Trying to live off of one income

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!

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5 thoughts on “Trying to live off of one income

  1. Ugh, sorry to hear that!

    I’m sure you have it all under control – cutting back on food and transport, maybe downgrading TV/internet packages etc. Is he a good cook? If he’s going to be at home more, then he could help out doing more cooking from scratch.

    Definitely remember incorporate some kind of fun – depriving yourselves of everything is a sure path to misery. Maybe it’s small things like date nights – walks in the park, picnics, DVD nights, whatever.

    • Thank you for the kind words. I am really hating our cable bill. this month it sits at $180 and I barely watch TV but DH does and it kills me. I’m going to call around and get quotes before I go to battle with Comcast.

    • Thank you. I know it is going to be difficult because we have never attempted it and we are newly frugal :). But, I do have faith in DH and I . I also don’t think that DH will be out of a job for too long.

  2. I think you will do pretty OK with the one income so long as it is short term. You also have to remember that his 3 hour daily commute will be eliminated during this time so that should be come big savings if he drives to work.

    I’m sure you can do it. If you have to use the severance money, use it wisely and never use up more in one month than what he would have gotten paid if he were still working.

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