I’ve been thinking a lot about DH’s impending job loss. I really wanted him to start looking for a job right away but he has not be able to make time to look. His commute is at least an hour and a half each way. That means he leaves the house around 6:30AM for a 8:00AM shift. He gets off at 5:00PM but doesn’t get home until at least 6:30 each day. He is also afraid that if he takes time off of work, his work may find a reason to terminate him thus making him ineligible for the severance pay. With that said, we are going to need to figure out how to live off of one income until he finds something.
His severance package will be approximately $17K after taxes. We are planning on putting all of that into our ING account. It will not be touched unless a huge catastrophe happens. We are in WA state and I think based on some very rough calculations he will be receiving approximately $400 per week after tax. My hope is to also hoard this and put it into savings. To do that, we need to come up with a game plan to live off of my income. I think we can do it. I haven’t had time to sit down and calculate the actual numbers yet but I think we can provided we can keep our fuel costs low and cut our grocery bill. We’ve done an okay job of not going out to eat unless it is planned around special occasions and for the most part have been packing breakfast, lunch, snacks and dinners to work.
My plan is to go through the numbers tonight and put together a budget for the next few weeks with only my salary and saving hubby’s salary. I’m also going to be scouring the internet to look for articles, tips and tricks on how people have managed to live on one income. Of course, if any of you have lived on one income, please share your stories and offer me any advise you have!