| Living on One Income in a Two Income Economy | |
Can we survive on one income? Should my spouse work? My Final Thoughts
Now that I no longer have my day care business, we are "officially" a one income family. It's kind of scary, since almost all of our friends live with two incomes. (To learn more about my experience as a day care provider, see my previous feature, Child care provider.) Are we making it with one income? Well, yes... we can pay our monthly bills, but that's about it! What scares me now and then, is that we have no savings, no college funds set up for our three sons, and, "God forbid", what if we need a new car? But we are surviving, and in the back of my mind, I know if things get too tight, I could go back to "real" work. But for the moment at least, I want this time with my kids!
Sometimes it may seem that the only solution to surviving financially is for both parents to work. But that is not always the best solution, believe it or not! Sometimes it may not help as much as you think. Some corporations actually penalize parents when they both work. And let's face it, when you have kids, you have to take some extra time off work, whether it's for a doctor's appointment or a baseball game. But these days, many companies are down-sizing, and simply can't afford to let their employees take off for these events. Finally, to help you decide how much more money you would actually bring home, this online calculator allows you to find out if it would be financially helpful for your spouse to work.
Is it hard to make it on one income? You bet! But the answer may not be having your spouse return to work. In future features, I will discuss some helpful Internet sites that offer money-saving ideas for one income families. And I will also be exploring more home-based business ideas in detail. Please email me with any comments or advice you have about living on one income!