Re: Families that went from 2 incomes to 1 after having kids....I need help please
We planned ahead to go to one income. DH and I married at 21, and I always wanted to SAHM. We were both finishing our BS degrees, he worked full time, and I worked part time. We lived solely on his income and saved mine. I got a full time job when we graduatued and we continied to just save my paycheck (actually, we put every check to paying off the principal on our house, basically saving it). After four years, we had our first baby at age 25 and had our $120k house paid off. I quit my job and we continued to live (as always) on DH's income. The extra expenses of a baby were offset by our eliminated mortgage--it freed up $1000/month. Babies don't cost that much, either.
With every child born since then, my DH has also received raises at work, so it worked out.
Things that helped: 1) Our parents both totally paid for our bachelor's degrees with the understanding that we WOULD graduate. They both had college funds for us and we could keep whatever was leftover if we earned scholarships or did part at community college. We had enough left to pay for DH's Masters Degree, so no student loans. 2) Both DH's parents and mine provided us with a car in college, cheap but functioning, so no car loans either. I drove mine for 10 years. DH still drives his. 3) Our parents made us take Dave Ramsey FPU when engaged. This provided the foundation for our financial decisions and served us well to this day.
So to answer your questions, we didn't really have any concerns with dropping to one income since that had been the plan all along. We did not seek any supports or information beyond what we had already learned from Dave Ramsey. We purposely waited to have children until we could easily afford it on one income. Our parents' generosity with college and cars certainly helped us achieve that goal many years sooner than it would have otherwise.
Last edited by Melinda29; 01-27-2013 at 07:52 PM.