Working from home is the goal of many people who need to be in charge of their own schedules. There are a lot of people who are looking for a job like this, but there are very few of them that can actually afford to quit their “regular” job in order to work from home full-time.
Fortunately, it is possible to work from home and make enough money to support yourself and your family, but it requires a person to plan for eventualities. By planning carefully, you may be able to quit your job and work from home.
To start, write out a budget based on you not earning any income. In some cases, people are able to make a few small changes that will allow them to survive off of other income. In most cases, however, you will discover that you have to bring in some income in order to maintain your present standard of living.
By subtracting the total amount of your bills from your other sources of income, you will be able to figure out how much you need to earn in order to work from home. If this amount seems too high, do not worry. There are several ways to lower this sum.
One of the best ways to lower the amount you need to earn every month is to lower your obligations. Pay off debts such as credit card bills, auto loans, and even consider paying off your mortgage. By lowering your bills, you are lowering the total amount you have to pay every month.
In addition to loan payments, also consider if it is possible to cut back on expenses such as transportation, child care, and even clothing by working from home. Many people discover that by working from home they no longer have to pay commuting costs or keep up an expensive work wardrobe. By cutting these costs, it is possible that you will be able to make less than you currently make at your “regular” job.
After cutting all the costs that you can, you will need to build an emergency fund. Working from home often means working for yourself, and that means unsteady pay. During slow periods, you may find that you are not earning as much as you need to pay your bills. Ideally, try to save about a year’s worth of expenses.
Finally, consider costs that you will incur by working from home. You may need to upgrade your home computer, pay for a faster internet connection, and/or purchase your own office supplies. Be sure to add these costs into your budget.
In many cases it may be possible for you to work from home as soon as you pay some bills or save some money. Keep your regular job until you are able to afford to work from home without jeopardizing your standard of living.