One income in a Two-income world?
Now, I’ve mentioned on here before that I live alone. I have for awhile now, and honestly, I love it. Living alone obviously makes things a lot cheaper: Food, utilities, even rent can be cheaper if you live on your own. But, what if you’re married and/or have children? Can you really make it on one income in today’s society?
Because of the economic downturn, a lot of people have been living on one income simply because they have to. Take my best friend and her husband for example. He’s currently working on his doctorate degree; she’s a teacher. His income is scarce. Hers… well, hers is a teacher’s salary. Not horrible, considering they live on the outskirts of Washington D.C., but then again, the cost of living there is higher than other places.
Jim, my best friend’s husband, is in charge of their finances even though his wife, Jane, is the bread winner. They’ve been living like this for a couple of years, and honestly, they’re both happy with it. No children are on the way yet (they say they’re waiting a couple of years), but they’re considering keeping it this way even after they have them.
Jim shares a few things that have helped them in the one-income journey in a two-income world.
- If you’re used to living in a two-income scenario, you need to change your spending habits. Neither Jim nor Jane grew up having a ton of money, but both of them were used to having both parents work. They both say that their faith helps their spending principles to start with, but that you don’t need faith in order to have different standards than our consumerist society puts on us. Too many people get caught up in having things and they just need to get what they need and sometimes treat themselves.
- Stick to the budget… for the most part. Jim warns about getting picky about your budget. “If you stick too closely to your budget, it can become obsessive.” He explains that the obsessiveness can get you in even more trouble. If you have to go off of it because of a car repair or a medical bill that was higher than expected, just go with the flow and make up for it later. “That’s what savings are for… emergencies!”
- Don’t be afraid to get creative. Jim has sold countless things on online auctions and to friends that he and Jane accumulated after they got married. “People like to give you stuff because you get married. Even though it’s nice… you never realize how much stuff you have! You don’t really need multiple griddles…” So, he takes what they don’t need and sells it for a little extra income as well.
- Always ask “Do I really need this?” They have an old car that eventually they will have to replace. But, it’s still doing fine and the repairs aren’t excessive to the point that they should get rid of it. They always ask themselves if they need something before they make a snap judgment and just buy it.
So, they’ve learned how to make it with just the two of them. They don’t have everything, but they have enough, they can be generous like they like to be, and they can treat themselves on occasion. Jim still has several years before finishing his degree, and Jane has a steady job that she’s not concerned about losing, so the couple can continue on their one budget at least for awhile. Maybe their tips will help you do the same thing!
