I start a part-time 6 month contract tomorrow. It is in my previous field which doesn't excite me at all but it is a chance to earn some extra money. I have worked with this group before. We won't need child care. We will have to increase commute spending but that should be absorbed by my salary.
Our current stats (monthly)
Gross Salary Wages
$1200 DH box store
~$1800 me (6 month contract, part time)
DHs income includes weekly overtime...he is scheduled for the last management training soon. Some months he makes more but I'm budgeting with the lowest number. Big box store is very happy with him. The pay sucks and the hours suck for family time but we are managing. He does have time to work on our business and is very happy to be out of public school teaching. I might (long shot and not sure I want to) be able to keep the part time contract working around his hours and extend the 6 months indefinitely. Pros: even more money. Cons: high pressure job with a really long commute (90 mile round trip).
Other income (potential): business has picked up but we have kept the money in the company. Several clients have requested additional services (including several who want one stop shopping..."we would love to use you for x if you could also add y."). We got a grant and have obtained the equipment to do the most requested other service. We are in the last stages of testing and hoping to add it to our offerings this quarter. Our other equipment is in service and bringing in some money to keep the business open. It is growing but the slowness can be frustrating.
Other assets
401k/403b $265,120
Emergency Fund $12,993 (Down from $14,072)
We have been living off the emergency fund plus DH's pitiful salary (started end of September) since August. Have lost a bit over $1000, which is discouraging. On the other hand, due to a selling spree, we have managed to only lose $1000 despite spending some extra ($726) to fix up the house after the cellulose tile ceiling collapsed. Have maybe $500 worth of junk left to sell.
Previous spending of $2275 has increased to a budget of $2775 due to commute and added health insurance for 4 people. Will likely increase to $2975 for my commute.
Credit card debt:$12,600 (no progress here since it was used for car repair during period of total unemployment). I want this gone but can only pay minimum ($248 per month).
Take home:$3000. Expenses: $2975. Left: $25.
My guess is I will redirect this to kids clothes and expenses instead of savings. The bad news is we won't be saving. The good news is that we won't be losing money. If DH really gets the bump to manager (don't want to get my hopes up), he would likely increase to ~$3000 take home and we could pay off most of the credit card soon.
[/size][size=78%] [/size][/size][size=78%]Big picture, once you get the employment thing figured out...[/size]2. Turn the small business into a real business ASAP, while one of you finds any work that's available (minimum wage or whatever).
Option #2 is a bit riskier, but I think it could be a lot more rewarding long term. There's something appealing about choosing your own clients and hours. I'm sure it will still be hard, but it would add a degree of life flexibility that you won't get working for someone else.[/size]
DH is very much in favor of this option and wants to stay put 2 years to get the business to grow more. I'm semi resigned to being stuck here for that length of time although I totally hate where we live. I'm not sure how much longer than that I am willing to tolerate and am reluctant to even stay that long. He could probably get moved up quicker if we could move in 6 months but we would have to move several times (every 2 years or so) and we aren't sure about relocating the business and kids that much.
We have been fixing up our handyman special house on the very cheap plan so it will hopefully sell when we want to move. It keeps me a bit happier since it is something I can actively do to help us escape. Expected expenses to finish house: $500
Specific Questions
1. Our food budget ($400 for 4 with dairy-egg allergies/celiac) is tough. I would like to either increase this or figure out better stuff to eat. Anyone doing paleo (or close) for a family at this level? We don't have time/room to grow our own right now. The info I've found is $5/day per person as "cheap" but that is $200 over my budget.
2. I would love to start cycling again (for fun, not a 90 mile commute; I'm nowhere near that badass!) but am not sure about the hills. We live in a town with very few flat spots. Mostly it is very, very steep. I have never seen anyone on a bicycle here. Any tips for an absolutely out-of-shape and hasn't cycled in years type to survive (better yet, enjoy?) cycling here?
3. Do we stick it out the two years to grow the business or pull the plug this summer? DH is adamant to stay awhile but he could easily move up and to a different location with big box store. I have little patience for living here. If I could figure out a plan to have a hard set moving time while not shutting the business, he might agree (and an end date for this experience would help me as long as we have a semi-solid plan to end up in a better situation).
4. Other than pay off the idiot credit card debt, figure out how the hell to get out of rural Missouri, and invest a bunch of money (hahahaha, that seems like a pipe dream just now), any other advice that might help (especially with regards to not getting too annoyed with small-town-I-hate life)?
5. How hard should I push to extend the 6-month contract? It is high stress but with congenial people..very long commute. Extending it would likely require me to find/obtain grant money with very low funding percentages.