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Wednesday, April 14, 2010

Livin' on a Prayer....
Well, actually I'm thinking of living on one paycheck.

No. I'm not quitting my job.
No. I'm not getting a different job.

I'm talking about banking my paycheck every month and living off the Big Guy's check. It is something I've been thinking about a lot lately. We, like most families, have a small amount of debt (credit card, school loan, car loan).

My thinking is that if we bank my check into savings, in about a year we could pay off all of our debt. We could then continue to bank my checks to boost our savings as well as have one hell of a down payment for a house.

We would still have access to the money if we needed it. We would just make it a point to live off of the Big Guy's income and go into our future home purchase--and our life together--debt free.

Anyone out there in a two income family who live off one check and save the other?

Is it doable?
What do I need to know?
Give me the scoop!


Rebecca Jo said...

WOW!!! I WISH I could do that...

You know, if it seems like things are TOO tight then, you can always put half in & then see how that works... I think banking ANY of it is a fantastic idea... You go girl! You're my money hero!

scargosun said...

Not happening in our home. That surprise washing machine/dryer kinda makes it impossible. Good luck though!

Amy said...

You can do it! We almost do it, all of my income is saved less childcare. Almost six years ago my job was cut so we were forced to live off of one income, I then decided to stay home with the kiddos for two years. When I returned to work we were already used to living off of one income so now all of my income is saved. The childcare expense is directly caused by my working so that is why my income pays for childcare. I feel very comforted knowing we can manage on one income. It is easy to save if you never see the money hit your accounts, money not going into a 401K should be diverted directly into your savings or investment plan or paying off debt.

Amy said...

Hey one more thing...our smartest decision ever and key to our living off of one income is that we "underbought" on our house. We have a low mortgage payment compared to our income. I used to dream of moving to a new and bigger house, like some of our friends have, but now that I see our nest egg, I have no regrets.