How long could YOU go without a paycheck?

[Anonymous]

If we were both missing paychecks 4-5 months, longer if only one of us was out of work or we were able to pull the kids from daycare.

[Anonymous]

Years

We have 1.5M cash

[Anonymous]

We don’t need my income. DH makes $230K. We have one kid in daycare and a mortgage. Without my income we wouldn’t be able to take as many vacations or things like that, but we could certainly make ends meet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:7-9 months. After that I’d be hitting up retirement funds.

This is us too.

Same here.

[Anonymous]

Anonymous wrote:We don’t need my income. DH makes $230K. We have one kid in daycare and a mortgage. Without my income we wouldn’t be able to take as many vacations or things like that, but we could certainly make ends meet.

And what about if *he* was the one to lose his job? Which was the point of the question, obviously.

[Anonymous]

This article says that 78% of Americans live paycheck-to-paycheck and have less than $100 in savings. 81% of females employees and 75% of male employees.

Even those with higher incomes are not totally immune. Apparently 10% of employees with a salary over $100K are in the same boat.

https://www.cnbc.com/2019/01/09/shutdown-highlights-that-4-in-5-us-workers-live-paycheck-to-paycheck.html

[Anonymous]

I think we could make it about 6 months. That would be both of us. If just my check was gone, we'd be solvent but not financially secure, for 2 years. Without my DH's check we could probably make it a year, but it'd get hard fast.

[Anonymous]

Anonymous wrote:I think we could make it about 6 months. That would be both of us. If just my check was gone, we'd be solvent but not financially secure, for 2 years. Without my DH's check we could probably make it a year, but it'd get hard fast.

Without my wife's check, we'd be fine - primarily bank it anyway. Without mine, we could last a year or more (that would require some pretty dramatic changes) before having to access retirement accounts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We don’t need my income. DH makes $230K. We have one kid in daycare and a mortgage. Without my income we wouldn’t be able to take as many vacations or things like that, but we could certainly make ends meet.

And what about if *he* was the one to lose his job? Which was the point of the question, obviously.

If we both lost our jobs—incredibly unlikely since I essentially can’t be fired—we could go 6 months.

[Anonymous]

A few years. We could pay off the house now and husband could take a lower paying job to supplement. We have thought through since I quit to stay home.

[Anonymous]

0 days

[Anonymous]

Without my husband's, fine, but less savings out of my paycheck, obviously.

Without mine, we'd manage, and it would really depend on if/how long we had to pay daycare costs.

Without either, about 1 year with minimal lifestyle changes, 1.5-2 yr if we were frugal and cut daycare right away. Then it would require dipping into long term savings.

This assumes we don't have to cover health insurance, though.

My husband, fed who is working w/o pay, is shocked at how many of his co-workers who make about the same or more does are in a mild panic about paying bills. This is when I point out the benefits of having a two-income household, and that he (we) wouldn't have the cushion he (we) do, if he was responsible for covering all of our expenses, even w/o daycare.

[Anonymous]

I would cancel all activities and memberships immediately and I think we'd be fine, we'd just be living a spartan existence, no enrichment activities for the kids, keeping utilities low, etc. Seems like plenty of people I know with a SAHP already live like that. I'm a solo parent. I'll never be rich but I think I do well enough by my kids and have good backup planning.

[Anonymous]

6 months without trimming expenses, and without touching retirement and college savings.

[Anonymous]

Anonymous wrote:I would cancel all activities and memberships immediately and I think we'd be fine, we'd just be living a spartan existence, no enrichment activities for the kids, keeping utilities low, etc. Seems like plenty of people I know with a SAHP already live like that. I'm a solo parent. I'll never be rich but I think I do well enough by my kids and have good backup planning.

A lot of people choose not to do activiites. Nothing to do with SAHP. The only difference between a single and SAH with spouse is child care expenses when kid are young.