February 1, 2009

January 2009 Income statement

January was a surprisingly good income month (click on spreadsheet below) considering it was the first month of my wife’s laid off. We also had an equally good month for keeping our expenses low.

In addition to my two paychecks, my wife received a final $2,150.26 paycheck for 13 days of work and 3 days of vacation, a $60 reimbursement, $190 for babysitting, and her first unemployment check for $405 (with taxes deducted). We also received a $51.30 Citi credit card reward, $25 from selling a few items on craigslist.org, and earned interest income on our savings account of $16.71.

For the first time in a long time, our expenses came in well below budget; we only spent $5,379.39 in January. It’s great to see our belt tightening paid off. Every month we keep from touching our savings buys us more time.

Next month we have another new challenge. My company will be implementing a 20-25% reduction in pay beginning the 2nd half of the month. We also have ~$800 in medical bills for my wife that may come due. It will be more important than every for us to conserve cash.

4 comments:

Kristy @ Master Your Card said...

Given your circumstances, I think you guys are pulling things off admirably! How is your wife's job hunt going? Is the reduction in your pay going to be permanent or just a temporary situation?

In any event, keep up the good work! You guys are doing a great job!

Missy said...

I second Kristy's comments. You guys prepared as best you could and you're working your plan.

Praying that your wife finds a new job soon and that your pay cut is very, very temporary.

louise said...

you are doing well all things considered, it's hard facing a wage cut like that and it seems to be happening to so many people. all the best with your wifes job search.

1MansMoney said...

Kristy, Missy, and Louise - Thank you for the kind comments. My wife's job search is going well. She just had a very sucessful interview yesterday that might turn into a new job. I'll post an update on Monday. We're also blessed to learn today that my salary reduction will only be 10%, not 20%-25%.

-1MansMoney