Life offers plenty of curveballs on the path to financial independence that often require you to make sacrifices. A couple in their late 30s recently found themselves in this situation when the wife left her job to start a business.
Read More: 8 Frugal Habits You Should Never Quit, According to Frugal Living Expert Austin Williams
Find Out: 6 Subtly Genius Moves All Wealthy People Make With Their Money
The couple shared their journey in the Wall Street Journal, detailing how they moved from Ohio to New York. They had to live paycheck to paycheck for a few years, but finally looked ready for a financially stable 2025. Then, when the wife made her announcement of quitting her job, the couple had to adjust.
Here are a few key takeaways to help you adjust your lifestyle when your income goes from two paychecks to one.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
If Not Now, Then When?
Although the husband was nervous about the decision, he rationalized that now was the best time for his wife to start her nonprofit. They are both in their late 30s with no children, the husband has a secure job, and they should be investing in themselves.
You can’t prepare for every challenge or opportunity life provides, and it seemed like a good opportunity for the wife to pursue her dream. She had talked about it for months leading up to the major decision, so the husband knew this was on her radar. Furthermore, the wife had some workweeks when she’d work daily 13-hour shifts, including weekends.
Try This: 7 Signs You’re Quietly Getting Rich, According to Frugal Living Expert Austin Williams
Slashing Expenses
The couple had already cut back on expenses after moving from Cleveland to New York, but they had to cut costs even more after opting to live on one income.
“We’ve now moved to an apartment with cheaper rent, saving us around $1,000 per month, but my commute is much longer,” the husband said.
Short-term sacrifices like a longer commute and fewer amenities make it easier to live on one income. The couple has also forgone dining and does meal prep instead.
You may also have to pick up a side hustle if you want to lead a one-income family. For instance, the husband now has a part-time teaching gig that brings in extra cash. The wife is currently looking for a part-time job that will boost the couple’s income, while still giving her enough time to focus on her business.
One Job Is the Anchor That Makes It Possible
The husband acknowledged that the couple can maintain a one-income lifestyle because of his stable job. However, he admits that the couple would “need to scramble” if something happened to him or his job.
The couple invests in themselves by giving the wife flexibility to start her own nonprofit. The organization can allow the couple to have a positive social impact while having enough money to keep up with expenses.
They have sacrificed stability for growth, and they are ready to make the necessary short-term sacrifices. The husband wrapped up his story by sharing a lesson his grandfather imparted. His grandfather said that you never earn anything working for someone else. While it can apply to money, it can also extend to areas like “pride, self-worth, and personal growth.” Those were three things the husband mentioned that you can earn by working for yourself.
More From GOBankingRates
-
Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart?
-
The Most Expensive Disney Merchandise Ever Sold — and Who’s Buying It
-
Use This Checklist to See if Your Family is Financially Secure
-
7 Wealth-Building Shortcuts Proven To Add $1K to Your Wallet This Month
Sources:
-
The Wall Street Journal, “We’ve Been Scraping By On Two Paychecks. Now We Have One.”
This article originally appeared on GOBankingRates.com: I Went From Having Two Paychecks Every Month to One: Here’s How I Budgeted
