Downsizing and living off one income intentionally. Have you done it? How did it work for you?

lindz4ever

Im a full time stay at home mom. I will tell you it is very hard to live off one income. Sometimes we wonder how we are going to make it. We went along time with out internet and cable, some months my phone doesn't get paid. You really have to spend smart. I typically always put my needs last. For example I've only had one good bra and two sports bras for about 6months luckily I was able to buy some yesterday. Being a stay at home is mom is hard. I love it, being able to be with the kids, but I will tell you it's very very lonely. We only have one car and I lost all my friends when I had kids, and it can get very boring doing the same thing every day. If you aren't prepared to go with out certain things, not have allot of adult convos, or be bored I would not recommend it. Unless your lucky to have a husband who can afford the current life style you have and you have a car and friends with kids. Luckily for me we are getting a second car this week and we are getting to a great spot fiancially so things are turning for us

kchuskey

Keep it simple. If you can afford it, do it. If you can't, then don't.

Don't make life more difficult then it needs to be.

enterdanger

I'm on the opposite end of the spectrum. Hubby and I both work full time. We have 2 toddlers. I don't think I would ever want to be a full time stay at home mom. I love my kids immeasurably, but I also love the personal accomplishments I've made at work and my ability to contribute financially. It's also nice to get 1 hot meal a day and talk to other adults. lol.

I do wish I could go part-time during the summer months, but that isn't an option. So, on weekends and nights I spend as much time as possible with my guys. We have the money to go and do which is nice. They get to do stuff I never did as a child (or as an adult) and we can experience new, fun things together.

I think there is value to both options. No one lives exactly the same lives. We call make it work to the best of our abilities and preferences.

TheRoadDog

Never had the luxury when the kids were still at home, but I don't think having us both working in any way caused us to neglect spending time with our children. You budget your time and make it work. My wife and I both worked 40 to 50 hours a week. Still made Sports practices, plays, music and dance recitals. Now the kids are adults and we still work and still make time to see our Grandchildren do all those same things. We never gave anything up and we never missed out on anything.

Every family dynamic is different, but I feel that if you give things up, you may resent it eventually. In addition, being with your kids 24/7 may take some of the "special" out of the time you are together. You can have it all, with a little budgeting and time management.

Rubie81

usmcmp wrote: »

I'm a single parent and I don't get child support or government assistance. I drive a car that I paid off, I have almost no debt. I have a very old phone with basic functions. We don't have cable at home. We rarely eat out and only when we have coupons or free meals. We keep lights off, we keep everything unplugged until it is needed, we only buy absolute necessities. I learned how to cook big and cheap meals. I ask for gift cards for holidays. I did buy a house that's only as big as we need and it actually saved me compared to the rent we were paying. I don't ever go to the salon and the boys get their hair cut at great clips with a coupon.

Dave Ramsey has tons of articles about budgeting and living off a tight income.

In the same situation. Three kids over here. Not easy.

mkakids

Dave Ramsey changed my life! Went from 2 incomes, 1 infant and a TON of debt ($60k including student loans, car, cc) and am now (7 years later), on one income, 4 kids, private school tuition for 3 kids, and NO DEBT!!

It can be done. Its not easy.....but ut is SSSSOOOO worth it!

whouwannab

This is great stuff people!! Such eye openers and so many different perspectives and life experiences. So glad I posted. Thanks

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cwolfman13

My wife considered being a SAHM but ultimately decided she would go insane with that...not to mention she's always been pretty career driven and she didn't want to fully get out of the workforce as it can be difficult to get back in. She ultimately decided to work part time 30 hours per week.

This has required us to cut back on some things, but it hasn't been terribly drastic. We're both pretty frugal anyways...we never had a "keepin up with the jones' kind of house for example...all of our friends have rather large homes and large mortgages to go along with them...we bought a comfortable home of 1,800 sq ft before we had kids...we put a big chunk down and before kids we paid down on it heavily. We refinanced a few years ago and now we have a $650 mortgage. Since having the kids, we've considered moving and getting a bigger home...but the one we're in is just fine and still bigger than anything I had growing up and if anything happens to either one of our jobs I think we can still come up with $650 to keep a roof over our heads.

In regards to vehicles, we tend to buy them and generally own them for 8-10 years before buying again and we never owe on more than one at a time.

Also, things like eating out tend to be occasions and we eat mostly at home and brown bag lunches and whatnot. My wife did have to cut back on the Anne Taylor and other clothes/shoes/handbag shopping but it doesn't seem like it's been a big deal. We never watched a ton of t.v. but we were paying $120/month for satellite...we changed that to the most basic package they have and it's $50. We used to have a ton of magazine subscriptions and whatnot as well...we just had them because they weren't that expensive (by themselves) and they were somewhat interesting to us topically...but with the amount we had, $$ added up quick...we now only have a couple for the one's we really like and actually read.

Basically we went through everything and found little things here and there to cut out and it all really added up.

Melzine

Down sizing is not fun or easy at first.
The Rules: pay rent so u can have a place to call home
Pay light bill so you can have heat/air fridge to keep food cold
Go to food banks to get groceries that's what they are there for to help you get resources

Melzine

And you can do this!!

vicky1947mfp

You are young enough to make this work. You don't have to keep up with the Joneses. We went through a rough patch when the economy tanked in 08. We used Dave Ramsey's philosphy. We ate at home. I did not buy clothes and have since bought anything I "needed" from consignment shops. I wish I had started that when I was young. It is surprising what you can get with tags still on - Talbots, Chicos many brand names. We drive our cars for 10 years.

You just have to want your choice and be happy with it. It was forced on me but we managed and are much stronger for it today. Both our parents have passed and we each received a sizable inheritance but now we know that we need to be wise with it and not squander it. We will be needing some for our retirement. We are both 68. Oh! And I still shop at consignment shops! Love them.