cliaz Posted April 21, 2006 Share Posted April 21, 2006 (edited) Since last June I have been the only income my family has. In this area it is really hard to be a 1 income family (T_bone65 and Skins can confirm.). My wife and I had saved up a lot of floating money to supplement her income while she was out of work for the year. One thing I have to say about people who normally are the only income, the stress of that can be unbearable at times. Do you ever have a bad month where you don’t think you are going to make it? Example is today is payday for me. After paying all the bills (minus mortgage it doesn’t get paid until next pay day. ) I have a whole whopping $135.67 left for gas for the next 2 weeks. I put 10k into her checking account last July so she covers Life Ins. cost, food shopping, stuff for the kids and all the other Misc. stuff that pops up (we pay our car ins. every qrt. and that comes out of that money as well.) with that money and we still around 6k left in it. Luckily with creative planning we've been able to not change our life style at all since she went out of work. We never really went out a lot to eat so that wasn't something that we were going to miss. Our family day on Mondays (I’m off on Mondays.) instead of the weekend because it’s less crowded out in public. What do we do? Mostly go to Annapolis and walk around either inside the mall (bad weather days) or down at the docks. Our entertainment is pretty much good old idiot box and HBO and taking the twins on very long walks on the Baltimore/Washington/Annapolis trail. Also out neighborhood is insane. We have the best street in the nation, hands down. At any given time during nice weather (even in winter time if it’s not too cold.) everyone is outside hanging out. We have impromptu BBQs and block parties all the time. The cool thing is, barring any thing like a car breaking down or the AC unit going out on us this summer, by the time she goes back to work and receives her 1st paycheck the reserve money we set aside will just be running out and so far we’ve been on schedule with the consumption of the money. The thing is after the wife goes back to work we have a baby sitter coming to the house to watch the twins for the next year and that’s going to cost us $1200 a month which is a lot cheaper than going to a day care where we were looking at $1600 to $1800 a month. My wife is a teacher so $1200 after taxes is about what she gets in one check so take one whole paycheck away from her a month. Even with that happening we are going to save more money now (when she goes back to work.) then before when we have the kids. This whole experience has really taught us how to use our money wisely. Edited April 21, 2006 by cliaz Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted April 21, 2006 Share Posted April 21, 2006 only one here....wife on child care leave Quote Link to comment Share on other sites More sharing options...
nuke'em ttg Posted April 21, 2006 Share Posted April 21, 2006 i was for alotta years plus no health plan so had to pay cash for both the kids when they were born........1 is rough........but now Sugar Momma has a good job with benefits..... that helped a ton.......... Quote Link to comment Share on other sites More sharing options...
Dragon Posted April 21, 2006 Share Posted April 21, 2006 We have 4 kids and 1 income. We had taken in another for a while, but he is now on his own and doing well. My youngest starts school in another 2 years, so we might become a dual income family again. We've made some sacrifices (including my wife's sanity at times), but I'd do it all again. Quote Link to comment Share on other sites More sharing options...
Duchess Jack Posted April 21, 2006 Share Posted April 21, 2006 The misses might as well be the only bread winner as she makes 2x as much as me Quote Link to comment Share on other sites More sharing options...
Vote Quimby2 Posted April 21, 2006 Share Posted April 21, 2006 i guess i would be considered the sole bread winner since its just me and the dog now. Quote Link to comment Share on other sites More sharing options...
Big John Posted April 21, 2006 Share Posted April 21, 2006 i guess i would be considered the sole bread winner since its just me and the dog now. 1430412[/snapback] here too. Quote Link to comment Share on other sites More sharing options...
TimC Posted April 21, 2006 Share Posted April 21, 2006 i guess i would be considered the sole bread winner since its just me and the dog now. 1430412[/snapback] Yep. Carry no debt (except mortgage, of course) and save up for everything before I buy it. Quote Link to comment Share on other sites More sharing options...
cliaz Posted April 21, 2006 Author Share Posted April 21, 2006 Yep. Carry no debt (except mortgage, of course) and save up for everything before I buy it. 1430422[/snapback] Most of america could take a page out of the TimC book. Quote Link to comment Share on other sites More sharing options...
Duchess Jack Posted April 21, 2006 Share Posted April 21, 2006 Yep. Carry no debt (except mortgage, of course) and save up for everything before I buy it. 1430422[/snapback] no debt here either save for car payments and mortgage... Quote Link to comment Share on other sites More sharing options...
dread Posted April 21, 2006 Share Posted April 21, 2006 The boss is about to re-enter the workforce as an MRI tech now that the critter is old enough to fend for herself. Been skating on the edge for a while, will be nice to have some breathing room. Quote Link to comment Share on other sites More sharing options...
chiefjay Posted April 21, 2006 Share Posted April 21, 2006 The wife is a beautician, a color / foil specialist thus her supplemental income is a hugh contributer not too mention the part time hours work nicely. Quote Link to comment Share on other sites More sharing options...
Puddy Posted April 21, 2006 Share Posted April 21, 2006 Since my wife went back to school a couple years ago, it's been just me. I farted around and never did a budget on paper until a couple of months ago. Now I plan each months expenses down to the dollar before the month begins, Dave Ramsey style. What a difference doing a budget and sticking to it makes. Oh and I can't wait until she starts working again. Quote Link to comment Share on other sites More sharing options...
junebugz Posted April 21, 2006 Share Posted April 21, 2006 yep ... wife is at home taking great care of the kiddos Quote Link to comment Share on other sites More sharing options...
Piranha Posted April 21, 2006 Share Posted April 21, 2006 She makes more than I do Quote Link to comment Share on other sites More sharing options...
T_bone65 Posted April 21, 2006 Share Posted April 21, 2006 My wife and I both work, and we make basically the same amount of money. There is no way I can see us surviving like you have Cliaz, my hat is off to you guys. This time last year, my wife went on 16 weeks of bed rest before Elise was born and she took another 6 weeks of leave after, so she is out for just about 1/2 of the year. She had 9 weeks of leave built up to use after Elise was born, she ended up going on short term disability for the other 13 weeks. That disability pay did help, but it wasn't taxed and we still had to pay for her benefits and all out of that money as well. Needless to say we got killed at tax time this year, even with just about 30K in write offs from our mortgage. Since I work for the Department of Treasury there are no short cuts or anything I can take on my taxes since mine get audited every year. Bottom line here is, you are doing a great job Cliaz and I commend you for it. I will never ever root for the Redskins though so don't even think about it. Quote Link to comment Share on other sites More sharing options...
Squeegiebo Posted April 21, 2006 Share Posted April 21, 2006 Yep. Carry no debt (except mortgage, of course) and save up for everything before I buy it. 1430422[/snapback] Why do you hate America? Quote Link to comment Share on other sites More sharing options...
cliaz Posted April 21, 2006 Author Share Posted April 21, 2006 My wife and I both work, and we make basically the same amount of money. There is no way I can see us surviving like you have Cliaz, my hat is off to you guys. This time last year, my wife went on 16 weeks of bed rest before Elise was born and she took another 6 weeks of leave after, so she is out for just about 1/2 of the year. She had 9 weeks of leave built up to use after Elise was born, she ended up going on short term disability for the other 13 weeks. That disability pay did help, but it wasn't taxed and we still had to pay for her benefits and all out of that money as well. Needless to say we got killed at tax time this year, even with just about 30K in write offs from our mortgage. Since I work for the Department of Treasury there are no short cuts or anything I can take on my taxes since mine get audited every year. Bottom line here is, you are doing a great job Cliaz and I commend you for it. I will never ever root for the Redskins though so don't even think about it. 1430460[/snapback] oh come on dude. Hail to the redskins man! thanks Quote Link to comment Share on other sites More sharing options...
whomper Posted April 21, 2006 Share Posted April 21, 2006 Im the sole bread winner and I agree Cliaz about the month to month stress. My problem is that a majority of my income is comission. So I never know how much my check is going to be every month. Thank God things have gone well and we have been able to keep my wife home with the girls. My wife is the same as Chiefjays so she can do hair cuts / colors etc on the side until the girls are old enough that she can work at the shop. My salary is small..Its basically get by money (dry cleaning/ food shopping day to day $ maybe a small bill) I get a lump sum comission check every month that covers my big stuff. The way it works here is whatever I ship in the current month I get paid comission on it the following month so I usually have a general idea of what my comission is going to be. I also do real estate part time but havent done many transactions. Its very tough when you work full time at something else but everyone once in a while I get lucky and sell a house and that I treat as bonus money. Quote Link to comment Share on other sites More sharing options...
T_bone65 Posted April 21, 2006 Share Posted April 21, 2006 Im the sole bread winner and I agree Cliaz about the month to month stress. My problem is that a majority of my income is comission. So I never know how much my check is going to be every month. Thank God things have gone well and we have been able to keep my wife home with the girls. My wife is the same as Chiefjays so she can do hair cuts / colors etc on the side until the girls are old enough that she can work at the shop. My salary is small..Its basically get by money (dry cleaning/ food shopping day to day $ maybe a small bill) I get a lump sum comission check every month that covers my big stuff. The way it works here is whatever I ship in the current month I get paid comission on it the following month so I usually have a general idea of what my comission is going to be. I also do real estate part time but havent done many transactions. Its very tough when you work full time at something else but everyone once in a while I get lucky and sell a house and that I treat as bonus money. 1430468[/snapback] I never knew you were mormon, I always thought you were Catholic Quote Link to comment Share on other sites More sharing options...
Puddy Posted April 21, 2006 Share Posted April 21, 2006 I never knew you were mormon, I always thought you were Catholic 1430480[/snapback] Quote Link to comment Share on other sites More sharing options...
evil_gop_liars Posted April 21, 2006 Share Posted April 21, 2006 Most of america could take a page out of the TimC book. 1430423[/snapback] :grabstorchandaccidentallyburnspages: Quote Link to comment Share on other sites More sharing options...
muck Posted April 21, 2006 Share Posted April 21, 2006 I play offense (ie, earn it) and defense (ie, save/invest it). Wife plays offense, too (ie, spends it)...but less offensively than she used to. Third kid coming in October...private school...etc... "Run faster daddy...run FASTER!" Quote Link to comment Share on other sites More sharing options...
Rebellab Posted April 21, 2006 Share Posted April 21, 2006 Mrs. Rebellab and I both work, we don't have a mortgage, the funeral home owns our house, I own part of the funeral home, long story. We have vehicle payments and now our camper, but we still manage to put a house payment in a money market account. Maybe someday when we have children she will be able to take a year or two off. I would have her work with me, but the health ins. along would be her salary. Our ins plan jumps to $1300 for family a month. Eventually she will work with me, but for now we need to sock some money away. Quote Link to comment Share on other sites More sharing options...
twiley Posted April 21, 2006 Share Posted April 21, 2006 My wife was a career woman before we met and she makes pretty good money. We talked about her not working and she said it would drive her crazy not to, so I fully support her decision to work. We'll see if that changes once we have kids. Quote Link to comment Share on other sites More sharing options...
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