I quit my day job 4 months ago to become a freelance writer. Here’s what my family of 4 spends in a typical week.


Clint Proctor family photo

Clint Proctor recently quit his day job and became a full-time freelance writer. His wife, Kendall, stays home with their two boys, Landon and Connor.
Except for the mortgage on their home in Daytona Beach, Florida, they don’t have any other debts, which frees up cash flow to spend on things that they enjoy.
For Business Insider’s “Real Money” series, Proctor tracked his family’s spending during a typical week. They spent $1,175 on their mortgage, food, and some business expenses.
Want to share a week of your spending? Email yourmoney@businessinsider.com.

My wife and I have always taken budgeting very seriously. For the first several years of our marriage, we budgeted carefully out of sheer necessity. Out of college, I chose a career in ministry.

And that choice put a fairly low ceiling on our household income. We were both OK with that but we also knew that we’d need to find creative ways to save.

So we followed a strict budget and researched all the savings hacks we could find. And all the work paid off. Even on a limited income, we were able to live quite comfortably. By saving my wife’s income during our first few years of marriage, we were able to save up for the down payment on our home in Daytona Beach, Florida.

After our first son was born, my wife decided to stay home with him. So, all of a sudden, we were now down to one income and budgeting became vital once again.

In June of this year, I launched out as a full-time personal finance freelance writer. For the first time in my life, I don’t have a salary and we’re dealing with an inconsistent income. So seven years into our marriage, budgeting has once again become a major focus.

Here’s a peek at what our “normal” monthly spending looks like.

Thankfully, the freelance writing business has done well and my income has actually increased since leaving my day job. But we still strive to be conservative with our spending.

We also don’t have any student loans and our cars are paid off. Those are two big expenses many families deal with that we don’t need to worry about. Also, since my wife stays home with our two boys, we don’t need to pay for childcare.

Third, we have a low mortgage payment — under $650. I realize that in some areas, it …read more


Source:: Business Insider

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