Living on One PaycheckPosted: March 8, 2012
The other day I was talking to my guy about us trying to live off of one paycheck and using the other as our savings and pay off debt money. He thought about it and asked me if we would be able to—I don’t too much more than him but I was game to try it. So he told me to crunch my numbers and work my budget magic and see what I could come up with.
What I came up with was that for the most part we do live on my paycheck. We only use about a third of his paycheck for weekly expenses. The rest of it is going towards our various savings or debt repayment envelopes. This isn’t too bad in my opinion. Right now even if I’m not saving enough towards our efund (and I really don’t think I am) I do have to remind myself that we are saving. We are saving up for a newer car and to get some of our medical needs seen to.
What I would like to do is cut some of our living expenses in order to cut down that third of his paycheck that is going towards them. I’d rather have that going to our savings or debt repayment plans. Where I think we can cut some money is our grocery bills. So I talked him into going to two grocery stores this upcoming weekend when we do go shopping. We will be going to Aldi’s for our pantry type things and to Wal-Mart for our dairy and meats. We are also going to see if we can cut our gas bill down a bit. I put aside 60 for it right now and if we can cut it by just 10 dollars that will help. Of course, that is going to depend on what the gas prices do. Honestly I’m not sure about this one—we normally only use about $40 but the extra $20 does go into our car fund. So, while it’s technically already being saved, I do like to keep it in the gas category now so that in case we need it, it’s there.
The other thing that I’m hoping will ease back is our utility bills. The electric and water has been fairly consistent and aren’t too high in price but our gas bill has had a deposit on it the last two times we received it. I’m hoping that this is the last time and then that should drop down to nothing. (And I think that after a few months of us paying on time that they credit back our deposit which will be nice) But this is our first summer in this house and I don’t know if the air conditioner will run nonstop. We normally turn it up (or down or whatever) when we aren’t at home but we do have a cat to consider. Hopefully this summer won’t be anything like last summer.
So that’s my goal—to cut down until we can live solely off mine and just use his as debt and savings money. I don’t think it’s too unattainable really—just take it one goal at a time. Do you live off of one paycheck? Have you ever thought about it? I know I’ve lived by myself on one paycheck but all of my expenses were cut too! I will keep you updated on my progress.