On Monday, I shared how we keep our budget in line. Today, I want to write a brief post about some financial advice Dennis and I were given before we were married. This advice has helped us stay out of debt and make some decisions, like pursue a costly international adoption, that would have been way too risky if we didn't have some money in savings.
Always set your budget based on what the husband makes. That way, all of the money the wife makes can go towards savings/unforseen expenses. Also, if you decide for her to become a stay at home mom someday down the road, it won't be as big of an adjustment.
Of course, this isn't possible for many families, and many families may have seasons where they need to rely on the wife's income. This is simply some advice that has helped us out. It's not a rule or a law. Only you know what's best for your family. (So don't go feeling guilty if you're not able to do it!)
Yes, it's taken some sacrifices in the past for us to live this way, but it was well worth it when I decided to become a stay at home mom and our budget was prepared for the pay cut. I haven't worked full time since Izzy was born, and I quit my part time job after Korban came.
It was also nice to have that extra wiggle room in our finances when I was working. Some months the money went straight to savings, some months it went towards Christmas gifts or a family vacation.
I love Dave Ramsey's saying when it comes to living on less:
Live like no one else now, so that later on you can live like no one else.
Think on it a few minutes, it will make sense to you eventually. :)
This post was shared at The Thrifty Home.