So Girl Ninja and I established a rule that we will live on my income and save hers. Since she wants to stay at home with our future kiddos (at least until they start grade school), we figure it’s easiest to pretend her income just doesn’t exist. That way, when it goes away, we wont miss it. You can’t miss what you haven’t had, right?
Currently, both of our paychecks are direct deposited in to our primary checking account each pay period. Throughout the month, I will login to our various accounts and pay our bills (most of which are paid out of our checking account). As the end of the month draws near, I’ll take whatever is left in our checking account and throw it in to our savings. Nine times out of ten, this amount is equal to, or greater than, Girl Ninja’s income for that month. Kudos to us, for following our rules.
I have to admit, we are kinda breaking one of the most important PF rules known to man. If you paid attention to what I just wrote, you’ll notice we are paying ourselves last, after all the bills have been paid. This has worked fine for us in the short-term, but probably isn’t the wisest long-term solution.
We’ve decided it’s time to be much more proactive in practicing what we preach. Upon our return to Seattle, Girl Ninja will set up a new direct deposit with her school. Instead of her income going in to our checking account (only to be moved to savings a few weeks later), all of her income will go straight to our savings account, as though it’s never existed.
This forces us to be much more aware of our spending patterns. Without Girl Ninja’s income padding our checking account each month, we might realize just how difficult it is managing money on one person’s income.
I don’t imagine much will change since we already have relatively frugal spending habits, but at the very least this forces our behavior to be more consistent with our stated goals: Paying ourselves first and TRULY living on my income.
How many of you do (or plan to) live on one income if/when children come in to the picture? Do you REALLY pay yourself first, or like us “pay yourself first” at the end of the month?
Favorite Nail: It doesn’t matter how old…