It wouldn't make a dramatic difference in our day to day lives, but it'll definitely make us feel a little more secure about having more savings. Would a 20% bump in your salary make a big difference in your life?
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After taxes, no. On paper, yes.
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@looch: So after taxes, you wouldn't notice a big difference in your life? For us, it would just be extra savings. But I know that for some people, 20% extra would be a huge help, especially if you're living paycheck to paycheck or are underwater.
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Not really, but we save my income as it is. The 20% would go into the bank too.
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Nope.
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After taxes, it would cover all of our daycare, and maybe even insurance for LO. So yes, while not a huge amount, that'd be awesome!
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Nope.
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@banana: No, I really wouldn't. I calculated it based on my hourly rate. We might have a couple $100 more a week, but not enough for me to be able to do something different.
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It would certainly be nice to have a little extra savings, but it wouldn't affect how we lived day-to-day
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It would long term because we could plough it into pensions. We are currently saving considerably less than we would like.
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@indi: Wow that would definitely help!
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Yes!!! It would help me soooo much!!!
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@indi: Same here -- we'd essentially be able to live the same as we do now without any thought about daycare costs. It would also put my salary just about equal to DH's.
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It would all go towards savings, so while immediately it wouldn't have a large impact, in the long run it defintely would.
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@shinymama: Same. I think immediately it wouldn't make a huge impact on us either. But on a year to year basis, it could definitely add up!
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Yup. We would feel a whole lot more comfortable!!
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It wouldn't be HUGE, but it would definitely make a difference in how I feel financially.
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Yes. We could get in to that next house 6 months to a year sooner!
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It would just be extra savings, but no difference on our day to day life!
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Nope.
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oh yes! i changed from working full time to part time this fall & DH got a new job that pays significantly less than his previous one. things were tight to begin with, so those decreases have really taken a toll. i could make a 20% increase go a long way!
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@banana: Yup! Thankfully our daycare costs aren't extreme, and my salary is about twice that of DH's, but every little bit extra helps! Once student loans are paid off, then it'd be used for much more of a buffer and savings, but I sure wouldn't mind the extra $$ every month right now.
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I think so! We wouldn't have to worry about daycare costs, be able to save more, have a cleaning lady so I don't have to choose between napping or cleaning the house, etc.
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Yes, it would be a huge difference. That would basically be daycare for the whole year!
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It would give me a tremendous amount of peace of mind especially about future baby related expenses (childcare - yikes!). It wouldn't have a huge impact on our lifestyle though.
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It would just be really nice to have that extra cushion in savings. It would also help us feel more comfortable since next year we'll have TWO kids in daycare. Sigh.
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Yep! It would almost pay for daycare.
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20% increase on dh's salary would be much better than 20% of my grad student stipend! Either way prob wouldn't change our day to day expenses but it'd help us save more
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I don't know if it would make a HUGE difference, I mean it's not like it would change our lifestyle or anything. But it would certainly be nice. We could breathe a little easier about our tight budget and put that extra into savings.
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In my income, no. It would make a pretty significant difference if DH got a 20% raise though!
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No, not really.
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Absolutely. Any extra money is good!
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it would be significant, but not lifestyle altering!
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@Mrs. High Heels: Sigh. 2 kids in daycare is tough. But thankfully it's only for a few years. And then we can all breathe a little easier!
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Heck yes! Hugely.
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Absolutely it would.
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It definitely would help! I notice a difference when I get a 0.50 cent/hour raise- this was my 2% raise this year.
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Any extra would help especially with the holidays coming up!
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@banana: but by then all the money will probably be used on extracurricular activities or lessons or something.... ahh it's endless!
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Not really. I'm unemployed at the moment and 20% of nothing is still zero, lol.
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72 comments