Comments on: Preparations To Become A One-Income Family

By: Monroe on a Budget » Money blogger tips for Nov. 4

Monroe on a Budget » Money blogger tips for Nov. 4 — Wed, 05 Nov 2008 00:56:00 +0000

[...] Dollars presents Preparations to become a one-income family: “Create a budget based on just the remaining income. We’ve been doing this for about 1/2 a [...]

By: Mary@SimplyForties

Mary@SimplyForties — Tue, 04 Nov 2008 21:16:13 +0000

Good for you for planning and praticing before the big event! My sister chose to become a SAHM when her kids were about 1 & 3. She and her husband figured it all out and discovered they had a small gap that needed to be filled. She found a one-day-a-week way to earn that missing, needed money. Her husband takes that day as one of his days off so they need no child care. She also home schools. Her kids are now 8 & 10 and I know the whole family remains happy and committed to their decision.

By: Festival of Frugality 11/4 Election Day Edition | Bargain Briana

Festival of Frugality 11/4 Election Day Edition | Bargain Briana — Tue, 04 Nov 2008 16:44:27 +0000

[...] presents Preparations To Become A One-Income Family posted at [...]

By: todd

todd — Mon, 03 Nov 2008 13:01:35 +0000

Thanks for the comment Justin, and good luck with your little one as well. It definitely helps to create a baseline of spending that doesn’t require two incomes. It will also help you decide, in advance, what you’ll be doing with the second income if your wife ever decided to return to paid employment (being a mom I’m sure is a harder job than either of us have!). Good luck with the home schooling too. My wife and I are considering that as well. She’s not sold on the idea yet, but she was home schooled and she did teach in china for two years, so I think she can handle it.

By: Justin Bergen "TheNightTrader"

Justin Bergen "TheNightTrader" — Mon, 03 Nov 2008 04:43:54 +0000

I think preparing to be a one-income family is an AWESOME idea! And congrats on the new one on the way!! My wife is pregnant with our first child as well .

My wife and I agreed before we were married that we would NEVER rely on her income for everyday expenses. We both want her to be able to be a stay-at-home mom so she can homeschool our children and just be a mom.

She is finishing up her bachelors degree right now, and so her small income from some side jobs has all gone to help pay for her school (made the last payment this month!). We have never factored her income into our budget. And I will say that having a budget is crucial to staying on track financially!

By: todd

todd — Fri, 31 Oct 2008 13:44:39 +0000

Good point MoneyEnergy. I completely agree that the stay at home parent will have the more difficult of the two jobs. And some people probably just aren’t built to be a stay at home parent, while others are.

I also like the idea about both spouses working part-time or flex-time, but that’s a more difficult setup to create for us. 2 part-time employees = no healthcare and 401k benefits in most situations, and it’s just my opinion but my guess is career progression and promotions would probably be less frequent. It’s a great idea though, and something to look out for if an opportunity arises.

By: MoneyEnergy

MoneyEnergy — Thu, 30 Oct 2008 05:15:55 +0000

IMO, “staying-at-home” is no panacea (especially unpaid labour and with the kids) and shouldn’t be considered as the better alternative, as though the publicly working spouse is doing the stay-at-home spouse a favour of some sort by sparing him/her that public-life experience.

By: MoneyEnergy

MoneyEnergy — Thu, 30 Oct 2008 05:12:52 +0000

Of course it’s a personal decision for everyone, but I view public work as fundamental to human well-being. I would never want to be excluded from such a realm of experience. Either/or situations (only work; only stay-at-home) are generally not going to be healthy for either partner. Public work provides much, much more than just an “income.” Why not consider both spouses working part-time or flex-time?

By: Dusty

Dusty — Wed, 29 Oct 2008 15:50:39 +0000

Becoming a one-income family is not as hard as people think. As you mentioned, cutting out unnecessary expenses, budgeting, and agreeing on primary responsibilities will solve most of the issues you will encounter. Ensure that you are on the same page, with regards to your goals (both financial and personal), and your life will be golden.

My wife has not worked outside the home (which is a much harder job than I have) since our son was born. It took about 3 months to get used to it, but now I never want her to go back to work unless that is something she wants to do.