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re: Any married couples here live off of only one spouse's earnings?
Posted on 11/7/17 at 1:56 pm to Teddy Ruxpin
Posted on 11/7/17 at 1:56 pm to Teddy Ruxpin
Very true.
I switched companies last time my wife was pregnant and received about a 30% pay increase.
I'll probably look around this time too.
We still haven't completely decided yet though. I know we just don't want to put an infant in daycare. So she may just stay home for a year or 2. And knowing her boss, they may hold her job for her
I switched companies last time my wife was pregnant and received about a 30% pay increase.
I'll probably look around this time too.
We still haven't completely decided yet though. I know we just don't want to put an infant in daycare. So she may just stay home for a year or 2. And knowing her boss, they may hold her job for her
This post was edited on 11/7/17 at 1:57 pm
1
Posted on 11/7/17 at 2:00 pm to Salmon
quote:
Very true.
I switched companies last time my wife was pregnant and received about a 30% pay increase.
I'll probably look around this time too.
We still haven't completely decided yet though. I know we just don't want to put an infant in daycare. So she may just stay home for a year or 2. And knowing her boss, they may hold her job for he
Smart. Also, pretty great setup for the wife if they do that. Things the OP can consider/look into.
Posted on 11/7/17 at 2:10 pm to TDsngumbo
My wife lives off of both of our salaries. I’m left living off of nothing.
Free advice for you single guys. Bitches be crazy and Expensive so stay single.
Free advice for you single guys. Bitches be crazy and Expensive so stay single.
Posted on 11/7/17 at 3:24 pm to Titan
quote:
We both make good money and she gave up 250k/year job.
Do you make more than her?
Posted on 11/7/17 at 3:42 pm to TDsngumbo
Have no loans other than mortgage and don't buy too much house or car..... Ever.
Posted on 11/7/17 at 3:45 pm to GenesChin
Fortunately I do
This post was edited on 12/2/17 at 2:04 pm
Posted on 11/7/17 at 3:56 pm to Titan
quote:
she gave up 250k/year job
Well that's just . . . .
I don't even have words.
Posted on 11/7/17 at 5:13 pm to TDsngumbo
My wife quit working once we had kids. We both had good jobs, no debt to speak of.
I can't see a reason to it outside of kids or going back to school.
I can't see a reason to it outside of kids or going back to school.
Posted on 11/7/17 at 8:05 pm to TDsngumbo
We started out poor, so it wasn't much of an adjustment when we went down to one salary. I was a low wage earner.
It was not easy in the early years but we learned to live below our means and have always done so. My husband retired at 59. I was a stay at home mom until the youngest was in college and only went to work because I was bored. I "retired" at 54. Life is good!
We are fortunate that I was able to stay home with the kids. My husband's career was stressful with long hours. I was able to give the kids and our home top priority.
It was not easy in the early years but we learned to live below our means and have always done so. My husband retired at 59. I was a stay at home mom until the youngest was in college and only went to work because I was bored. I "retired" at 54. Life is good!
We are fortunate that I was able to stay home with the kids. My husband's career was stressful with long hours. I was able to give the kids and our home top priority.
Posted on 11/9/17 at 12:44 am to LNCHBOX
quote:
We're doing this right now while my wife finishes nursing school I miss her income
Im in the same boat. My wife finishes nursing school in May. Once she's done, we'll keep living off of my salary and most of her income will go straight to paying off debt. We should be able to get things knocked out pretty fast
Posted on 11/9/17 at 6:47 am to TDsngumbo
quote:
Anyone else do this? For those of you who do, what are some tips you can share to help us transition to living like we're poor?
We paid off all our debt, besides the house note, track every penny in a spreadsheet every week and tend to be tight wads. It can work but you have to just know what you want in life, say Disney vacation and save accordingly (and for a longer period of time). It can be done. My main suggestion is get with your wife and get on the SAME PAGE. You should know what she is spending and visa versa. DO NOT, I REPEAT DO NOT get on her arse if she spends a little more than she was supposed to. This is a sure fire way to get her to say "well I will just go back to work, yada yada yada".
GOOD LUCK!
Posted on 11/9/17 at 8:24 am to TDsngumbo
quote:
Any married couples here live off of only one spouse's earnings?
We do, but we're used to it because I was the only income the entire time my wife was in school.
Her income is basically there to cover costs of moving into a new home (furniture, etc...). Once we finish furnishing the house her income will go into either savings or retirement accounts.
Posted on 11/9/17 at 8:29 am to TDsngumbo
All of our living expenses are covered by my paycheck. The wife's paycheck goes to IRA's, investments, extra mortgage payments and savings.
We plan ahead for large expenses and budget it in months in advance. Written budget (spreadsheet) showing all income / expenses. No debt other than mortgages (primary and rental prop).
Biggest savings on a weekly basis is me doing the grocery shopping. I buy sales and plan meals around those items, she thinks of what she wants and buys for that regardless of cost. Easily $100 difference in grocery store bill depending on who does the shopping for us.
We plan ahead for large expenses and budget it in months in advance. Written budget (spreadsheet) showing all income / expenses. No debt other than mortgages (primary and rental prop).
Biggest savings on a weekly basis is me doing the grocery shopping. I buy sales and plan meals around those items, she thinks of what she wants and buys for that regardless of cost. Easily $100 difference in grocery store bill depending on who does the shopping for us.
Posted on 11/9/17 at 11:02 am to Titan
quote:
Fortunately I do
So you were making at least ~$510k/year combined income?
frick.
Posted on 11/9/17 at 3:36 pm to TDsngumbo
quote:
Anyone else do this? For those of you who do, what are some tips you can share to help us transition to living like we're poor?
We do it from time to time. Started out just living on my salary and it wasnt bad.
1.) Cut the extras (cable, streaming services, etc)
2.) Meal prep
3.) Set an allowance and use cash only (like Dave Ramsey)
Posted on 11/9/17 at 3:45 pm to StringedInstruments
quote:
So you were making at least ~$510k/year combined income? frick.
Right? That's what I was saying earlier. You earn that much and you can retire at 50/55 and spend pretty frivolously throughout retirement.
You go down to half that, and while your retirement is going to be better than 99%, you're going to have to watch yourself a bit or retire closer to the traditional time at 60.
I wouldn't have been able to be OK with that at all
This post was edited on 11/9/17 at 3:46 pm
Posted on 11/9/17 at 3:50 pm to TDsngumbo
When my wife and i were looking to cut our expenses, some fo the things we did were:
Invest in a deep freezer
Join SAM's Club (Costco wasn't in the area) and only buy meat when it is on sale
Both enjoy cooking, so we would meal prep for the week and prepare foods for reheating or crock pot
Negotiate w/ TV subscribers, or move to new subscriber. Also, went with bare minimum outside of intro packages.
cut back on dining out, and stopped buying wine w/ dinner
We did this for about 1 1/2 years to pay off some debt and get ahead w/ savings/retirement; now the habits are allowing us to save a lot more and have nicer vacations
Invest in a deep freezer
Join SAM's Club (Costco wasn't in the area) and only buy meat when it is on sale
Both enjoy cooking, so we would meal prep for the week and prepare foods for reheating or crock pot
Negotiate w/ TV subscribers, or move to new subscriber. Also, went with bare minimum outside of intro packages.
cut back on dining out, and stopped buying wine w/ dinner
We did this for about 1 1/2 years to pay off some debt and get ahead w/ savings/retirement; now the habits are allowing us to save a lot more and have nicer vacations
Posted on 11/10/17 at 11:03 am to TDsngumbo
My wife quit and came home. We lowered all our monthly bills as much as possible. We don’t eat out as much and I try to take my lunch when I can. It can be done just have to be very disciplined.
Posted on 11/10/17 at 5:47 pm to TDsngumbo
We were living on my wifes while i was in law school, luckily she is a baller.
Posted on 11/10/17 at 6:03 pm to TDsngumbo
We do it. My wife has excellent health insurance and good retirement at her work. So we use her insurance and max out her retirement. We still get a few hundred each paycheck, but I don't figure any of that money into planning our finances.
If you're able to do it, it is very comforting knowing if for some reason you need that additional income it's there.
If you're able to do it, it is very comforting knowing if for some reason you need that additional income it's there.
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