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Do you have a plan?

Do you have a back up plan if your husband were to get his pay cut by 50% or lose his job all together? Would you get a job or if you are currently working would you take on a 2nd job to make up the difference?

On the other side if your husband got a raise to $100K a year would it increase your quality of life? If your currently working would you quit your job?

Do you plan for raises in yours or your spouses income when planning your yearly budget?

Answer Question
 
Anonymous

Asked by Anonymous at 1:34 PM on Aug. 12, 2009 in Money & Work

Answers (13)
  • $100K would be a pay CUT for my husband so no it wouldn't increase our quality of life.

    And if his pay got cut by 50% of more he'd be making what I make and our total income would be what his salary along is right now so I doubt we would make it, ONE of us would have to get another job or we'd have to what we could so he could find a new job making the same money.
    Anonymous

    Answer by Anonymous at 1:37 PM on Aug. 12, 2009

  • My hubby has job security, so we are set for the next 4 years. By the time he gets out of the military, I will be teaching, so we'll be fine living on either of our incomes.
    toriandgrace

    Answer by toriandgrace at 1:39 PM on Aug. 12, 2009

  • I dont really have a plan if SO loses income. hopefully we could survive on my check and his unemployement. but i doubt it. and he would get an additional job if neccessary.

    If he to got a 100K raise im not sure what i would do either. we are not married so i dont think i would stop working. I would love to quit my job but i think I would maybe do part time.

    I dont factor my raises into my yearly budgeting. i never know excatly how much its going to be so i let it be a surprise.
    GillyMarie

    Answer by GillyMarie at 1:40 PM on Aug. 12, 2009

  • We make it day by day, paycheck to paycheck, but somehow we manage. My husband used to get his hours cut a lot and we managed somehow, and when he was on workmans comp for an injury and only got 60% of his wages we made it work then too. If he got a large increase, yes, it would significantly increase our quality of life in the aspect of money and paying bills and not having to squeak by, but I would most likely keep my part time job for a little while just to set some extra money aside and to keep my children in the social setting the need a couple days a week.

    We don't have a lot set aside, and things are tight, but overall we are very happy and we have been blessed with 2 beautiful and healthy children, and we maintain those points as our focus rather than the fact that we can't afford a lot right now. More money would be nice, sure, but it is not necessary to be happy and feel fulfilled.
    Anonymous

    Answer by Anonymous at 1:40 PM on Aug. 12, 2009

  • I've been the main breadwinner forever so I'd quit in a second and concentrate on school if my SO was making 100K a year. Now we're living under 30K a year COMBINED. Bleh!
    dharmas_mommy

    Answer by dharmas_mommy at 1:54 PM on Aug. 12, 2009

  • My DH is being laid off Nov. 1st. And nope, I'm not worried. I earn more than he does now... Had it been in the begining of this year I would have been devistated, but now, we are just fine!
    SabrinaMBowen

    Answer by SabrinaMBowen at 2:12 PM on Aug. 12, 2009

  • My husband makes 100k or more a year drilling in Nevada. Because of that we decided to buy a house three years ago(I'm almost 26 now) Though I'm glad do get started early in life...his hours have been cut and are savings is getting smaller and smaller every month. I did have a roofing job that payed 2,000 a month, but my hubby made me choose between him or the job. Now he wants me to try to get my job back after three two years of not working there. He also went into the office before I quit and made a total ass of himself bitching out my bosses for no good reason. But thats our plan. Savings only last so long.
    GotToHaveFaith

    Answer by GotToHaveFaith at 2:19 PM on Aug. 12, 2009

  • If My DH lost his job it would be complicated, as housing is part of his package. If he got a 50% cut we couldn't make it. We're already living close to the wire. We finally got our 3 month cash cushion saved up. So that would help. I'm freelancing a bit right now in a new field, so I might pursue that more aggressively. On the other hand, if he were to get $100,000 more that would be amazing. (That's triple what he grosses now). Sure our lives would change. I think we'd put aside a good bit of it away for retirement.
    oddfox

    Answer by oddfox at 4:33 PM on Aug. 12, 2009

  • My hubby also has job security for at least the next few years (military, he's been in 12 years already, going for 20+), but if something were to happen and he had to be medically discharged or something, then he would have plenty of other opportunities. He's an excellent cook and has been offered managerial positions at one excellent restaurant, or he could get a job with law enforcement and go to cooking school in his time off.
    AprilDJC

    Answer by AprilDJC at 4:36 PM on Aug. 12, 2009

  • If we started making $100,000 a year PLUS our military benefits, we still wouldn't change our "quality of life" because we already have excellent quality of life. I mean we may be able to go out to eat more often, but we love cooking good food at home as much as going out to eat, and we do that now anyway. I think we would just stick the leftover into saving.
    AprilDJC

    Answer by AprilDJC at 4:37 PM on Aug. 12, 2009

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