Today on MoneyLife with Chuck Bentley

Our guest today is Jonni McCoy, author of the best-selling Miserly Moms, now in its 4th edition. Jonnie's an expert on frugal living, among other things, and a longtime friend of this ministry.

Jonni's also written a terrific article, titled, "Working at Home: Is it Right for You?"

Years ago Jonni had a career with Apple Computers that she loved and paid well. She made more than half her family's income.

God put it on her heart to be a stay-at-home mom. She wrestled with it for several years but finally quit, although she was still unsure about doing it.

Jonni and her husband had to figure out a way to live without 55% of their income. At the time, they didn’t know much about budgeting or frugal living. She was used to spending for what she wanted. They thought about downsizing their home to get a smaller mortgage, but Jonnie decided she couldn’t do it.

Jonni looked at their finances and realized they needed to cut hundreds of dollars out of spending per month. Her husband gave her four months to do it, or they would have to move.

She took the challenge and learned to be frugal. She started talking to other moms and reading up on the subject. Jonni wrote down what she learned and it later became Miserly Moms.

Jonni determined what monthly expenses were fixed, what were unfixed. She decided to decrease the unfixed expenses as much as possible. She discovered that the largest unfixed expense is groceries, and she worked to get that down to the minimum.

She learned that being frugal doesn’t mean having no fun. She found new ways to do fun things that were free or inexpensive. She devised lots of family outings and entertainment. The family took it on as a challenge, and they got great satisfaction in meeting the challenge. The family has lived in that same house for 12 years and Jonnie feels blessed to be able to help others on the same journey.

Jonni's defensive strategy was to spend less; her offensive strategy was to start supplementing income by working from home. She looked at different work-from-home options and what was cost effective. There are many expenses involved in working, even at home. She tried several work opportunities. She says there are many options:

• Self-employment
• Consulting
• Being an employee for someone else

Jonni says you need to fully understand your skills and personality, and be very realistic about how much time you have.

To avoid work-from-home scams:

• Try to work through a local employer you know.
• The Internet is a dangerous place. Be wary
• Check companies for fraud at the Better Business Bureau and the Federal Trade Commission
• Avoid any opportunities that require you to pay or invest money upfront, or to buy special equipment
• Be wary of outrageous claims about what you will make
• Don’t give out personal financial information

You can find real job opportunities by looking at local jobs and pitching an employer on doing it at home. Some companies are beginning to come up with ways to use workers at home, such as call centers.

To become a "Mompreneur":

• Have a plan for what you want to do and product or service you want to sell
• Get a second opinion on the plan
• Seek free advice and evaluation by SCORE. They have special help for women and will closely look at your business plan
• Take a hard, honest look at the cost of operating your business. Expenses can add up quickly, eat into profit
• Evaluate the time it will take away from the children, because your purpose in working from home is to have more time with your children

Working at home wasn’t profitable initially for Jonni. She focused on saving more in the beginning and later found a profitable work-at-home opportunity that allowed the family to purchase extra things. It never provided a replacement income.

She says she wuld do it all over again and that it's been an awesome journey for her and her family. She learned what was important in life, along with a lot of ways to save money. The McCoys got a great sense of satisfaction working together as a family to accomplish something worthwhile.

Throughout the process, their faith fueled everything they did. They knew everything they had came from God, and the journey gave them a greater appreciation for how God blessed them.

Some people are concerned you can’t be frugal and still have healthy meals. Jonni says that's not true, and she encourages you to try for both. Her book, Healthy Meals for Less, has recipes that provide a nutritious meal for less than $1 a serving. Each recipe has a nutritional chart.

Chuck's closing thoughts:

• Some of you listening may also want to be a stay-at-home mom
• Some of you probably have been forced home because of a layoff during this recession
• A gGreat option for continuing to be a two-income family is to work from home
• Know your skills, personality, and interests, use an assessment, such as Career Direct®
• When you have a challenge with your family’s finances and face a disruptive change, deal with it both defensively and offensively
• Become more frugal in managing your money and find ways to grow your family income
• When looking for work-from-home opportunities, look at local opportunities, check things out, avoid scams
• Make sure the time you’re spending on the work fits with your family and is cost effective
• Remember that it’s not easy but it’s possible
• Spend time in prayer and seek wise counsel
• Know you’re stepping out on sure footing

Thank you for listening and for your financial support! It's a pleasure to have you on this journey with us. Thanks for making it possible for us to teach people around the world the truth of God’s financial principles!

You can become part of Crown's effort to teach biblical stewardship by making a gift online or by calling 800-722-1976. Thank you!

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