I should note that we’re a two income family. My wife making probably 60% of the income.
If my wife lost her job, we’d probably be able to stay afloat on my income, but that’s because we pay like $550 per month in daycare expenses. Luckily, my wife is in a field that’s very short on workers and they are in demand so if for some reason he job was eliminated, she’d probably have a new one within a month or two. Given we have a savings and my income would cover the basics we could probably last a couple years with her not working.
Eventhough we are stable financially now, we do our best to make sure we save money where we can. We us a lot of coupons, rarely buy anything (besides everday items) that’s not on sale or on clearance, and have a garden for veggies over the summer as well as later in the year with our canned stuff.
We rarely go out to eat unless we have a coupon deal or something like that, so we cook most of our meals at home. We tend to make things we can have multiple meals from over the next few days.
We keep the dial on the thermostat at 75 in the summer and 68 in the winter to save money on heating/cooling bills. We wash clothes only in cold water to reduce bills further.
Our utility bills (electric,gas,water,garbage,cable,internet…ect) are around $300 on average. That’s pretty good given that the cable, phone and internet make up about $120 of that and if need be we could cut that to $30.
We save all of our pocket change in a jar for our daughter and when it gets filled it goes into her savings account. All of her birthday money goes into savings as well. My in-laws give our daughter stocks for her birthday, so she has some investments already as well. Hopefully by the time she goes to college she’ll have some money for it.
I came from a very poor family, my wife’s family isn’t rich but would d be solidly upper middle class. It took me a long time to get to a point where I made decent money because I had to pay for it all myfelf and worked 40+ hours per week while going to school. It wasn’t easy but it paid off in the end, then again I have always been proud of being self reliant, unlike most of my family.
Heck, I grew up no knowing where most of my meals were going to come from. My mom was a single mom with a serious addiction problem. I have 5 brothers (two from my mom, three from my Dad), I grew up with two brothers with my mom. We were on welfare from birth and my mom was a mother at 16. She got on welfare and never got off and later developed a drinking problem and left us home alone for days at a time while she went on benders. So, most of the time we just ate what I could make being that I was the oldest, I did the “cooking”. Many times there was nothing in the fridge or cupboards to eat. We grew up in a small town and we had a little store on mainstreet. Luckily, I knew the owner and he’d allow me to put food on a “tab” whem our mom would disappear. Sometimes my mom paid the tab, sometimes not, but either way I thank God for the kindness of the store owner because I’m pretty sure he knew he wasn’t going to get paid most of the time.
My point is, keep the nose to the grindstone, work hard, and pray and you can work your way out of things with the blessings of God.