Comments on: Living On One Income- Tips for Going From Two Incomes to One

By: Post-Thanksgiving Link-Up 11-30-09

Post-Thanksgiving Link-Up 11-30-09 — Mon, 30 Nov 2009 17:57:59 +0000

[...] Think Your Way To Wealth writes about going from two incomes to one. [...]

By: 5 Girls Ditching Debt

5 Girls Ditching Debt — Sun, 29 Nov 2009 15:54:29 +0000

This was a great post for one of our co-workers who just lost her husband. Perfect timing, thank you.

By: mydealcracker

mydealcracker — Sun, 15 Nov 2009 17:32:47 +0000

I commend all those who can live on one income. I have done it for years because so far I have not found a second, but I am trying desperately to find that second source. Sorry to go against the popular opinion here but one source of income is no fun and too much worries.

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By: RC

RC — Sun, 15 Nov 2009 15:47:31 +0000

@FFB- Good points- you can always add things back to your budget once you get used to living on one income.

By: RC

RC — Sun, 15 Nov 2009 15:44:23 +0000

FS- Thanks! Sounds like a great idea to try and save one salary to expedite your retirement goals.
You have a great site- I’ll be around!

By: scheng1

scheng1 — Sun, 15 Nov 2009 13:26:47 +0000

My parents’ generation is mostly a one-income generation, then the government starts to emphasize double-income. I’m not even sure that is a good thing. People tend to become more materialistics, and families break up more often.

By: FFB

FFB — Sun, 15 Nov 2009 00:24:42 +0000

We’ve been on one income for quite a while now. One thing you can do is start to live you you are on one income as son as possible and bank the difference. Also cut your expenses as much as possible. Then once you are making it you can add things back if you like. You may find that you were ok without some of the luxuries you thought were necessary!

Great article!

By: Financial Samurai

Financial Samurai — Sat, 14 Nov 2009 15:10:08 +0000

Thanks for this post. It’s very helpful for those even with two incomes, as it helps try and budget our lives as well.

I may very well see if we can just save my wife’s salary all next year, to expedite our early retirement goals.

Thanks for sharing and hope to see you around FS one day.

By: RC

RC — Sat, 14 Nov 2009 02:18:45 +0000

@GHolmes- Sounds like things are going well. I agree, it was a great feeling to know my kids were with my wife instead of in daycare.

By: uberVU - social comments

uberVU - social comments — Sat, 14 Nov 2009 02:18:23 +0000

Social comments and analytics for this post…

This post was mentioned on Twitter by susanweiner: RT @thomasjfox: RT @rcthinkwealth Living On One Income- Tips for Going From Two Incomes to One http://bit.ly/BEPyW…

By: RC

RC — Sat, 14 Nov 2009 02:15:16 +0000

@ Dan- Good point about getting control of your expenses beforehand, if possible. You are spot on about the housing and car costs- those two can be a big problem if you run into income or cash flow problems.

By: GHolmes

GHolmes — Sat, 14 Nov 2009 00:51:35 +0000

Been almost 2 years now that wife has stayed home with birth of the child. Communication and we had a luxury of prior planning that allowed for a smooth transition. It gives me peace knowing that she is with him and not having to put in daycare. As opportunities come up for her we can bank her earnings as @ashley does in their household.