Financial distress- how did you deal?

[Anonymous]

Hello, we have had a rough year financially, as my husband lost his job right before I went on unpaid maternity leave. We have been very frugal and saved quite a bit for such emergencies. Then we had a major house repair that cost about 8 k, and an unexpected huge tax bill. Because of this and going from two incomes to one and then no income for a period of 8 weeks, our savings are now gone. We have cut cable, gym memberships, etc and we are both working again. With the cost of child care for two , we are finding it difficult to recoup our savings and it really keeps me up at night. Has anyone else been in this type of situation and if so how did you del with it? Withdraw from Roth IRA or investments? Any tips would help.

[Anonymous]

Not being snarky but trying to follow... if you are on on paid leave and DH is unemployed, why do you have childcare bills for two?

[Anonymous]

She said they are both working again.

OP, these things take time. Double daycare is rough for lots of folks. Keep saving what you can and hang in there. It might take longer than you think to get back to what has been normal. Congrats to your DH for getting another job.

[Anonymous]

We have had a crappy year as well to put it nicely. Here is what I try to focus on so I don't go into full panic mode. It's temporary- you aren't going to the spa, buying your kids designer diapers and blowing money you don't have. You are both working so you have income to pay your bills and while you'd like to live more comfortably, it makes you realize how much excess you've had in your life and what is important.

Make a goal that six months from now to be in a better situation, and a year from now an even better one. You also need to focus on having healthy kids and a healthy family, a yard for them to play in, a beautiful home, etc- this is what my mom always does and talks about the wounded soldiers coming home with no legs. I always think she is crazy saying this, but she is right. I hate that you need to know someone with a truly sick child to realize that other things don't matter as much and truly appreciate what you do have.

If you are eating out, it's easy to freeze crock pot meals for the week to make dinner easier on you and the budget. Good luck, you aren't the only one out there struggling.