One Family, One Income

Making It Work Today

By Sharon Waldrop

Pages: 1 2 3

Gibbs uses mostly cloth diapers that are washed at home and has found that cloth wipes are multi-purpose and do a better job of cleaning a baby's soft bottom.

Mary Snyder, co-author of "You CAN Afford to Stay Home With Your Kids," left her management position outside the home to raise her children full time when they were 2 and 9 years old.

"The deciding factor was a decision of where to put our energy," Snyder says. "We took a look at the quality of life and realized that we couldn't keep up with the pace."

When deciding to delete the second income, three things have to change immediately, Snyder says. First, the family has to create and live on a budget. Second, it is necessary to distinguish the difference between a "want" and a "need." Third, "Be extremely honest with yourself," Snyder says. "Take a realistic look at your family budget. Some families can't live on the budget that they created, because it's not realistic. If your grocery bill is $700 per month, you can't cut it down to $200 per month, no matter how good it sounds," she says.

For some families, living on one income may not be an option. What is most important is that children are raised in a loving environment with the necessities they need to thrive.

But if you feel you can meet your financial obligations with a reduced income, it may be worth a try.

Pages: 1 2 3

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One Family, One Income

Making It Work Today

By Sharon Waldrop

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