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Personal finances and stay at home spouses
If you look at the variety of lifestyles that exist there are many different financial situations that can stem from it. There are dual income households and single income households. But today I want to focus on the personal finance impacts of single income households, by choice and not circumstance. The difference is that the goal or intention of a household is to rely on a single income with the other person caring for the home, it doesn’t matter who is doing it, just that there is a single source of income. Single income by circumstance is the change of a personal finance situation due to things like the loss of a job that turns a dual income home into a single income home. Why does this matter? Many times people want the benefits of having a person at home caring for the house, as one of the most common struggles of dual earners is having enough time for everything they want to do. So lets look at the different aspects a successful single income household needs to have and the potential challenges they may face to see if you truly want to have a single income home.
- More than enough
The most important aspect is that you have a significant amount of income generated that exceeds your monthly expenses and savings goals. Many assume that as soon as they hit a six figure income that it is enough, but it is not always the case as a number of…
