To preface – we are a typical American family. My son, my husband, and myself are all employed.
I will dive into the caveats. My husband and I have maintained separate households since 2017. This was not by choice but by employment needs. The deciding factors to remain apart deal with employment, education, opportunities, and contracts. I live outside of the Continental US, while he and my son live in the Midwest (not same state to save costs unfortunately. Our son is an adult). We are very much married and have traveled back and forth to see one another through this time. While the situation is far from financially ideal, we do not have the luxury to sever employment contracts. In other words, the risks far outweigh the benefits.
In September of 2020 we got word that my husband’s retirement would not go as planned – and we chose to begin our life post his retirement in the Southwest. Since then any additional money has been funneled to make this happen. My contract ends in May – and if things go as we plan now he will move his household to our new location, accompany me for the remainder of my time where I live, then we both move to our permanent residency. I was shooting for August time frame – but I have recently thought of leaving around June. I am in the health care field – my license expires in June of 2020. If I stay I must renew – this adds another $300+ fees on top of the new license I have to acquire. I’m not sure staying until August is worth it.
Without counting our vehicle debt we owe somewhere around $40,000, give or take, from school loans, credit cards, personal loans, and loan consolidations. We have low credit card to limit ratio’s. I will say that I often transfer balances around to make large lump sum payments while benefiting from 0% APR for an allotted time. We all have newer vehicles – and I will explain what and why. We all live in metropolitan cities – reliable cars are a necessity. My husband drives a 2018 Honda Civic. My son drives a 2018 Hyundai Accent, and I drive a 2019 Honda Civic. Our vehicles were chosen for reliability – and small things considered we are lucky to have the option for newer vehicles. I give my son a $400 stipend for his car and insurance. My son assumed the loan for the car – he did not need a cosigner. He worked through his teen years and built his credit and employment history. We agreed to pay for his car if 1) he either went to school or went to work 2) once employment was gained I asked for $50 a month additional payments towards his car loan so it could be paid off rapidly. We also pay for his cell phone. He both works and goes to school. He has been paying $150-300 extra a month towards his car for a few months now. I’m not even sure of the balance anymore. My son has done what we have asked and beyond. I do not count his money as potential debt relief.
Maintaining two households takes it’s toll. For reference – I am in the health care field – my pay isn’t the worst but it is not on the high spectrum of the health care profession. I work at 2 hospitals and alternate between days and nights, I take on as many shifts as I can -I have for years on end. I am also a clinical instructor for one of the local community college. My obligations end in May.
I had a small procedure (health related) done in mid January. I have one more I would like to do before my husband retires (insurance) but the recovery time is 3-4 weeks. I cannot afford to not work – I do not get PTO.
Worst case scenario – nothing changes. We all continue to work as we have been. Any additional information I would be happy to discuss or provide as I cannot attach an image relating to the situation on this post.