Surviving a Pay Cut
Last November Mr. Money lost his job. Luckily, he was able to find a great job that paid really well and actually provided benefits. Last week we received the unfortunate news that he will have to take an hourly position for 40 hours a week at a huge pay cut. I’ve been an emotional wreck for a few days, but I’m trying to see the positive in the situation and try to do something about it. I feel if I have a plan that will make me feel better. Here are some of the things I’m going to be doing:
-Going over our budget and getting back on the bare bones budget. :( This bums me out because I liked having wiggle room, saving for retirement, and being able to pay our bills. With Mr. Money’s new pay, we’re either going to be really close or short with being able to pay our bills. I’ll know more once he gets that first lower paycheck.
-I’m going to be working more at freelance writing to see if I an generate more income this way. I could go try to find a job outside of the house, but with the small salary I’d make it wouldn’t be worth it after we had to pay daycare expenses for Penny. I’m really hoping that I can help bring in some money this way.
-We’ll be making more of our beauty products and cleaning products. I actually used my laundry detergent recipe the other day and made a batch. It’s been working well. I’ve also started using vinegar in a fabric softener ball to help the detergent. I’ve gotten used to buying expensive natural beauty products like toothpaste, shampoo, etc and I’ll have to stop that. I think I’m going to come up with a different toothpaste recipe and start doing No Poo again. I’ve been using baking soda and vinegar to clean pretty much everything in the house so that won’t really change.
-Line drying our clothes is back in full swing. When it’s nice outside I am able to hang out clothes out to dry. It’s nice because the sun also helps remove stains. When I’m worried about rain, I hang dry in my basement. Fun times. The towels are crunchy but Mr. Money said he actually likes them better that way. Weirdo.
-Stop paying extra on the mortgage and put retirement contributions on hold for the time being. We were putting an extra $50 a month on the mortgage and it was lovely to see the balance go down more each month, but if we can’t do it right now we can’t do it. Also, not saving for retirement scares me but I can’t worry about it. We’ll catch up soon, I’m sure.
Hopefully we’ll be able to make it work on his new salary. We’re going to do everything we can to live on it and I hope we’re successful! At least we weren’t used to an extravagant lifestyle so this isn’t going to be too much of a shock. I’m also very, very thankful that he still has a job!
Do you have any tips for surviving a pay cut?