When my wife and I started our lives together, we had some rough times. The income was tight and we were forced to track every penny just to make sure we had enough for next month’s rent. It only lasted a few months, but it definitely wasn’t fun.
(Two Incomes) – (One Income) = Strict Budgeting
For the past couple of months, my wife has been working nearly 24/7. I don’t know how she did it. Her job seemed great at first: she could work from home, she traveled around the U.S. a couple of times a month (which she loved), and the pay was consistent. But, the job that once seemed a dream was no longer a good fit.
She still loved her job, but it took her away from what she loved even more; her family. We moved back to our hometown so that we could see our family and it just wasn’t happening.
Through a mutual understanding, my wife is no longer employed. I supported her decision 100% and I’m actually excited for what the future will bring, but for now, during our house renovation, we really need to watch each and every penny!
Yep, you guessed it! It’s time to budget! For a while there, we were quite spoiled. We had my day-job income, my wife’s income, and a pretty decent cashflow coming from our side-gigs as well. There really was no need to budget every single expense. Our checking account seemed to grow no matter what we bought.
This week, I am finding myself on Mint.com every day, trying to get an understanding of our monthly expenses again. Once I gain an understanding of our monthly income and expenses, it’ll be time to start putting dollar values in the various budget categories. I know we’ll be fine, but it’s just going to take some planning!
(Two Incomes) – (One Income) = Future Opportunity
While I’m not overly excited about budgeting (actually, that’s a lie, I LOVE to budget – there’s just something about putting numbers into a spreadsheet that gets my juices flowing! ;)) , I am ecstatic about the possibilies this gives us!
My wife might tell you differently, but I don’t really see her being happy in a typical job. She’s a free spirit and loves to march to the beat of her own drum. She’s an entrepreneur at her core and I can’t wait to see what she does with this amazing opportunity!
She already has her business license for photography and she’s an amazing graphic designer. With the extra time, she could really start making progress on her dreams.
Stay posted for more on the development of our life. It’s getting interesting! 🙂
Have you ever had an opportunity like this? Did you capitalize on your extra time somehow? What did you do?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.