One income or two?

My wife makes $45,000 per year and I recently accepted a promotion that pays $60,000 per year. We have four children at home, ages 4-19. My new position will leave me little time and even less energy for my family and our worship.

For years my wife and I have been terrible money managers. We lost a home and filed Chapter 13 bankruptcy, which was converted to a Chapter 7. I have always believed that with a little sacrifice and a lot of creativity, we can live on one full-time income or perhaps two part-time incomes.

My dilemma is this: How can I convince my wife that this is possible? She thinks the idea of living on one income is unreasonable. We tried it before and failed miserably, I believe, because we were uneducated and unprepared.


Answer: We feel for your situation. But given your financial past, it’s unlikely you’ll soon convince your wife to live on one income. It will take time to establish new, sound financial habits in your home before she’ll feel secure in your decisions.

Develop and maintain a working budget for at least six months, build some savings (at least three months of living expenses) and become totally debt-free before you consider reducing to one salary. It may take a year to prove your commitment. Check the library for books by Larry Burkett, Dave Ramsey and us. We've got these books available in our Amazon Bookstore also.

Hook up with someone to help you walk through these changes and help you both deal with your emotional and financial issues. Check out Crown Financial Ministries' Web site. They have personal budget coaches and their small-group study course teaches sound financial principles and a very practical budgeting system.

You’re right, it will take education and determination, but we know you can do it. By investing your time you will ensure your family a firm financial future.