Wanted to report that DH and I had an excellent "meeting" about finances this past weekend, when DD had gone to bed.
We are moving back home in late August (I'm finishing my job and will be a SAHM for DD and baby) and it's DH's turn to "bring home the bacon". DH quit his career two years ago b/c he hated it, even though he was bringing in a hefty salary with great benefits. He turned to investing, and has been slowly making a go of this, but it wasn't enough. I went back to work last fall and he is SAHD, still doing the investing biz on the side. But with this baby coming, I won't be working again for at least a year (he PROMISED me that before we started TTC, that I could have a year, and if he had to go back to his old hated profession, he would).
We're selling a property in September, at which point we will be almost totally debt-free. I wanted to set some ground rules, since the last time we went back home we spent all our savings and got ourselves deep into debt due to lack of a "plan", awareness of our spending, and total lack of communication.
We agreed that the profits of the property will pay off both my CC's and the car. DH's credit cards are now in repayment mode, having negotiated with both of them. He wants to keep making the monthly payments since there is no interest accruing anymore. I explained that while it may be "free money" (he's an investor and he'd rather use that extra money to make more money) I told him that the psychological burden of having that debt over us was more than I could bear, after this brutal last 10 months we've been through. He agreed that was important and we struck up a deal. If he can make a certain amount by Sept 1 via his investing, he gets a three month "extension" on his CC payments. However, if he hasn't made that much, they get paid off. The three months deal gets renewed each time. And, that money is on top of the regular minimum monthly income we agreed that he must bring in. Frankly, I don't think he's going to make it, so I'm pretty sure I negotiated to get that paid off
. But if he does make it, that is not the worst news, b/c it means his investing biz is picking up, and he still has to keep this up every three months, lol.
The only other debt we have is my student loans, which only have about a year or two left on them. I would really like to pay those off too, but we'll see. The interest is really low, and you can get a six-month break from payments if your income drops.
We also agreed on a limit to how long we will finance our relocation for, before DH has to start looking elsewhere for a good-paying job. The options are rather limited back home, and at this point we're not sure how much he can make. We both want this move to be permanent, but I am also determined that we don't make the same mistakes again. We settled on 3 months. If, by that time, he is not pulling in the minimum we agreed upon, we must go wherever he can get a decent-paying job. Even if it means going back to his old profession. And...the minimum I negotiated is not poverty-level. I expect a minimum level of comfort and standard of living.
So I am feeling SOOOO much better. I cannot tell you how stressed I was. And DH was so good about how I felt, etc. I'm feeling positive. Let's just hope we can make it there!!