Oct 22, 2020
One of the biggest game-changers with our finances was shifting things so we could live on one income. However, that’s not always an easy thing to do.
Today I’ll break down strategies and tactics that we and other couples have used to make it easier!
I’m serious; if we had to identify the one habit that changed the trajectory of our finances, it’s moving finances in such a way that we could live with just one income.
Here’s the thing – when we started it was out of practicality.
When we were first married, our income was much tighter. My husband had his first post-graduation and I was wrapping up my final year in college. I was attending full time and I had a paying part-time internship.
Because of the nature of the internship, we didn’t know if it would be extended beyond the semester or not. We sat down and decided we needed to keep our essential expenses under his income.
My income would be used for building our financial cushion, paying off the debts we had, and yes, some fun money.
When I began working for myself we had less stress because I could reinvest what income I was making back into the business. We were able to build up our down payment faster. When we became parents I had some flexibility in adjusting my work and yes, I took time off too.
We’re grateful for those opportunities and realize how fortunate we are to have made that decision early in marriage.
But even in those circumstances, it wasn’t easy. There were limits we had to place on our finances in certain areas.
Looking back though, we’re happy we did.
You may be in a situation where making this transition would be a real benefit for you.
Like us, it could be out of necessity or because of circumstances.
It could also be a voluntary thing. When I asked in our Thriving Facebook group the main motivation for moving to a single income. The biggest reason was more time with kids.
I’ve seen families on the path to financial independence shift their finances so that they use one income to take care of the general living expenses and use the second to save and invest for goals.
So many couples and families can benefit from this mindset. I’d like to offer some help with getting started.
I can’t cover every single situation. For the purpose of this episode, I’m going to be focused on your single income stream being able your essentials, some savings, and enjoy a bit.
In this episode, we’ll go over:
Ready? Let’s get started!
Here are some resources to make managing your money much easier!
Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!
Before we wrap up, I want to focus on a few key takeaways I got from preparing this episode.
This is definitely a topic that we can go more into. And if you’re thinking about making the transition, come chat with me.
You can join us in the thriving Facebook community. We’re a fun and supportive group.
We swap ideas, questions, stories, advice. When we try to help one another out with our family and financial goals.
You can just head over to couple money.com/f B. We’d love to see you there.
Thank you so much for listening to the podcast!