Our Plan; Can We Live Off One Pay?

Disclaimer: These are my best estimates.

Our Plan

From the start we have hoped to live off of one income. By this I mean, to pay our living expenses and savings off of Mr. Wanderlusts income. Then the paychecks I brought in would be used to pay off our debt as systematically as possible. If we can make ends meet on his pay, in theory, we would be able to put around $1,000 a month towards our student loans, in addition to our minimum payment. But is this idealistic plan at all going to be a reality?

The Numbers

Mr. Wanderlusts Income (after taxes. Currently includes BAH. Calculated from a paycheck calculator): $2,380

Mr. Wanderlusts Income (Still includes BAH, calculated by taking his last paycheck and doubling it): $2,648.40

Total of Projected Expenses (living, savings, debts): $2,581.47

Overage: $201.47 per the first number

Under: $66.93

Currently, we would be over by $200 bucks. That isn’t too shabby. I also prefer the lower income number since it makes me not feel safe. I have to be conscious of what I am doing when budgeting. I don’t just know it will all work out.

Conclusion

We are on track! It is great that we should be able to live off the one income. It is also great because it is the steady income. I will be subbing once we get moved. Anyways. I’m thrilled that this is a complete possibility. Our projected expenses include the start of our debt snowball, so that is great! Amazing! Wonderful.

Now, if I could just get us back to living on last months income. I very well may take from the car savings category to finish off August, so that the August paychecks can be put towards Septembers expenses. I would feel much better with that. I don’t know. We are on track to be $500 ahead, after having August fully budgeted. Debating, debating, debating.

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One thought on “Our Plan; Can We Live Off One Pay?

  1. It’s a great feeling to know that you would be able to get by on one income. Looks like you are on the right track!

    Like

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