Earning less

[DawnM]

ARGH!

DH has already been told not to expect a pay raise or bonus this year. That pretty much wipes out the vacation fund.

Then this week they have been told there may be possible pay cuts across the board.

With bonus money out and possible cuts, we could be looking at about a 15% pay cut overall.

Please know that I am thankful, thankful, thankful that he has a job! So far his department is not having to lay off (although the company is), but it will be hard to adjust to a lower pay.

Anyone else?

Dawn

 

[StitchandPooh'sMom]

That stinks! DH also did not get a raise or bonus this year, and things are not looking good for next year either. Like you, I am very thankful he has a job. NC has been hit hard with job losses, although I know we are still in better shape than people in places like Michigan.

We are keeping fingers crossed for no layoffs! Some contractors have been laid off where DH works, but so far the company employees have been pretty much spared.

 

[jorem1]

My husband told me a couple of weeks ago that he has to take a 20% pay cut

But just like you I'm grateful he still has a job This economy is so scary!
Good luck to you

 

[Lisa_M]

A week after we got back from Disney, DH was informed his position was being reduced to part time, a max of 20 hours per week and had to be 90% billable. All benefits were taken away. So we lost 50% of his income. This on top of no raise or bonus for the last three years (although his bonuses were always very small). He is looking for another position, but no bites so far. It stinks...

 

[HeyIt'sMe]

I feel your pain Dawn.

Late last year my company told us for 2009 there would be no pay increases, no bonuses and the 401(k) match was being suspended. While these cost cutting measures helped they weren't enough - we all had to take a 3% paycut in April.

DH did get a small raise at the beginning of the year.

We are both very grateful to have jobs. We have several friends that are out of work and having a very difficult time finding employment.

 

[momto4obkids]

I feel your pain! DH got his salary cut by 10% in February, there will be no raises or cost of living increases.

He has also had to lay off several people and reduce others hours.

We barely saved up enough for our trip in August. But, we did have to switch from Disney to Universal Studios and Sea World in order to make it work.


Amanda

 

[tinkerbell615]

I am right there with you. Last year I took two 5% pay cuts and my insurance doubled weekly. We also lost our 401k match. I figured it averages about a 15% weekly pay cut with the doubled insurance.

We also lost our yearly bonus that we have always received at Christmas. I honestly don't think we will get any pay raises for a long, long, time. I am just hoping we don't get another cut!

I am also VERY greatful that I have a job, but it does make things very tough when you lose money, but your expenses don't go down.

We are hoping to be able to take a trip to DW next year, but it really all depends on the economy. Right now, we really just don't know if it will happen or not. We are just going to wait and see how things go.

 

[NiftyJ88]

DH also got a pay cut. Fortunately his wasn't a huge cut, and I'm fortunate that I am still getting my contracted pay raise. It is a bummer though...DH hasn't gotten a raise in 2 years.
But...at least he has a job.

 

[java]

Yes dh got a 30% cut the first of the year! I was grateful though as he was the only one that got to keep the job full time. Everyone else was cut down to 4 days a week- along with a pay cut! He has since gotten a small increase in pay so it's now like a 25% cut.

It was shocking at first. And really I didn't know how we were going to do it. And yes our credit cards carry a balance now. But I was surprised at how I was able to slice the budget. The grocery store was one of the first and I saved BIG there. Heat was next(propane is a big $$$ for us so I saved BIG on that one we all wore sweaters) I stopped going to Target. (impulse spending) And then I realized we were going to make it.

I know you will too. It's scary at first but you will adjust.

 

[powellrj]

Dh is now making 30% less than he was and is now working more hours than he did when he was making less money. He is paid on commission and use to make 8-10 calls a day and is now making 24 plus working all day on Sunday just to keep up.

If he quit, there would be people lined up to take his place.

What really makes it tough is we have a DS starting college in a few weeks and not only did they raise tuition last week, we found out his loan amount had been cut. It will be a long time before we take another vacation other than a long weekend.

 

[mrsbornkuntry]

Dh's hours were cut this summer, he was working 4 10-hour days plus overtime, but he went down to 3 10-hour days every other week and hardly any overtime. Fortunately the overtime seems to be picking up and it has been helped along by some storms in the area. I'm hoping his hours were just slow because of the summer and not because of the economy, this is his first year on the job.

His bonuses are performance based and they haven't cut those so he has gotten a couple of those and they help. And please no flames here, we know we're going to be eligible for earned income credit at tax time because of our income so we filled out a form for advanced earned income credit so we could have some of it now in his paycheck.

I've also picked up extra work where I can, there isn't much here that I can work around Dh's job, but I became a substitute newspaper deliverer and that pays better than I thought it would, plus I've picked up selling on ebay and craigslist.

 

[vanyel]

No raises at my company and we're having all sorts of cutbacks. Scary and I sympathize with all of you. My dh lost his job several months ago - we can make it but not getting my annual raise really hits hard. My daughter just lost her sales bonus, belt tightening according to the owner - they just bought a house in Atlanta.

I've really cut back on spending and did a lot of garage saling this summer. Less eating out and I'm not buying any new books - using the library for books and dvds.

Good luck everyone.

 

[meandmytwogirls]

Raise - Ha, ha none in three years!
401-K - Company match suspended last year
"Guaranteed Bonus" - Not being paid this year
Profit Sharing - Program Suspended
Holidays - Only had 4 now have 2

Other than that work is great!! With that aside I'm glad to be working but I just wish some of the upper level execs could share in the cuts, but for some reason none of their perks have disappeared! Go figure!