Can a Couple Live on One Salary?

In today's economy and with today's social pressures, it is getting harder and harder for a couple to get by on just one salary. Even though many mom's would love to stay home with the kids it seems as if a family simply cannot get by without having two working spouses.

For many, the pressures to maintain a lifestyle similar to our peers is just too much for those who wish to live on the husband's salary. When he sees his equally paid co-workers driving fancy cars, living in bigger houses, taking exotic vacations, buying boats and other 'toys', naturally, this seems to become the norm and we all want to keep up with that lifestyle and feel odd or left out if we don't.

For wives and mothers, even though they would like to stay home with the kids and maintain the home, they want to feel that they are contributing financially as well. Many stay-at-home mothers may feel excluded from the family finances because they aren't contributing to the income, even though many have a much harder and demanding job than the husband!

However, despite the social pressures and our own desires, I believe that it is possible for a couple to live on one income if they choose. They may not be able to live at the standard that others are, but they can live comfortably and be perfectly happy. Some ways to save money when living on one income:

• Don't buy too much house - This is good advice for everybody. Too many couples get lured into the trap of thinking that they have to have a big, fancy house to be happy and content. Their are many safe, family-friendly neighborhoods that are affordable.

• Don't buy too much car - If our co-workers are driving a Lexus, we want to too. Even though they choose to invest their money into a depreciating item, doesn't mean that you have to as well. You can drive comfortably in an affordable car. Consider buying used instead of new.

• Don't spend a lot on a second car - Many single income families that I know survive just fine with one car. Either the wife waits until the evenings and weekends to run the errands or she drops the hubby off at work so that she can have the car during the day. However, if you feel that a second car is absolutely necessary,  make sure that you buy something affordable. If it isn't going to be driven much, consider buying something reliable in the the $3,000 to $5,000 range. Pay cash if at all possible so you are not strapped with a second car payment.

• Take affordable family vacations - Even though your colleagues may stay onsite at Disney World for a week and spend $5,000 for a vacation doesn't mean that you have to too. There are many affordable family friendly vacations that you can take that won't leave you bankrupt (and in more need of a vacation then before you left). Consider going camping, visit out-of-town family, or visit local theme parks and tourist activities close to home. Not only does this save you money by not having to stay in a hotel, but you get to know your area better.

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