Going From Dual Income To Single

This is the second month since we switched from a dual income to a single income household. We wanted to do this so that my wife could focus on studying, as her job with its random shifts was sapping her energy and killing her ability to focus. The important thing here is that we discussed it at length before making the decision. We reviewed our options and it seemed like this was the best one. It was scary at first, even though we did our homework and determined that it was do-able. And of course we feared that we might have underestimated the budget and find there wasn’t enough money after all.

Luckily, our homework paid off and our lives have significantly improved!

What’s Better At Home?

Bringing it home…

It may seem old-fashioned for the wife to take care of the home while the husband brings in the money; but it works and we like to think we’re old-fashioned with a modern twist. For one thing, my wife’s main occupation at home is studying for her Physics degree, not housework. Her secondary occupation is cooking, which she has always had a passion for but never the time to explore. It goes without saying that our meals are much higher quality than before, mainly from my wife’s improving cooking skills.

And since we started having home-cooked meals, our food bills have plummeted as our waistlines have shrunk. We’re eating much better for much, MUCH less cost than before. It wasn’t uncommon for us to have two or three takeaways a week in the past, simply because we never felt like we had enough time to prepare proper meals, even the pre-packaged stuff!

We also now are able to have similar routines, getting up early together every day for breakfast and sitting down to dinner at the same time every evening. Routines are not only good for the mind, but also relationships between people.

So What About Money?

We both have a weekly allowance, although I infrequently spend any of mine. The way that works for us is we both have Monzo accounts, with standing orders from our bank account into that. If we don’t have money to spend on our Monzo accounts, we don’t have money to spend, period.

As for spending, we chose to live in a location that is walking distance to almost everything we need, so our travel costs are almost zero.

And with a weekly allowance each, we’re far less likely to impulse buy anything! This has the added benefit of making us more appreciative of the things we do buy and nicely ties in with my goal of living a minimalist life.

My wife is also enjoying finding more ways to save money on groceries, so what we are spending now is probably more than what we’ll be spending in the future.

However, we’re already saving money! We’ve also, somehow, saved more money in the last two months than any other month before. I hadn’t thought we were wasting our money, but the last two months have proven that we must have been.

It’s still early days, but we’re certainly on the right track and enjoying our lives much more than before. It’s amazing what you find you can have when you’re willing to try.

3 thoughts on “Going From Dual Income To Single

  1. HI Iain!

    Thanks for the post. I happened on your post b/c I was reading more about dual income to single income transitions and you mentioned weekly budgeting and I had to chime in! We have built an app specifically for sticking to a weekly budget which we have called “Weekly”. The cash method is great but if you ever needed something that allowed you to also work with credit card / debit card transaction, our app gives you that ability in one “Safe-to-Spend” number. Also handles concepts like Rollover. Would love your thoughts on it!

    Thanks!
    Drew

    1. Thanks for the comment Drew!

      Sounds like a great app that would certainly be useful for a lot of people.

      I probably should have mentioned in my post that we actually manage our weekly allowances with Monzo accounts and standing orders, so are not in need of another app for that.

      Happy for you to share a link to Weekly in a comment, the more options people have to manage their finances, the better!

    2. Thanks Iain! I was just looking at Monzo. What an innovative platform / financial services company. Monzo is only open to UK residents. So for any non-Monzo customer or any US based readers – you can check out our app at http://weeklybudgeting.com.

      Also, I will just through this out there, we are only an app an not a bank but if there is anyone who might be interested in using Weekly with a pre-paid debit card, please hit me up. I’d be interested in learning more.

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