Tips on Going from 2 Incomes to 1

[Mabuisakura]

Thanks for all the ideas! This is definitely going to help me right now!

[scentednights2002]

I left my FT job 8/05 so we have one income now. DH works at Walmart :) so our income is fairly low. A few suggestions I'll share:

1. Make it from scratch whenever possible - food, gifts, cards, etc.
2. Eliminate disposable whatever (plates, napkins, diapers, feminine products)
3. Have a garden
4. Eliminate debt
5. Get rid of "extras" unless your one income is high enough to afford them

[Macaela25]

Not to be facetious, but aren't all feminine products disposable?

[ladywaterwind]

Even if feminine products weren't disposable...I'm not that frugal, lol. It's just too icky for me.

[luvmy3boys]

Originally Posted by ladywaterwind Even if feminine products weren't disposable...I'm not that frugal, lol. It's just too icky for me.

That's kind of what I was thinking. What would I do if I didn't use those products????????????

[scentednights2002]

No, all feminine products aren't disposable. They make cloth menstrual pads that you can wash & re-use. They also make something called a keeper that is similar to a tampon. Washing them is no more "icky" than using cloth diapers. It's what people did for ages before all the disposable products were invented. It's cheaper & it's better for the environment & there are none of those dangerous chemicals, etc. in the non-disposables.

[MrsPinecone]

Now that the question has been answered, please do not turn this into a discussion of feminine products. Stay on-topic, please.

Thanks

[lisa89]

I tried posting to this last night but it wouldn't post!

ANyhow, we cut our income by over 50% when I quit working almost 3 years ago.

One thing we did when we had decided that I would SAH was to immediately put my whole check into savings & just live off of dh's paycheck to see how short a month we were. Then we figured I could make enough off Ebay to make up for that.

We had a nice savings & it really helped to *practice* first.

ANd one thing that bugs me is when people say they can't AFFORD to SAH. Can't live on one income. Well if we can support a family of 6 on less than 35k/year, than I would think most people could adjust as well. It's not that you CAN't, it's that you WON'T or don't want to, IMO.

Lisa

[pennywatcher]

The original post didn't specify the tips had to be about money so I'll throw out some of the emotional aspects to figure out when you go from two incomes to one.

Clearly map out from the start what the division of labor at home will be. Is the SAH spouse in charge of all laundry, cooking, cleaning, kid tending, etc? Is the SAH spouse expected to do those things only during business hours when the other spouse is at work?

Think of it as "our" income not his/hers.

Watch for signs of depression in the person who no longer has an income. Even if the two of you agree that that person should become a SAH spouse, the transition may be tough. Continuing to get up at a regular time in the morning can help.

Make sure the SAH spouse is getting enough social interaction.

Make sure the SAH spouse is getting enough recognition for his/her contribution to the family well-being.

[Macaela25]

Originally Posted by lisa89 One thing we did when we had decided that I would SAH was to immediately put my whole check into savings & just live off of dh's paycheck to see how short a month we were. Then we figured I could make enough off Ebay to make up for that. We had a nice savings & it really helped to *practice* first.

Excellent idea. DH and I did something similar to this last year and it failed miserably - but that's our situation :).

Not every family is able to do this (no matter how much they want to) due to circumstances beyond control such as a greater than normal medical bills, aging/ill parents who require expensive care, or extremely high costs of living, medical insurance and housing, to name a few. Now for those who do not have these worries and are considering living on one income, I find the following to be helpful:

Consider planting a garden (container or whatever) of fruits and veggies that your family normally buy fresh. Produce is a large expense for the average family. Once we move to our new home I plan on starting some sort of garden with green beans, tomatoes, peppers, and strawberries since these are the vegetables we buy fresh most often. I wish I could figure out a way to grow mushrooms, since we go through these like mad.

Consider learning to sew your families' clothing. This is very doable for families with younger children who haven't developed pickiness about clothes. Also, carefully care for the clothing you do have to make it last as long as possible, passing it down to someone smaller once it's outgrown. Be vigilant about removing stains and not overdrying clothes, which eventually ruins them. Also, adults can set up a clothing swap with other interested adults of the same size.

Make saving money a game. Eliminate one "extra" from your budget, such as frequent meals out, travel, your daily latte, premium movie channels, whatever. When you no longer miss this or feel deprived (it might take a while), eliminate another "extra". Eventually you won't miss these extras. Take it from a die-hard restaurant junkie who used to eat 3-4 times per week...we now go out 2-3 times per month, and usually when someone else is paying. The rush of seeing your bank account grow or you debt diminish is way better than your "extras".