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Old 07-10-2009, 06:28 PM   #1
abrock
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That's it! We are going to live on just my income, and save hubby's :0)

I am sick of bringing in a great income and living paycheck to paycheck! With that said, we have a large mortgage, student loans, etc. but I think we could pay for everthing on my salary alone. I want to do this because I want to sock away his income for a year, because he may lose his job next year. This way we know we would be okay, and also have a cushion. If he doesn't lose it I want to start paying off std. loans (I'm close-2011, but DH's masters set us back on his), but I want to keep that savings from this next year.

I am really worried that I will give up on this! What advice can you guys give me for those of you that have done this? What keeps you going. I do listen to Dave Ramsey for motivation, but it's going to be harder than just doing that!

Thanks!
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Old 07-10-2009, 07:21 PM   #2
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Haven't done this since we are a 1 income family as is but it would be easiest for you I think if your DH had his paycheck deposited into some very hard to access acct. Someplace with short business hours and you have no checks or bank card with them and a place that is not close by.

When I worked I used to do that with my savings. I had that portion of my check direct deposited into the acct every pay day and to get it I had to drive 90mins in heavy traffic to the nearest branch. I was able to build up savings very quickly that way.
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Old 07-10-2009, 07:21 PM   #3
PrincessKitty1
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I finally convinced DH to try this about 8 months ago. It has been a raging success! DH is self-employed, and we do pay his income taxes out of my paycheck (easier to have extra withheld than to pay quarterlies), but other than that, my entire paycheck goes to savings.

What motivates me is that we are quite a bit older than you (early 50s) and we want to retire in 10 years...so we have a LOT of saving to do.

What keeps me going is that we still go on great vacations and we each have a set amount of fun money that we allow ourselves to spend every month on clothes, books, etc., so we don't feel deprived. We are frugal in ways that don't matter to me much--we drive older cars and still live in our "starter house."

Try it!! What do you have to lose?? If you and your DH hate the experience, you can always change your minds.
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Old 07-10-2009, 07:23 PM   #4
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Quote:
Originally Posted by delmar411 View Post
Haven't done this since we are a 1 income family as is but it would be easiest for you I think if your DH had his paycheck deposited into some very hard to access acct.
Good point--we put my paycheck into an ING account (on-line banking) just for that reason.
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Old 07-10-2009, 08:29 PM   #5
semo233
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Keeping track of what you spend and what you save is a motivator. When you start adding up (for example) the $2.99 coffee/day, the $1.75 ATM fees, the $8.00 lunches, and the difference between going out for dinner and cooking in, you can easily save $25 per day!
It all depends upon how far you're willing to go and what your current spending habits are. But if you found out that you could save $500 per month, would it be worth it to you?
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Old 07-10-2009, 09:31 PM   #6
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I agree with PP, stash the money someplace that is hard to get to. Also, everytime you get a raise stash that money too. Before you know it you have a sizable savings type account, you sleep well at night and do not worry about the economy as much.

However, if you have debt, that should be paid off first. Most savings/ Money Market accounts are paying a lot less than 2%. Where debt can be as much as 30%. A house payment is DH and my only exception to the debt thing. That is because it is tax deductible and our rate is 4.145%
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Old 07-10-2009, 09:43 PM   #7
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it's a great plan that you should execute. i would sit down with hubby and have a long talk , be sure you are both on same page. talk about the budget expenses as they are now and how they will look on one income. agree / make sure you have your partners buy in. then all you need to do is sit down each month and discuss any budget variations. do not lose site of your goal for the year. yes, there are things you are going to want to do / use money for , but, know that if it is not a true NEED , and only a WANT , you have to rank and rate that WANT . the WANT you have of having a years salary banked should rank higher than the WANT you have for the coffees out or whatever expense you have the variation with. good luck. its a great idea , i believe in this economy , you may need it. people need to hold on to more of what they earn. i am really concerned about the economic climate. take care.
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Old 07-10-2009, 09:45 PM   #8
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Good for you! We've been practically a 1 income family with my pay accounting for $5,000 or less of our total income per year (I'm a Mothers Day Out teacher & I've worked 2 or 3 days/week for the past 10 years).
Now I'm going to start working full-time & we're planning on putting a huge chunk of it into savings & still mostly live on my DHs income. I know some extended family & friends think we'll be living high on the hog with my new job but I think most things will stay pretty much the same.
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Old 07-10-2009, 11:37 PM   #9
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That's a great task to take on!
We aren't there, but 2 months ago I sat down and budgeted everything religiously and figured we could be saving at least $400 more a month, without cutting back all that much. Who knew?
Crunch the numbers and see how much you can save!
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Old 07-11-2009, 12:14 AM   #10
abrock
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Thanks for the tips, keep the inspiration coming! As for the pp who said to pay off debt first, I would typically agree...but we have just 1 low rate cc, low rate std loans as well. I think we need liquidity, because we really will need that cushion. Even most financial gurus are recommending hold off on the debt for a bit until you have a good emergency fund. These times are scary!
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Last edited by abrock; 07-11-2009 at 12:19 AM.
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Old 07-11-2009, 01:34 AM   #11
phamy76
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Make sure you change your W-2 paperwork at work, too.

My husband lost his job, and I had to change:
Does your spouse work?
Do you pay over $2000/year in childcare?

When I did that, I actually got more money in my weekly paycheck because it dropped us from being in the next tier (so I've heard).
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Old 07-11-2009, 06:39 AM   #12
PrincessKitty1
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Quote:
Originally Posted by abrock View Post
Thanks for the tips, keep the inspiration coming! As for the pp who said to pay off debt first, I would typically agree...but we have just 1 low rate cc, low rate std loans as well. I think we need liquidity, because we really will need that cushion. Even most financial gurus are recommending hold off on the debt for a bit until you have a good emergency fund. These times are scary!

I agree with this. If there is a chance your DH could lose his job, it would be much better to have a years salary in savings than to have paid off your debt.

DH and I have a small amount of debt (small mortgage and student loans--we went back to school in the mid 1990s) but the interest rate is very low and, as many financial advisers say, you can borrow money for just about anything but you can't borrow money to fund your retirement. All our debts will be paid off before we retire in 10 years so we think it's more important to sock away $$ now than to pay off our debt.
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Old 07-11-2009, 07:08 AM   #13
hickchick
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You can do it!

We have always strived NOT to live paycheck to paycheck, and my husband is very good at saving a large portion of his income. This came in handy last year when his job got too stressful to deal with - and he took a year off to spend more time with DD! It was a great decision for our family - and one that was much easier to make since our savings was pretty substantial!

You can do it!
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Old 07-11-2009, 07:13 AM   #14
lisaross
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Congrats on your decision... I would suggest opeing an account at a different bank, and if possible have the check direct deposited so you do not even see it! After a few months of savings i'm sure your be quite happy w/the outcome and that will be motivation itself!

All the best'

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Quote:
Originally Posted by abrock View Post
I am sick of bringing in a great income and living paycheck to paycheck! With that said, we have a large mortgage, student loans, etc. but I think we could pay for everthing on my salary alone. I want to do this because I want to sock away his income for a year, because he may lose his job next year. This way we know we would be okay, and also have a cushion. If he doesn't lose it I want to start paying off std. loans (I'm close-2011, but DH's masters set us back on his), but I want to keep that savings from this next year.

I am really worried that I will give up on this! What advice can you guys give me for those of you that have done this? What keeps you going. I do listen to Dave Ramsey for motivation, but it's going to be harder than just doing that!

Thanks!
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Old 07-11-2009, 08:21 AM   #15
kydisneyfans
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We started the same thing at the beginning of the year and it has worked pretty well. We just splurged for a 5 day getaway in Chicago out of some bonus money, but don't feel guilty one bit.
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