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Becoming A One-Income Family Analysis

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Planning to Become a One-Income Family

Deciding What's Best for Your Family

First, evaluate the work-related expenses. If one person is staying home, will this mean that less money will be spent on eating out for lunch, gas to and from the office, day care, or travel? The answers will be different for each family and sometimes the answers may surprise you.

Next, determine what new expenses will occur. If you are thinking about going back to school, how much will tuition and books cost? How much will medical expenses be with the birth of a baby? Along those same lines, how much to children actually cost? On the other hand, if you are starting your own business, think about what you will need to get started. Will you need a new workspace? Where will you get insurance? How much start-up money will you need?

Using these new figures, think about how much one income will bring in, how much you will save in spending, and …show more content…
Only you can make this decision. Each family and its dynamics are different and what works for some may not be what works for all. Don't let anyone outside of your family influence what you want to do.

Finally, if the numbers work and you have found a way to make it work, begin to practice living as a one-income family. If you are planning on giving up some "extras," start to live without them to see how it will work. You may find that it isn't that difficult to spend less on entertainment, but you cannot live with eating out frequently. As you practice, keep making adjustments in what does or does not work for you.

The salary that you are planning to lose can be deposited into a savings account. This practice time builds up money that you need for future expenses like tuition, medical bills, or even the money to start the business. It also gives you a cushion in case something unexpected comes

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