Doing BETTER on one income??

**Budgetmom** · 07-06-2005, 01:51 PM

Has anyone else went from two incomes to one income and actually felt like they were doing better financially? Some of you may think I have a screw loose (maybe I do, lol!), but we went from two incomes to one almost three years ago when I left my job as a private school teacher to stay at home with my family that had just grown. It just seemed like I would be working for so very little if I continued to work and had two little ones in full time daycare.

So now that we only have DH's modest/completely average for the US income, we are doing better than ever before. Our savings is growing, we're actually saving for retirement, and our debts (right now, just the one vehicle loan, and mortgage) are rapidly dwindling. We even just refinanced to a 15 year mortgage from our mortgage that we had 25 years left on. All this on LESS income. In fact, although he has received nice raises over the last 3 years, we are still making 5,000 less this year than we did the year I left teaching. Does anyone else know what I'm talking about? Sometimes it leaves me scratching my head wondering where all the money was going before.

**canadian gardener** · 07-06-2005, 02:01 PM

Yes I sure do. I went from part time nursing as an RN, to homeschooling our then teenage kids thru high school. I was so scared, but it was such a good transition that come what may we vowed to keep it this way.

And now, years after their graduation (they just graduated from university) and long after a bout with, and recovery from health problems that would have precluded me from working

we are still actively choosing me to be home

For the improvement in lifestyle which we could never have afforded even with 2 incomes.

And that is a big part of it. For this one change, it affords such an improved life.

**forestdale** · 07-06-2005, 02:58 PM

I believe it, Natasha. I think some families don't do the math and just automatically think that two incomes = a better lifestyle. Daycare fees are horrendous now and if you take into account what you would spend on clothes for work, eating lunch out, transport etc. many people are often not better off.

Also being a SAHM allows you to cut costs in the home because you have more time to do it.

I'm pleased you're paying off your debt quickly. When your kids are a little older that will be a great example for them to live by.

**annieacid** · 07-06-2005, 03:06 PM

I'm glad you are all doing well.

I've often calculated what the difference would be if I stayed home with my son, and my boyfriend did the working. However, that won't work because he makes less than I do, though he does collect 30% VA benefits.

Sometimes, no matter what a family does, they still both have to work. Us, for instance. My boyfriend and I both make low end incomes, and so we both have to work in order to make ends meet. Even without the cost of my son's private school (only a year longer on that), we'd still have to, because we need to do a lot of driving, so need to have 2 cars and cell phones for various reasons. I don't buy lunches out at work, and I don't buy dressy clothes for work, but I still can't make it happen.

Oh well, maybe by the time I have another baby, he'll have his CDT and be making more so that I can stay home.

**canadian gardener** · 07-06-2005, 05:18 PM

Jackie I so agree, it doesn't automatically work out for everyone, and there are no one size fits all family patterns for work vs staying home vs work at home.

Just like not all Sahm family's choose the Sahm to be the mum.

With my cousin he and his wife decided long ago that she has a far better crack at earning a good income than he does in their field, so he is the SAHM and he loves it, so does she, and so do their little boys.

Another cousin is a single working mother, who has no partner, never has, and she just finished raising her son now 18 and a pretty neat kid. He is on the soccer team, wrestling team and has good marks. He is a nice person, fun to be with and is aiming for university.

It's much more about what you put into your kids, rather than how you do it.

I've been a Sahm, then a working mother, then a homeschooling mother and a Sahm again, all for different good reasons at different times in my life.

You have to play the hand you are dealt, not the one some one else is playing.

Fact is, some of us are doing better on one income because of our unique circumstances, and others wouldn't be able to manage, not because we don't work hard and do all the right things but because our lives are different.

For a lot of years the popular wisdom has been that a person hasn't much of a hope of anything but near poverty on one income, but it's refreshing to see that others are making it work when and where they can. It's nice if you can make it work, but it doesn't always.

Main thing that is important is not to use closed in thinking where we overlook interesting alternatives.

**britbunny** · 07-07-2005, 06:18 AM

Scott and I are better off being a one income family. We do not have any children though. I gave up work nearly three years ago and each month now we seem to have more and more money.

It's scary to think where the money was going before. Now we have to give all our money a name it seems to work much harder.

We argue much less now than we ever did as occasionally Scott is stressed due to work but because I'm not any potential flare-ups can be diffused.

There have been a lot of unexpected side-effects of this change and the very large majority have been positive.

**Michelle** · 07-07-2005, 07:31 AM

Financially we are not doing better as a one-income family. Quality of life has improved, but not our financial situation, unfortunately.

**Mojjo** · 07-07-2005, 08:21 AM

DH and I are hoping that in about 2 years he can become a SAHD and I really think it will improve our financial situation then...unfortunately not now.

**cau** · 07-07-2005, 05:46 PM

My dh is retired now so we have his pension & ss but it is much less than when he worked. I'm still working & will be due to large medical bills but life is easier. His money comes in the same time & amount every month. Much easier to pay bills & knowing how much keeps us on the straight & narrow. I have worked since my youngest was 7 & luckily love my job & am a happier person with it. To each his own

**waterlover** · 07-07-2005, 06:55 PM

Like britbunny, my DH and I are a one income family and have no children. I've been unemployed since December and just recently started to look for a local part-time job. Life is alot more fulfilling for us both. Less stress, especially for me. I have lots of outside activities (community volunteering and church) that keep me busy, love to cook-and with the extra time I can cook healthy meals and lunches. We are saving money with more home cooked meals. I very seldom use the dry cleaners, except for my church clothes every couple months and I'm not spending money on commuting anymore.
We live a very simple and frugal lifestyle so we don't have alot of expensives. We have everything we need and want. And we have fun

**handmerounds** · 07-07-2005, 10:45 PM

We are a one income family. We make it just fine and since discovering Dave Ramsey and the snowball method, hope to be debt free in the near future. I have been taking classes and am going into my senior year for elementary education. I am suppose to do student teaching starting in January but I will have to put the kids in daycare for 8 weeks. They will be 4 and 2 That will be quite expensive. I could put it off for a couple years until they start school but I'm so close to being done, I'm not sure what to do. I am not really needing to work anytime soon, I just wanted to continue my education. Now that I almost have, I'm not sure what road to take? I know a large portion of my pay would go toward child care costs. (Approx. $600 a month)

I am pursueing other ways to make money while staying home, such as selling on ebay, crafts, etc. I am just starting to sell lumber for crafts etc. on ebay from my uncle's sawmill, boards he doesn't have a market for. I would love to have my own home based business and I love buying and reselling! Being a one income family works great for us!

**Budgetmom** · 07-08-2005, 08:57 AM

Wow, handmerounds. Am I reading that right? You get paid for student teaching? My degree is in elementary education, and we didn't get any type of pay for student teaching. In fact, it meant that I couldn't hold another job at the time. That is really great if you do!

**handmerounds** · 07-08-2005, 09:38 AM

Budgetmom, no, I don't get paid for student teaching, sorry for the confusing post. That's my dilema. For those 8 weeks I will have to pay for daycare. While I am receiving NO pay! And then if I do take a job after I graduate, a big part of my pay will go to daycare.

**Budgetmom** · 07-08-2005, 10:03 AM

That is a dilemma, then. Eeks. I was fortunate in that at least I was able to do the student teaching before I had kids. That would really stink to have to be paying for daycare while making no money. But I know what you mean about wanting to get it done and over with. Do you have any family who would watch them for the few weeks that you have to student teach for?