So many people have had their income cut for different reasons:
Loss of job (living on savings or unemployment, etc.)
Pension being cut in half or taken away
Retirement income being used up
Inflation cutting into the income you do have with rising food prices, gasoline, insurances, utility costs, etc. ( Yes! Inflation basically gives you a pay cut.)
Some of you purchased homes just before all of this inflation hit and at top dollar. Now you are having trouble making ends meet.
So many people are having to adjust their budgets right now and I believe that so many more will be losing their jobs in 2023. We are already seeing many companies lay thousands of people off.
To be totally honest, I do not see an end of this in sight for the next couple of years.
Every one is affected by at least one or more of the things that I listed. So we all have to cut expenses where we can and that is going to be my mission from now through next year and beyond if need be.
We will strive to live on just 50% of our income so that is going to take some major cost cutting. Will that be easy? Not at all. Will we be able to? I don’t know but we will be trying our hardest.
I know so may of you will not be able to join us because you are using every penny you have to just survive. However everyone can cut costs even if it is only a little bit. I have always said every little bit helps. So all the ways that I will be showing you how we are cutting costs should help in some way.
We are facing different and more expensive food costs because of the diet that Hubby has to follow. I have been making 99% of his meals from scratch since he came home from the hospital. Everything that he can’t eat has been taken out of our kitchen by donating it or disposing of it (open jars etc. in the refrigerator). This way he knows that he can eat anything that is in our kitchen and that he won’t be eating the wrong things.
We also are facing another expense besides some of the hospital and doctor bills and new drug costs. I am trying to find a snowplow driver for this winter. Please wish me luck because winter will be here soon and snowplow drivers are hard to find.
The best time for me to post on here is while Hubby is sleeping. He sleeps longer in the morning than I do usually. He is sleeping right now, hence the post. The rest of the day is taken up with our needs. So look for posts in the morning. I will try my very best to document every little or big things that we are doing.
I will start tomorrow if he sleeps in.
4 replies on “Learning to live on 50% of Your Current Income”
Hi Precious. I wish we lived next door to you, I know Hubby would snow blow your driveway. I will offer prayers that you can find someone reliable.
I was interested by the headline of your post about living on 50% of income. I did a quick calculation and we are definitely doing this because we are saving so much for retirement. I saw the amounts will be going up that you can save in 2023 for the 401k and Roth IRA so we will be taking advantage of this. I have been maxing out our HSA for awhile now and just paying the bills OOP so we will have that money available after retirement also. We are still thinking hubby will retire the end of next year, but will keep our options open.
The inflation has been hard for many. We are affected also, but not as much as a family with kids at home. I feel for them so much. I did finally get the cat food I was wanting to get before the end of October, but it was not on a good deal like before. I am slowly getting other things stocked up like I usually do this time of the year, but the prices are higher so I buy less at a time to stay within my budget. I think we will be ok for the winter. I am still seriously considering cutting soda outright from my budget; I have cut way back from what I used to drink, but the cost is just getting to be so much.
Hi Chris
Thanks Chris. I wish you lived next to us too.
Kudos for living on 50% less. We used to be able to do this but with so many things exploding in price, it just isn’t happening. I also saw the amounts going up too. I have some children who will be thrilled over that change.
I agree people with children are more affected especially with food costs, gasoline costs to cart them around to activities, clothes and shoes.
We have 2 cases of soda left. When they are gone, I will buy no more. We drink mostly flavored waters and they are limited to one every 2-3 days. I drink mostly water from the tap. Hubby loves Peach Crystal Light.
Not only is the cost high to buy soda but it is getting very heavy for this old person to carry.
Hi Precious. I look forward to following you on this journey again. I have been following you for maybe 15 year???? You have been such an inspiration to me over the years.
Hi Wendy,
Thank you Wendy for your kindness! It has been about 15 years. Time flies.