We knew we were losing his night differential and locality pay (or more accurately, we would be getting NC locality pay instead of CT and CT is significantly higher). Because of the change in taxes as well, we had no idea what a paycheck would look like, other than smaller.
Let me just say I am glad that we changed the retirement loan...because if we hadn't done it already, we would have to do it now. Any thought about saving that money is GONE. Every penny will go toward the household expenses.
Before I get into a number that is more scary at first glance that it really is...let me preface it with how we divide the money by direct deposit:
- Savings. The majority of his check goes into our "savings" account, which is also where our mortgage is paid from. Years ago, I started moving half our mortgage paycheck over into this account so it didn't accidently get spent. It became easier just to have it directly deposited at a set amount into the account, along with a small amount of savings. Our mortgage has gone down since November due to the escrow account and we just kept the amount the same and had a little "extra" going into savings. Looking at the new numbers...we may have to adjust.
- Car. In order to get a better rate on my car loan, the credit union does it as an auto-debit. So money for my car loan, and a small amount to EF (we are well over the Dave Ramsey $1000 EF, but this money is out of sight, out of mind. Again, this is a set amount that is direct deposited.
- Checking. This is our major account that we live out of. All the bills and spending money comes from here. Since this account does not have a designated amount for direct deposit as the other 2 accounts do....what ever is "left over" from his check goes here.
And of course, we have medical insurance, life insurance, taxes.....all eat up the check.
So now....we get to the actual amount that was deposited into our Checking account this morning. Ready?
Before we adjusted the retirement loan, that number was $323 with the locality and night pay, and the higher loan amount. I am not entirely sure what the number was after we made the adjustment because those checks all had overtime on them. But I know the loan adjustment changed the per paycheck amount by about $150.
What that means is.....if we had not adjusted the loan.....this paycheck would have been about $10 into our checking account. Our mortgage and my car loan would have been covered. But my paycheck would have had to cover food, gas, utilities, and all debt payments.
I am trying really had to breathe.....It really is only a difference of $164 from what we were used to. But all the stuff that used to be covered by G-man's second job....and then by overtime after he quit....NONE of that is accounted for at the moment.
This is what I mean by trying to paying CT bills on NC salary. Our cost of living is so much higher here, and this isn't going to work long term. I have places to draw from if I need money, but that isn't a great solution.
G-man talked about getting a part time job to keep him busy and help with money....we may have to talk about that again more seriously.