Money Matters
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Newlywed and One Income
My husband and I will be celebrating our first anniversary in August. I recently found myself without a job and we are trying to make it on one income. I am trying to get any suggestions from other nesties on one income. I was going to go back to school since I'm having trouble finding another job. Plus we're debating if I should go to school or not since in a few years we'll be starting a family. Thanks for any help!!
Re: Newlywed and One Income
I'm reading between the lines here, but it sounds like if you go back to school the new degree will essentially be "wasted" in a few years because you're planning on being a SAHM?
Post your budget for some advice on living on one income. Show us take home pay (after taxes, health and retirement are deducted) and all expenses including SLs, credit cards, etc.
This, then we can help!
We are on one income, but have no debt besides our mortgage.
While DH makes enough for us to live comfortably, we did make some changes to be able to put more in savings for some future goals. We cancelled cable and our gym memberships. We limit our eating out and meal plan each week to keep from wasting food.
It may be a good idea to wait to go back to school if you are planning to be a SAHM.. but there are pros and cons to that.
Like pp said. First you need to write out your budget and adjust as necessary to see what will work for you.
I need a lot more info.
Do you have any education right now?
What would you be going back to school for? Where would you be attending?
How much would it cost? How are you planning to pay for it?
What is your goal with the degree?
Can you not work and go to school? Either work FT and school PT or work PT and school FT?
What did you do previously? Why did you get let go from the job?
If/when you do have children, are you planning to be a SAHM? If so, for how long? What will you do after that?
When you've been married this long, you need a ticker to remind you.
Baby Boy M - 08/01/2013
Step 1 - Know your current income to the dollar
Step 2 - Track your current spending to the dime.
Step 3 - Categorize your spending
Step 4- Eliminate or reduce all non essentials
Step 5 - Find ways to reduce the essentials (meal plan, rent a cheaper apartments, sell a car and buy something less costly, borrow, rent or buy used)
Step 6 - Increase income - sell stuff you no longer need or use, find a PT job if you cannot find a full time job or start your own business
we need more information.to further advise
ETA: If you plan to start a family in a few years, (your reason not to pursue more education) what is your plan to support a child on one income?
If you need the income but can't find a career oriented position consider getting a job. Try a site like snagajob.com & work retail or waitress.
Otherwise, reading budgeting & penny saving sites. If you are home all day you have time to make meals from scratch & save leftovers. You can cut out cable & run to the library to rent DVDs for free. Use products like Dryel to stretch times between visits to the cleaners. Consider giving up one car.