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Any married couples here live off of only one spouse's earnings?
Posted on 11/7/17 at 10:05 am
Posted on 11/7/17 at 10:05 am
My wife and I are about to try this to see how fast we can pay down some debt but I'm afraid of the obvious lifestyle change that's going to be required.
Neither of us make a tremendous amount of money so we're going to have to be very diligent about what we spend each month in order to do this but we're going to give it a try.
Anyone else do this? For those of you who do, what are some tips you can share to help us transition to living like we're poor?
Neither of us make a tremendous amount of money so we're going to have to be very diligent about what we spend each month in order to do this but we're going to give it a try.
Anyone else do this? For those of you who do, what are some tips you can share to help us transition to living like we're poor?
29
Posted on 11/7/17 at 10:09 am to TDsngumbo
We're doing this right now while my wife finishes nursing school 
I miss her income.
I know that's not exactly what you're asking, but it hasn't been as terrible as I thought it would be. I did start driving for Uber/Lyft to make up some of it, but we haven't taken a drastic hit to lifestyle. Good news is when she's working as an RN in May we'll have a lot more income compared to now. So I'd say even if all your wife's earning can't go to paying down stuff, you likely can put a majority towards it and now feel it too badly.
I miss her income.
I know that's not exactly what you're asking, but it hasn't been as terrible as I thought it would be. I did start driving for Uber/Lyft to make up some of it, but we haven't taken a drastic hit to lifestyle. Good news is when she's working as an RN in May we'll have a lot more income compared to now. So I'd say even if all your wife's earning can't go to paying down stuff, you likely can put a majority towards it and now feel it too badly.
Posted on 11/7/17 at 10:47 am to TDsngumbo
my situation isn't exactly like this, but we live off one income as wife quit working when we had kids. the biggest change for us was we moved into a "fixer upper" which drastically cut housing expense. we also reduced all the bills we could (think phone, cable, etc.) we still do the things we enjoy. our biggest unnecessary expense is probably dining out. in a pinch, we could always reduce that to save a few hundred extra.
good luck
good luck
Posted on 11/7/17 at 10:55 am to TDsngumbo
Wife and I did this to pay off our student loans. We were both fresh out of school so it's not like we've ever fully enjoyed 2 incomes.
It's a good opportunity to evaluate your expenses and really value the things you do spend $$ on. You will realize that most things in your budget, you can do without. There were a lot of expenses I took for granted that I eventually looked at and asked myself, "Would I rather spend $30/mo on this or put an extra $30/mo towards debt."
Once we started having kids and my wife stopped working to stay at home, the less income had almost no impact to our monthly budget and living expenses. It did slow down paying off our debts, but by that point we had knocked out 75%. Totally worth it and would do it again!
That being said, I cannot wait for my kids to get older and she go back to work to increase our income!
It's a good opportunity to evaluate your expenses and really value the things you do spend $$ on. You will realize that most things in your budget, you can do without. There were a lot of expenses I took for granted that I eventually looked at and asked myself, "Would I rather spend $30/mo on this or put an extra $30/mo towards debt."
Once we started having kids and my wife stopped working to stay at home, the less income had almost no impact to our monthly budget and living expenses. It did slow down paying off our debts, but by that point we had knocked out 75%. Totally worth it and would do it again!
That being said, I cannot wait for my kids to get older and she go back to work to increase our income!
This post was edited on 11/7/17 at 10:57 am
Posted on 11/7/17 at 11:21 am to TDsngumbo
We’re doing it right now until I finish school. If it weren’t for help from our parents, we wouldn’t be making it.
Posted on 11/7/17 at 12:21 pm to TDsngumbo
We are at the moment. Wife never made a lot but every bit helps. We don't save as much month to month as we did and we are more attuned to what is ahead, such as car/house insurance - we just paid our property taxes. Otherwise, pretty much the same, at least for the moment.
P.S. I am a saver, bride is more of a spender, so I am likely more anxious than she but hasn't disrupted us...we tend to chat more about finances than when she was working
P.S. I am a saver, bride is more of a spender, so I am likely more anxious than she but hasn't disrupted us...we tend to chat more about finances than when she was working
Posted on 11/7/17 at 12:53 pm to TDsngumbo
Yes. did it in stages. wife went from full time to part time. then 3 years later to no time, stay at home
had raises over the time frame that help offset her loss in income. my income is now about what our combined was in 2011, but with savings from no daycare a net plus
had raises over the time frame that help offset her loss in income. my income is now about what our combined was in 2011, but with savings from no daycare a net plus
Posted on 11/7/17 at 12:53 pm to TDsngumbo
quote:
Any married couples here live off of only one spouse's earnings?
Yes, my wife hasn't worked since we had kids 9 years ago.
But we planned it that way to begin with even when she was working prior to kids.
It really is as simple as living beneath your means.
Posted on 11/7/17 at 1:10 pm to TDsngumbo
We both make good money and she gave up 250k/year job. It wasnt easy. But I didnt want to get divorced
This post was edited on 12/2/17 at 2:06 pm
Posted on 11/7/17 at 1:18 pm to Titan
quote:
she gave up 250k/year job
I can't imagine any scenario involving healthy children where'd I'd be OK with that. That covers so many financial obstacles most people have. Pays for schooling, early retirement, etc etc.
This post was edited on 11/7/17 at 1:20 pm
Posted on 11/7/17 at 1:21 pm to Titan
If my wife made 250k a year, I'M the one who's staying the frick home. 
Posted on 11/7/17 at 1:23 pm to TDsngumbo
I feel like we could do it, but no way in hell i'm that curious. Plus the fact we both work from home 3+ days a week and have lots of flexibility helps with kids. shite is just too expensive nowadays.
Posted on 11/7/17 at 1:26 pm to TDsngumbo
quote:
If my wife made 250k a year, I'M the one who's staying the frick home.
absolutely no fricking way I'm going to work if my wife makes that.
id still work but on side projects and freelancing
Posted on 11/7/17 at 1:29 pm to Teddy Ruxpin
Read the part where I said we almost got divorced. It wasnt easy but I didnt want to lose my marriage.
This post was edited on 12/2/17 at 2:07 pm
Posted on 11/7/17 at 1:31 pm to Titan
quote:
Read the part where I said we almost got divorced.
I did. I might have went through with it
Posted on 11/7/17 at 1:33 pm to oklahogjr
quote:
absolutely no fricking way I'm going to work if my wife makes that.
This is going to sound crazy, but it isn't "that much."
What I mean is, all your daily needs are well accounted for. You don't struggle to eat or anything.
But if you want a carefree retirement, you're still going to want to work to fill up those retirement accounts.
That kind of salary with the other spouse working makes a couple retiring at 50/55 with tons in the bank with that carefree retirement very attainable. If you don't work, that starts to slip back.
This post was edited on 11/7/17 at 1:35 pm
Posted on 11/7/17 at 1:38 pm to TDsngumbo
We are planning on having our 2nd child soon, and my wife will probably stay home once the 2nd kid gets here.
My wife doesn't make that much money (think teacher salary), so it won't be that much of a income hit, but anytime you are talking about a couple grand per month income hit, its substantial.
I probably won't be able to max out my roths for a few years, which will suck. Probably no major vacations for a few years. Cut way back on dining out, weekend excursions (which always cost way more than you plan), and that kind of stuff.
But if need be, I can drive for Lyft and my wife could maybe work weekends at her store.
Or she could open up a booth in one of the antique/vintage "malls" like my Mom, who basically just buys shite at garage sales and the re-sales it in her booth and she makes anywhere between $500-$1k a month.
I guess the only real tips are 1) cut back on spending and 2) find secondary income if needed
My wife doesn't make that much money (think teacher salary), so it won't be that much of a income hit, but anytime you are talking about a couple grand per month income hit, its substantial.
I probably won't be able to max out my roths for a few years, which will suck. Probably no major vacations for a few years. Cut way back on dining out, weekend excursions (which always cost way more than you plan), and that kind of stuff.
But if need be, I can drive for Lyft and my wife could maybe work weekends at her store.
Or she could open up a booth in one of the antique/vintage "malls" like my Mom, who basically just buys shite at garage sales and the re-sales it in her booth and she makes anywhere between $500-$1k a month.
I guess the only real tips are 1) cut back on spending and 2) find secondary income if needed
Posted on 11/7/17 at 1:40 pm to Salmon
quote:
2) find secondary income if needed
I'll add that people too often think about cutting expenses instead of growing income. Yes, growing income may seem harder, but it really is the better option. I really suggest people look harder at it.
Posted on 11/7/17 at 1:45 pm to Teddy Ruxpin
True, but it also doesn't always fit the goal of having a parent stay at home.
If one parent is at home all the time, but the other is having to work all the time (i.e. Dad taking 2nd job on weekends), that to me, doesn't seem very healthy.
Plus, like in our case, having 2 small children at home doesn't leave too much time for earning that 2nd income.
If one parent is at home all the time, but the other is having to work all the time (i.e. Dad taking 2nd job on weekends), that to me, doesn't seem very healthy.
Plus, like in our case, having 2 small children at home doesn't leave too much time for earning that 2nd income.
Posted on 11/7/17 at 1:53 pm to Salmon
quote:
If one parent is at home all the time, but the other is having to work all the time (i.e. Dad taking 2nd job on weekends), that to me, doesn't seem very healthy.
True, but growing income doesn't always mean second job. A think there are a ton of people who do not effectively leverage themselves to new employer opportunities. People get comfortable and don't market themselves.
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