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Hi Everyone!
I have been really absent for a while because we've been swamped! We were flooded out in the floods in the northeast just before we were matched with a brand new baby boy! Our social worker called out of the blue on March 23 and asked if we were interested in adopting a baby brother for our daughter!!!!! This is such a miracle to us!!!! HOwever, April was very expensive ! Between adoption fees and having our basement repaired, we took A LOT of money (for us) out of our house. We usually don't carry any debt but our mortgage, so this is pretty scary for us.
In addition, the baby has some medical issues, so we're negotiating that right now, as well. Please give me your best quick and easy suggestions for taming our budget and getting us back on track. Just as an FYI, the baby has reflux and is not sleeping that well, so they have to be things I can manage on very little sleep !
Thanks in advance!!
Michelle
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WOW! Congrats on the new baby, Michelle!
I'd say the best things to focus are on things that aren't fixed expeditures (like mortgage and car payments). So that would be groceries, utilities (to an extent) and extras. With a newborn, you should be doing menu planning, which will help you save at the grocery store. That's where I'd start!
Again, so happy to hear about your bambino! Sorry about your basement though!
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Congratulations!!
The quickest thing to do (not easy though!) is to sit down, write out everything you spend money opn and right there axe everything that is not a necessity - eating out, cable, high speed internet, memberships to gym, societies, etc, maybe cell phone, sodas, etc. Not easy, but will save you money until you can get back on track.
Other things- menu planning, limiting shopping, if you need things for the kids like clothes, toys, even formula coupons- ask on freecycle and Craigslist. Ask formula manufacturers and pediatrician for any coupons/samples for all your baby needs- diapers/formula, etc
Keep a total of everything you spend- down to the penny. If you don;t have it- don;t spend it (Of course, I know emergencies come up and you ahve to charge medicines, health care, etc,) But, if you are craving a latte to stay awake - just say no and brew it at home!
Good luck- I'm sure you'll get some much better ideas from other gals.
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I agree with the others..and will add....what you spent money on is PRICELESS, so when you are totally stressed out with trying to get it all to line up again, just remember that!!! CONGRATULATIONS!
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I knew you brilliant ladies could help. I'm so sleep deprived that I forgot about menu planning. That will be huge! We ate out just about all the time for the first month, which was a killer for our budget. We're down to once a week now and only something we have a coupon for. Unfortunately, we don't have family who can help (long story), so we're using our best creative solutions to get back on track.
I actually freecycled for most of the baby's clothes. Unfortunately, a ton of our stuff got ruined when we flooded and we lost most of the bigger baby toys (the little gym thing, two strollers, a bunch of clothes).
I work from home part time (10 hours a week) so high-speed internet is a must. I would love to cut cable, but DH is resistant. He's actually working 65 hours a week right now, so I hate to be a real meanie and take that away from him. Everything else is up for grabs, though. I love the idea about remembering to do lattes, coffees, etc. at home. We've been running back and forth to the doctor so much that I bought some quickie snacks (cereal bars, cinnamon bread, cranberries, etc.) to be able to snack on the go instead of eating out.
I love all of your ideas. Please feel free to add more! TIA
Michelle
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Another way to get the extra money NOW. Re-evaluate your tax withholdings, the IRS website has a page that will calculate your with holdings and estimates your taxes for 2007. Increasing your exeptions will take less out of your paycheck instead of waiting until next spring for a refund. We do a cash budget for our food outside of the home. So when I grocery shop every week I take a set about (for us its $40) this can go toward eating out or a weekly latte its a great way to limit eating out.
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Michelle, where are you in CT??? I've got TONS of baby boy stuff here i can go through, what size does he need???? I can send you some things, if I havn't given them away already. LMK! CONGRATS!!!!!! I'm excited for you!
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How nice of you!! You are very generous!!
We're in the north end of Bridgeport, about five minutes from the Trumbull mall. Cole (DS) is set for 0-3 month stuff and has some 3-6 and some 6-12 month stuff from Freecycle. I'll have to beef up both sets of those wardrobes, however. You don't have to send them, though. Depending on where you are in CT, I'd be happy to pick up, or send you money to mail things.
Thank you so much!
Michelle
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Let me go through my stuff and see what I have. I know I have boxes up in the attic I havn't gone through yet. But I know I have some toys and stuff too that you can have. I'll check when I have some time!!
I live in Griswold, I'm north of NewLondon and Norwich. About 10 minutes from the casinos.
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You've received some really good advice already. Make sure you consult a CPA or tax professional, because I think a lot of adoption fees are tax-deductible or you may be eligible for tax credits. Find out all you can on that.
It seems like a lot of your expenses were one-time expenses, which is good. However, a lot of people fail to budget those "rainy day" things like home/car repairs, medical bills, etc. into their budget. Make sure that you do that in the future when calculating your budget.