Wednesday, February 2, 2011

Budget Breakdown

I’ve been skimming the web for examples of other people living on one income and in particular on a teacher’s salary. Danny Kofke wrote a book, How to Survive (and Perhaps Thrive) on a Teacher's Salary. His story is a good example for those just starting out as teachers to model. What about the rest of us? Those who started down the road as two professional working couples and parents and made choices based on those assumptions. How do we now adjust our lifestyle to survive on a teacher’s salary?
Here is how our new proposed budget breaks down. Please note that this is a generic budget. My functional budget has many more detailed categories. This is primarily for analysis. I’ve highlighted in green where we have reduced spending with the new budget.

Despite reducing spending in nearly all categories, we’re limited with what we can do because of our student loans, car payment (unless we sell the second car), and the high cost of rent.

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