Could we survive on one income? One Income Household Budgeting Plan
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- Опубликовано: 28 авг 2024
- Checking our income and spending and seeing how it will change if we drop to a one income household.
We currently are a two income household with two adults and one small child. We bring in enough money to live comfortably and pay off debt. However, since having my baby I've struggled with working full time. I've considered quitting or going part time to spend more time with my daughter while she is young. But I'm not sure if we can afford to be a one income household.
Today I'm sitting down with our current budget and looking at the differences and cuts to our spending we would need to make if we dropped down to a one income household. Could we survive on one income? Would we be able to thrive on one income? Looking at the numbers of one income it looks a bit bleak.
Are you a one income household? How do you make it work for a family on just one income?
#budgeting #sahm #debtfreecommunity
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Great video. I have been a stay at home mom with three kids for 25 years and cannot begin to tell you how much stress is relieved with one parent at home. We don't make a large income but, it can be done and is worth it to me. Thanks for sharing.
What an insightful exercise! On one hand, your current budget is an Everydollar budget. On the other hand, you see how you could spend less if you *really* squeeze the budget. This is cool! 🤩
Yessss! I think I’m ready to squeeze the budget even more after this! April is a crazy month for us but bring on the summer with free stuff and less spending!
@@PenniesNotPerfection I hear that! 😄
You can decrease your car insurance by telling your insurer that one of the cars is no longer driven to or from work.
+dana janene I hadn’t thought about that but very good point!
Yes yes great idea!!
Being able to stay home with your daughter would be a wonderful reward for paying off your debt. Go for it!
Oddly enough our finances got better when I quit working and we just went down to my husband's income. Personally, I think it is because I now have the time to focus on our finances and can research where to cut spending and can take the time to call around for home insurance and car insurance rates. When we both were working we both were salary and therefore worked even more hours than the standard 8-5. We both would go out for lunch AND grab ourselves dinner on the way home because we were too exhausted to cook and we didn't get home at the same times usually. I haven't worked since 2013 and we are light years ahead financially than where we were before. No debt, we go on four vacations a year, pay extra towards the house, and still have money to fund my house decor addiction. The only downside was it took me like four years to not feel guilty over staying home. But I now realize, and so does my husband, that I contribute by managing all the little things for the house and our general life, all home repair issues, all financial issues, basically everything. He can sit back and relax after work.
+Kara Friedmann That makes a lot of sense! We definitely spend more with both of us working. Thanks for sharing your experience!
We are doing very well on 1 income. I'll make a update vid in the future:)
Mary your very creative with these videos. I like how your talk about all different types of topics. Good job!
I’m living on one income right now. I became sick in February so I have no income coming in. I so glad we are debt free but things are tight . It’s going to a bit longer for baby step . So it doable for us right now.
I’m so sorry you’ve been sick and unable to work. It’s great that you are debt free and able to make it work!
I hope it works out for you guys, I think you can totally do this . You can always cut back on groceries with so apps and digital coupons, take advantage of sales.
+The Five Aces Family Thank you! yes I think of one of us wasn’t working it would be a lot easier to cut back and spend more time with coupons and sales.
I like watching you build your budget. Kind of gives me some ideas!
I’m glad it helps!
I did this when I was pregnant and my husband and I were getting quotes from daycares. Wrote it all out and we decided it was better for me to stay home. Daycare would have cost $100 less than what I made working! So we cut costs, struggle a bit, but I stay home with my son, barely get sick *knock on wood* so no one is taking sick days, I budget EVERYTHING, meal plan, grocery shop with coupons and manage our finances quite well and love being home with my son :) Some people think one parent can stay at home because the other parent makes enough and that’s not it at all sometimes! I stay home because it’s not worth it for me to work unless I found a job where I made a lot more per hour! When my son goes to kindergarten, I’m going to look for a job but still hope to be home for him after school :)
I totally understand that! Luckily we have pretty reasonable daycare but if we have another kid it wouldn’t really be worth me working most likely especially since I do earn income online from home already.
Really nicely laid out. I like to do my budgeting using excel
+Kafui Fitness I know a lot of people love excel!
Have you considered getting a Keurig? It's a more expensive up front, but still cheaper than constant Starbucks. You can buy the K Cups, or get the reusable and fill with your own coffee. It's super worth it and really quick in the morning
I have one. I actually don’t get constant Starbucks. I maybe go once a week as a treat but lately haven’t gone.
You can save quite a bit on car insurance by paying 6 months at a time instead of monthly. Keep up the good work!!
Good to know, I’ll look into this!
I was a recent graduate and newly married in 2012 when I got pregnant. This was after looking for a job for months with no luck. Fast forward after I had my son I got several calls back. I couldn't justify working to just use my whole check on daycare and student loans. Now, today I have two kids and I am stay at home mom. We make it work on one income. It's tough, but doable.
Yes, day care is expensive. We normally send my daughter in the summer as well but this year she said she didn't want to go. So that's more money available.
Interesting to see the possibility in the numbers, rather than wondering or thinking it's not possible. You wouldn't have any work expenses, like extra clothes for work. TFS.
Very true!
This is the best vlog about looking at budgets. Thank you sooooo much. I’m a new subscriber
Welcome!!
Great distribution of spending! I like the minimalist accept!
Thanks for sharing! I would say one place is groceries that would still be higher. Especially if you have two growing kids groceries would be at least $500/mo. We are a family of 3 with a preteen & we've thought we could spend little in groceries per mo in the past & have never been able to spend that little.
Good to know! I think we could do $300 with a girl toddler and a stay at home parent but you are right about two kids especially when older. I was thinking more immediate but if I had two teens I’d probably be working full time.
This is a great video! I dont know if you have looked into Mint Mobile.. I only spend $20 a month for cell phone!
I am a stay at home parent. Have been for almost 6yrs. Stopped working when I was pregnant. He is 5. I am looking to get a job when he starts kindergarten during the day while he's in school.
That’s great! I know a lot of moms do that. Especially those with 2 kiddos.
I only have one kid for now. Praying for more. Hubby and I decided that it would be best if I stated home with him.
We have a mobile phone subsribtion of 1 euro per month. We always use wifi anyway and because we both can call for 100 minutes which we rarely use up for even 1 phone. That would safe you a lot.
Start Now with a practice run. Pretend that there is only one income coming in or that you heard you are being laid off. Put into practice what you wrote down (with the exception of daycare since this is pretend). See if it is doable over three months. This will give you an idea if you can live on one income (PLUS EXTRA SAVINGS FOR FUTURE OR DEBT!) and what are realistic levels of spending in each category. Could be fun!
+Paula Monaghan That was kinda what I was thinking when I did this! We could put most of one income toward debt for a while and that would be killer!
Great suggestion
+Paula Monaghan That’s kinda why I wanted to do this, to see if we could maybe cut back and start now! I think it definitely is and we could throw more toward the debt and get out faster.
Hate to see the college fund bite the dust, but good to know you have the family backing you up.
+Mr. Matt 5 Minutes of Finance Yep we are still contributing $25 a month and have other family adding to it as well. I’ll have to do an update on what we have saved so far!
Maybe make your "one income budget" your budget for the rest of the year just to see how realistic it is. Then you could throw one full check towards debt and get out quicker instead of making a drastic lifestyle change and not knowing if it could actually work. Doing it now will give you the chance to know what could be changed. Good luck!
+ladieebee92 Yess! I definitely want to get closer to it (with daycare still) and throw more money toward debt the rest of the year.0
wow that's really good, hopefully one day I can reach this level where either my bf or I could stay home and potentially make more money at home
+Simply Kamy I’m sure you kid.
We could so do this...but would have to curtail our restaurant and food budget!!
+A Decade To Freedom That would be our biggest area to cut. It would hurt tho!
New subscriber, this video popped up and I wanted to see if it was possible for you live off one income. It’s interesting how you look at things differently when changes happen or you want change. We are going to be going down to just my husbands income at the end of the year. I’ll be staying home, which will be nice and help cut costs as well.
+Nate’sMom Plans thanks for subscribing! Your mindset definitely changes when it has to adjust to new circumstance. I know you will be able to make it on your husbands income! Definitely come back and let me know how it goes.
Yeah! Your on this girl!!
Yesss!! This was kinda eye opening for me to be honest!
Nice my friend, thanks for sharing!!!
I LOVE this topic!! If my debt was gone the hubs and I could totally live on one income as our bills stand right now. I know his and her money highly recommend a book called “The Two Income Trap.” Have you read it?
+Quest to FIRE I haven’t but someone recommended it in another comment so I’m going to have to read it!!
Senator Elizabeth Warren wrote a book called "the two income trap" . It's a good read!
Thank you for the suggestion! I’ll see if I can get that from my library!
@@PenniesNotPerfection oh you'll love it!
@@PenniesNotPerfection "the two income trap: why middle class mother's and father's are going broke" is the full title
@@PenniesNotPerfection ruclips.net/video/akVL7QY0S8A/видео.html
But if you don't have time to read because of baby and work just listen to this....link above.
+Jane Baker Thank you so much! I’ll listen to that now and hopefully get to the book too!
You could definitely live on a single income. Single mothers have been doing it forever.
So true! I think when you have two
Incomes you just get used to that standard of living and we definitely have and this was a good reminder we could adjust down. you make it work with what you have!
Imagine how much more it would seem without even the mortgage!!😁😁😁
+A Decade To Freedom Yes!!! I think we would feel rich on one income if we had no mortgage payment.
Great video. 😊
+Real Journal Talk with V Thanks!
I dream for the day I can stay home lol Ima have to try this😊💕
We done the same thing 2 weeks ago. We could...…..but it would be very tight.
+He Provides Homestead Yes, it’s doable but I think too tight for my liking. We may consider it if we have another kid though since doubling daycare costs would make a huge difference.
Hey Mary, I like your budgeting, but it may be a little slim. You may need to cut out some more stuff if you were to go ahead with it. There are a few other things you can do for side hustles to boost/stabilize income, or focus more in on your main income streams if you want to make serious income. Thsi si provided you have the time. Stay-at-home-mom is hard work and takes a lot of time up!
We live on one income, but my income is fairly high and we are mortgage free, after much toil(as you know lol). 😅
I see it this way: My time and mental energy are best devoted to building wealth and income, and my wife devotes more of her mental energy to parenting. 💪 That isn't to say each of these are in isolated bubbles, they naturally cross over.
It's also hard to put a price on time with your children and raising them, rather than having a daycare do it for you. Just my opinion though, need to do what you have to do, and your family will appreciate you for doing what's best.😁
+Ben - BlueDollarBull I agree with you!! It’s definitely a little too tight for my liking. Luckily I’m working less right now so I spend a good amount of time with her. It’s great that you have the income that can support your wife staying home with the kids! I know not having a mortgage makes a huge difference. If we had no mortgage Payment we would easily be able to survive on one median income.
@@PenniesNotPerfection You'll get there for sure. Love your content and will support you in whatever way I can.
Hi, one thing I noticd you didn't include which I know is important to you was Tithing?
We do that with pre tax income so it’s not included in budgets since that’s our take home income. Tithing money is sent straight to a different account so we don’t see it in money we can spend.
If you stay home you could YT more!! 🙌. Maybe more income from there? I hope it becomes a reality for you. your family will thrive from it. It seems like a real possibility!!
+The Frugal Minimalist Very true, I didn’t consider that in the equation! I left the estimated income with what I’m making now but if I was the one to stay home I would definitely work to increase my youtube income which would make it less tight. Great point to consider!
I totally think you can do it.
+Sandy Hager I think so too! I just gotta decide if it’s worth it to be so tight, but honestly after we get the debt paid off I love knowing it’s at least possible!
Your medical would probably be tons lower because of not being in daycare.
+The Babcocks Very true! I actually have strep throat right now and had to pay a copay and buy medicine today. I likely got it from daycare where 3 other parents have it.
I think you forgot savings/investing once you are debt free?
True! we currently have minimums to get the match going into 401ks now so we would bump that up to 15% but I only budget my takehome pay on here.
Also this is more of a “can we make it” budget for a few years not really a can we do everything budget forever.
Look at frugal freaks
I watch her channel!
Lynnea Branco. And, Coffee with Kate!