Okay so I have a full time job as an accountant and I am pretty successful but I am still young and by no means making the big bucks. Here is the deal my wife and I are going to have a baby (we are about 8 weeks along) and when the baby is born I want for her to have 6 months to a year to stay home and care for our child. Only problem is she works too and it is going to be real hard to pay all the bills with just my current income.

Without giving all the details, I figure I am going to need about $1,000 per month in additional income so that she can stay home and we can still keep the lights on. I have time to figure it out but I need to put a plan in place soon so I am ready.

Here is what I am thinking; I could get a part-time job at night, wherever job just to get some additional income. But if you do the math it would be almost impossible to make the $1,000 a month I need without working myself to the bone. I would have to work 20 hours a week at night at $12.50 per hour just to gross the $1,000 and that isn’t even considering all the taxes and such. And what are the changes of making 12.50 an hour in the type of job I could get. Also my current job is demanding and I often have to work late, two days a month it is a must I will until 10:00 PM but often I have important projects and need to work later on normal days.

Another idea I had was to use my current skills as an accountant and start doing work on the side as a small business providing bookkeeping, accounting and tax prep services. I just don’t know how hard it would be to get something like that going or how much work I would have to find to net the $1,000 per month I would need. One plus of this is I could start it out now and hope that it grows enough in seven months to provide the additional income I would need. However I would need to invest in the software needed etc. to get this thing rolling. Another potential upside would be that when my wife is home with the baby she could help with this small business doing some of the simple tasks (entering invoices stuff like that).

Can someone with experience in any of these matters please give me some advice? I would greatly appreciate any ideas or suggestions you have in this matter. Also I am not sure if this was the best place to post this question so if you think somewhere else would be more appropriate please ask it be moved or let me know.

Thanks - JC

I guess no one reads this board, maybe I need to post this somewhere else...

Have you pared down your budget as much as you can? I had stayed home to raise two sons, and exchanged baby and toddler clothes with friends whose children were at different ages from mine, did cooking from scratch plus ate overall cheaper meals, ate out only at fast food places and rarely at that, etc. We lived like paupers but it allowed me to be home.

Could she wheel and deal with her current boss to work only part-time for a year? That would give her a chance to be out and about with adults and you would be the one at home with the baby.

Starting a business sounds great, but marketing yourself will be a huge hurdle and all the mess and fuss may be more of a problem than it's worth.

Of course, both of you will be helping out with housework, laundry, grocery shopping, cooking, child care, yard work, snow shoveling, etc.

Have you pared down your budget as much as you can? I had stayed home to raise two sons, and exchanged baby and toddler clothes with friends whose children were at different ages from mine, did cooking from scratch plus ate overall cheaper meals, ate out only at fast food places and rarely at that, etc. We lived like paupers but it allowed me to be home.

I guess I could cut the budget some more; I am in the process of quitting smoking (which she already did as soon as she found out). I didn't want to give all the details of my personal budget because I post here a lot and some people might know me.

One thing I can say is that in about a year all of her student loans will be back in repayment and we cannot differ them anymore. That is like an additional $500 a month in expenses. I factored this into the $1000 of extra income I think I will need for her to stay home. I really think it is a good estimate given everything I know now and planned budget cuts...

One thing I can say is that in about a year all of her student loans will be back in repayment and we cannot differ them anymore.
Have you consolidated them yet?

Could she wheel and deal with her current boss to work only part-time for a year? That would give her a chance to be out and about with adults and you would be the one at home with the baby.

Starting a business sounds great, but marketing yourself will be a huge hurdle and all the mess and fuss may be more of a problem than it's worth.

Of course, both of you will be helping out with housework, laundry, grocery shopping, cooking, child care, yard work, snow shoveling, etc.

She is a Substitute teacher and would have to work during the day, which will not work because I (Have to) work during the day. Obviously I make more, or I would be the one offering to stay home.

Could you give some more ideas about marketing my small business, I was just thinking to put some Ad’s in the newspaper and online and hopefully I would slowly gain customers. How hard do you think it would be?

Yeah we both help out around the house now. I am worried that if I work all the time I won't be able to do as much. There are something’s I will have to do because she cannot or will not: repairs, snowplowing, mowing the lawn, etc.

You're going to have fun mate.

Get on eBay and sell your unwanted stuff.
While you are about it BUY what you need from there as well.
A little clever bidding and you'll average 50% saving on retail prices.
Suck up your pride and beg, borrow and steal what ever you can from others.

There are lists and lists of things a new baby needs, a lot of it is unneeded carp, so ask friends that already have kids what they REALLY needed.

Seriously DON'T think about a night job, as this is your first your sleep pattern is going to go to hell, FAST ;)

Have you consolidated them yet?

Trust me I am all on that, however they are in defferment now and I am afraid if I consolidate they will go right into repayment.

Also, she has a mix of personal, Grad Plus and Stafford Loans... It get's pretty compex but I would not be worth it to consolidate them all together.

You're gonna have fun mate.

Get on eBay and sell your unwanted stuff.
While you are about it BUY what you need from there as well.
A little clever bidding and you'll average 50% saving on retail prices.
Suck up your pride and beg, borrow and steal what ever you can from others.

There are lists and lists of things a new baby needs, alot of it is unneeded carp, so ask friends that already have kids what they REALLY needed.

Seriously DON'T think about a night job, as this is your first your sleep pattern is going to go to hell, FAST ;)

Thanks that might help,

Also my old boss is calling me and wanting me to come back. I said I really like my present job but that I could work for them on the side as a consultant and he sounded interested. Add that to the small business idea using my current skills and I think that should do it. But I need to get started now… maybe I could also ask my boss for a raise.

You could contact area public libraries to find out if they are willing to allow you to present a one-hour evening program about tax hints/helps or something you can offer besides tax help -- retirement and college planning, for instance. (Many libraries have a budget for programs and will even pay you for this sort of thing.) You won't be advertising your services there but will have business cards handy for potential clients. Park districts, churches, and community colleges might also host your seminars. Short punchy ads in the local newspaper, fliers posted at grocery stores and home improvement stores, etc. will help get the word out. You'll need a base of operations so you don't spend a lot of time traveling to clients' homes, so use the library for that -- maybe reserve a study room at a library when you meet with clients?

P.S. If the library doesn't want you doing business on their property, you'll have to find a fast food place or some other place to meet with clients. I met mine at Arby's -- big tables and practically empty after 7 p.m.

What about your wife getting into tutoring, which could be done in the evenings. She could even take the baby with, depending... She could work with area principals for legitimacy and safety. Tutoring pays well, it's fun, and she will improve her skill sets.

I suggest you find you some residual income instead of working all these extra jobs because your wife will need your help with the child.

1) buy some real estate (which is really cheap right now) and use it as rental income. Not a property over $50K (interest rates are at its lowest).

2) find an online business of selling products which can sell if you are there or not and which your wife can do as well at home in her free time!

Good Luck!

Peace & Prosperity!

I suggest you find you some residual income instead of working all these extra jobs because your wife will need your help with the child.

1) buy some real estate (which is really cheap right now) and use it as rental income. Not a property over $50K (interest rates are at its lowest).

2) find an online business of selling products which can sell if you are there or not and which your wife can do as well at home in her free time!

Good Luck!!

Peace & Prosperity!!

Thanks but I cannot afford to by rental property, if I had that kind of money I wouldn't be worried in the first place.

Also, if I am going to start a business on the side why not use the knowledge, skills and abilities I already have. As I mentioned before my wife could help in this during the day when she is home. I think that is the route I am going to go. A night job just sounds crazy I think...