10 years ago we used to be DINKS (Dual Income No Kids).
Then my wife decided to grab a couple extra degrees (a Masters, leading to a P.H.D.), and we quickly became SINKS over night (Single Income No Kids).
That was pretty manageable, but then we decided to shake things up even more and pop out a couple of kids, thereby activating SIKS status (Single Income, Kids) where we’ve been chillin’ ever since.
Now, 4 years later, we enter into a brand new territory…
Introducing the best news of the year:
MY WIFE GOT A JOB!!!!
WHICH MEANS A SECOND INCOME AND A NEW CAREER FOR HER!!
And it only took 6 years of schooling, 1 and 1/2 years of applying and doubting her self-worth/wanting to give up and blog full-time like her sexy husband, and then finally re-applying for the same job she was originally rejected for a year later this time to be accepted :)
Way to go honey!!! Get ready to swap out unruly children, for unruly adults who pretty much act like children, haha… And I’m allowed to say that because she’ll be working for the government ;)
But in all seriousness it’s been quite the emotional – and financially draining – roller coaster at times, but in the end she got the job done and starting next month we’ll officially move from being SIKS to DIKS (Dual Income, Kids). Not to be confused with DICKS.
(Here’s even more acronyms btw if you’re enjoying this as much as I am, haha… 40+ Financial Acronyms – Which Are You? Some of these may or may not be made up ;))
So yayy!!! Give it up to her, guys!!
Now to the dirty dirty which I know you’re curious about…
While we’re incredibly thankful AND excited about this on many different levels, it doesn’t come without its shortfalls – both financially and lifestyley. With the main one meaning it’ll require us to move back to the DC area again which we’re not that thrilled about :( But for now it is what it is, and we’ll scheme our way back here whenever it makes sense to do so again! The home is where the heart is anyways, right? Or something like that? :)
Here’s what it all means financially – the good and the bad:
We’ll start with the good:
- $53,000/year — Her starting salary for the first year
- $64,000/year — Her bumped up salary automatically in the second year!
- $500/mo healthcare savings — (estimated) We’re currently paying $950/mo!!
- $400/mo investments — What we estimate retirement contributions to be around for her TSP (Thrift Savings Plan – like a 401(k), but for government employees)
- Extra life insurance — Not sure what this will be yet, but comes as part of the benefit package.
- Other benefits I’m forgetting? — Any gov’t workers out there?
And now to the not-so-fun parts, womp womp…
- $2,000+/mo for child care — Nothing says “welcome back” to the DC area like paying more for your child’s care than your rent, ugh… Was fun having them home (for FREE) while it lasted! (The Mrs. was a stay-at-home mom while applying to jobs the entire time…)
- $500+/mo bump in rent — We’ll also have the privilege again of paying ridiculous amounts for a roof over our head :( Unfortunately the new gig isn’t near any of the places we used to love/live, so we’ll be ponying up a lot more for a lot less in return.
- $200’ish/mo extra in cost of living — Costs a lot more for groceries, gas, etc too
- $500-$1,000 in moving costs — Thankfully only a one-time thing, unlike the above!
- $10,000-$20,000 for a new-to-us car — This one here’s going to be the hardest one to swallow… Not so much in the money aspect which of course is less than optimal, but more so because it means giving up Frankencaddy :( Who’s served us sooooo well over the years and whom I’m going to miss dearly (as will my wallet!). As the new adult in charge of shuttling our two kids around going forward though, I just can’t risk the unreliability/safety of her anymore so it’s on to a newer car for us in the very near future. It’ll be a used one of course, but stand by on who wins the SUV vs Minivan battle we’re currently having ;) Feel free to cast your vote in the comments, haha…
So as you can see, this extra $53,000 in salary quickly diminishes with each new factor that comes up… We’re still wrapping our head around everything and need to lock things in, but a very (very) rough estimate puts us coming away with only about an extra $500’ish in cash each month – depending on the car situation. Not the worse thing in the world, but not earth shattering either.
Still, as eloquently mentioned in Monday’s post, there are many factors that go into big decisions than just the money, and ultimately getting the Mrs’ career going is a big one on the priority list. So this gets the job done, all the while taking our family on a new adventure together :) I wish we could have remained in the same town here we’ve grown to love over the past three years (can you believe it’s been that long??), but we do what we have to do and make the best of it in the process.
Better to endure short term pain now for continued happiness later than the other way around, right? The whole foundation of saving money and freedom?
So send over all the positive vibes you can muster, please! Lots to do over the next few weeks as we get things in order! And my apologies in advance if I’m slow to respond here and there…
Big congrats again honey, if you’re reading this!!! Your four boys are proud of you!!!
PS: Anyone still reading the blog from when Mrs. BudgetsAreSexy first started applying to grad school?? Here’s a trip down memory lane if so, 8 years in the making :)
- Mrs. BudgetsAreSexy got accepted to Grad School! (March, 2008)
- How we’re putting the Mrs. through grad school (December, 2008)
- Life in Grad School Doesn’t Have to Suck… All Your Money (2010)
(The interesting part, fyi, is that she had to make a pretty big decision early on in the process: go after the big name school and take on $150,000 of debt – OR – accept the lesser known school but get a free ride + stipend in the process… You can probably guess which one she took ;))
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!