4 simple budgeting tips that helped a millennial couple adjust to earning $2,200 less per month
Millennials Joe Bogumill and Vee Weir knew they were going to lose $2,200 of their monthly income ahead of time. Here's how they prepared for it.
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Courtesy of Vee Weir
- While Joe Bogumill was in college, he received a monthly GI Bill educational stipend of $2,232 per month.
- He decided to take a year off school, which meant that he and his wife, Vee Weir, would lose 33% of their income.
- Here are four steps they took to prepare for the change.
Colorado millennials Vee Weir and Joe Bogumill were able to make ends meet in 2022, even though neither of them had a traditional 9-to-5 job.
Weir, 30, owns a digital marketing firm and a personal finance blog called Vee Frugal Fox, where she shares about becoming debt free as of 2021 and how the increasing cost of living affects her family's finances. Weir also earns up to $16,000 a year as a part-time dogsitter.
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Bogumill, 34, is pursuing a degree from University of Colorado in anthropology and internal affairs while working part-time at a local brewery.
For context, here's what the couple earned monthly from their different income sources in 2022:
| Income source | Income range per month |
| Weir's marketing agency | $1,900 to $2,100 |
| Weir's dogsitting income | $500 to $1,200 |
| Bogumill's disability benefits | $1,235 |
| Bogumill's GI Bill education benefits | $2,232 |
| Bogumill's part-time job at a brewery | $850 to $1,000 |
| Total income | $6,717 to $7,767 per month |
Bogumill, a US Marine veteran, received a monthly educational stipend from the GI Bill while he was in school. The program provides veterans with money for housing, tuition, and supplies. However, the funds stop coming once the recipient leaves or finishes school.
Bogumill decided to take a yearlong break from school, which meant that roughly a third of the couple's monthly income would be cut. Thankfully, they had time to create long-term plan to adjust to the $2,232 decrease.
If you're worried that you or your spouse may be laid off in 2023, here are five strategies Weir and Bogumill used to stay afloat.
1. The couple shares one car and uses public transit
"I think a lot of people have this desire to look at little things they can cut," Weir says. "But where you're gonna save the most money is your big three: housing, transportation, and food."
With that in mind, the couple uses one car, and they rely on public transit in Longmont, Colorado to get to and from work, and to run errands.
2. The couple audited all of their monthly subscriptions
After cutting costs in the "big three" categories, Weir and Bogumill audited their monthly subscriptions. On average, Americans spend $219 per month on subscription services, according to nonprofit organization Next Gen Personal Finance.
The first place to cut back was on their phone bill.
"My husband and I pay $30 combined each month for our cell phone service with Mint Mobile. Before, when we were with Verizon, we spent $175 and you have to buy your iPhone outright. Just that [switch] has saved us so much money," says Weir.
The couple also teams up with their friends to split entertainment subscriptions."We pay for one service, then we let our friends pay for everything else," Weir says. Splitting costs with their community helps Weir and Bogumill cut costs on subscriptions altogether.
3. Bogumill picked up extra shifts at his part-time job
Since Weir and Bogumill knew their income would be decreasing by about 33% months before it happened, they were able to make plans to cover that cost. Bogumill spoke with his bosses at the brewery to make sure he could pick up extra shifts.
According to records reviewed by Insider, Bogumill earned $2,296.48 in February, almost double what he was earning per month while he was in school.
4. Weir increased her digital marketing firm's prices by 20%
Because Weir owns her own business, she has the freedom to decide how her pricing structure changes. She increased her firm's package prices by 20%.
Above all, Weir and Bogumill credit their financial literacy for keeping her family calm throughout these changes. They're diligent about budgeting and saving, plus they became debt-free in 2021 and have a full emergency savings fund.
"We're just thinking of different ways you can increase your income and kind of weather the storm," Weir says. "It makes it a lot easier to go through these transitions when you educate yourself, you know, by going on Instagram and following people that are financially savvy, listening to podcasts, reading blogs."