The Financial Trap of a Live In Nanny

>> Thursday, May 14, 2009

I have been a nanny for fourteen years...all as a live in. Many would think that is an easy way to save for the future. Sure but reality is that is not how it works all the time. I have made some stupid mistakes as a nanny financially with my personal debt. I have a good FICO score, and good credit despite the amount of credit card debt I have.

I know first hand how easy it is to purchase things with credit cards because they are easy to use. You basically can buy whatever you want and just make payments. As a live in nanny we have very little "utilities" to pay for. I have mostly been in charge of paying for my Internet, cell phone , land line phone, and part of my health insurance. There are other items such as gas, weekend and evening eating out/food items , and entertainment to purchase. That is partly how I got to where I am today. I hope that through this blog I can share with you some of the ways I have gotten out of debt, paid my bills on time, closed credit cards, paid off loans, saved for my nanny conferences and memberships and still have money leftover each month to play with.

I started working slowly on getting out my debt, setting up my future retirement accounts, and savings accounts over the past two years. It is not easy and it doesn't get fixed overnight. The debt didn't come over night so it won't disappear overnight, unless you win the lottery. I have some fun ways on working to get out of the "trap" and onto solid ground again. I am hoping to start off 2012 debt free and standing outside the "trap" and on solid ground. I hope you find something that could work for you.

On Friday, Glenda and myself will be announcing a wonderful giveaway for any nanny out there. So sign up to receive the RSS feeds, or the emails and come back on Friday to find out what is happening.


Carli May 18, 2009 at 10:07 AM  

I've never been a live in Nanny, so I can't relate to that aspect. But I certainly can relate to debt! Ive been using the Dave Ramsey plan and should be 100% debt free by this fall. Its been very helpful for me, you might want to check into it.


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