Thrive on One Paycheck

One of the most interesting posts I've had at Free Money Finance was Can I Afford to be a Stay-at-Home Mom? It generated several good comments, including this one that I especially liked.

Here's a similar piece from Kiplinger's on how to thrive on one paycheck. It promises that "extensive planning and cost-cutting moves can allow one parent to quit and stay at home with the children." It details the trials and successes of a couple who went from two paychecks to one with the main parts of their advice being:

For Raffi and Elaine Boloyan, both 32, stretching their income became doubly challenging when they chose to cut their income by nearly half. Two years ago, Elaine left her $67,000-a-year job in human resources to stay home with daughter Ava. To make this kind of transition, the Boloyans have three words of advice for other families: "Plan, plan, plan."

In the end, Elaine and Raffi say, the secret to boosting cash flow is to figure out which expenses you can cut. "Sometimes it's really hard to separate necessities from extras."

It's not easy, but it can be done, as this couple have shown. My thoughts from the original article still apply, so I'll conclude with them:

The bottom line is that if the right choices are made and spending is controlled, many can stay at home. If you're in this situation and are trying to see if you can make it, remember that simply by staying home you'll have lower expenses in work-related areas. It's likely that transportation, clothing, and food (eating out) costs will all go down (maybe even dramatically) if a spouse stays home. Of course some expenses will go up as well, but probably not that much in comparison.

Comments

[Britt]

My husband and I are striving to set up our finances in such a way that, when we start having children, we will have no debt except our mortgage and one of us will be able to stay home full time. I've learned that if I share this goal with friends or folks at work, however, it is received coldly. I am immediately perceived as having an elitist attitude, and I am met with defensive comments of how they would never be able to afford to do that. It is frustrating that our society seems to encourage financial struggles as the normative situation and discourages efforts to rise above the norm.

[Terry]

While there are some couple that are forced to both work, in many instances it IS a choice. I am always blown away by the couple that has dual incomes and is talking about how they would love to stay at home but just simply can't afford it. They drive a Lexus and a Range Rover, have a huge house, take regular vacations, etc. Of course they can't afford it! For these people it is simply a choice. They have choosen to have these things and not truely make the sacrafice necessary.

My wife and I made the decision long ago she would stay home with the kids. We pass up on the expensive vacations every year for something affordable. We dont get cars very often and we have a very well thought out budget. It has not always been easy, but with a little hard work we live quite well now.