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2 Bumps

Have you gone from a two income family to a one income family?

I'm seriously considering quitting my job of 18 years due to some difficult working conditions. Although I will look for other employment, there is little chance I would find something which paid even half of what I make now.

I'd like to hear some obstacles other families have encountered when one spouse quit their job.

Answer Question
 
Dyndudes

Asked by Dyndudes at 9:11 AM on Nov. 3, 2010 in Money & Work

Level 11 (626 Credits)
Answers (12)
  • Yes! After having me youngest 2 years ago, we decided I should be a SAHM. By choice, yes, but it still took lots of budgeting, planning and reasoning. Now after 2 years of being a SAHM, we managed to get by on one income and don't miss much. Our bills are paid on time, food on the table and kids are well taken care of. We never go with out our needs....some of our wants go on hold but it's worth it. And No, I don't get any services from the government. Good luck!
    mamaada

    Answer by mamaada at 9:22 AM on Nov. 3, 2010

  • Yes I did and that lasted for about a month - then my hubs company cut out all overtime and then I had to go back to work. (his overtime pay was more than my yearly salary, so we figured he would be able to handle all the finances with his paycheck). Thankfully I did find my current job a year later and I have been working at home ever since.
    MizLee

    Answer by MizLee at 9:24 AM on Nov. 3, 2010

  • I have been contemplating it myself actually because our nanny wants more money, and it would be almost a wash if I work- my entire paycheck would go to her. As it is right now, with 2 incomes, we're barely squeeking by. From what I hear, you have to make sacrifices and give up certain things of "luxury" - well, unless you have the bank account of Mariah Carey lol.
    SweetPieMama24

    Answer by SweetPieMama24 at 9:59 AM on Nov. 3, 2010

  • NEVER quit a job unless you have another one lined up. If something happens after you quit your job you're going to find yourself in some serious financial straights. You really should be responsible about this and find another job first. No, you're probably not going to find a job that pays as much, but anything is better then nothing.

    I worked with my husband for the first summer we were together as seasonal help. And when I got laid off at the end of the season it was hard, hard, hard finding another job. It has put us back a few times with me not having a job even years later. I became a SAHM with no other choice, but now that I have a part-time job it still isn't going to help much at all.
    JazzlikeMraz

    Answer by JazzlikeMraz at 10:05 AM on Nov. 3, 2010

  • We did for about 2 years when I was finishing my BA. I never want to do that again. We did just fine, it is just me working makes it less stressful. We have a back-up plan in case my dh loses his job. Right now my income is being dumped into savings to buy a new house.
    Mom2Just1

    Answer by Mom2Just1 at 10:50 AM on Nov. 3, 2010

  • We did 5 yrs ago. My son was just 10 months old and had nobody to care for him, and we didn't want to put him in daycare. We had to do a lot of budgeting, but it worked out for us. Times did get hard for us at different times, but we managed!

    Best of luck to you!
    Tiffany237

    Answer by Tiffany237 at 11:16 AM on Nov. 3, 2010

  • First thing I would advise anyone is to start putting away one of your incomes (into a savings account or something) and make sure you can survive living on only one income. I would actually advise anyone to do this, regardless of what you plan for in the future. I got sick after I had my daughter and was unable to work full-time after she was born (19 years ago). Our finances went down the toilet because we were used to living on both incomes and we spent most of it !! I did start to work at home after my daughter, but not for anywhere near what I was making before. It all ended up with us filing for bankruptcy after struggling for 10 years. We switched to living on a cash basis (no credit cards after the bankruptcy), but then lost our home to foreclosure and a predatory mortgage company 5 years later. Now 5 more years later, we are back to owning our own home again, after learning to live on only one income !
    JustMyOpinion22

    Answer by JustMyOpinion22 at 11:42 AM on Nov. 3, 2010

  • Also, after learning to live on a cash basis only and living on only one income, we pretty much do buy anything we want, when we want. We do, however, consider every purchase and try not to buy things we don't really want or need !! When you get used to it, you can do it, but you really need to prepare yourself to live this way too !! Good Luck !
    JustMyOpinion22

    Answer by JustMyOpinion22 at 11:45 AM on Nov. 3, 2010

  • I was downsized. If I had my choice, I would have never left. Now, we have to watch carefully every expense. It's stressful. And I have yet to find another job that even pays close to what I made before. My best advice to you is don't quit. You'll regret it.
    HotMama330

    Answer by HotMama330 at 1:52 PM on Nov. 3, 2010

  • Yes, we did, voluntarily, two years ago so my husband could go back to school full time.

    Obstacles? That's hard to say. My dh found it really hard to get anything done during the day, watching the kids. Any SAHM could have told us that, lol!

    Benefits? We found ALOT, which really surprised us. Since he doesn't have any wages, he actually got free money to go to school (not alot, but some). It also put us in a lower tax bracket, so my wages aren't taxed as heavily as they used to be! We also got some other tax credit since he has no wages - I don't know the specifics of this. We saved on childcare, since they stay with him during the day.
    .science.mom.

    Answer by .science.mom. at 2:32 PM on Nov. 3, 2010

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