We will pretty much be going from 2 income to 1 this summer, and I am scared to death! We are putting plans in place to cut costs for sure... But I am still terrified 
Anyone going through some hardships or anticipating some?
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Not hardships per se, but we need to tighten up because we now will have 2 in daycare and my DH took a new job a few months back that was a pay cut.
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Same as you, we went from 2 incomes to 1 since I am now a SAHM with our first. While I wouldn't consider it a financial hardship, it is definitely an adjustment!
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Well, we have only one income right now. It's not by choice. It sucks because we can't really make plans until we are dual income again.
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Not really a struggle but we are starting off 2016 with 3 sick doctor's visits and a hospital stay. Not exactly the medical expense we were planning for so early into the year! I have some money set aside in a flex spending account, but it will probably either go all to this or not even cover it
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To an extent. DH found out a couple of months ago that he has to take 30 days off work unpaid in August (all contractors do). I'm a SAHM so it's going to be tight trying to save for that. Luckily it's 30 days total, not 30 working days.
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We always struggle, year after year
hoping this year to get out of this rut but it's difficult. We stay within our means and it's still really hard, it keeps me up at night sometimes.
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@mediagirl: How is it going? Any advice? Ours is technically by choice, but no one is staying at home with this change..
@LuLu Mom: Uggh, that really sucks, and I agree, first thing in the year too
@BelugaBean: Silver lining?! At least you know now right?!
@Portboston: How is it going? I'll still be WOH full-time, so I feel so much pressure to either get a raise, or switch jobs with a higher salary!
@travellingbee: Yikeess! Sometimes I feel crazy for even talking about #2 when we will barely make it with #1 and she's not even in full time daycare!
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@Bao:
I get what you mean... We're not well off by any means with 2 incomes either. It sucks that we have to worry money THIS much sometimes.
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@snowjewelz: so, we cut back on the "extras" meaning savings. Thankfully we had been saving well before. But we're now using that savings to pay for health insurance costs. We are still paying for daycare because job hunting is a full-time job. Can I tell you how much it blows to pay for daycare and not have us both employed?
Are one of you going back to school?
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Well we will be going to 2 in daycare this fall, so life will be bare bones for the next few years unless one of us gets a fat raise
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@Bao: We were hoping to pull ahead this year too but with the 30 days off, there's no way that'll be happening so maybe next year.
@snowjewelz: We're hopefully taking a low key vacation with my mom (maybe cut down on utility bills?) and we'll enjoy cheap family time (picnics in the park, etc). I'm glad we found out ahead of time and we also know it'll happen every three years. We have more time to prepare for the next one though plus I should be going back to work around the time the next one comes up.
Our biggest issue is debt but it's hard to get ahead of it with the random things that come up plus rising costs of health insurance and now preschool for next year.
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@mediagirl: No... DH is a pastor and we are working on starting our own church this year. So it's kinda like DH starting his own business I guess? So no salary, don't know how long it will be till he gets a decent salary. We also have to get on my healthcare now which is uber expensive. We also continue to pay for daycare since DH is not unemployed or anything... It's def our choice to move in this direction, but sooo nerve wrecking.
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Last January - DH decided to quit his job because of health reasons and he really hated his job. We had talked about it a few months before when I was on mat leave and how we could cut back on bills and groceries. He wasn't that stressed by it but I was. This year we are both working but if he goes through with going back to school next year - that will be hard -2 kids in daycare, 1 salary, tuition for him and him being busy with school and not having family close by to help. I am not going to stress about that though till he gets accepted into a program.
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@BelugaBean: Oh ok, I agree the predictability makes it a little easier. But I know it doesn't make it any better!!
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@autumnleaves: Ignore is bliss lol, for now at least!
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I'm taking a year maternity leave from end of March. I will be paid for three months, on half pay for three months, on a fifth of my pay for the next three months, then no pay for three months. We have some money put aside to cover the shortfall but it will be very, very tight. Eek!
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We got several medical bills from the end of last year that need to be paid off, which sucks. We have a plan in place to get them paid off by Marvh, but I'm really hoping we don't have any more doctor's visits before then.
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I'm going through the same, we're going from two incomes to one in march and I'm staying home with my 6yo-(and now one on the way). Our main issue is definitely debt that has been accumulated over the years, with little savings in comparison. Definitely makes for sleepless nights! I've been trying to look up budget and finance blogs but it feels like i can't relate-(or just impossible)...
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Similar to @Cherrybee I'll be taking a 8 month maternity leave starting in May with only the first 3 months paid (last 5 months will unpaid). We have a small amount of savings to cover the oit of pocket costs of L&D but we'll be surviving for 5 months on my husband's salary. It will be very tight but I'm glad my company offers me the opportunity to take a longer leave even if it's with no salary.
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@ModernDayJibarita: I do agree! I think ultimately, as much as it sucks, that time home w/ LOs can never be replaced!
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Money is always pretty tight for us and our real estate taxes/escrow will be going up quite a bit, DH switched jobs so is half ways through his 6 month pay-cut which has been tough so far. And I REALLY want baby 2 so we are trying to figure out how we can get in a place where we can afford that 2nd daycare bill, while still getting debt paid down! Stupid money.
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Maybe? I quit my full-time job to work part-time as an independent contractor. Luckily the work is steady (I work as many/few hours as I want) but it still leaves me making a bit less than I was. The job is a much better fit, though, so I'm fine with that.
One reason I went part-time is I've gone back to school, so there are obviously costs associated with that, which is tough.
DH's job is grant-based, and the grant might be running out in May. He's searching for another job right now, but if he doesn't find one, then we lose his salary and our health insurance coverage, so we'd be screwed with my part-time pay trying to cover all our bills.
I really, really hope DH finds a new job.
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Not a hardship, I try to keep perspective & count our blessings, but 2 things keep me up at night:
1. I'm an adjunct instructor, and don't have a job lined up for the summer, so I won't be paid from mid May until September.
2. I'm going back to school and had hoped to pay tuition without having to take out student loans, but I don't know of that's likely. I definitely can't afford to quit teaching while in school, which was my fantasy
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We are in the middle of it right now - hopefully only one year left! DH lost his job due to downsizing when DD was 2 months old, and he decided to go back to school full time. He only has 2 more semesters to go until he is done, but things have been tight living off of only my teacher's salary and living in a very expensive area (NYC). Thankfully he is able to stay home with DD 3 days a week, so she only has to go to daycare part time. Better for her AND saves us a lot of money. We are also expecting LO#2 this March. I'm psyched that our son won't have to experience full time daycare until he is almost a year old due to DH's school schedule. He should be done with his degree and back to working this time next year, so there is a light at the end of the tunnel and I know that this sacrifice will pay off hugely in the long run. However, no extras for us for a little while longer.
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We're going to be cutting it close for the next few years. We've just realized that pre k costs are going to be quite a bit more than we expected because there are all these extra charges for days when school is off, baby will be starting day care, and we will need to move to a bigger place. I guess the silver lining is that we had been saving up to buy our own place for the last few years... we're still priced out of anything good, so we'll be renting instead, and should have the savings we'd set aside to fall back on.
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@josina: I know! I keep saying we'll TTC this summer for baby #2, but sometimes I feel crazy like why are we even thinking about baby #2?!
@Lilbear: Yeah, I feel like I need to focus more on the light at the end of the tunnel... But I feel like we're just getting into this really, really long tunnel, lol. I live in tri-state area too, I SO feel you about how much harder it is!!
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This is our year to pay off the small amount of cc debt we have and to start being aggressive with our savings. We are also starting daycare in about 1.5 weeks, so hopefully we can make it all happen
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@snowjewelz: Same. Its soooo hard because I want baby 2 but I also want to be financially responsible, and another daycare bill isn't quite yet. I mean, I'm sure we could make it work but it'd be a struggle for sure!
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