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If you lost 1/2 your income right now what would happen?


Asked by Anonymous at 2:46 PM on Aug. 22, 2010 in Money & Work

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Answers (15)
  • We would probably end up living with my mom in her basement. If we lost half we would barely be able to cover bills, but not rent...

    Answer by brighteyesbryar at 2:51 PM on Aug. 22, 2010

  • I'm sure we would probably start budgeting and buying less. We live pretty comfortable right now and I am always telling my hubby that we need to be more careful with our money, but of course at the end of every month it's the same story ... well next month we'll try harder lol. We would have to cut out extras such as gym memberships, pedicures, go to the kids gym around here, and buying less clothing

    Answer by kaylan010 at 2:50 PM on Aug. 22, 2010

  • I have... for the past two years. We simply exist. Money is only spent on necessities. We have made some hard decisions, had to cash in an IRA. But, we still have our house and there is food on the table (not much, I only have $75 for groceries a week). Our teenagers think we are punishing them because they don't have drivers licenses or cellphones... so I told them would you rather be driving around town talking on your phone and living in it or would you rather sleep in your bed? Trust me when I say that it helps put things into perspective. You realize that the things you thought you needed, were actually a luxury.

    Answer by WoodWitch at 3:02 PM on Aug. 22, 2010

  • Considering we only have 1 income and 4 children, we would have to change our mortgage to a 30 yr, homeschool rather than private school, not buy anything or go anywhere for a while, I think we'd manage, but that would be awful.

    Answer by momov4kids at 2:49 PM on Aug. 22, 2010

  • We are living that life right now. Lost more than half of it. We pay our rent and bills. No extra for anything else. You just live and wait for it to get better.

    Answer by 2BlondeBabies at 2:49 PM on Aug. 22, 2010

  • We would still be fine for a few years. We have, staying at our current expense level, nearly 5 years worth living expenses saved, plus other savings/investment/retirement accounts. We have saved from every single paycheck (even if it was just $ for nearly 25 years. We have hardly ever tapped into our savings, and when we have it was "paid back" into our savings as soon as we could.

    Answer by pixie_trix at 2:51 PM on Aug. 22, 2010

  • I would get more food stamps and take money out of savings for chirstmas!! That is about it

    Answer by blue_glass_mama at 3:34 PM on Aug. 22, 2010

  • We own our home and cars so we wouldn't lose those, but we'd probably end up cutting back on our insurance coverage (our biggest monthly bill) and electric usage (2nd biggest monthly bill). I know I can cut our groceries back even more than we do now. I'd probably cut off satellite and trash service, too.

    Answer by michiganmom116 at 7:03 PM on Aug. 22, 2010

  • i'd lose internet, phone, cell phone, cable, gym membership, have to eat less food, park the car and walk or ride the bike everywhere, get rid of the air conditioners, wear more clothes in the winter and lower the heat, cut up credit cards....but i'll be darned if i'm moving and losing privacy, or my giving up my health...i can exercise at home, outside....and i can certainly eat less food, but i'm not going to compromise my diet by eating crappy stuff like mac and cheese....and by cutting cable and internet, there'd be less electricity used....and i'd probably be even healthier because I'd be busy doing something other than playing on the computer and watching t.v....hmmmm maybe we should all do that, take half our income and save it away and live this way...think the world would be a different place ! lol

    Answer by FXmomTo3 at 3:04 PM on Aug. 22, 2010

  • We'd be screwed, because right now we are down to one income and to lose half of that, would mean I'm only bringing home half my paycheck. We're barely getting by as it is.

    Answer by thatgirl70 at 3:04 PM on Aug. 22, 2010