One household income for a couple can be a daunting for some couples. The world tells us that one household income for a couple won’t be enough. However, if you sense God leading you and your family to live on one income, go for it. But, understand you will need His PhD to start and stay committed: Patience (Isaiah 30:18), Humility (1 Peter 5:6), Dependence (Isaiah 26:4).
Household Income for Couples
You might find suggestions below helpful to live on one household income per couple:
- Surrender every area of your lives to Messiah Jesus⎯let Him be Lord and Saviour. Ask Him to search you and show you hindrances (Psalm 139:23-24). Too often, we forget that when we surrender to Jesus, He will enable us to live in our income. Recall His promise to give life, food, and clothes … when we seek first His kingdom and His righteousness (Matthew 6:24-34).
- Pray, fast as you feel led individually and as a family. Without reservations, husband and wife must agree to live on one income. When tempted to think you can’t do it, be assured, if it is His will, you will do it in His time (2 Peter 1:3). You can’t do it alone⎯that’s why Messiah’s followers have the Holy Spirit living in us (Galatians 3:3).
- Once God guides you to set the goal to live on one income by a specific date, accept the following:
- You won’t borrow or use credit cards to raise income.
- Money isn’t the issue.
- You can’t expect a two income lifestyle; you must forego some wants.
- Ask God to show you His plan⎯His path to do the goal.
Start Slowly: Don’t Go For The Home Run
- Don’t go for the home run! Before giving up the second income:
- Move gradually; start living on one income plus, say, 80% of the income to stop (Psalm 119:105).
- Over an agreed period, lower 80% to zero. If you try to go there in one swoop, you might think it’s impossible.
- Save unspent income in the Capital Fund.
- Using these tools, husband and wife should do a household financial plan, including Spending Plan, Capital Fund, and Material Worth Statement. To lower debt or raise cash, ask God if you should sell “valuables.” At first, don’t be surprized when expenses exceed the lone income. That’s normal, even at the third attempt! Go back, review assumptions, eliminate more wants, ask God for His insights.
- To track future household activities and finances start a Family Council (board of directors for the home) or equivalent.
- Get tax advice about the projected one income household. You might be pleasantly surprize. Downsize; simplify, consider:
- Renting instead of owning a home,
- Starting a vegetable garden,
- Getting a freezer to keep out-of-season vegetables.
When God shows you to start; pray, go, keep praying. As you go, monthly in the Family Council, review progress. Don’t revise the goal unless God directs.
For more about Managing God’s Money, visit: Managing God’s Money.
Copyright (c) 2010, 2015 Michel A. Bell