We need a bailout plan too
I think my wife is realizing that I can’t manage everything for the both of us. Last week I showed her what it takes to keeps us moving forward. She knows we have bills but really didn’t take the time to even look at them, yet alone realize that we’re paying almost $300 to keep the lights and gas on. I reminded her that while my income alone is enough to operate our house and pay all the bills, it only provides just enough left over for gas and groceries. Going out to eat, buying expensive clothes, and other wants are lifestyle choices that I can’t pull off alone. I believe in a way her new job will become our bailout plan. She got the job!
We are very happy and this week she gets to go in 2 days to work with the teacher she will temporarily replace for the remainder of the year. Her pay rate is much higher than I thought it would be and she will essentially make the same amount in those 2 days than working an entire week at her former job. When she works two full weeks, her income is very close to what I bring home from my salary. The old song We’re in the Money from the Great Depression era comes to mind. I think a large amount, nearly 2/3 of what she will bring home could pay off debt.
I also think she needs to take responsibility for the debt she ran up on her store cards that we paid off earlier this year. These things could be gone early next month and there would still be a lot left over. After that I’m not sure what the next debt to focus on would be because I recently did a balance transfer to a card with 0% for 12 months. The other account is my old BoA card that I debated draining an IRA to clear a few months ago. It would be nice to get rid of either of these quickly since the debt on them is relatively old and inhibit our progress moving forward. The other major debt to tackle is her massive student loans coming due.
Our bailout plan is relatively simple when it comes down to the basics. Take a bunch of money we earn and use it to pay down our debt. The most important thing is to make sure lifestyle doesn’t get out of control so we can have that lifestyle when we can afford it later. The seasons are changing and my stress is changing into a renewed energy to keep at it. Thank you to my readers for your encouragement.
Congratulations to your wife! You can do it. Hubby and I have restricted our lifestyle a bit right now to pay down our debt as fast as possible so we can enjoy our lives after debt!
This is great news! IMO I think building up a bigger emergency fund is a good idea too while paying off the debt since my lack of emergency fund has lately been getting me pretty stressed lately. Congrats to you both.
Congrats! Things are going to get better and better from now on..Although I hope she gets permanent teaching job asap not spend too many months as a substitute teacher.
That’s great news but it sounds like both of you feel that making more money will be the solution to your money worries.
I agree that it helps but it doesnt change the behavior. She’ll now make more and you’ll both SPEND more. No change really.
It doesnt sound to me that anything has changed except that she’s now found another reason to go out shopping because she has a new job.
I knew it was going to happen!! see, good things happen to good people, I’m very happy that she found a job!!!
HS
Rockin’!! Congrats to her!
Awesome news! I have no doubt you’ll tackle your cc’s in no time. Congratulations to both of you.
Yay! I hope your wife starts to take a mature approach to your financial situation and you actually end up with that much extra income to attack your debt.
Congratulations to your wife!! I hope you will both be able to sit down and work out a budget. I have sometimes wondered how it would work for each spouse to have their own separate account for spending, and a joint account for bills, etc. I knew a young couple that did that, and it seemed to work out good for them. I am anxious to see how you work it out together.
Good news for you both. I just hope that she won’t use the new job as an excuse to go shopping for new clothes and stuff. If she wants to do that, tell her she already bought herself new clothes earlier this year. I just hope she won’t overdo or repeat the process where she saw that she has money coming in and spends it instead of applying it towards debt like you guys planned. I am a girl so I know how girls can be, we love to buy new clothes for just about any occasion and it is very tempting. If anything, one new outfit as a ‘reward’ for landing the job, but that’s it!
Oh what a wonderful feeling? With your renewed energy, focus on your debt and it will be gone before you know it. Surely, the both of you will make a plan and attack your bills together as a team. Congratulations for never giving up!
that is AWESOME to hear! Things will definitely be easier for you two now… Congrats!
Great news Jim! You must be so relieved!
Congratulations! Sounds like a great plan.
It’s good that your wife is starting to understand what it takes to get the bills paid. Congrats to her on her new job.