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Tag Archives: living on half your income

5 Steps to Going from Two Incomes to One

Going from two incomes to one

To some, it may seem impossible to go from living off of two incomes to living off of one, but millions of Americans are living this way of life every single day. There are many reasons why families live off of one income – from someone losing a job to medical reasons to wanting to stay home with young children. Whatever your reason, it can be very advantageous to live off of one income instead of two, including having a better handle on your finances, eliminating items you don’t need (such as cable) and having more freedom in your family unit. If you’re currently living off of two incomes but hoping to go down to one, here are five crucial steps you’ll need to take. Step 1: Evaluate your budget in detail Write down every single fixed and variable expense and take a hard look at what you can reduce or eliminate. After eliminating items such as cable, expensive cell phone plans and weekly trips to the coffee shop, see where you’re at. The harsh reality is that you may need to downsize your home in order to make the dream of living off of one income a reality. By ...

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Did We Manage to Live On 50% Our Income This Year?

living on half your income

My regular readers might have some big question marks about this post because I’ve never talked about living on half our income or made it a public goal. I don’t even know that we’ve been consciously trying to live on half, but we do try to invest and save as much as possible with the goal of leaving the rat race within the next decade. I actually had another post title picked out but when I read this post on Budgets are Sexy, I decided to copy change the name in tribute to all those other people out there who are working toward a similar goal. When you track your spending it can be really eye opening, in a good or bad way, to see where your money went. So without further ado, let’s see if we managed to live on 50% of our income this past year. I won’t  give  exact numbers as to how much money we bring home. Some people would say we are wasting our time with the amount we make and save. Others would say we are rich, and there is no way to save much because their income isn’t as high as ours. I ...

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