Relationship

The Couples Income Challenge – Part 2 of 2

At the beginning of a marriage, if the husband or wife plans to be a stay-at-home parent, save 100% of the income that could be stopped. Even if you are married for several years and one spouse may not stay home, as the Lord directs, set a goal and develop a plan for living on one income.

Unless God tells you otherwise, save unspent income in a Capital Fund or other account that you have created specifically to purchase important items (“Fund”). Use these funds to pay for expensive items that don’t fit into your operating expense plan. Also, future homeschoolers should use this Fund for additional costs that could result from switching to a single income, such as books, tables, chairs. If you have debt other than a mortgage, before saving in the Fund, prepare a debt repayment schedule and pay off non-mortgage debts.

Journey to a single income life

If God leads you and your family to live on one income, do so. You will need your PhD to get started and stay engaged:

  1. Patience (Isaiah 30:18)
  2. Humility (1 Peter 5: 6)
  3. Dependence (Isaiah 26: 4)

You may find these helpful suggestions:

  1. Surrender every area of ​​your life to Christ, let him be Lord and Savior. Ask Him to search you and show you obstacles (Psalm 139: 23-24). Too often, we forget that when we surrender to Jesus, He will allow us to live on our income. Remember His promise to give life, food, and clothing … when we first seek His kingdom and His righteousness (Matthew 6: 24-34).
  2. Pray (as quickly as you feel led) individually and as a family. This should be the will of God. Without reservation, the husband and wife must agree to live on one income. When you are tempted to think that you cannot do it, rest assured that if it is His will, He will do it in His time (2 Peter 1: 3). You cannot do it alone, that is why the followers of Christ have the Holy Spirit living in us (Galatians 3: 3).
  3. Once God guides you to set a goal of living on one income by a specific date, accept that you will not borrow or use credit cards to increase income. Understand that money is not the issue, but lifestyle choices. Therefore, you cannot expect a two-income lifestyle on one income. You must give up some wishes.
  4. Don’t go for the home run! Don’t stop the second entry abruptly. Move gradually; start living with an income plus, say, 80% of the income to be stopped. During an agreed period, lower 80% to zero. If you try to go there in one go, you might think it is impossible. As noted above, keep any unused income in the Equity Fund.

The husband and wife should develop a financial plan for the household, including the spending plan, the capital fund, and the statement of material value (list of things owned at market value, less debts). To reduce debt or raise cash, ask God if you should sell “valuables.”

At first, don’t be surprised when expenses exceed one-time income. That is normal, even on the third try! Go back, review the assumptions, eliminate more desires, ask God for your ideas.

  1. To keep track of future household activities and finances, decide to start a Family Council (household board of directors) or equivalent. One person must write the books, but the family must participate in the household decisions.
  2. Get tax advice on the projected single-income home. You may be pleasantly surprised.
  3. Reduce the size; To keep things simple, consider the following: renting instead of owning a home, starting a garden, buying a freezer to store vegetables out of season.
  4. When God shows you to start; Pray, go, keep praying!
  5. As you go, monthly in Family Council, review your progress. Don’t revise the goal unless God directs you to.

Summary

Giving up income to be at home with the kids is not a financial decision, but a lifestyle decision, which the loss of job could force on you. It is hard work.

Although Doreen and I were not followers of Christ when we decided to live on one income, in hindsight we know it was okay. We sacrificed, especially the first five years when Doreen and our two young children didn’t have access to convenient and reliable transportation. As a grandparent, I assure you, today’s sacrifices to educate children “the way they should be” are small in the big picture: they are temporary, with permanent rewards.

Copyright (C) 2009, 2012, Michel A. Bell

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