or $50 an hour, within 6 months I tend to adjust my expectations and spending habits to my new income.

One thing we have found helpful is the google docs website -- if you open a free gmail account you can access and share a number of spreadsheet templates that will help you budget and track income. We have found that we spend a lot less money when we know we'll have to enter it on a spreadsheet and account for it.

Good luck!

[Meriwhen, ASN, BSN, MSN, RN]

I read an article about a family's budget overhaul. The at-home-mom felt they couldn't live on one income, so she had tried 2 or 3 side businesses, part-time jobs from home, but they were still struggling financially. An analyst took a look at their spending, and found they spent about $30K annually on fast food and out-to-eat dinners (for just 2 adults and 1 kid!) . She did this b/c she was too busy and tired from taking care of the kids + working her part-time gigs , which were netting her about $20K annually. So her part-time job ended up putting them $10K in the hole every year..... (more so after taxes).

Ironically, I find that I've been cooking more since I started working full-time. It's not a money thing though...I find cooking is good stress relief. And it's a bit of a guilt thing too: on the evenings I have to work, I may not get to see my spouse when he's awake, but at least he can eat some home cooking while I'm gone.

But 30K a year on eating out? That's nuts. Though I am curious now: I'll have to track what we spend on dining out for the next month and see where we stand.

[angel337, MSN, RN]

it is not your imagination, nursing is not the best paying job. its not the worst but definitely could pay more. just about every nurse i know works overtime religiously or a second job. sure you could cut corners by eating out less, but cost of living is high and you just have to be smart and careful. people think nurse do so well, but in general we make median income. add a house, a couple of pets, a decent school for your kids and you realize quickly if you wanted money nursing is not where its at.

[Sue Damonas, BSN]

I rarely eat out and usually bring my own lunch. I also spend an afternoon cooking up a storm and then don't have to cook the rest of the week and also have some stuff that I freeze for another time. I also try to take a day once in a while where I don't use the car at all so I save gas. If i can't walk somewhere I stay home and get stuff done.

[arigsbee]

Ironically, I find that I've been cooking more since I started working full-time. It's not a money thing though...I find cooking is good stress relief. And it's a bit of a guilt thing too: on the evenings I have to work, I may not get to see my spouse when he's awake, but at least he can eat some home cooking while I'm gone.

But 30K a year on eating out? That's nuts. Though I am curious now: I'll have to track what we spend on dining out for the next month and see where we stand.

The analyst included in their 'eating out' fees all their 'out of home' food purchases - Starbucks, snacks and sodas picked up at the gas station, etc. It's not that hard to rack up huge expenses - I have a friend who has a family of 5 - they eat out for almost every meal. Even to eat at a 'reasonably priced' Mexican restaurant for supper, with drinks and 15% tip, for 5 people, is $60-$75 per night. They swing by drive through or someplace like Panera for every lunch, and sometimes often grab fast food breakfast on the way to school/work. They must be dropping $100-$150 per day all told.....