Well, things aren't going all that great. DH's new job isn't what we had hoped. He hasn't made a commission since he started 7 months ago. So, we have been living on just over 60% of what he used to make. Luckily I have been making some good money selling my pendants at craft shows, but our income is still seriously low, barely covering our monthly expesnes.
To make matters worse, we just got back from taking our family on a week long cruise. We had this cruise planned for months ago, and, in theory, we paid cash for it. That means, we paid cash when we initially paid for the cruise . . . BUT, there were lots of additional costs that I did not take into consideration.
Between everything, the bottom line is that our Emergency Fund is now down by $4,000 ($26,000 instead of $30,000). And what's worse is that it doesn't look like we'll be able to build it back up for several months - like probably not until next May! UGH!
DH is interviewing for a new job that would bring a substantial pay increase, so I'm keeping my fingers crossed - but still feeling very nervous in the meantime.
The road to Financial Peace certainly is a long one!
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I wouldn't look at it as trouble, just a bump in the road, and not even a road block. The good news is that your chugging away.. and you haven't lost sight of the end game.
I wish you would have posted about the cruise before you went, I could have given you a ton of suggestions on how to save money based on the ports you were going to and the line you sailed on.
Just stay focused, and keep working towards that end game. Also tell DH to keep his chin up.. it may take years to get back to where he was, but he'll eventually do it.
Hi Mike. Yes, it is a bump. I'm just bummed that our lower income and the cruise have caused us to tap into our emergency fund. (I mean, a cruise isn't exactly an emergency!) I guess it took me a while to realize that DH was making so much less money now. I kept waiting for those commissions that were so regular at his old job and are non existant at this one. If he gets the new job, the base salary will be an immediate 25% increase in salary. If the commissions pan out, he could make more than double his last job (and almost triple this one), but I am no longer going to count on any commissions for our budget. We'll plan on base salary alone and consider the commissions extra. I don't think it will take him years to get his salary back to where it was, at least I certainly hope not.
Our cruise was from Boston to Bermuda. I neglected to figure in the $12 per person per day gratuity that we would be charged (for 5 people, 7 days), in addition to all drinks (soda and alcohol), and how expensive the excursions would be. And, I have to admit, I spent a lot of money on new clothes for me and my 3 daughters to bring on the cruise. (This is an ongoing problem for me - spending too much money on clothes, especially for vacation.)
I'm just angry at myself for allowing our emergency fund to get lowered. After being on the plan for so long I would have thought I would be a bit better at this! lol!
Thanks for your encouraging words!
Hi Mike. Yes, it is a bump. I'm just bummed that our lower income and the cruise have caused us to tap into our emergency fund. (I mean, a cruise isn't exactly an emergency!) I guess it took me a while to realize that DH was making so much less money now. I kept waiting for those commissions that were so regular at his old job and are non existant at this one. If he gets the new job, the base salary will be an immediate 25% increase in salary. If the commissions pan out, he could make more than double his last job (and almost triple this one), but I am no longer going to count on any commissions for our budget. We'll plan on base salary alone and consider the commissions extra. I don't think it will take him years to get his salary back to where it was, at least I certainly hope not.
Our cruise was from Boston to Bermuda. I neglected to figure in the $12 per person per day gratuity that we would be charged (for 5 people, 7 days), in addition to all drinks (soda and alcohol), and how expensive the excursions would be. And, I have to admit, I spent a lot of money on new clothes for me and my 3 daughters to bring on the cruise. (This is an ongoing problem for me - spending too much money on clothes, especially for vacation.)
I'm just angry at myself for allowing our emergency fund to get lowered. After being on the plan for so long I would have thought I would be a bit better at this! lol!
Thanks for your encouraging words!
Jennifer,
Thankfully you have an emergency account, and this sort of situation is exactly why it is needed! Don't beat yourself up, just be grateful that you have the money! The fact that he has another interview is very encouraging...
We want to go on a cruise this coming spring..I always thought sodas were included? Thanks for the heads up on the added expenses...we may not be able to go after all....hmmmmm, we'll see.
Mike, any suggestions on how to save money on a cruise would great! We are looking at the Princess Cruise to Eastern Carribean leaving from Ft. Lauderdale....
I have my fingers crossed that the interview goes well he gets the new job! In the meantime, maybe you should go back to basics with Dave Ramsey? Would he have endorsed a cruise right after fully funding your emergency fund? no point in beating yourself up--just, get focused and be creative!
Jennifer,
$14000 is about what we GROSS per month with both my part time salary and my husband's salary. I have no clue why the financial planners would think we would need MORE in retirement than less.
Well, aren't you glad you have YOUR emergency fund and not MY $520 (on it's way to baby emergency fund status of $1000!)emergency fund? It's annoying, but because you do have such a big emergency fund, it's far from a crisis. Sorry about your husband's job--what a bummer to move to a new position and find out it's not what you thought it would be. Didn't Aesop say something about not counting one's chickens, etc. (Not that I'm blaming you--I always plan ahead. Unfortunately, so does Murphy!)
your ef still looks pretty amazing... sorry to hear that dh's job change wasn't as it was hoped to be. I really hope that he finds something that is much better for him. Stay Positive! You are still doing fantastic
In my opinion you have misled.
People try to live within their income so they can afford to pay taxes to a government that can't live within its income. ~Robert Half
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