Have you been dreaming of quitting your job to stay at home with your kids? Are you questioning whether returning to work after maternity leave is right for you? Today we are going to discuss if living as a single income family is right for you.
4 Tips To Help Decide If A Single Family Income Is Right For You
Is it possible to live as a family on 1 income? Will you survive? Could you even thrive? Here are 4 simple tips that when implemented, can help you decide, set up and thrive as a one income family…if that’s something you choose to do.
1) Conduct a Trial Run Living as a Single Income Family
If both partners are still working, then this is for you: Give single income living a trial run. When you get paid, put everything outside of work expenses into savings. Work expenses would be gas, meals at work, daycare, etc. Everything else goes into savings.
Living with 1 income (while you have 2) achieves 2 amazing goals… 1) You’re quickly saving money, 2) You can truly get a sense of how it feels to live without your 2nd income. While living on 1 income, you and your partner can really evaluate if the reduced household income is truly a financial situation you can live with for many years.
The longer you can trial living on 1 income (while earning 2), the better.
2) Establish an Emergency Fund
Establishing an emergency fund can create a bit of financial cushion in the case of an emergency. Financial experts seem to agree on having 3 to 6 months of living expenses set aside in case of emergencies (job loss).
If you are undecided on living as a single income family, this is a great time to start saving.
3) Can Your Family Live with Less?
Many parents who have chosen to stay home with their kids have made sacrifices to do so.
What will you have to live without in order to live within your means? What sacrifices will have to be made by you, your partner, and/or your kids?
How much you may have to give up will depend on your particular circumstances, of course. Maybe you love visiting Starbucks or going to lunch every day. Can you survive with home brew, instead? Do you look at prices when you grocery shop or do you just grab and go? Are you willing to price compare and/or use coupons?
Are you okay with having less? Is your partner on board with having less, too? Canceling your daily coffee runs may not have an impact on your partner, but canceling your beach vacation sure will. Is he/she okay with less?
I think we all have areas where we waste money – – Sometimes it’s just easier. Sometimes we just enjoy it. I’m in the daily coffee run camp. Yes, I can make it myself. But it’s so much better if I don’t!
Can you live, can you thrive, with less?
4. Pare Down Your Lifestyle
Paring down your lifestyle is similar to #3 in that you may have to accept having less financially. However, when I say pare down your lifestyle, I’m talking about your life as a whole – – Not just your wallet.
I’m sure you’re aware you’ll have to pare down your monthly expenses if you reduce to 1 income. You can do things like: Cancel gym memberships, cancel cable in favor of 1 streaming service, limit drive thrus and eating out, or go to 1 car instead of 2.
Can you get on board with hand-me-downs? Or thrift stores? I for one am a huge fan of my local thrift store. While some go to Target for shopping or fun, I head straight to my local Goodwiill. I love a good thrift store!
What about this new life as a whole, though? Can you live a simpler life where material possessions are not a priority? Can you reduce toys and clutter in your home in favor of a few favorites? Maybe going to the park and library instead of amusement parks and theaters can be your new norm. Can you not only buy less, but purge your closets, too? Can all of this be the new and happily accepted norm in your household?
If you can get out of the mindset of having new things, you can get in the mindset of having this new way of life. Instead of Starbucks everyday, you can drink coffee on the couch while watching your kids dance. And if you’ve purged your living room, you’ll have more room to get up and dance with them (after you’ve finished your coffee, of course)!
Living A Simpler Life As A Single Income Family
Living a simpler life can be freeing. I’m not talking about buying a tiny house and living off grid. I’m talking about keeping your mind open to find happiness and peace in unexpected places. If we reduce the physical clutter in our homes we can reduce the mental clutter and chaos inside us, as well. And sometimes just feeling free and unburdened is a gift that no amount of income can buy.
Since I was a little girl I dreamed of being a homemaker…I dreamed of living the 1 income family life before knowing it was even a thing . I wanted a big family and to make memories of my children all around me.
I never got to be the homemaker I dreamed of nor did I get to have a big family of my own. However, I raised 2 wonderful children while working and helping to support our family. While I didn’t get to make memories of spending our days running around barefoot in the backyard, I did make memories with my children nonetheless. I will always cherish the memory of my son running out of daycare with a huge smile plastered on his face and his arms open wide for a big hug. I love that I was able to take my daughter to work with me and show her what it looked like to work and support our family.
Through my years of ups and downs, I have learned to appreciate what I have, both big and small. I have learned that there is great joy to be had in simplicity, both during times of financial struggle and financial freedom.
What’s Right For You?
There is no one size fits all guide to single income living, but the tips I mentioned above can help evaluate if it’s for you. I never managed to achieve my goal of single income living, but if it’s your goal too, I hope you have found these tips helpful.
I’m here and available if you have any questions or insights into this topic. If you have any tips you’d like to add, please feel free to leave them in the comments. I’d love to hear what has worked for you.
Therapy For Women In Washington, PA
Whatever is happening in your life that has led you here, you deserve to make the time for you. As a therapist in Washington, PA, I am passionate about the struggles we experience in our roles as women and mothers due to my own experiences as a teenage mother, wife, and someone who has dealt with infertility, severe postpartum depression, anxiety, and juggling the demands of work and motherhood.
Have you thought about therapy? Please call us. We are happy to talk to you by phone, email or virtually prior to scheduling your first visit, so you can get a better sense of who we are. Please contact us at (724) 503-6670 or by emailing us at admin@inthenowcounseling.org. We are providing counseling in our office in Washington, PA as well as online.
