If taking care of the basics sounds tedious to you,
remember that a little time invested to make your family's basic life
run smoothly will allow everyone to enjoy the special activities even
more. In this section, you'll learn how to build a schedule that
accommodates the demands of your job, along with the necessities of
caring for your family, your pets, and your home.
Things You'll Need
Making Money
Unless you're
independently wealthy, making sure you have enough money to feed and
shelter your family has to be a top priority. Making enough money and
managing the money you make both come into play as you work to establish
your family's financial well-being. And every decision you make about
your family's financial situation has an effect on your family's
schedule.
Your Primary Income
When you have a job, a
certain amount of your time is no longer under your control. You need to
subtract the hours you're required to be at work from the 168 hours
with which you started. If you work a 40-hour/week job, that means
you're down to 128 hours. Obviously, if you work a longer or shorter
week, then you need to adjust accordingly. Commuting time and lunch time
become somewhat restricted as well, although a little later we'll look
at some ways to make these times more productive for you personally.
|
For
your school-age children, attending school is their work. The school
sets the days and hours that your children must be there, and you need
to block out that time on their schedules. Just as the time your boss
expects you to be at work is not yours, the time the school district
expects your children to be at school is not theirs. |
Supplemental Jobs
In today's economy,
many families feel that they cannot make ends meet on just one salary.
So, the one adult in the family takes on multiple jobs, both adults in
the family have jobs, or both adults take on more than one job.
Unfortunately, multiple jobs often result in a case of diminishing
returns; the adults work longer hours with little or no increase in the
family's disposable income.
To avoid this pitfall of diminishing returns, when evaluating a
second—or third or fourth—job, you should look at it from a couple of
angles. First, consider the reason for the supplemental employment. Ask
yourself the following questions: |
Am I taking this job because I really enjoy the work?
Is
it important for me to have this job so I can stay current in my chosen
field or so I can return to my career when the kids are grown?
Will
this job help me set an example for my children about our family's work
ethic or the ability for everyone to be gainfully employed?
Am I taking this job because the family needs more money?
If you answered “Yes” to
one or more of the first three questions but answered “No” to question
number 4, then this job may really be more of an enrichment activity than a source of supplemental income.
If you answered “Yes” only to question number 4, then you need to evaluate your situation in light of the example set forth in Table 1.
Table 1. How Much Money Are You Keeping from Your Family's Second Income?
| Income/Expense | Amount | Balance |
|---|
| Earnings | | |
|---|
| 40 hours/week × 50 weeks = 2,000 hours @ $13/hour | 26,000 | 26,000 |
| Taxes (federal, state, local) | | |
| 25% | 6,500 | 19,500 |
| Day care | | |
| $150/week × 50 weeks | 7,500 | 12,000 |
| Work clothes | | |
| 4 new outfits/year @ $350 apiece | 1,400 | 10,600 |
| Dry cleaning for work clothes | | |
| $10/week × 50 weeks | 500 | 10,100 |
| Extra lunches out | | |
| 1/week @ $10 apiece × 50 weeks | 500 | 9,600 |
| Extra family dinners eaten out | | |
| 3/week @ $50 apiece × 50 weeks | 7,500 | 2,100 |
| Gasoline | | |
| 10 miles/day × 250 days @$2/gallon, 25 mpg | 200 | 1,900 |
| House cleaning service | | |
| $50/week × 52 weeks | 2,600 | (700) |
If, instead of taking
this second job, you stayed home and spent one day a week cleaning the
house, at the end of the year, you'd come out $700 and 1,600 hours
ahead.
Your income and expenses
will vary from the example, but you should never take extra employment
without first doing a cost/benefit analysis of the situation.
Trimming Expenses
You should consider these other ways that
good scheduling can help you trim your expenses:
Save gasoline, wear and tear on your car, and impulse purchasing by consolidating errands.
note
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Pay your bills on time and eliminate late-payment penalties.
Eliminate meals eaten out because of lack of meal planning.
Maintain your house on a regular schedule and avoid costly repair bills.
Incorporate exercise into your other activities and save gym fees (see Table 2).
Table 2. Accomplishing More by Doing Less
| Plan 1 | | | Plan 2 | | |
|---|
| | Time | Cost | | Time | Cost |
|---|
| 1. Hire service to mow lawn for 6 months. | | $450 | 1. Buy push lawnmower. | 2 hrs. | $250 |
| 2. Join health club for 6 months. | | $300 | 2. Mow lawn for 1 hour a week for 6 months. | 26 hrs. | |
| 3. Buy equipment (clothes for health club). | 2 hrs. | $150 | | | |
| 4. Drive to and from health club (8 miles) once a week for 6 months. | 8 hrs. | $60 | | | |
| 5. Exercise for 1 hour a week for 6 months. | 26 hrs. | | | | |
| Totals | 36 hrs. | $960 | | 28 hrs. | $250 |
Investing Your Savings
Now that you've created
some savings, it's important that you don't just let them sit idly or,
worse, get absorbed into your regular spending without being noticed. Be
sure you take the important first step by incorporating money
management as an activity on your schedule.
