How To Survive On One Income With Kids

The truth is you don’t need to make that much money, and no having a wife and kids is not a liability or crazy expensive. Your wife is your partner who can help you with the family goals.

How To Raise a Family on One Income

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1. first an agreement between the couple
– this needs to happen before marriage because you want to know who you are marring
– and you also have to be aware that feelings can also change In marriage
– for example, a wife can say I want to work, then find out, she doesn’t want to after having kids

in all honesty:
– I think the best investments a woman can make, are not a career or climbing a corporate ladder and earning money
– Is investing time, energy, and life in her children, along with the father ofcourse

Ps. It’s not just a woman thing, if the man wants a woman to stay at home, he should tell her that. I’m not a modern guy, I’m very old-fashioned honestly

I think if the family is going through a tough time, and you temporarily need two incomes great, but that should not be the norm.

2. knowing the sacrifices you’ll need to make ( you don’t need a crazy high income )
– now obviously if you make 40k and your wife makes 40k ( then that’s 80k )
– and you can do a lot more on 80k than you can with 40k
– but life is not about money and earning more of it

so here are some common things to worry about
– shelter
– utilities
– groceries
– transportation

you may not get a fancy house or apartment, or nice vacations. But you get to be home and raise your children. And that’s what is truly important.

3. Practical Advice:
– Because It’s not going to be as simple as being cheap
– And try to manage
– It’s going to take work to manage the household between the both of you

One detail that I want to get out of the way
– The goal should not be this
– I see men that to have this luxury, spend themselves each day, and come home only to sleep and not be able to give time to their wife and kids.
– That’s not okay, because they need you too, so if takes earning less money to be present to you also, that is worth it

Staying out of Debt:
– if you have to get into consumer debt to buy things you want don’t buy them
– and the needs can usually be saved up for
– being in debt is being in bondage

Build an emergency Savings
– building a starter with 3
– but having 6-12 months is best ( because you only have one )
– I think 12 months can be one you build after you’ve done some other things
– But in the meantime I world recommend some life insurance with 10-15 times your income ( this not so that if you do your family hit the lottery but its so they can be okay for 10-15 years or so, get term insurance, its cheaper and makes more sense look it up )

Avoid Car Payments
– always take a paid vehicle over a loan car
– might be used, not the best but it’s yours and you owe no one
– now that’s not an excuse to save up 30-50k to buy the car you want, when you have other responsibilities to worry about
– instead, buy what you need

Save on Food Expenses
– $75 one-week menu plan ideas meal plan and prices

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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