A few posts ago I shared our testimony of how we made the move from living on two incomes to one. Is it possible in this day and age, especially when you have children? If you want to work towards this goal, there are steps you can take now to help you get there.
One of the things that we did to make this adjustment easier was to start living on one income, even while we were both working. We opened a savings account and had all my paychecks direct deposited to the account. This forced us to not even think about the money that came from my job. What we had to live on was what we saw in our checking account, the income from my husband’s job.
To do something like this may be too much of a change for you. But you can do it little by little. Start with 5% of your income going to a savings account, and increase that percentage every pay period until you get to 100% or at least close to it. Incremental changes won’t make it such a financial shock.
The nice thing about this is that while you are learning to make adjustments and living on less, you are also building up a savings account. For extra motivation, create a label for that savings account: Emergency Fund, New Washer and Dryer, Vacation Fund, or Gift to Missionary Friends.
With prayer, careful planning, a resolve to change, and discipline, it is possible for a family to live on one income.
Do you have any tips for learning how to live on less?