We are trying 1 Income Living
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  1. #1
    Registered User Lucky Star's Avatar
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    Smile We are trying 1 Income Living

    With our first baby on the way, I decided to follow the advice to try living on one income before the baby is born. Our plan is to live on my DH's income only, and bank all of my paychecks into savings. This helps accomplish 2 goals: (1). we practice living on 1 income to see whether we can keep it up enough for me to stop working and (2). we put aside some savings that we can tap if needed when I'm on my planned maternity leave.

    I'll be reading the FV for ideas and help with this transition from 2 incomes to 1, and will keep you all posted on my progress. If you have any good ideas that have worked for you, I'd love to hear them!

  2. #2
    Member Darlene's Avatar
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    You are a smart cookie!




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    Good luck, bet you can do it with all the tips you find here And keep us updated.

    kj

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    Wow! Great plan! Just keep reading here as much as you can, and you can do it.

  6. #5
    Registered User sdrjeolsen's Avatar
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    Good luck Elena! WTG planning ahead. Great idea to start now and see how it goes. Keep us posted.

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    That is a really great idea!

    I do have a few tips for you though! Every paycheck that you receive (from your DH), purchase a pack of diapers (if you are going to use disposable diapers) in different sizes. Also it does not hurt if everyother pay you can pick up a pack of wipes and the refillable pack. That way you have a decent stockpile of diapers before the baby comes! Also if you have not had a baby shower yet- ask the person throwing it for you ask all the attendee's to bring a package of diapers for a chance to win the door prize (my SIL did this and did not have to buy diapers for 3 months!). It is a nice way to save some money when there is only the one income coming in. FYI- I found out by my pediatrician that baby laundry detergent is basically baby shampoo- so you really don't need to spend $8 on a small bottle of dreft!

    Also, with the possiblity of becoming a SAHM, you won't be going out to eat as much- now is a great time to experiment with meals you can cook in the crockpot (a busy moms best friend!), and fast home made meals. The first place that people usually cut back on when they need to be more creative with their money is the food budget. It would also be a good idea to start a stockpile if you don't have one already (which is nice to have if something unexpected comes up and you don't have enough money for a lot of food!). It took me a good 6 months to have a real decent one (I have one for food, paper products and hbc supplies!).

    Good luck to you!

  8. #7
    Registered User baxjul's Avatar
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    Good luck!

  9. #8
    Licence to Kill Luv2BeFrugal's Avatar
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    That's great! Keep us posted on your progress!

    P.S. Congrats on your coming little blessing!

  10. #9
    Registered User Marie78's Avatar
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    Congratulations! I think it's a great idea to practice living on one income, good luck .

  11. #10
    Registered User FrugalMomof3's Avatar
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    Good Luck, I am sure you can do it

  12. #11
    Registered User jamie79's Avatar
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    You can do it. Congrats

  13. #12
    Registered User banana's Avatar
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    You can do it!

    I did the same thing with the diapers and it helped a lot!

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    I did exactly that 23 years ago and it ensured that i could stay at home. Little things go a long way - serve meals in attractive dishes etc so that it is a treat to eat in and you won't be tempted to eat out nor will you miss it that much. We used to take turns on a fri night to cook a meal while the other one relaxed.(later the relaxing one had to put kids to bed as well!! ). It was a real treat to be cooked for and to enjoy a romantic meal.
    We also used to play board games. Also started the ritual of v relaxed Sundays where we got a couple of big newspapers and had more or the less the whole day lounging about, reading them and just having time together.
    Good luck - I'm sure you will do just fine
    W

  15. #14
    Registered User Felisha's Avatar
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    Good luck, I'm sure that you two can do it.

  16. #15
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    You may also want to allot a portion of your dh's check for what you anticipate your monthly baby care expenses will be. Formula, diapers, doctor copays, etc...depending on what you plan on doing. I think both of my kiddos saw the doctor at least three times their first month due to weight checks, etc... Depending on what you plan on doing diaper/feeding wise, you should also try to get on some coupon mailing lists. You can even write to some companies and request samples/coupons and most will send you out something. Good luck

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