Financial Steps We're Taking to Deal with our Change in Income

 For the first time in my hubby's life, he will be making a career change.  I am proud of him for taking the leap of faith.  His career change is going to mean big changes for our family, including a change in income.  He has finally decided that his happiness and well-being is more important than money.  I support him 100% with the change, but we're really going to have to tighten our financial belt a little more.  And for the first time since my son was born eleven years ago, I might have to get a job outside of the house.

Since my getting a job outside the house is still totally dependent on being able to be home when my kids are, I don't know how quickly I'll be able to find a suitable job.  That means we've really had to fine-tune our budget and change some goals for this next year until we figure everything out.

We are excited for our new beginnings and we know we can make it work!

Here are some of the steps that we've had to take while preparing for the change in income.

  •  A couple months ago, we refinanced our house. We originally added our addition onto our house because my hubby could do most of the work himself.  We bought this house with the intention of adding on.  You can read our whole house backstory HERE.  Since he could do most of the work himself, it was a long-term investment for us.  We will hopefully get back more money than we had to put into it because of his sweat equity.We also had the intention of refinancing once we did our addition and rolling everything together.  That almost didn't happen, because the house has to be completely finished before most companies will even consider a refinance.  We tried to refinance once and the company couldn't find any comps to our house to give us a fair appraisal.  We finally found a company who DID give us a fair appraisal and that's all she wrote.  We were able to combine our original mortgage and our home loan for the remodel/addition all into one payment.
    •  Unfortunately, we have to suspend our savings for now.  We can't afford to put a huge amount into savings every month, but the little bit that we save each month adds up over time.  For now, I've suspended all of those accounts until we figure out how everything is going to work over the next year.  
    • I canceled all of my monthly subscription boxes.  This makes me sad. . . . but it is what it is!  I only subscribed to two~~ Birchbox and Try the World, but between the 2, it averaged about $30/month and that's $30 we're going to need for something else now.
    • I canceled my magazine subscriptions and took refunds on the unsent issues.  I didn't need the refunds, but some of them automatically renew and I didn't want to be surprised with the bill when it's time to renew.
    • We set a new food budget.  This is going to become so important as we see how things pan out.  We are really going to have to be extremely conscious of this.
    • I am in the process of growing my pixie haircut out.  When it's pixie short, I have to have it trimmed at least every 6 weeks.  With a haircut that's longer and closer to all one length, I can go longer between haircuts.  As I said in my post about ways we save money, I already get cheap haircuts.  Extending the time between those cheap haircuts will save a little more.
    • As we've set a new food budget, we also have to take a look at our overall budget and make sure that our new paychecks will cover everything and see where else we can cut.  We are pretty bare-bones already, but maybe there's something else we can cut.

    We plan to readjust and make tweaks every 3 months.  I hope that we'll be able to slowly start adding money to our savings accounts again once we settle in to our new situation.  I have always had faith that things will work out.  I still have that faith.  I know that everything will work out and that we'll be able to make our new situation work.

    And now you guys know why my Word of the Year~~  ReImagine ~~ is coming into play.
    I'm going to have to ReImagine my role in the family and my ability to bring in more money to help out with finances now.  Things are about to get pretty darn Creative around here!





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