Tips on Going from 2 Incomes to 1

[phlack]

DW works part time (2 days/week at most) which helps, but isn't a whole lot. She keeps complaining she wants to stay home, yet I don't see how. Though, as someone pointed out, they were able to manage family of 6 on $35K, so I probably could.

Without actually looking at our budget, I'll venture to say we could cut back in two major areas (well, three, if I actually had a clue what I was doing with coupons and sales):
1) Leftovers. So much food is thrown out because we don't eat the leftovers. We are getting a little better at this, however, but could do better.
2) Eating out. The problem here is a matter of convenience. Soccer. Cub scouts. I'm tired. Etc etc. And I'm not talking even reataurants. I'm talking Burger King, or McDonalds, or something that would be under $20 for a family of 4. Do it a couple times/week and it adds up. DW is by no means an extravagant spender, but she's very into convenience. I'd rather go home and cook a spaghetti dinner for about $2 or so, but she'd rather go eat at a pizza buffet for $20 since it would be quicker and easier. Forgetting about the drive time, of course. If we didn't order out or eat out as much, we could probably save $80/month. This is what I call a "phantom" expense, since it's a little here and there.

-Mike

[scentednights2002]

We have a really busy life too (karate, cub scouts, band, church, etc.) and manage to live fine on DH salary of $25K/yr. Big suggestion for those busy nights..... crock pot! Throw it together in the AM & when you get home it is ready to go. It's a huge money saver and it's very easy.

[MrsPinecone]

Bumping for any new suggestions!

[niferj9]

These suggestions are great! My husband and I are in the thinking about this phase, where I might be able to stay at home with my daughter. All of these sound like really good ideas! Thanks!

[chunkygal]

One thing that saved us money is that I vaccinate our animals myself. VERY easy. You can buy the vaccines online for very cheap. Depending on your state you amy or may not be able to do rabies. In our town though the 4-H holds rabies clinics, so we get these cheap too. I also vaccinate our horses and taught myself to draw their blood. It is much easier with dogs and cats though. You do not have to have medical education. It is hard to do it wrong.

[dainasplashes]

Fiance and I are making the 2-to-1 switch after the wedding in a couple weeks... maybe for just a little while (since I'll be moving to be with him and don't have a job lined up in the new place), but probably for longer if it makes sense for us. I am a bit afraid, since I don't know many people who did it before they had any kids, and I think my family will find it strange.

Anyone have any advice on how they found their place as someone who doesn't work for pay? I'll have a lot of other stuff keeping me busy -- helping take care of my grandmother, fixing up the house we just bought, etc. -- but am not sure how I'll explain what I do if someone asks.

[Mothernature]

Our monthly income is half on unemployment (when it kicks in).

The things we do:

- Air dry laundry. It would cost us an additional $7.50 to dry our cloths.

- Find as many things at 90% off or free. Look for soon to expire food at the grocery store. I found a pack of hot dog buns for $.39. My son loves these buns for Sub sandwiches. My husband found professional thank you cards at Target for $1.79; these same cards would cost $20 at Papaya.

- Budget and keep track of spending.

- Maximize reward programs. My DS and DH like soda. I traded coupons I would not use for Coke codes. I use the codes to redeem for Coke drinks.

- Stretch your items. I found $.50 Sobe coupons which are doubled in my area. I purchased a large quantity of free Sobe drinks. I traded the labels for Coke codes. We use these traded codes for free drink coupons. The codes from the free drinks are used to redeem for more free drinks.

- Drive as needed. We are a one car family. We only drive as needed. We live off 2 bus lines so we frequently take the bus and subway to get around.

- Give your family member hair cuts. I give my husband and son trims once every 2 months. I paid $2 for the Wahl clippers and save $200/year. I do go in the salon four times a year.

- Do not be brand specific but buy quality. This gives you the ability to save money in the stores as sales come. The quality is important as you will not have to replace the item as often. I frequently purchase refurb.

- Find free things to do. The Children's museum charges a $1 on Friday nights. Check with your library for free passes to museums and other places.

- Barter with others for what you need.


Donot become so frugal to create misery. If you like to eat out from time to time, take it home to avoid paying for drinks and the tip. Creatively think while you meet your current needs.

[sniven]

Find your local Freecycle group and participate. I cannot tell you how many wonderful things I've gotten from freecycle. I've also been able to save myself a trip to Goodwill by giving away stuff I just cannot throw out.

Another thing: find or create a local group (like yahoo group) where you can trade/barter items and services. It's a great way to get stuff without paying "money".

[neelia]

I'm sure a lot of these are on here, but I thought I'd share anyway. I'm 21 and live with my 22 year old boyfriend. I actually recently got laid off and we're now living off of about $1600/month.. half of which is rent. AND we have some credit card debt.. eek. I'm trying to get school finished up so we're trying out this whole 1 income thing for a while to see how it works. Things we've done so far to keep our finances straight:

-Couponing (obviously)
-He drives his most gas economical car to work (gas went from $50 a week to $15 or $20)
-I got him to agree to sell one of his cars.. really? 3 cars is a little much for one guy who doesn't have time to work on them all.
-BUDGETING. A lot. Now that I'm home, I can spend more time researching prices not just for groceries, but everything else.
-We only use the dryer for about 20 minutes or so, and then hang dry our clothes where ever we can (we just dry them until they're not going to drip all over our apartment)
-Selling stuff you don't want/need on ebay (makes our apartment a lot cleaner too!)
-Thrift stores/yard sales are the beeest for stuff for yourselves AND stuff to sell on ebay when you need extra cash (go EARLY, from my experience if you go after about 8:30-9am, most of the good stuff is gone)
-Don't let anyone else shop.. lol. We used to go to the grocery store to grab a few items when we were out and glanced at prices a bit but didn't check coupons or sales/etc. Now I've insisted that I handle everything
-Get a calendar and mark out what bills you have, when they're due, how much the minimum is (for credit cards), and how much you'll pay.. that way you don't forget & get charged late fees!
-Car maintenence: learn to do it yourself if you can.. things like oil changes! You could save around $20/oil change, etc.
-Craiglist & freecycle as someone stated above. They're GREAT.
-Cat litter: if you have cats scoop it more regularly, the litter lasts longer. I used to have to dump it all every week or week and a half.. now I scoop it almost everyday and I use about half as much litter as I used to.
-If you decide to go out to eat, split something! I don't get to do this much because my boyfriend eats like a horse (and is still thinner than me!), but most meals are big enough for 2!

[andryia]

For those thinking about quitting to stay home. . .make sure you have a plan for health insurance if you currently have it through work. When I got laid off recently, one of our biggest headaches was finding a way to keep us all insured that didn't cost a fortune.

Do everything you can to make your home energy efficient. Like getting one of those water heater blankets, adding insulation to the attic, sealing up cracks, etc.

Get rid of land line and use cell phone only (assuming you have both).

If necessary, sell second car.

Make sure you have an emergency fund of 3-6 months expenses before you quit.

Andrea