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How to Get By on One Income When Baby Arrives

For the Mommas

Eliminate debt. Credit card debt and high-interest loans are costing you money that you could use in the long-run. Prepare to live on one income by paying down, or paying off, these debts. Buy second hand. Goodwill and thrift stores offer great prices on new and gently used items.

Baby 40
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25 Ways to Find Money for Your Emergency Fund

Family Balance Sheet

He then advises paying off your non-mortgage debt before fully funding an emergency fund with 3 – 6 months worth of expenses. Being self-employed, we have a higher starter fund on hand and when we pay off our non-mortgage debt, we will save to at least 6 months expenses and maybe even more. I found this post very helpful.

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Our 2018 Financial Goals

Family Balance Sheet

This is our very last non-mortgage loan and we send an extra payment every month as part of our Debt Freedom Plan. I want to challenge myself to rethink our purchases by taking advantage of more cost effective solutions, like borrowing, buying second hand, or just making do with what we already have. Plan our Spending.