Tips for deciding if and how your family can make it on one income
One Income Families: Choosing to Stay Home
Many families understand all too well the burden of having two working parents. Any debate over whether one parent should stay home needs to include an analysis of tax implications. Federal and state tax laws penalize dual income households at such a high rate that when the additional costs of commuting, childcare, and work-related expenses are factored in, many families might discover that the second income is just not worth the hassle.It Takes Two to Live on One Income
Striking up a conversation one day with an older, more experienced, military wife while waiting in line at the pharmacy, I was given a piece of advice that would change my life. She told me that if I wanted to stay home to raise a family, I should make sure all of our bills could be paid with my husband's salary.Confessions of a One Income Family
It is becoming more and more challenging to raise a family on one income in a two-income world. We have chosen to focus on reducing our expenses instead of trying to increase our income. We have tried doing these 14 things to help us accomplish this goal.A Decision to Stay Home
If you're a working mother who yearns to be home raising your children, here are some valuable lessons I learned from my experience. I hope they help you in some way.Evaluating Your Options
Many working parents would rather stay home to raise the children than work, if it could be done financially. Many parents wish to evaluate the possibility of trading a full-time away-from-the-home job for part-time work, home-based work or a full-time stay-at-home option. Weighing these options will provide a look at the pros and cons of each, thereby providing the seeker with a list of questions and concerns to be answered prior to making a decision.About Your Financial Future
With today's divorce rate and the economy faltering, stay-at-home mothers need to prepare themselves financially, legally and career-wise in case they find themselves suddenly single or otherwise in need of a job. Here's what you can do to protect and prepare yourself in case of divorce or a spouse's sudden job loss or death.Split-Shift Parenting
For those families who aren't fortunate enough to be able to have one parent stay at home full time, there is an alternative. It's "Split-Shift Parenting." A split-shift parenting arrangement allows for children to reap the benefit of having a stay-at-home parent at all times. Yet the dual income they have become accustomed to is not sacrificed.Can We Live On One Income?
A lot of families are wondering if they could make a go of it on one income. And it's not just moms who are electing to stay at home. More dads are getting into the act, too. But one of the key questions for these families is 'can we live on one income?'. Let's see if we can't help them create a framework to make a decision.Staying Home with Teenagers
People will say to me, "the kids are too old for you to stay home." "You should work!" And "Good Lord, I would be bored to tears." They can't understand how I gave up my career, the extras to life. trips, business meetings.New clothes when I wanted them. All the things the Jones' buy. Here is why I do it.Home Without Children
I wish I could tell all those people who give me weird looks when I tell them I'm a homemaker without kids, that I do quite a lot in our lives. Whenever I struggle for self-worth in a society that labels me as useless, I think of these things.By the Hour - A 'Working' Mom's Wage
The first time I calculated my real wage was after the birth of my third child when I was about to return to work. After deducting my expenses from income and dividing by the number of work related hours I realized that going to work was going to put me in the hole. I'd be working for negative dollars. It was actually going to cost my family financially for me to go to work. What is your real wage?
Live to Work or Work to Live?
Priorities and the Single Income Family
The Cost of Working
Getting Respect as a Stay-at-Home Parent
Stay at Home Mom's Rebuttals
- Sign up for Dollar Stretcher Parents newsletter for time and money-saving tips for families with children delivered to your inbox weekly.
- Follow our A Frugal Family board on Pinterest
- Get advice from other TDS readers in the TDS Forums. Helpful sections include: Family and Education.
- Visit our Family section each week for our latest family articles and tips.