Are you a Dual Income Family but would rather not be?

In these uncertain times you may not have a choice and may have to go down to a single income catagory but for many and even one of my clients it was a choice to leave work emotionally and intellectually, and not a financial one.  When I was first working with this couple, we started by putting everything down on paper through the Monthly Income and Expenses Worksheet and Financial Statement.  They were positive cash flow $1000 per month, remember cash flow is income minus expenses.  So as we worked through all their financials and different loan structures and what they had and the expenses they lived on, I did a what if scenario, because the wife wanted to stay home with her children.  Just to see what would happen implimenting my shifting and changing things within what they already had, I did not “cut” anything, I just removed things that were contingent on the wife working vs. staying home with her children.  The following factors need to be considered and calculated, it may be shocking when you add all those expenses up.   Those categories including  Child care; Medical Co-pays & prescriptions for kids in child care; dry cleaning; professional wardrobe;  Commuting costs (gas, tolls, wear and tear on vehicle); higher car insurance costs(depending on current commute); parking; eating out or buying convenience foods because of no time to prepare meals; household services (lawn, housekeeping, etc since no one has time); daily Starbucks habit; buying your collegue’s children’s wrapping paper and cookies; the affect on your tax bracket; cell phone, pager, blackberry costs.   That is quite a bit of stuff to consider, I will be more than happy to help anyone sit down and shift through all this as well as looking at their whole financial picture to see what can be done to help increase their monthly cash flow.  I am pleased to say that this couple is still enjoying having Mom stay home, have added to their family AND have almost doubled their monthly cash flow through paying down debt and using the tools and techniques that I have shown them.    I challenge you to have me look at your finances, at no charge, a free consult!  Let me see what I can do for you, no strings attached, grant you I have yet to look at someone’s information and deem it useless.   Remember, my services don’t include putting you on a budget, it is purely organizing your current situation.  So after that free consult you would like to sign on for a whole year of coaching that is great, if not, you at least will know where you stand financially today and hopefully can take even more positive strides in the future.  On average I save clients 10 times my yearly membership of $150.  Now that is a return on your investment and your future!

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~ by debt2dreams on October 27, 2008.

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