Now I have not written anything when it comes to financially unravelling my life. I am writing about it here as we discovered that children are more expensive than we had anticipated.
As a result of this, my wife and I are now thinking through our financial situation and how we will work through it. I will not divulge specifics, but general thoughts about our situation and how we plan to overcome this hurdle.
We have not been in a situation where our outgoing expenses are higher than our income. We have always had a growing or steady bank account.
We find ourselves in a different situation from anything we have experienced. Our income is lower than our outgoing expenses. We also know this will happen for a little while longer than we anticipated.
We have had to create ourselves a budget that we need to stick with. We have included all our current expenses, itemising each one into a weekly payment. Once itemised we have broken down our income into weekly payments so we can see a direct comparison between income and expenses.
Now that we can compare income with expenses, we can also see where we are spending extra money. There are a number of areas we have to pare back. The biggest expense we have to pare back is going out for dinner. While going out for dinner is a good experience, it put a strain on our budget.
While I could just sit back and worry about all that is happening financially, we are planning instead. Planning our journey past this hurdle that we are facing rather than worrying about it.
While I would like to put in place a shopping ban, life with children makes a shopping ban a little uncomfortable.
So how have you faced a financial hurdle? New job with more money? Cutting back necessities? Cutting back bonus extras?