justincredible
Posts: 32,056
Nov 19, 2013 10:21am
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?"
inb4, "when does the membership fee kick in?"
T
thavoice
Posts: 14,376
Nov 19, 2013 10:29am
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.
sleeper
Posts: 27,879
Nov 19, 2013 10:30am
I'd apply for food stamps. There's virtually no eligibility requirements other that to show up and ask for them.
TedSheckler
Posts: 3,974
Nov 19, 2013 10:35am
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.
Nice thing is, we are saving a shit ton of money on daycare and fuel.
GoChiefs
Posts: 16,754
Nov 19, 2013 11:07am
I will be in a similar situation because my wife is putting her notice in at work today.
Commander of Awesome
Posts: 23,151
Nov 19, 2013 11:12am
She'll have health care coverage I assume?
justincredible
Posts: 32,056
Nov 19, 2013 11:14am
She will likely be added to mine.Commander of Awesome;1538763 wrote:She'll have health care coverage I assume?
Belly35
Posts: 9,716
Nov 19, 2013 11:16am
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
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
vdubb96
Posts: 2,210
Nov 19, 2013 11:18am
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.
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Con_Alma
Posts: 12,198
Nov 19, 2013 11:31am
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.
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MontyBrunswick
Nov 19, 2013 11:50am
If your health insurance is anything like mine, your monthly payment will triple when switching from single to single + spouse.justincredible;1538764 wrote:She will likely be added to mine.
justincredible
Posts: 32,056
Nov 19, 2013 12:02pm
Probably.dlazz;1538795 wrote:If your health insurance is anything like mine, your monthly payment will triple when switching from single to single + spouse.
Heretic
Posts: 18,820
Nov 19, 2013 12:13pm
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.
OSH
Posts: 4,145
Nov 19, 2013 12:57pm
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.
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.
Fab4Runner
Posts: 6,196
Nov 19, 2013 1:08pm
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.
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.
ernest_t_bass
Posts: 24,984
Nov 19, 2013 1:10pm
Become a referee. Great supplemental income.justincredible;1538764 wrote:She will likely be added to mine.
ernest_t_bass
Posts: 24,984
Nov 19, 2013 1:12pm
Moral of story... divorce the wife, justin.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.
arnie palmer
Posts: 198
Nov 19, 2013 1:19pm
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.
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.
TexasDeck
Posts: 40
Nov 19, 2013 1:32pm
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.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?"
TedSheckler
Posts: 3,974
Nov 19, 2013 1:36pm
Yea right. He can't even afford furniture on his porch.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.
justincredible
Posts: 32,056
Nov 19, 2013 2:13pm
Yes, I am the owner. No, I don't make much off of this site. My regular job pays well, though.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.
justincredible
Posts: 32,056
Nov 19, 2013 2:13pm
Not when Curly keeps stealing it.TedSheckler;1538889 wrote:Yea right. He can't even afford furniture on his porch.
said_aouita
Posts: 8,532
Nov 19, 2013 2:15pm
Start selling drugs on the OC.
Problem solved.
Problem solved.
justincredible
Posts: 32,056
Nov 19, 2013 2:15pm
Silk Road Chatter.said_aouita;1538934 wrote:Start selling drugs on the OC.
Problem solved.
Heretic
Posts: 18,820
Nov 19, 2013 2:43pm
I'll sign up!justincredible;1538935 wrote:Silk Road Chatter.