Family on one income - possible in 21st century?

sareer

I have been reading a lot of blogs and books (Amy Dacyczyn for example) on frugal living. What strikes me is that it seems rather difficult to raise a family on one income. Has life really become so much more expensive or are our expectations way higher? I am not from Ireland and my impression is that there are a number of families with multiple children where the mom stays home to raise them while dad works...they do have home loans and make things work. So it may still be possible after all then?

I am not thinking of giving up work myself - ours is a family of now four with both me and hubby working full time though I am currently on a one year partially paid maternity leave.

Random thought that's been stuck in my head and would love to hear your thoughts on.

Outkast_IRE

sareer wrote: »

I have been reading a lot of blogs and books (Amy Dacyczyn for example) on frugal living. What strikes me is that it seems rather difficult to raise a family on one income. Has life really become so much more expensive or are our expectations way higher? I am not from Ireland and my impression is that there are a number of families with multiple children where the mom stays home to raise them while dad works...they do have home loans and make things work. So it may still be possible after all then?

I am not thinking of giving up work myself - ours is a family of now four with both me and hubby working full time though I am currently on a one year partially paid maternity leave.

Random thought that's been stuck in my head and would love to hear your thoughts on.

In my place of work there would be a few men who work, whose partner is stay at home . They would of reached probably associate director type level which in my field is achievable usually by mid 40s onwards in an international company. They would be the first to admit they cant be extravagant but the tax credits help.

I would imagine their income is probably 60-70k starting.

L1011

In the US with their healthcare structures it's not easy. Free under 12 GP care in the pipeline here and so on makes it easier

You need the one income to be fairly decent and the expected extravagance of living to be minimal

My sister did it until both kids were iI secondary and she got bored. Theres no childcare costs at that stage and the extra cash is used for fancier holidays and similar

CptMackey

We have been looking at this ourselves . Worked out that after childcare cost my wife only has 600 a month take home. It's a hard call really. Must examine the tax credits to see what difference that would make.

StonedRaider

Off course it's possible. We've been at it the past 10years. Live within our means. Never been in debt. Bills always cleared in full. Some sacrifices need to be made though. No smoking/drinking/nights out.
We live very comfortably. Kids are happy and have everything they need (not everything they want).

SusanC10

I am a SAHM. Have been for 7 years. We have 2 Kids.

We didn't intend it as I was made redundant. It was tight at the start and we did deplete our Savings a bit but we majorly adjusted our spending and prioritised and managed. My Husband has since been promoted twice and we do ok now.

We go out to Dinner about twice a year. We get a Take Away about 4 Times a year. I buy most of our Clothes and Shoes in Sales etc.
Our Annual family holiday is important to us and is budgeted and saved for.

It is do-able but we did have to do a major re-prioritising of spending and lifestyle.

kyeev

We're doing similar, 2 adults 2 kids.
I work, partner stays at home and does everything else, school pickups etc.
At our tightest, after mortgage, we were living on 1500 a month.
That was running one car, shopping in Aldi, no nights out, no smoking or drinking etc.
Couldn't save anything, just living simply and pay the mortgage.
Its doable but you need to seriously cut back on things e.g. no tv subscriptions, no expensive clothes, mobile and phone and internet bills cut to the minimum

HelenT

It is possible. Our cashflow is very tight but we get by. I will probably return to work this year as our child is at a stage now, where some independence will help prepare for secondary school. At times it is difficult, dread wedding invitations or anything else that requires an outlay of cash. The benefits are so worth it though.

techdiver

My wife stays at home. It's a struggle and the Tax Individualisation was a disaster for single income families and really penalises stay at home parents.

jay0109

I think for this to work on 1 income you have to work together as a team. It'll lead to serious grief in the house if 1 person is spending like the last days of Rome and the other is frugal.
I'd also recommend being very clear on the person who's staying at home and 'their' money. Neither of you will want to make it feel like its a pocket money allowance each week but the stay-at-homer will need their own income to have some sort of independence. Outline this at the start and make sure it's affordable and everyone is happy with it.

kyeev

Oh yes, for sure, both of you have to be frugal for this to work.
If one is a spender, you have no hope.
And a shared bank account is the way to go.
Big spends need to be discussed but bargains need to be snapped up.
(e.g. we had 400 quid of half price tiles sitting in a spare bedroom for a year before we had enough money to fit out a new bathroom)

SusanC10

We operate a Joint Bank Account and Joint Savings. All monies are "ours". We had done this since we got married and well before we were Single Income though.
Husband was never a Spender so I was the one who had to make the bigger adjustment when I was made redundant. All expenditure over €100 is discussed and we set a Budget for Christmas/Birthday gifts for each other.

monday monday

My husband is giving up work to be a stay at home day. we've done the math and feel we can do it.
we have cut down wherever we can. no tv subscription. basic phone plan. anywhere we can cut we can. plan our meals and food expenditure as best we can.
I don't feel that we miss out. sometimes yeah it would be nice to have a major clothes splurge or fancy night out but the good will outweigh the bad. the kids will have their dad at home full time and no rushing around dropping kids to childminder and rushing to and from work.
im not on mega bucks but we are lucky in that we have a small ish mortgage. well not that small but compared to a lot of my friends.