View Full Version : And the bad news is...
...I am definitely not making enough to pay my bills.
Some of you may want to refer to my thread "Update on New Job" in the Workplace Forum, wherein I talk about really looking at our household finances and determining if we can live on my new salary, which is 25% less than my old salary. Of course, after being unemployed for 3 years, any salary is better than none.
I got my first check recently and no, it is really not enough. And that's not even including the benefits (see my thread "The High Cost of Health Insurance" in the Health Forum). We have no car loans, no consumer debt, no cable (we do have at home Internet and cell phones), we do not eat out even once a month, no one is driving a Mercedes here, our rent is cheaper than most people's rents around here. :~) Yet we're not gonna make it.
Need I say I am frightened? I wonder if I should just keep looking for a job in my old (but despised) field. Not that I made a ton there, but we were actually getting along OK.
I feel like: What am I doing wrong? Is anything ever gonna be OK again?
Honestly, folks, I do not want to be whining here, or come off as ungrateful. I just need someone to listen...
Thank you.
ApatheticNoMore
9-5-12, 5:45pm
I got my first check recently and no, it is really not enough. And that's not even including the benefits (see my thread "The High Cost of Health Insurance" in the Health Forum).
So this is "not enough" without any deductions (like a 401k) right? Are you claiming your partner as a dependent (increasing the dependent count on your paycheck)? Can you? And lower the taxes permanently. Do you have to be married? Of course there are other games to be played with numbers of dependents to temporarily lower taxes I guess, but not a lot of point when you'll owe it anyway eventually, with potential penalties.
We have no car loans, no consumer debt, no cable (we do have at home Internet and cell phones), we do not eat out even once a month, no one is driving a Mercedes here, our rent is cheaper than most people's rents around here. Yet we're not gonna make it.
Well how short is this falling of enough? Sure you could give up the internet and cell phones (downgrade if it's a smart phone, consider getting prepaid cells) but I don't know how necessary these are for work. In some jobs they are the price of being employed (I love my internet, but I do also need it for work).
Need I say I am frightened? I wonder if I should just keep looking for a job in my old (but despised) field. Not that I made a ton there, but we were actually getting along OK.
get a second part time job? Really your SO needs to at least get a part-time job, that seems the best answer. You could see if you qualify for any low income programs (utilities give discounts, landline might be discounted etc.).
Right, with no deductions. I think I have my taxes at "married but use single rate." Is there another way to do it? (I am a bit confused by this).
How short is short? That I need to sit down and figure out to a better ballpark figure.
I do need the 'net and the phone for work, but we don't have smart phones, and never will as long as we can get away w/o it!
I think the answer is becoming clearer: SO does need at least part time work. It's just a shame that we can't get along w/o that option. Back when I got into SL, about 10 years ago, it was part of my long term plan that both of us work part time. With no investments or inheritance (ha!), however, that isn't in the plan right now.
I agree with ANM. How much are you short? $25 per month or $2500 per month? Figure that out and then it will be pretty clear what you need to do. Yes SO should get some kind of job (if that's required) prior to you getting a 2nd job.
Good luck. Putting it down on paper and really knowing what you're looking @ is actually very freeing.
flowerseverywhere
9-5-12, 8:59pm
sometimes choices are hard, and maybe the answer is to have SO work as well.
I don't think there is anyone in this country, and most other countries that think the social systems are going to get any better. The chances of social security giving less and health care costing more is pretty high. With the drought this summer food prices may go up. Gas prices will most certainly go up.
Sometimes you have to look at the reality of your situation and face the music. I wish there was an easy solution for you but I don't think you will find one.
awakenedsoul
9-5-12, 10:17pm
I'm sorry, frugalone. I feel your pain. I agree with the above post, how much are you short per month? There's always a solution. It's just finding it. Why isn't your SO working? Why do you have to carry all the financial burden? There's no way I could support two people. It seems a lot of women are doing this now.
try2bfrugal
9-5-12, 10:24pm
One thing I do to try to lower my expenses is to look at people's budgets who live on just Social Security or SSI for ideas of what is possible. I am a long way from getting that low but I keep working at it.
It would probably help if you knew exactly how much you will have to pay in taxes and had no more than that taken out from each pay check. Also it helps to have a detailed plan for the year and then track expenses to plan every time you spend money. I write down even stuff like ice cream and bridge tolls.
Well, I am glad to say it's certainly not anywhere near being short $2,500 a month! Whew!
try2bfrugal: Do you have any recommended sites for finding that sort of budget (SSI)? Thank you!
Thanks to everyone for listening to me kvetch. I need to remember it is a work in progress and Rome wasn't built in a day. I'm still getting used to working full time and tired a lot of the time, too. I tend to overreact when I am sleepy...
I may have read this different, however Ithought it was more about the emotions of being short while being very careful already. You are certainly free to have some emotions on that one. Of course look at the bills, but, sigh, I am also one that knows her income is too low. I get help here and there enough to be fine, however fine means that everything can potentially be a crisis, from new tires to dental work to even school fees. Many years ago with simple living I had started to build up a budget where I put so much aside each month and had a pretty good idea of how much I needed to cover those things that can be expected but not really planned.
That is all.
ApatheticNoMore
9-6-12, 12:08am
I'm pretty sure if there are two people being supported and only one income you'd save by filing (and having withholdings) as married.
I'm still getting used to working full time and tired a lot of the time, too. I tend to overreact when I am sleepy...
Yea I know tiring and hard to get used to working full-time, also just a lot of disappointment I guess finding out the opportunity wasn't what you thought and hoped it was (at least in terms of pay and benefits).
Where there is a will, there is a way... If you are comfortable sharing, what are the details? What is coming in, and what is going out? How many people are in your household? I think often people try to think of cutting all the little things out, but you can make a big impact managing the big ticket items. Rent- you say it is less than what "most people pay," is it possible it is more than you need? Do you need two cars if only one of you is working? (Also curious why SO doesn't work.)
btw, I'm an accountant... so for federal taxes, safe harbor (amount you need to pay in to not owe penalties) is 100% of prior year's taxes or 90% of current year's taxes. I'm assuming you are bringing in under 150K, if not, 1) other rules apply and 2) you'd need a serious look at your lifestyle if 150K is not enough, ha ha...
Yes, I too would look at tax withholding first. Married but taxed as single sounds like you are having more withheld than necessary.
try2bfrugal
9-6-12, 11:53am
try2bfrugal: Do you have any recommended sites for finding that sort of budget (SSI)? Thank you!
There is a Yahoo group called frugal folks and some of the people are on SSI or at least very tight budgets. Many people on the early-retirement.org forum also post their annual budgets. They usually aren't as tight as the SSI budgets but many live as cheap as possible to retire early.
This guy lives on SSI but he has Medicaid for health care and a paid for condo -
http://www.tc.umn.edu/~parkx032/D-SSI.html
He has his budget from 2007 and 2008 here -
http://www.tc.umn.edu/~parkx032/SPJP0708.html
The Consumer Expenditure Tables are good because you can look at the expenses of households who make the same or less and compare your budgets to theirs to see what categories where you may be high-
http://www.bls.gov/cex/tables.htm
This magazine is what got me intrigued on the whole simple living idea and just how little some people really need to live on in terms of purchased goods and utilities -
http://www.countrysidemag.com/
(http://www.countrysidemag.com/)
Gardenarian
9-6-12, 2:56pm
Well, that stinks.
:(
Wish I had some wise words. (((hugs)))
Don't have any real advice but your sitch reminds me of ours - slightly different, but overall the same. We both work, but we're always behind every single paycheck lately. We have to either let something go, or one of us might have to get a part-time gig of some kind. It's totally aggravating, because we both have high-stress full time jobs. Wiped out at the end of the day, every day. Our salaries combined put us in the top 5 percent of the nation, but we feel like we're barely making it.
My dad supported my mom and two kids selling shoes and other imports to department stores. They had a HUGE house, two cars - my dad got a new BMW every three years. They traveled, partied, and spent money like water. One ONE salary in the 1970's. Incredible...
ApatheticNoMore
9-6-12, 5:02pm
Our salaries combined put us in the top 5 percent of the nation, but we feel like we're barely making it.
This is something I'll never understand. What is it? House poverty such as caused by say buying a house in California or somewhere equally expensive? (woah yea, that one is dangerous!! Better to accept in some places it may be saner to just rent). Massive student loans? Massive medical bills aquired in the past? 4 kids to support? I'll never understand how anyone can't live and live fairly well being in the top 5% in the nation, I can understand how they would not have the life they think they *should* have at that income if they live in expensive locales.
I see several people have replied to the thread overnight, so I will try to address things one at a time.
I did find out that back when I began working part time in March, I put down "married but withhold at single rate." So I am guessing that now I need to change that to married, right?
No, I am certainly not making anything near $150K! Never have in my life, never came close even when there were two incomes. It's more like $29,000 now and I used to make $40K.
We could probably get along with one car, but a relative is giving us her 10-year-old car and both are paid off and in good condition.
I am not comfortable discussing why SO does not work. Not for any reason of my own, but he does not like my discussing him on the Internet and I promised I would not do so. It's complicated, as they say anyway.
My rent is $400 a month. Around here you could not find an apt. or house for less. The landlord has not raised the rent in the 13 years we've been here so I don't look a gift horse in the mouth.
Where there is a will, there is a way... If you are comfortable sharing, what are the details? What is coming in, and what is going out? How many people are in your household? I think often people try to think of cutting all the little things out, but you can make a big impact managing the big ticket items. Rent- you say it is less than what "most people pay," is it possible it is more than you need? Do you need two cars if only one of you is working? (Also curious why SO doesn't work.)
btw, I'm an accountant... so for federal taxes, safe harbor (amount you need to pay in to not owe penalties) is 100% of prior year's taxes or 90% of current year's taxes. I'm assuming you are bringing in under 150K, if not, 1) other rules apply and 2) you'd need a serious look at your lifestyle if 150K is not enough, ha ha...
Same here. My mom did not work when we were little. She had something like two dresses to wear to church. We had one car, and my dad worked at a not-too-high-paying job while he went to night school. They had three kids. We were never hungry, we lived in a nice neighborhood, we had Christmas and birthday gifts and some little extras.
Something IS wrong nowadays.
Don't have any real advice but your sitch reminds me of ours - slightly different, but overall the same. We both work, but we're always behind every single paycheck lately. We have to either let something go, or one of us might have to get a part-time gig of some kind. It's totally aggravating, because we both have high-stress full time jobs. Wiped out at the end of the day, every day. Our salaries combined put us in the top 5 percent of the nation, but we feel like we're barely making it.
My dad supported my mom and two kids selling shoes and other imports to department stores. They had a HUGE house, two cars - my dad got a new BMW every three years. They traveled, partied, and spent money like water. One ONE salary in the 1970's. Incredible...
frugalone: this calculator (http://www.irs.gov/Individuals/IRS-Withholding-Calculator) looks useful, though it is down right now. I'd see if you can use it in a few days or whenever it comes back up.
I'm not an expert on withholding, but I think it's more about how many dependents you claim than about your status. Correct me if I'm wrong, forum friends.
Does anyone know, can employers tell employees what the withholding would be in different scenarios?
P.S. I have three allowances on my W4--what should it be?
Thank you so much!
There is a Yahoo group called frugal folks and some of the people are on SSI or at least very tight budgets. Many people on the early-retirement.org forum also post their annual budgets. They usually aren't as tight as the SSI budgets but many live as cheap as possible to retire early.
This guy lives on SSI but he has Medicaid for health care and a paid for condo -
http://www.tc.umn.edu/~parkx032/D-SSI.html (http://www.tc.umn.edu/%7Eparkx032/D-SSI.html)
He has his budget from 2007 and 2008 here -
http://www.tc.umn.edu/~parkx032/SPJP0708.html (http://www.tc.umn.edu/%7Eparkx032/SPJP0708.html)
The Consumer Expenditure Tables are good because you can look at the expenses of households who make the same or less and compare your budgets to theirs to see what categories where you may be high-
http://www.bls.gov/cex/tables.htm
This magazine is what got me intrigued on the whole simple living idea and just how little some people really need to live on in terms of purchased goods and utilities -
http://www.countrysidemag.com/
(http://www.countrysidemag.com/)
Yes, that's kind of it--disappointment mixed in with a lot of other emotions.
I know nothing *horrid* will happen to us. I have family who can help if a true emergency arises.
But I went from a person with a $40K a year job and a nice emergency fund and a spending account a la Mary Hunt to someone who had to dip into their IRA to live for the last nine months. I feel like I'm starting from the ground up now.
And this is sad after I went to college to earn a higher salary, etc. etc.
I may have read this different, however Ithought it was more about the emotions of being short while being very careful already. You are certainly free to have some emotions on that one. Of course look at the bills, but, sigh, I am also one that knows her income is too low. I get help here and there enough to be fine, however fine means that everything can potentially be a crisis, from new tires to dental work to even school fees. Many years ago with simple living I had started to build up a budget where I put so much aside each month and had a pretty good idea of how much I needed to cover those things that can be expected but not really planned.
That is all.
try2bfrugal
9-6-12, 6:30pm
No, I am certainly not making anything near $150K! Never have in my life, never came close even when there were two incomes. It's more like $29,000 now and I used to make $40K.....My rent is $400 a month. Around here you could not find an apt. or house for less. The landlord has not raised the rent in the 13 years we've been here so I don't look a gift horse in the mouth.
Your have to haves in a budget would be taxes, rent, basic utilities, food, and an emergency fund. Next I would do saving for retirement. After that you would have to prioritize what is important. Knowing what taxes you would owe is key. You don't have a lot left over to work with so it would be good not too have too much withheld for taxes. Do you use software to do your taxes? If so, can you use it to model how much you will owe this year?
If your SO can't work, then can he do things like in the Making It - Radical home Ec book to lower expenses? Or look for something he could do from home? The fatwallet forum always has ideas on how to make a little extra money here and there - like cash back charge cards and signon bonuses for opening checking accounts. Slickdeals has an ongoing thread on "what I got in the mail today" from people who do surveys, enter contests, and send for free stuff, sometimes to resell. It isn't the same income as working but some of them make an extra few thousand a year in merchandise and gift cards, which if your SO could make would put some slack in your current budget.
Just doing little things like not using paper towels or disposable ziplocs and making your own cleaning supplies can really add up in savings month after month.
awakenedsoul
9-6-12, 8:56pm
frugalone,
I ran short every month for a while, and it was very depressing. This blog helped me: www.downtoearthblogspot.com (http://www.downtoearthblogspot.com). There are some dashes in there that I can't remember, but if you google it, it will come up. Her name is Rhonda Hetzel, and she's also written an excellent book called Down To Earth. I followed her posts on debt and also did the Dave Ramsey method. The results were astounding.
I would give yourself credit. You are making enough to support yourself. If you were on your own, you would be making ends meet. I know it's difficult to have your income cut, but you did find a job. I think things will get better. I lived with a man who wasn't working for a while, and it was very stressful and upsetting.
awakenedsoul, thank you for the link, and the encouragement. I'm going to check Rhonda's blog out. I'm not familiar with Dave Ramsey's work but I know he's pretty popular.
Thanks for giving me the pat on the back that I haven't been giving myself. It's early days, yet, as the Brits would say! And I am happy in my new job, and relieved to not have to rely on social services and savings any longer. I never thought I wanted to work again after my last awful experience (toxic environment and people etc.) but there is something to be said for doing a job well and being treated fairly by my boss and making my way in the world. :)
If your income is 29k you should be paying about $1000 in federal taxes a year -- you get the standard deduction of 11,600, plus two exemptions (one for you, one for spouse) of 3,700 each, which drops your taxable income down to just 10k. So if you are having more than $85/month withheld in federal taxes, you should see your HR person about getting it adjusted. And that doesn't take into account any credits you might be eligible for on a relatively low income.
Even if DH is incapable of leaving the house, assuming he doesnt have a complete physical disability and can do some kind of mental work he should be able to earn a little bit of extra money doing mechanical turk type stuff. If he is so incapacitated by somethign as to be unable to do even that, then you guys need to try to get him on disability. Depending on what his issues are, seeking work might actually help to resolve them. I went through a horrible depression after the melt-down of my previous career, and finding a new job where my efforts and abilities were respected and appreciated was a key thing in helping me climb out of that.
One foot in front of the other, frugalone. You have made substantial progress already, and should be proud. YOU HAVE A FULL TIME JOB -- WITH BENEFITS! Ok, they are sucky benefits that cost you way to much for what you get, but you are not teetering on the precipice any more. If you think there are chances that you could find another position that would pay better and not put you back professionally or psychologically, by all means apply -- you never know what you might find out there. But DON'T, PLEASE DON'T go back to the kind of situation that you had before, even if it pays better. Instead, focus on what you can do to excel in this position/field and move up. Your talents and skills have already been recognized here, and you landed that full time job based largely on the good work you had already done. Keep showing that to them. If they aren't stupid, they'll notice. And if they are stupid, you can document it all and use it to keep moving forward.
Hand in there, we've all got your back and are cheering from the sidelines.
lhamo
Yes, like llhamo said, you really should not be paying very much in taxes. So check that out. I believe for 2012 the standard deduction is up to 11,900 and the personal exemption is up to $3,900, and your insurance premiums are probably not taxable, so that helps, too.
DH, me, and DD lived on about 27K ( gross) for a year and rent was $565 at the time, so I'm sure you can figure out a way to do this! What are your other large expenses?
maybe car insurance- can you raise deductibles or research cheaper options? I recently brought my car insurance down about 25% by participating in progressive's snapshot program. (A bit annoying to have big brother "watch" you driving for 6 months, but I thought it was well worth it.)
awakenedsoul
9-7-12, 11:47am
awakenedsoul, thank you for the link, and the encouragement. I'm going to check Rhonda's blog out. I'm not familiar with Dave Ramsey's work but I know he's pretty popular.
Thanks for giving me the pat on the back that I haven't been giving myself. It's early days, yet, as the Brits would say! And I am happy in my new job, and relieved to not have to rely on social services and savings any longer. I never thought I wanted to work again after my last awful experience (toxic environment and people etc.) but there is something to be said for doing a job well and being treated fairly by my boss and making my way in the world. :)
Being happy in your new job is priceless. I was in some toxic work situations, too. It was so draining. Maybe with the new health care your problem will be solved. (If it goes through...) As one of the above posters mentioned, raising deductibles can help. I did that with mine, too.
You were prepared for unemployment and didn't go into debt. You're way ahead of many people who found themselves out of work. You had money saved for your future. You budget carefully and responsibly. I think you're on the upswing.
I think you should be proud of finding a better work environment....that in itself will help you feel better. I think once you get the tax deductions taken care of and finding some help for low income like lower utilities, food stamps, etc. it will also help. As for your husband, I agree that if he cannot work, that you guys try to find out if he is eligible for disability benefits.
I also went from a toxic corporate job making $70K including benefits to about 1/3 of that....it can be done and I am able to pay my bills and save for the future.
We no longer qualify for either food stamps or help with our heating bills--I make too much money. >8)
Not sure about saving more on car insurance--I think we've got it as low as it can go. With two cars over 10 years old, it's not too bad, actually.
I will definitely be talking to someone about changing my W4 as well.
Thank you very much for your support. And encouragement and advice. I will try to take it one day at a time.
The other large expenses are health insurance, heating bills and food/toiletries.
Yes, like llhamo said, you really should not be paying very much in taxes. So check that out. I believe for 2012 the standard deduction is up to 11,900 and the personal exemption is up to $3,900, and your insurance premiums are probably not taxable, so that helps, too.
DH, me, and DD lived on about 27K ( gross) for a year and rent was $565 at the time, so I'm sure you can figure out a way to do this! What are your other large expenses?
maybe car insurance- can you raise deductibles or research cheaper options? I recently brought my car insurance down about 25% by participating in progressive's snapshot program. (A bit annoying to have big brother "watch" you driving for 6 months, but I thought it was well worth it.)
I just wanted to throw this out there in case it's relevant- how often are you getting paid? Is it bi-weekly? If so, don't forget that you will have two extra checks over the year. I make my household budget based on 24 pay periods. The other two checks are socked away into savings.
awakenedsoul
9-7-12, 2:25pm
The other large expenses are health insurance, heating bills and food/toiletries.
I don't know if you are already doing this, but buying my groceries and toiletries at Costco has saved me 50%. At first it seemed more expensive, but once I got a stockpile, it was a huge shift. Rhonda has great posts on stockpiling on her blog.
Aye, there's the rub. IF I am correct, I think they are getting two free weeks out of us per year. We get paid twice monthly (semi monthly), which is not the same as bi-weekly.
My friend says I'm nuts; that there are 52 weeks in the year no matter what. But I read somewhere that if you only get paid 2x a month, you are getting shorted.
Am I wrong?
I just wanted to throw this out there in case it's relevant- how often are you getting paid? Is it bi-weekly? If so, don't forget that you will have two extra checks over the year. I make my household budget based on 24 pay periods. The other two checks are socked away into savings.
It stinks but we do not have Costco around here. I do try to stockpile when I can, though.
I don't know if you are already doing this, but buying my groceries and toiletries at Costco has saved me 50%. At first it seemed more expensive, but once I got a stockpile, it was a huge shift. Rhonda has great posts on stockpiling on her blog.
ApatheticNoMore
9-7-12, 2:38pm
Aye, there's the rub. IF I am correct, I think they are getting two free weeks out of us per year. We get paid twice monthly, which is not the same as bi-weekly.
My friend says I'm nuts; that there are 52 weeks in the year no matter what. But I read somewhere that if you only get paid 2x a month, you are getting shorted.
Am I wrong?
Yes, here's how it works:
If you are paid bi-monthly - like the 15th and end of month say, you will receive full pay and it will be larger paychecks than if you are paid biweekly on the same salary
If you are paid bi-weekly, every 2 weeks, the paychecks will be smaller but you will get two extra paychecks a year. Now I find bi-weekly HARD TO BUDGET, because every month the take in is less but you do get two surprises a year. I'd rather just have a STEADY INCOME because BILLS THEMSELVES ARE MONTHLY!! Saving up incomes from twice a year paychecks for rent is ridiculous (in truth I lived on a lower income than I made - pretended the biweekly checks were all I was getting in effect, and saved and used for vacation money the bonus checks). And I think there are possible ways of in effect getting shafted with biweekly (ie quitting right before a bonus month etc.) but if you stay exactly a year say you will be exactly even and earn exactly the same as twice a month pay checks.
If you are paid twice a month expect some variation in the paychecks, some pay periods will contain a few more days than others. I think twice a month is all around the better deal IMO. I don't want bonus surprise paychecks, I want steady income.
The other large expenses are health insurance, heating bills and food/toiletries.
Heating bills- at one point just DH and I lived in a large farmhouse. To save from heating the whole house at night, we'd turn the thermostat way down and we had a heated mattress pad. IDK exactly what that saved us, but something, I'm sure. We live in a smaller place now, but we still keep the heat way down in the winter. Our oil heat is so expensive. Last year we purchased a couple of space heaters (de longhi oil filled electric heaters) for $40 a pop that were excellent at warming the only the rooms we were using. Our current place has an addition that seems totally uninsulated. I hung a heavy curtain (hand-me down from a friend) on a tension rod in that doorway and it worked wonders to keep the cold out of the rest of the house. (DH told me I earned "wife of the year" for that idea...) I will wear a hat and gloves around the house in the wintertime, too.
Food - we eat lots of beans and greens, and boy are they cheap and nutritious! Dried beans are very low cost and easy to cook with some planning. Me and our children are vegetarian, and DH only buys meat on a few occasions each year. Try buddying up to the produce guy at the grocery store and find out if/when stuff gets tossed and whether or not you can buy it for cheap. I've always wanted to try dumpster diving behind something like a trader joe's, but have never gotten around to it... I feel like I need a black ski hat and a big flashlight, neither of which I own, to do so, lol!
Toiletries- I wash my hair with baking soda. It works really well. I just put a couple tablespoons into a squirt bottle, fill with water, and squirt it onto my head and work in into my scalp. I don't use any special face soap. Coconut oil is a great moisturizer, but I don't need much because I don't use soap that dries out my skin. I either use super super watered down dr. bronners, or only a washcloth and water. I have sensitive skin and occasionally get eczema. I was trying so many different products, then read an amazon review where someone insisted that water cleans well and products are no good for sensitive skin. So unless there is visible dirt or something else I really need to scrub off of my skin, it's water and a washcloth. If you think about it, your skin renews itself quite often and consistently. I do buy floss and good toothpaste (I like Toms, b/c we like more natural products), so that is a "splurge," but preventative care is important and saves $ in the long run!
Health insurance, that is a tricky one. I've used high deductible indemnity plans before. Do you or your SO require much healthcare? If not, a high deductible indemnity plan might be an option. Maybe you can get your insurance from work and he can get a cheaper plan?
ON biweekly v. bimonthly. No, you don't get shorted if you get paid bi monthly! Your salary is your salary, you are paid it in either 24 or 26 installments. If you get 26, it seems like you get an extra one two months out of every year. But each check is really less $$, so it is all the same in the end.
I am bimonthly but would rather be biweekly. I like to feel "poorer" than I really am, because I spend less and save more that way... Smaller paychecks would have that effect.
Aha, thank you. Makes sense.
Yes, here's how it works:
If you are paid bi-monthly - like the 15th and end of month say, you will receive full pay and it will be larger paychecks than if you are paid biweekly on the same salary
If you are paid bi-weekly, every 2 weeks, the paychecks will be smaller but you will get two extra paychecks a year. Now I find bi-weekly HARD TO BUDGET, because every month the take in is less but you do get two surprises a year. I'd rather just have a STEADY INCOME because BILLS THEMSELVES ARE MONTHLY!! Saving up incomes from twice a year paychecks for rent is ridiculous (in truth I lived on a lower income than I made - pretended the biweekly checks were all I was getting in effect, and saved and used for vacation money the bonus checks). And I think there are possible ways of in effect getting shafted with biweekly (ie quitting right before a bonus month etc.) but if you stay exactly a year say you will be exactly even and earn exactly the same as twice a month pay checks.
If you are paid twice a month expect some variation in the paychecks, some pay periods will contain a few more days than others. I think twice a month is all around the better deal IMO. I don't want bonus surprise paychecks, I want steady income.
frugalone,
I'm not sure if your contract allows it, and I know you are already exhausted from going back full time on an irregular schedule, but one thing you could try to do to pick up a bit of extra cash is some irregular fill-in work on campus. Maybe all those jobs go to students, but wouldn't hurt to look into it. Things like helping out the caterers with events that involve food, working in the athletic center, proctoring exams like the GREs, LSAT, etc. if your campus is testing center. And if there is a medical school, then you can sometimes pick up extra cash being a test subject (read the fine print carefully, though) -- the latter also works with psych departments. Also, if you are a good writer think about doing some tutoring or editing on the side. YOu could easily pick up a few hours of tutoring/editing a day before your shift starts -- and you could work right there in the library!
Obviously you don't want to take on so much extra that your performance at your main job suffers, but even a few extra hours a week could help boost your income substantially.
lhamo
I've never understood this whole " extra paycheck" thinking and I've been hearing about it for 30 years. I just don't grok it. I think in terms of annual salary and cost, and how how it's divvyed up isn't significant, to me, anyway.
I've never understood this whole " extra paycheck" thinking and I've been hearing about it for 30 years. I just don't grok it. I think in terms of annual salary and cost, and how how it's divvyed up isn't significant, to me, anyway.
It doesn't work out really. I've tried treating the extra paycheck as such, but as soon as I do, my bill cycle will get off balance and I fall behind. I do better not thinking of it as "extra".
It doesn't work out really. I've tried treating the extra paycheck as such, but as soon as I do, my bill cycle will get off balance and I fall behind. I do better not thinking of it as "extra".
It seems to encourage living from paycheck to paycheck, that "Extra" thing thinking.
ApatheticNoMore
9-7-12, 11:11pm
It's psychological for me, I like the reward now, the amount going to savings or anything else I am saving up for each and every paycheck. To see the savings grow by that extra amount each and every month, not wait for it. So yea I very much prefer bi-monthly to every 2 weeks.
jennipurrr
9-9-12, 12:31pm
I might get some flack from the folks bemoaning the days when any job could support a household, but I doubt this job has ever been at that level. Its a library assistant, right? Back in the "good ole days" I imagine it was worse pay because it was seen as "women's work". Even worse, when my grandparents started teaching in the 50s there were different payscales for men and women for the same position :/ So I think the idea that one can support a household with little struggle off an admin type position is and has always been fantasy. I've heard many stories of single moms raising kids off a secretary salary and it has always involved a lot of struggle.
I would not consider going back to your old career at this time. From the other threads I've read you really enjoy your job, the environment, etc. That's worth a lot!
I think you've made some good steps assessing the situation. You've had a big shift from long term unemployment to full time work, so I would not look to pick up extra shifts...you're already doing A LOT. Step back and give your self credit there! You say you have less than $2,500 gap but you didn't specify how much.
As others have stated, the main issue is that you are supporting another person who does not appear to be contributing to the household. This may be too harsh, but the truth is, if you were just supporting yourself you would likely be fine. You wouldn't have the expense of the extra insurance. You wouldn't be paying for someone else's cell phone, or heat/water for two people. You could live in a teeny apartment or split the bills with a room mate who would shoulder the financial burden.
Other folks have already said, but I have to reiterate...your DH has to be doing something to help with the situation. The dollar amount of the shortfall needs to be what your DH contributes, either by reducing expenses or earning income. If that's not paid, traditional employment, fine. There are a lot of other ways to contribute that help the bottom line. As someone already said also, if he isn't capable of working he needs to be filing for disability. SSDI is available to people struggling with mental illness or alcoholism in addition to physical disabilities - not implying your DH has either, just an FYI...many people don't know that info.
There are a number of ways that someone can earn income in a non traditional way. There was a great thread on this board some time back...I think Fidgiegirl started it and it had 100 ways to earn some cash. Even plasma donation is a couple hundred dollars a month in cash. Reading the coupon websites and getting your toiletries bill down to nothing is another easy way to take a chunk out of expenses. There are even people who resell their stockpiles for a decent chunk of change. Freelancing? Temp work? Every month I would make it my household's goal for him to cover that short fall...that should be his mission for the month.
flowerseverywhere
9-9-12, 2:53pm
Jenipurr, great advice. with one salary most of us had hand-me-downs, a pair of dress and good shoes, play clothes to save your few good clothes for best, one car in the family (or none) etc. All these extra gadgets and services we "have to have" to live in this society has also increased the cost of living. Cable, internet, wireless phones, convenience foods etc. are very recent expenses.
When I worked with Literacy volunteers I worked with a young woman who said when she first went to a grocery store in the US she couldn't figure out what all the boxes were. She was used to flour, meat, fruits and vegetables. She was shocked at the price of things that were pennies to make yet cost dollars when prepared by someone else. And the price of cleaning supplies and disinfectant sprays etc. A lightbulb went off in my head when I realized what she was saying.
You have given great advice. Life and work circumstances change so quickly you can't let yourself get behind every month or at the end of the tunnel is disaster.
try2bfrugal
9-9-12, 4:35pm
When I worked with Literacy volunteers I worked with a young woman who said when she first went to a grocery store in the US she couldn't figure out what all the boxes were. She was used to flour, meat, fruits and vegetables. She was shocked at the price of things that were pennies to make yet cost dollars when prepared by someone else. And the price of cleaning supplies and disinfectant sprays etc. A lightbulb went off in my head when I realized what she was saying.
We had the same epiphany regarding cleaning supplies, toiletries and convenience and restaurant foods. I think we spend 25% of what we used to spend on those type of purchases these days. I still get frozen pizzas and some convenience foods for the kids but now we eat pretty healthy for about $5 a meal just by making as many meals as we can from whole foods from scratch. I stopped buying most canned foods a couple of years ago because of BPA and that ended up saving a lot of money, too.
Instead of buying fruit juice I usually make smoothies with whole fruit. Trader Joe's sells bananas that are great in smoothies for 19 cents each. I replaced just about everything disposable with something washable or reuseable from batteries down to nail files. We make our cleaning supplies from cheap stuff like Castile soap and vinegar.
In a zero waste home article in Sunset magazine, the woman featured in the article said her kids' friends thought they didn't have any food in the kitchen because there weren't any boxes -
http://www.sunset.com/home/natural-home/zero-waste-home-0111-00418000069984/page3.html
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