One And Done: Living With One Income Doesn’t Have To Be Scary

Losing your job or having one, lone income 30 years ago wasn’t quite as nerve-racking as what it would be like today.

Generally speaking, 30 years ago having one income was the norm, as one person worked, and maybe the partner or spouse stayed at home and took care of the house or kids and maybe had a small, part-time job on the side.

You’d be hard-pressed to find that sort of dynamic today, with parents each working (some multiple jobs) just to keep the bills paid and a roof over everyone’s heads. The fact remains that having one income in the present day just doesn’t feel as though it’s feasible, but often the couple or family don’t have that luxury to make that decision.

As is the case with the ever-changing job market, you might find yourself in a position where your company is downsizing and you’ve lost your job, thus putting that one income family dynamic back into play, minus the benefit of going back 30 years when it seemed affordable and likely that could work.

The truth is one income isn't impossible and is hardly the death sentence those in that situation make it out to be. Sure, having half or a portion of your household income cut isn’t ideal, but you can budget and re-purpose your money so that you can still love comfortably and not worry you’ll lose your house or car, for example.

Being on a sole income takes the initiative to change your budget and start with ultimately cutting items you don’t use and no longer need. That could be something as simple as cable television and instead become a streaming family or look for less expensive alternatives or switch cell phone providers so you can cut your bill in half. You can cut back on take-out food and restaurant dining and maybe look into buying your clothes when you have coupons, or they’re on sale.

That budget is equally as important because just cutting items off it isn’t enough. You have to sit down and redo it. The budget is more about the income minus your new line of expenses and making sure you have money leftover. If all of this sounds simple and easy math, you’re right.

But we still struggle with it, and having one income makes that struggle even greater.

You don’t, however, have to fail just because you don’t have as much money as you did previously. It’s about adaptation and adjusting to change your would be outcome, and in this case, it’s a means to live comfortably, minus an income.