Single Income Family

Effective next week, we are officially a single-income family.

If you can count all of my side-hustles as “single income”.

This week, my wife did the paperwork for her final week of state-sponsored unemployment.  She also applied for the federal extension, but that’s not automatic.

In a nutshell, this reduces our monthly income by $1340.

What does that mean for us?

1.  Our truck, which I was hoping to have paid off by March(3 months ago), still has about 7 regular-sized payments left.  Instead of making double payments, we’re now making the schedule amount.  The reason for the payoff delay is another post entirely.  Savings: $400.  In a pinch, we could stop making payments for almost 3 years due to how much we’ve already paid.

2.  The riding lessons I use to spoil my girls are cut in half.  Instead of weekly lessons, we’re going bi-weekly.  Savings: $100.  In a pinch, this could go away completely.

3.  We had a conversation that included, “Honey, when I complain that you bought more than our weekly budget of food in one trip, I’m not being a dick.  Here’s how much money we have.”  That conversation appears to have been productive.

4.  No vacation this year.  We let our spending jump a couple of times this year, so last week, I dropped most of our vacation fund to make up for it.  The expense of being matron-of-honor at a wedding will be an upcoming post, too.

[Edit]

5.  My wife is working at our daycare provider 2 days per week in exchange for daycare discounts.    Financially, this isn’t perfect, but it cuts the cost and gets the girls out of the house.  I work from home and have a hard time keeping them out of the office.

6.  We are considering long-term stay-at-home status for my wife.

[End Edit]

Right now, our budget says we make $100 more than we spend.  That includes all of our savings goals, and setting aside money for some luxuries like our Halloween party.   We’re not hurting–which makes me happy–but we do have to watch our expenses in a way that has just become mandatory.

I can’t tell you how happy I am to have renters.  Between our roommate here and the renters in the house we fixed up last year, we’re adding about $1000 to our income.   Rent is keeping us cash-flow positive.

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  • 7 comments

    Comments

    1. Sounds like some big changes but even more important, it sounds like you’re well prepared for them. Good luck with all the modifications, and I’m sure there will be more ahead!

    2. Okay, so it sounds scary as hell, but yay for having it handled! Is she still in the market for a new job or is this a long-term plan? Either way, I bet you two will kick ass overall. 🙂

      • She’s looking for work, but thinking about staying at home. We can make it the way we are, but it’s tight and puts a lot of our other plans on hold.

        I forgot to include it in the post, but daycare costs are down, because my wife is volunteering there part-time. We’d drop daycare completely, but I need the girls out of the house so I can work productively.

    3. Best of luck to you guys! I’m sure things will be fine given the online income. I’m also sure your wife will get the Federal extension automatically.

      Cheers

    4. Best of all luck to all the changes you have made. It seems you will be okay with the positive side of the income.

    5. The important thing is communication between you and your wife. Sounds like you guys are doing that well, which will make everything a whole lot easier and manageable!

    6. I find it great that the car payments could be suspended if you wanted, I have overpaid loans but it is payment as usual, the extra payment just reduced the duration of the loan. The daycare is good too, my sister works at a daycare where it is forbidden to have your own kid, even in another section so she pays full price for daycare elsewhere… Looks like you guys will do ok in spite of the income loss.

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