Adjusting to a single income...

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justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Nov 19, 2013 10:21 AM
Luckily this is our choice and we have until June to adjust. My wife has to intern for a full school year in order to finish her graduate degree so she is not going to renew her contract for the next school year. She already has an internship lined up at another school. Unfortunately we lose her income for at least the next year, but it's not a major factor in our finances and we can get by on just my income. Has anyone else had to adjust to a single income, either planned or sudden, and if so do you have any tips for preparing/saving to make things easier when the time comes?

inb4, "when does the membership fee kick in?"
Nov 19, 2013 10:21am
T

thavoice

Senior Member

14,376 posts
Nov 19, 2013 10:29 AM
You start to alter your lifestyle. Less eating out/recreation. Renting a movie instead of going to one. Store brands instead of national. Using coupons. Heading to the lower class end of town to get a cheaper hooker. Steal porch furniture and sell it online. Etc.
Nov 19, 2013 10:29am
sleeper's avatar

sleeper

Legend

27,879 posts
Nov 19, 2013 10:30 AM
I'd apply for food stamps. There's virtually no eligibility requirements other that to show up and ask for them.
Nov 19, 2013 10:30am
TedSheckler's avatar

TedSheckler

Emporium Entrepreneur

3,974 posts
Nov 19, 2013 10:35 AM
My wife quit her job in June. Like thavoice said, you cut back on non-essential things like restaurants, movies, etc. Reusing toilet paper and showering once a week helps save costs.

Nice thing is, we are saving a shit ton of money on daycare and fuel.
Nov 19, 2013 10:35am
GoChiefs's avatar

GoChiefs

Resident Maniac

16,754 posts
Nov 19, 2013 11:07 AM
I will be in a similar situation because my wife is putting her notice in at work today.
Nov 19, 2013 11:07am
Commander of Awesome's avatar

Commander of Awesome

Senior Pwner

23,151 posts
Nov 19, 2013 11:12 AM
She'll have health care coverage I assume?
Nov 19, 2013 11:12am
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Nov 19, 2013 11:14 AM
Commander of Awesome;1538763 wrote:She'll have health care coverage I assume?
She will likely be added to mine.
Nov 19, 2013 11:14am
Belly35's avatar

Belly35

Elderly Intellectual

9,716 posts
Nov 19, 2013 11:16 AM
Over the 40 years of marriage this has happen few times via choice or unexpected.
Depending on the level of income lost the transition was somewhat simple, if everyone understands the commitment at hand. Little saving preparation is helpful, general maintenance up keep on the house, cars and other mechanical things help to prevent unexpected cost, plan to cut spending that everyone agrees on. Less travel, less vacation, less cell phone, less cable, less dinning out, less parties, less emotional buying, less pets… more home time and family events and home projects ( garden)

Biggest issue we had was the kids and their needs with school, camps, friends peer pressure and family wanting us to do things that we hadn’t planned for.

We both did find way to make extra money... The wife did some sewing and I trained dogs, private individual sercurity on a part time
Nov 19, 2013 11:16am
vdubb96's avatar

vdubb96

Urbans Meyers Stache

2,210 posts
Nov 19, 2013 11:18 AM
It's tough, we had to go through it this summer. She's back in the school system now but all summer we went on one income. Everyones right you basically just cut out a lot of your non essentials. It sucks but you get through it.
Nov 19, 2013 11:18am
C

Con_Alma

Senior Member

12,198 posts
Nov 19, 2013 11:31 AM
When my wife was pregnant with our first child we decided she would stop working to care for the baby and any potential future children. Her income was substantial.
Nov 19, 2013 11:31am
M

MontyBrunswick

Nov 19, 2013 11:50 AM
justincredible;1538764 wrote:She will likely be added to mine.
If your health insurance is anything like mine, your monthly payment will triple when switching from single to single + spouse.
Nov 19, 2013 11:50am
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Nov 19, 2013 12:02 PM
dlazz;1538795 wrote:If your health insurance is anything like mine, your monthly payment will triple when switching from single to single + spouse.
Probably.
Nov 19, 2013 12:02pm
Heretic's avatar

Heretic

Son of the Sun

18,820 posts
Nov 19, 2013 12:13 PM
When I split with my wife, things actually got better for me financially. She might have been bringing in money with work, but she was also a black hole of spending above our means to the degree where it seemed my income was all going into bills. Without having to deal with her whims, I found money lasting a lot longer.
Nov 19, 2013 12:13pm
OSH's avatar

OSH

Kosh B'Gosh

4,145 posts
Nov 19, 2013 12:57 PM
I hope to move that direction one of these days. My wife wants to be a stay at home mom...and I don't have the highest paying job.

It's doable and definitely have to make drastic life changes for some. My wife likes to shop, so she'll have to change that mindset. We also like to help out a lot of people, so we'll just have to alter how we do that. I think we'll pick up some other things to help offset some income...i.e., farmer's markets, gardening, etc.
Nov 19, 2013 12:57pm
Fab4Runner's avatar

Fab4Runner

Tits McGee

6,196 posts
Nov 19, 2013 1:08 PM
I would like to be a stay at home mom, but only if it makes sense financially. I know that daycare/childcare costs a fortune, so a lot of it will depend on how much I am making at the time versus those expenses. I would also like to do some kind of work out of the house if possible. I love crafting, etc. so it would be awesome to turn that into some kind of income. I see people making good money on Etsy, and it makes me very jeals.

The funny thing is, I could do what I am currently doing from home, but my boss is a control freak/micromanager and would probably never allow it. Womp womp.
Nov 19, 2013 1:08pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Nov 19, 2013 1:10 PM
justincredible;1538764 wrote:She will likely be added to mine.
Become a referee. Great supplemental income.
Nov 19, 2013 1:10pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Nov 19, 2013 1:12 PM
Heretic;1538811 wrote:When I split with my wife, things actually got better for me financially. She might have been bringing in money with work, but she was also a black hole of spending above our means to the degree where it seemed my income was all going into bills. Without having to deal with her whims, I found money lasting a lot longer.
Moral of story... divorce the wife, justin.
Nov 19, 2013 1:12pm
arnie palmer's avatar

arnie palmer

Senior Member

198 posts
Nov 19, 2013 1:19 PM
That is the reason I moved the family to North Carolina for a higher paying job - so my wife could quit her stressful sales job and be a stay at home mom. It has been the best decision I have ever made!

One thing we did before she quit was work on paying off all our debt and bills so we could start with a clean slate and set budgets accordingly.
Nov 19, 2013 1:19pm
TexasDeck's avatar

TexasDeck

Member

40 posts
Nov 19, 2013 1:32 PM
justincredible;1538712 wrote:Luckily this is our choice and we have until June to adjust. My wife has to intern for a full school year in order to finish her graduate degree so she is not going to renew her contract for the next school year. She already has an internship lined up at another school. Unfortunately we lose her income for at least the next year, but it's not a major factor in our finances and we can get by on just my income. Has anyone else had to adjust to a single income, either planned or sudden, and if so do you have any tips for preparing/saving to make things easier when the time comes?inb4, "when does the membership fee kick in?"
People on this site say you are the owner of this place, You must be making a pretty nice income off of this place. I assume you have another job outside of here to supplement your income, so just relax and enjoy the extra time with the wife.
Nov 19, 2013 1:32pm
TedSheckler's avatar

TedSheckler

Emporium Entrepreneur

3,974 posts
Nov 19, 2013 1:36 PM
TexasDeck;1538885 wrote:People on this site say you are the owner of this place, You must be making a pretty nice income off of this place.
Yea right. He can't even afford furniture on his porch.
Nov 19, 2013 1:36pm
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Nov 19, 2013 2:13 PM
TexasDeck;1538885 wrote:People on this site say you are the owner of this place, You must be making a pretty nice income off of this place. I assume you have another job outside of here to supplement your income, so just relax and enjoy the extra time with the wife.
Yes, I am the owner. No, I don't make much off of this site. My regular job pays well, though.
Nov 19, 2013 2:13pm
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Nov 19, 2013 2:13 PM
TedSheckler;1538889 wrote:Yea right. He can't even afford furniture on his porch.
Not when Curly keeps stealing it.
Nov 19, 2013 2:13pm
said_aouita's avatar

said_aouita

Banned

8,532 posts
Nov 19, 2013 2:15 PM
Start selling drugs on the OC.

Problem solved.
Nov 19, 2013 2:15pm
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Nov 19, 2013 2:15 PM
said_aouita;1538934 wrote:Start selling drugs on the OC.

Problem solved.
Silk Road Chatter.
Nov 19, 2013 2:15pm
Heretic's avatar

Heretic

Son of the Sun

18,820 posts
Nov 19, 2013 2:43 PM
justincredible;1538935 wrote:Silk Road Chatter.
I'll sign up!
Nov 19, 2013 2:43pm