- April 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Current Situation**
Wife and I were both laid off last August from the same company. Both got hired by the same company beginning of Jan. Layoff drained our savings. Baby due in Aug. Hoping to buy a house in may ’26 because that is when our lease ends. I may start ubering on the side. Hoping to make an extra $600-800.
**Extended Situation**
My wife and I found ourselves in a challenging situation last August when we were both laid off from the same company. It was a difficult period for us as the sudden loss of income drained our savings. However, things started looking up for us when we both secured new jobs at the beginning of January. Despite this positive development, we still have a long road ahead, especially with our baby due in August and our desire to buy a house when our lease ends in May ’26.
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****** just grabbed a
Have you considered you might want to avoid both of you working for the same company again?
New baby is going to eat a lot of your potential monthly savings. Problem with Ubering after work is that your wife is going to need you at home for support. Unless you are in a super LCOL area, I think the house will have to wait until your incomes improve. Not seeing much room in your budget after a baby arrives.
Getting pregnant while unemployed? Whew.
Fun money and date night = diapers. I would suggest a side hustle that allows you to be home and not adding wear and tear on a vehicle with a loan.
This sounds stressful, you need more income.
Are your income numbers after taxes and medical/dental deductions?
Cell phones shouldn’t be more than $60 – use t-mobile or mint. You may also want to look into subsidized internet and phone for MIL. If it’s too much for her still, you can pay the subsidized cost.
If you Uber, car costs will go up. Make sure to account for that and taxes from the gig.
Do you gave an emergency fund? Will your wife qualify for FMLA or will you take a pay cut for her time out? If the latter, save up for that now.
I understand you want a house in 2026, but you gotta get things in order now, then look to the future.
Have you started saving for what childbirth is going to cost?
Look into another company. You both don’t have to work for the same one
Why are you working for the same company? Seems like you’d try to avoid that having both been laid off together. If you worked at different places, you’d mitigate some of that risk.
With so much going on, and since you’ve already got some good advice, as an alternative I’d suggest holding off your plans to buy a new house.
See if you can negotiate with your land lord to go month to month or half yearly on the lease. Since you’re already the tenant there’s less drive to force a long lease (ie. if you left they’d have to go through the tenant process again and need to lock in someone else to recupe that cost. So it behooves them to keep you month to month with a notice period if the alternative is you immediately leave).
For added information–the new job was almost a $15k per year loss from our previous jobs. The insurance is also a lot more expensive. How are we looking? Our biggest issue is eating out. With the wife being pregnant and us being so exhausted it is hard to find the motivation to cook.
Looks ok beside the cell phone and car payment . I hate carrying debts. Not sure whats the APR on that car loan but I’d throw everything at it to be debt free. Paying interest = give money away for free in most cases . My cell phone bill is $25/month.
Don’t do uber
Dang it sucks how the child support takes away from the future kids you’re trying to have.
No money into retirement ?
How are you planning to pay for childcare? That will be a minimum of $2000 a month.
do you have a question? do you want a pat on the back? do you want advice on having an emergency fund longer than august – jan?
Why do you have to buy a house next year. Seems like the mortgage and down payment would put significant stress on finances
PM job should be more income $2604/month is poverty wages, can make that waiting tables. Never heard of a degree in PM, have heard of PM certification which is a multi year process to clock enough hours/projects.
Cell phone bill is way to high and as a PM can you get your work to pay for some if not all of your phone bill?
Child support is killing you but is your obligation and I feel your pain I paid $1,100 for one child.
Make sure you keep credit rating up.
pay off all credit cards every month.
$600 on food for 2 people seems like a lot? Do you eat out a lot or are you buying a lot if high priced, organic foods?