Comments on: Start Living on One Income!

By: Matt Jabs

Matt Jabs — Wed, 08 Feb 2012 17:36:06 +0000

Awesome Kristen, let us know what you decide and how it feels to implement the plan!

By: Kristen

Kristen — Wed, 08 Feb 2012 16:58:51 +0000

Great article Matt! My boyfriend and I have been discussing this very thing when the topic of marriage and moving in together comes up. Such a great idea to use one income all towards saving, giving, or paying down debt.

By: Matt Jabs

Matt Jabs — Mon, 06 Feb 2012 15:54:08 +0000

Thomas, it sounds like you were speaking for me. Your words echo my feelings. Congrats and God bless!

By: Thomas

Thomas — Mon, 06 Feb 2012 15:48:41 +0000

My wife and I received some very good money advice before we got married: If your goal is to live on one income later on, start living on one income right now. Taking heed of that advice, we did just that. We took any money my wife made from her nanny job and used it to pay off many of the outstanding debts we had. We took the debt snowball approach and wiped out all of our debt in just a year and a half. Shortly after we became debt free, my wife’s job ended with the family she was working for, which made for a sweet transition into her full-time role as COO of our household. My wife has been home since then and we haven’t regretted it for a second. Living on one income definitely requires sacrafice. We have several married friends who live on two incomes, drive nice cars, have big (expensive) homes and pursue all the hobbies and fun in life they want to. We live in a tiny, rented home that shares the property with two other dwellings, we drive older cars (even only had one car for a long time) and we have to save up for things we need and the things we want. Honestly though, we wouldn’t have it any other way. Fewer assets to manage makes for a simpler life, which makes for less distraction and more time for the things that matter most. It also makes us realize just how much God has already blessed us.

By: Mothers Day When Mom Is Gone

Mothers Day When Mom Is Gone — Fri, 21 Oct 2011 12:30:02 +0000

[...] Debt Free Adventure encourages us to start living on one income. [...]

By: Understanding Debt [Part 2]

Understanding Debt [Part 2] — Fri, 23 Sep 2011 18:44:06 +0000

[...] know what will happen when kids enter the picture. Even if you both plan on continuing to work, living on one income is always a good idea! In fact, Mandy and I had to sell our first house because we based what we [...]

By: Jennifer Miller

Jennifer Miller — Mon, 22 Nov 2010 20:19:40 +0000

We are living on one salary right now, as I resigned from my job a year ago. It is SO hard though…we live in NJ and my husband’s salary covers our expenses, but we have almost no savings, other than what he puts into his work 401 (I think the minimum). What are we doing wrong? Our taxes are out of control and increase every year…we live in a modest home…have one car payment (which in a year should be payed off).

By: Matt Jabs

Matt Jabs — Thu, 30 Sep 2010 13:43:25 +0000

Thanks for the input Brenda, and for stopping by. At least we agree on one point right? Cheers.

By: Brenda

Brenda — Thu, 30 Sep 2010 12:59:15 +0000

I 100% agree with the idea of living on one income even if you are earning two. Too many people are living outside of their means and not planning for the future.

I 100% disagree with everything else you say. The gender differences “ordained and given by God” are limited to the matter of procreation. To suggest that having a vagina means a woman would be more fulfilled at home is just ignorant and offensive to all women.

By: Matt Jabs

Matt Jabs — Wed, 28 Jul 2010 13:05:41 +0000

The ability is predicated on lifestyle, and is a continual choice we have to make each day. We would all be surprised by what we can do when we have to!

By: Jessica Bosari

Jessica Bosari — Wed, 28 Jul 2010 12:32:50 +0000

A friend of mine has five kids and is barely surviving on one income. It might be different if the work wasn’t seasonal and they could depend on the money from week to week. They depend on summer to get through winter. Last summer was bad and this summer not great so far. I worry about them every day. She has three kids daycare age, so going back to work would be futile and there is no family that can help with caring for the kids. Now they are taking in another struggling family member. It boggles the mind how anyone can survive on one income today. Even my husband and I, with only two kids, one daycare age, and no car payments can’t do it on one income.

By: Richard @ Debt Assistance Guru

Richard @ Debt Assistance Guru — Mon, 19 Jul 2010 16:42:08 +0000

I actually managed to do this a year or two ago but with a slight twist – I was single at the time but had two income sources – my job and my small business.

I used to live on the income from my job and use my business income as “bonus money” for reinvesting, saving and paying off debt. Living on far less than your total income is a great feeling and really makes you feel like you’re in control of your financial destiny.

By: Josh

Josh — Fri, 28 May 2010 21:50:44 +0000

Great article! Well I sure would like to live on one income. As it is my wife and I are both working, and we are paying down our debts but it is so easy to spend. We live in an apartment which costs more than the median house costs in the states and where a house here costs minimum 400k plus for something that is not a shack Its very depressing living in such a rich country but having such a high cost for housing that a young married couple could put off having kids for ten years and maybe just maybe think about having kids and a house. But God will provide if you put your faith in Him.

By: The Single Gal

The Single Gal — Sun, 23 May 2010 19:41:51 +0000

Great article Matt and I couldn’t agree more! I’ve begun my own “debt free adventure” recently, and as a single person have found that we have our own unique situations to contend with sometimes. I’m hoping to begin representing that population with my own blog – http://www.singlesavvyandsaving.com. Hopefully we can bounce ideas off from each other in the future from our own unique vantage points!

By: Karen604

Karen604 — Sun, 23 May 2010 03:49:53 +0000

We have lived on one income for almost 20 years. Yes I have worked part-time/occasionally. Not any great income.
Now the problem is how to make sure that you are saving enough to do it. A lot of money and not just for retirement.
What if the secure well paying job goes poof? It can happen at any time. How do you make sure that everybody hits the ground running? How Much do you need in savings so that your house does not go poof? So that the kids go to college?
Living on one income is one thing. Making the ends meet as the kids are growing is one thing. Building a BIG security blanket is another.

By: crunchycon

crunchycon — Sat, 22 May 2010 13:30:16 +0000

We’ve been doing this for nearly 10 years now, which has enabled us to pay off our house very early using the other income. As other posters have said, living on one income is much simpler when you’re debt-free. This has been especially true lately as a serious and unexpected health issue involving major surgery and hospitalization has entered our lives. We’re able to pay our medical bills without heartburn, and we’re most grateful to be able to do so.

By: Blinded By The Blog | Your Finances 101

Blinded By The Blog | Your Finances 101 — Fri, 21 May 2010 09:27:07 +0000

[...] Debt Free Aventure talks about how to Start Living On One Income [...]

By: Matt Jabs

Matt Jabs — Tue, 18 May 2010 04:26:46 +0000

Thank you Jackie… you laid out beautifully so many other benefits that I left out. Congratulations, cheers, and Godspeed.

By: Matt Jabs

Matt Jabs — Tue, 18 May 2010 04:24:27 +0000

If your income can cover the budget, which of course should include some type of health insurance (at least for the children,) along with the expectation of unexpected expenses, then sure… she should be able to resign with confidence.

By: Moneymonk

Moneymonk — Mon, 17 May 2010 19:32:10 +0000

We live on one income. It so easy when you both have no debt and savings. When one of our cars died, it was not a panic. We know we have the cash to get another one. We also can handle a job loss