The Mrs. has officially ended her part-time job to start on her dissertation, so we’re back to a one salary household again! After a solid 7 months of bringing home an extra $1,600 a month too – yikes… This will be our 2nd time in a year living off one paycheck! And I’m not gonna lie – I’m going to miss those sexy little greenbacks. They were so cute! ;)
But with many important things in life, you often have to cut something out in order to advance into other, brighter, areas. And right now that means no distractions whatsoever for an entire year, or however long it takes to get that paper done. It could be 12 months, it could be 18 months, or it could be 16.3578 years, who knows. Either way, the wifey shall not be taking on anything extra outside of paper writing which means no dinero for the J. Dinero household (Ya see what I did there?)
Despite the major con of losing money, however, there are some niceties that come with this too:
- I get a new office mate! We’ll both be working at home all year long now, which I suspect will go 80% well, and 20% we-want-to-kill-each-other, haha… But isn’t that how all co-workers operate? ;)
- She’ll be poised to land a decent job once finished. It may be a teaching one with not-so-stellar paychecks, but regardless she’ll be in a field she absolutely enjoys and back to the work force again. It’s already been over 4 years since she “dropped out” to pursue this PHD – which means we’ve been pretty good surviving off less money now that I think about it… Go us!
- No commuting and no parking nightmares. The pros to researching/writing at home!
And I’m sure a ton of other things too that she’d tell us if I weren’t so lazy and got off this chair to ask her ;) As for the finance aspects to it all though (the reason you’re on this blog reading!), we’re losing money in the near term for much MORE money in the long term. Which is something I think any of us would take if we had the option and/or motivation/skills/energy, right?
So the pressure’s on! Not only being dependent on one person’s income going forward, but a person who’s also SELF-EMPLOYED, haha… and who’s about to spend thousands updating their old house and moving into new one etc/etc. If that doesn’t scream security I don’t know what does ;)
But that’s the point of tracking all this stuff like we nerdly do – to be prepared for what the future holds. The goods, the bads, and the un-sexy. It’s not always going to be peaches and cream (nor will we be completely on our game at all times), but the more we pay attention and make tweaks, the better we’ll be when life comes a knockin’. You want to be answering that door well dressed and ready to party!
So I’m off to go find my leather rock star pants and shake on over to the next item on our moving-out list: Figuring out health insurance, ugh… Something tells me it’s not going to be as easy as driving over the state lines… I’m sure I’ll be back to rant about this in no time ;)
In the meantime though, think about your current setup and what you’d do if your income got cut in half or even by, say, 10-15%. How would your budget handle it? Would you be up a creek or still sitting pretty? I pray it doesn’t happen to any of you, of course, but we all know this life can get pretty crazy… Best to be prepared like a Boy Scout. Or even better, a Budget Scout ;)
(Photo by Jack Parrott)
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!