We have been contemplating on the idea of living in one
income and we would like to make some radical changes in our lifestyles to make
this happen.
According to the books and blogs I have read, there are
three basic things a couple must do if they want to live in one income.
1. Sit down and talk about the idea. –
This idea is great for starting couples. Since [it is assumed that] there are
only two of you, basic needs are easy to cover with just one income. Determine
also whose income it will be. Books tell me that couples have to live with the
lower income but that is not an absolute rule.
2. Determine expenses of each. –
The couple’s expenses are different from each other. They need to know what is
important and what is not through a thorough assessment of each purchase. Give
it a month or two to determine the expenses by listing each purchase and
analyzing them at the end of the month. It is important that both parties agree
on one simple goal - and that is to minimize expenses.
3. Devise a plan and implement it. –
This is the most important thing among the three. After the couple has
determined what are important and what are not, they can now devise a plan on
how to minimize their expense and live in one income. It is also important to
update the plan accordingly and counter check or sustain every quarter to make
sure that the plan is implemented and the goal is achieved.
So
where are we right now?
We are currently at Item number 2 right now. We agreed to
make a list on all our expenses so that we can track where our money goes. We
also agreed to ask each other’s opinions before a big purchase. It is easier
when both of us are on the same page when it comes to money management
techniques and investment strategies.
We are just on our first quarter and I hope we can make
it through.
~Till then.
