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Thread: Living off one income question

  1. #1
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    Default Living off one income question

    Curious how people interpret this question. My wife and I were discussing how a couple of our family always talk about how they only 'live on one persons income'. While none of you can speak for them, I am curious do you guys do this? If so does that mean that your monthly required debt servicing payments can be made by 1 person? Or literally everything? Gas, electricity, spending, food, property taxes, maintenance, etc.

    Looking at our own family budget, if I were to be a complete bum at home, bring in 0 money (no EI/CPP/welfare/CBB, etc), and we were to live off my wifes salary. Not only would we need to have everything paid off, no daycare, no RESP savings, we would also need about $1500 extra a month just to continue to live the way we do. So when people say they 'live off one salary' how do you interpret that? And if you say it, are you saying for your debt servicing or do you literally mean 1 persons complete income can go into savings or be blown?

    I don't think we spend crazy amount of money monthly on things but perhaps I'm wrong.
    Cos...

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    To me it translates to “we are living on a tight budget”. So can’t afford to spend a lot on stuff outside of necessities and probably aren’t saving much every month if anything at all.

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    Quote Originally Posted by sabad66 View Post
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    To me it translates to “we are living on a tight budget”. So can’t afford to spend a lot on stuff outside of necessities and probably aren’t saving much every month if anything at all.
    Ah yeah ok, I call that our 'surviving budget' which is a lot less fun but could do it.
    Cos...

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    living on one persons income to me would mean all basic necessities are covered with one persons income like house, utilities, food and maybe transportation. excluding saving and entertainment.

    if the other person is just at home, then there wouldn't be any needs for daycare.
    depending on total family income, you also get monthly child benefit which for us just goes all to our daughters RESP.

    once our mortgage is done, im actually considering a stress free minimum wage job lol.

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    My Wife’s stayed home with the kids for the last 6 years. You just have to cut back on the want and focus on the need.

    When / if my wife goes back to work, I might be able to start buying “want” stuff again like watches, camera gear, forged wheels, Michelin tires, etc.

    For now, I get FAST wheels for winters with kumho tires. Haha

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    We're on one income (my wife quit her job when she had our daughter, so actually one income). Still save in RRSP, TFSA, RESP and have money for fun stuff... one income doesn't always translate into tight budget.

    I can echo the sentiment of getting into a stress free job at some point though. More and more I am catching myself feeling slightly envious of C-train drivers
    Last edited by bjstare; 12-14-2019 at 05:38 PM.

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    I didn't think there were multiple ways to interpret this. Living off one salary = one person bringing in income. Families relying on a single income obviously have to find ways to cut luxuries, but that's what a budget is for.

    Wife is going to grad school in 2020 so our income is about to be slashed in half, but we're ready for it. We have a comfortable lifestyle right now so that just means our purse strings will be tighter for the next 2 years.

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    2 choices, CB or MMM.

    Cut Back, or Make More Money.

    #life
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    I've heard on my favourite finance site, beyond.ca, that making more money is the correct answer.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    For most families, a single-income means a major reduction in financial health. Most one-income families I know do not save for retirement, for example. Like, at all.

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    Quote Originally Posted by cjblair View Post
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    ...one income doesn't always translate into tight budget.
    Not everyone makes high end consulting money!

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    #toplinelife

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    Quote Originally Posted by npham View Post
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    Not everyone makes high end consulting money!
    @npham true that, ppl like you and rage make IT guy money.

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    One income, quite doable. My wife opted to be a stay at home mom and we raised 3 kids plus our Asian son by another mother. We only had a single vehicle but made it work, I cycled or used transit to get to work. You find ways to stretch a dollar and yes, we even went on an annual vacation in BC at a fishing resort. Now mind you, we didn't have a $200 coffee maker at home or maybe the latest and greatest in electronics or what have you but we still livd quite a comfortable life, good food was always on the table and if anything, it really taught our own children the value of a dollar. It really all comes down to priorities.
    Will fuck off, again.

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    Quote Originally Posted by cjblair View Post
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    @npham true that, ppl like you and rage make IT guy money.
    I'm not in IT anymore technically, it's 'Digital'...

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    Quote Originally Posted by killramos View Post
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    2 choices, CB or MMM.

    Cut Back, or Make More Money.

    #life
    Shit, I thought you meant CB's Drive In or M&M Meats.
    Will fuck off, again.

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    Quote Originally Posted by speedog View Post
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    Shit, I thought you meant CB's Drive In or M&M Meats.
    You need to draw your line somewhere
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by killramos View Post
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    You need to draw your line somewhere
    MMM, CB's
    Will fuck off, again.

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    imo your question is too board, one income which is 50k vs. one income which is 150k is a huge different...

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    Divorce and marry rich. Although your wife will probably do better on that one than you. What the heck. Just do it. Live dangerously.

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