My husband is still working over 60 hours a week. With his recent raise he is making more currently than when we were both working full time (but regular hours) before he was last laid off. This means that we have an extra $300 or so each month that has not been budgeted for. And while I'm learning about making good financial choices I'm a bit stumped: overall, is it better to put this extra in savings or should we use it to pay down our debt? Here is a time I wish my blog had followers! :)
My husband wants me to quit my job and be a full time mom, so we've decided to not spend my paychecks for the next three months. We're going to put 40% in savings, 40% in our freedom account (that saves for things like propane and a new computer), and give 20%. Then at the end of the three months we'll see how we're doing and make some more solid decisions on the future then.
I wonder then if we should treat his paycheck excess then the same way we are treating my paychecks...40/40/20? The temptation is to say, "ah! Finally, we have some extra to spend! Let's go get all those things we're not now, and eat out a lot, and not think so much about our money all the time." And yet I know that if we do that it only proves we've learned nothing these past years! So we will continue to hold the line and press on towards freedom...one way or the other. :P
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