Shoutout to David Bowie, who I really like.
I've been off the site for a while now, preparing for a major life change that will likely require my presence here more than ever.
Hubby has decided to quit his job and start up his own consulting company. I know on the surface it sounds crazy to give up a stable, good paying job in this economy for something totally unstable. But when we thought about it more, it actually makes some sense.
First, he's 40 and has been miserable at his job for a while. I'm a strong believer that if you're going to be spending so much time doing something, you may as well be happy about it. That's priceles...
Second, his job is actually not that stable. His company recently announced that they're being bought out, and there's no guarantee of future employment with the new company. We could wait around for a severance, but who knows when/if that would happen.
Third, I have a very stable, well-paying job with great benefits. I recently took over a new position that came with a promotion and my company is actually in pretty decent shape. I'm also only part-time (80%) and have the option to go back full time if I want, which will get me an extra 20% salary.
So we'll be losing a little over half of our total income (ouch). My goal is to be able to pay all of our regular monthly bills with my salary, and rely on whatever he brings in to pay for special things like vacations and to amplify our savings. He'll have enough pressure in the beginning trying to get up and running without added financial burdens.
So I've run the numbers and am thinking it will be doable but REALLY REALLY tight. I'm not sure exactly what my net pay will be, because I need to change withholding and all of that, but I think it will be close.
We're moving to a cash/envelope system. I always charge everything and pay off the credit card each month, but would prefer the discipline of cash. So in December, I'm paying the credit card bill from November plus everything this month cash (using my year-end bonus). That way everything including Christmas will be paid by the 31st and we'll start the year fresh.
Next time I post, I'll put up my January expenses and talk about what's getting cut. I'm really excited to get going with it!
Ch Ch Changes
December 16th, 2008 at 07:09 pm
December 16th, 2008 at 07:13 pm 1229454827
Can he work part-time while he starts up his consulting business? Does he have any prospects lined up to start working on immediately?
Best of luck to you! I would want to be supportive, but I
am sort of a nervous nellie! Good luck!
December 16th, 2008 at 07:26 pm 1229455590
December 16th, 2008 at 08:22 pm 1229458941
December 16th, 2008 at 08:52 pm 1229460749
December 17th, 2008 at 12:14 am 1229472847
December 17th, 2008 at 02:12 am 1229479952