Friday, November 21, 2008
My new obsession...
Well, it isn't really all that new but I am obsessed with trying to figure out how to be a one income family. I am reading a number of financial planning books, have my list of blogs that I read regularly and have tried to work out a plan. In preparation, I bumped up our mortgage payments to the legal limit set by our lender, I bumped up our monthly RRSP contributions, I have set up an ING savings account for an "emergency fund" and we have stopped eating out (which we did about twice a week). Ok, so we have also tried to put together a budget that looks like we are only living on one income HOWEVER we do have many disagreements stemming from this process. We do have debt and our adoption savings were depleted recently when we had to attend to a family emergency. Ughhh. Any thoughts about how to do this successfully without conflict in your marriage?
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3 comments:
Financial topics can be so incredibly sensitive. I've never quite figured out the answer to harmony on that aspect, but my experiences have led me to start with the non-negotiables, or items that are truly, truly key to one person and not the other. Putting those on the table and negotiating some give and take, while trying to clarify the underlying reasons for the differing opinions.
[ie, one person likes to be spontaneous from time to time, the other finds that stressful - maybe the answer is to have a set amount to be spent per month, set aside in a separate account. The stressed person can have some comfort as to what the final amount will be, the other person gets to be spontaneous within certain parameters.]
Trial periods might be another solution - try something for a while and agree to review.
Whatever works for your own personalities. Either way, I wish you luck - budget processes and financial discussions are never fun, in my mind.
By the way, http://sharonastyk.com/ is a great source of tips for making-do on low budgets and preparing ahead for less income.
As a former sahm I can only say that the $$$ stuff is hard. I also think that that you each need a separate account for your "mad" money. Money=power lots of times and the person not making any money ( but contributing in a million non $$ways) often feels guilty or like a child. I agree with Red Sand put the stuff out there that you feel is important ( and with a kiddo at home it might be eating out once and awhile!)
It is hardwork but if you are both committed you can make it work!
Good luck!
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