That’s when I usually start brainstorming with them about ways it could happen.
My wife and I decided before we got married that, regardless of how much money I made, we wanted to figure out a way for her to stay home with our kids. While we haven’t always had everything that a two-income family would have, we would say in hindsight that it’s been totally worth it!
And, little did we know, she was still able to make some extra spending money over the years using her real estate license. But we never relied on that income and she never devoted much time to it.
Here are 5 ideas I give pastors & Christian leaders for becoming a one-income family.
- You can likely reduce your spending by close to 50% by focusing on optimizing the top 3 spending categories
Housing. Transportation. Food.
While you can look to make cuts with the little $3 and $5 purchases, those alone are not going to move the needle as much as the big categories. I’ve heard other financial gurus agree that if you’re wanting to make a large percentage cut, focus first on the top 3 categories.
Think about it. If you can cut your expenses by 40% or even 50%, it completely eliminates the need for the second income.
How do you reduce housing?
Many ways. Move. House Hack. Downsize. Buy a house that needs work. Buy a house that has lower utility bills. Spend less on a house so your property taxes are less expensive.
My favorite of these is, of course, House Hacking where you can live in a nice house almost completely free.
How do you reduce transportation?
Get rid of car payments. Share a car. Bike to work. Shop online. Walk to nearby stores.
How do you reduce food?
Drastically reduce eating out. Buy groceries in bulk. Meal prep. Coupons. Meal plan.
These are just ideas. You likely don’t have to do everything mentioned here to make a huge dent in your spending.
- Earn more with a side hustle
A myth many people believe is that they don’t have time for a side hustle because they’re too busy. There are many side hustle options that don’t take a lot of extra time but can generate some substantial extra income for your family. We talk about those frequently on this blog.
You don’t have to have a side hustle that makes the same amount of income that you are replacing because you are also making cuts like we talked about in #1 to lower your overall expenses.
And you may find that the person who stays home will find some creative ways to make extra money on the side without having to work part or full-time. Much like my wife did with her real estate license.
- Change cities
Sometimes the main reason you feel the need for a second income is that you live in a very expensive city with a high cost of living. A simple change in location could almost single-handedly remove the need for the second income. Perhaps as you pray about this, the Lord may open a door for an opportunity to serve him in another place.
- Keep the kids home
Now that mom is staying home, there’s no need to pay for childcare while your kids are young. If you have paid or are paying for childcare, you know how expensive this is. I’ve heard people joke that the second income in the household is mostly just spent paying daycare costs anyways. This expense is entirely eliminated if you move to one income.
- Cut the fluff
Most people will realize if they start to look through their spending, outside the big 3 mentioned above, they are spending money on things they don’t even use much anymore or on things they don’t even like anymore. Cut those things.
Look at every expense and ask, “Is it worth having Mom work part or full-time just to have this?” While you may like that thing, you may decide it’s not worth the effort to earn a second income to have it.
If your family has dreamed of being able to live on one income, these ideas can help you get there.
And, if you want to remain a two-income family, why not live on one of the incomes and invest the other income?
If you’re investing around 50% of your total household income, you could be financially independent before you know it. Then, your passive investments will fully cover all of your monthly expenses. A huge win!
