When I left my full-time job as a corporate tax accountant to became a stay-at-home-mom seven years ago, I was scared out of my mind.
I was so worried we wouldn’t be able to survive on one income after living (and spending most of) two equivalent incomes for years. I knew our lives were about to change in a crazy way when our income was all of a sudden cut in half.
I know now that going from two incomes to one is TOUGH, but also DOABLE with the right attitude and preparedness. I’ve shared my story before, but I thought it would be neat to see how others approach the task of living on one income.
Here are three stories.
Going from Two Incomes to One – Preparing for Baby, Retirement, Job Loss
How to Live on One Income from Michelle from Making Sense of Cents
Amazingly, Michelle lives off of 50% of her family’s monthly income. While she says it has taken time to get to this point (making more money over time and keeping expenses low), she gives solid reasons for making this a goal. She wisely points out that living below your means is key whether you want to retire early, prepare for a layoff, quit to stay at home with your baby, or just simply make life easier. I couldn’t agree more.
Tips for Living on One Salary
7 Tips for Living on One Income or Less from Kelly at The Centsible Life
Kelly’s blog is full of common-sense financial advice. This post is no exception. In it, Kelly gives 7 solid tips for being able to live on one income. My favorite? Know your expenses and slash them! This just about boils down every single article you’ll ever read on personal finance. Before you can take control of your finances, you have to understand your finances.
Kelly recommends looking at a yearly snapshot of your expenses, then focusing on the big picture stuff (i.e. high $$ items) first to make the most impact on your budget. Find ways to slash those expenses, and you’ll be off to a good start.
Also from The Centsible Life: Steps to Living on One Income, the series.
When It Makes Sense to Live on One Income
Tips for Living on One Income from Kate at Military.com’s Paycheck Chronicles
Kate approaches this subject from the angle of military families. Oftentimes military families rely on one income simply because frequent moves make it difficult for the spouse to maintain a regular job. With the amount of pay military personnel can expect, this is often a daunting task.
Kate recommends keeping your expenses at or below active duty pay. That way, the essentials are covered and anything extra earned can be saved or used to buy the extras in life.
Do you have a story to share about how you make it on one income? I’d love to hear it in the comments below!
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This post is included in the Complete Guide for Stay-at-Home-Moms, a collaborative effort by over 50 mom bloggers