Making Finances Simple. Changing Lives.
A lot of unnecessary stress can be eliminated from our lives by creating more margin with our finances. There is a better way than living paycheck‐to‐paycheck and being forced to take jobs we don’t like just to survive! Here are four reasons why you should consider living on one spouse’s income.....
1) Increased Savings
While one spouse’s income covers all the bills, the other spouse’s income can be used as a “bonus”. This money can be applied to emergency savings, savings for a home down payment, or retirement contributions.
2) Eliminate Stress
This can’t be stressed (pun intended) enough. Living on one spouse’s income allows more flexibility. If one spouse gets laid off, it will only temporarily halt your increased savings. You won’t go into debt because your expenses can still be paid by the one income on which you are living.
3) Increased Opportunities
Living on one income allows more flexibility to quit the current job you hate and possibly pursue the business you always dreamed of launching. But you can’t do these things if you are hovering on financial disaster, needing every cent of income to survive!
4) Quality of Life
If you can live on one income, maybe both spouses don’t have to work. This might mean having one spouse stay home to raise the kids while they are in their formative years. It also allows one spouse to be available to help aging parents, assist friends with their needs, or volunteer in the community.
Living on one spouse’s income may not cost as much as you think. Now that person doesn't need new work clothes. You won’t pay taxes on that income and with no work commute, you’ll use less gas! All things considered, your finances may not change much with a spouse staying home, but your quality of life definitely will!