Budgetting for Loss in Pay
My wife gets paid by the hour. Lately, she has been getting quite a few hours because of her promotion. The problem is that since our youngest has sometimes impromptu Dr’s visits, my wife looses out on pay. This is what happened on our recent trip to Cleveland and also today, as we have to go to the hospital later over concerns about the G-tube and the site of her muscle biopsy(near the bellybutton). It seems the little one could have a hernia. We won’t really know until a doctor takes a look, but she does have a lump in the area of the biopsy and some pain as well.
So can we account for these episodes, which can happen weekly? Here are my thoughts.
- Take here estimated weekly hours and deducted it by 20%.
- Try to make up the lost hours on other days.
- Build up enough savings to account for the lost hours.
In the interim, I think number 1 is the best resort. I can shortchange the cash inflows and any extra will be a bonus. Number 2 is tough, because as it is, she can only work at limited times. She is not available all days because of other priorities. As for option 3, this would be the best for the long term, as it is important to have a sizable emergency fund anyways. Although, it is kind of hard to build the fund when you constantly have to hit it.
Anyone have any ides? Am I on the right track?
Filed under: Budget, Journal, Kids
