Friday, March 21, 2008

Open Discussion: Managing Finances

I thought today would be a great day for an open discussion! I'm always interested in learning more about budgeting and managing money and I'd like to hear what our readers have to say about this. So, here are a few questions to get you started.

How were you taught to manage your finances wisely?
What are some ways a daughter can help her family in this area?
Does your family live frugally?
What are some ways a stay at home daughter can earn money from home?

I'd love to hear some of your experiences and thoughts on this matter! Later we'll chime in with our thoughts, but we'd like to give our readers a headstart! Leave a comment!

Also, if you have a topic you'd like discussed or a question, click in the sidebar and email us!


Eruanna said...

Well, this is rather late but I've been meaning to add something in so here it is. :)

Finances were a struggle for me, especially after I got a part-time job and had money to work with. I believe strongly in not ever going into debt, but saving money was quite challenging.

Then last summer I was able to watch some of the Dave Ramsey series on Financial Peace. That really helped me to manage my money better. First I switched to operating on cash only. Next I spent a couple months living on as little as possible so that I would be "one month ahead" on my income. Now, for example, I can use the income I generated in March to pay April's expenses. That is soooo much better than living pay-check to pay-check like I had been doing.

Once I got all that in line, I started doing my balancing once a month. I have a little "bank box" and inside I have folders for each of my regular expenses. At the end of every month I take my earnings and allot the appropriate amount into each folder, and then that money sees me through the next month when I divide things out again. It isn't a very "pretty" way of doing finances, I don't make pie-charts or use a fancy computer program, but it has worked for me.

As to ways for a Stay-at-Home daughter to earn money, the first thing that comes to mind is giving piano lessons (or music lessons in general). I have several friends who do this, and can make a decent amount of money without ever leaving their homes. You have to be a musician, of course, and have the ability and desire to teach. Also, the layout of the home effects things as well. One of my friends has chosen to drive to her students, rather than have them come to her house, because her home doesn't have a good place for private lessons.

I've never had to "look" for a job myself, though I know there are many things a girl can do from home. God has always provided me with exactly the right job and income to suit the season in my life. For the last couple years I have been a home-helper for a lady I met through my church. She has some health issues, and so I go to her house every afternoon to run errands, care for her dogs, do light housework, and pretty much anything else she needs done. Some days she just wants somebody to talk to. :-)

One way I try to help my family out is by making the smaller purchases (cough drops, toothpaste, cleaners, vitamins, tea, canned food, etc.). I am learning to use coupons, and can usually get these things for free or very inexpensive. I wrote more about that on my blog at this link:

Great topic! I'll be interested to see that post you mentioned was coming up.

In Christ,


Maria Pauline said...

Although very little money goes through my hands, my family frequents thrift stores, shops online from places like Ebay, and makes do with as little as possible. Of course, there are times when we are all out of money, but God always provides for our needs.

Anonymous said...

I think that stay at home daughters can very easily take over all the grocery shopping and meal planning. To do this in s frugal but healthy way is great practice for dealing with a budget and cooking of course :)

I highly recommend Crystal Paine's blogs Money Saving Mom and Biblical Womanhood. Check out her CVS deals and how she helps her family save money.

In ways to make money, do what you love! If you love music teach. If you love to sew, teach sewing classes or sew for others. I have heard of young ladies starting photography, tutoring and even cooking businesses. Crystal Paine has a book on starting a home based business too.