Home > Marriage > Family Concerns > When Two Become One
When Two Become One
Living on one income is more doable than you think! Here's how.
by Ellie Kay
 1 of 4
Georgia and Thomas Gentry of Des Moines, Iowa, were tired of their consumer debt. After eight years of escalating debt, they threw up their hands. "It seems as if the more we pay down, the more we charge. We don't want to work just to pay our credit card bills!"
They decided to do something radical: they cut up all but one of their credit cards, shut down other lines of credit, and began to live on one income. Neither Georgia nor Thomas quit their jobs, they just acted as if Georgia was no longer working and applied her modest salary toward paying off their debt. Within two years, they dug out from more than $15,000 of consumer debt and funded an IRA and mutual fund.
The Gentrys aren't the only couple who decided to live on one income. In fact, at ClubMom.com, working moms were asked, "If you could afford to stay at home with your child, would you quit your job?" An overwhelming 89 percent responded, "Yes!"
When Nancy and Ron Anderson, from Huntington Beach, California, decided to map out future parenthood, they acted on their plan before they had kids. Nancy explained, "For the five years before Nick was born, we lived on half of what I made and put the other half in savings. Then we didn't 'need' my income when Nick was born, so we just withdrew the same amount from savings. We had five years of no pressure, and by the end of that time, Ron was making enough money to support our family."
Before you make the jump to living on one income, it's important to develop your blueprint and then build on it according to your unique needs as a couple. In Luke 14:28, Jesus says, "Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it?" So whether you're looking at a one-income lifestyle to pay down debt, or using it as a way to bring home mom (or dad!), here are seven steps to determine if it's feasible to live on one income.
Step one
Assess your current income
The first step is to assess your current income. On a sheet of paper, make three columns. In the first column, list all your monthly income sources, including salaries, dividends, and interest. The second column will be the amounts you bring in for each of these. So if you earn a salary of $1,200 a month, you'll list that in the second column. In the third column, under the heading "Variable, Yes/No," indicate if each income source varies from month to month (such as commissions, tips, or dividend income that isn't consistent).
Add everything in the second column to come up with your total current income.
Step two
Calculate your current monthly expenses
Next, on a separate page, list your monthly expenses. This is similar to planning a budget. Here are some things (along with the recommended percentages) to include:
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