How to Move From a Two Income Family to a Single Income

My wife made the call to her principal last week. “I’ve decided to take a few years off work.” After a 30 second phone call it started to become real. We were officially moving from two incomes to one.

Moving From Two Incomes to One

This decision will certainly set us back in our pursuit of financial independence. With less income every month we won’t be able to save as much compared to if we were dual income.  Then again, the reason why we’re on this journey in the first place is to have more freedom, spend more time together as a family, and eventually leave behind a legacy.

Our Children Will Only Be Young Once

We are fortunate to have a strong support network of grandparents and other family in close proximity. With our four year old in pre-school our parents helped take him to school and pick him up afterwards. This allowed us from keeping him out of before- and after-care, which would have left him at school from 7 am to 5 pm.

The reality is our kids are only young once. The experiences they’re going through will never be repeated. This was the defining factor in our decision.

It’s Not About the Money

This decision is not about the money. It’s about being more involved in our children’s lives when they are young. As a result of minimizing lifestyle inflation and paying off all our debt, we are fortunate to be in this situation. This is what financial peace is all about.

How Did We Arrive at This Decision?

Taking time off will allow my wife to finish up her Master’s degree before returning to work in a few years. Given this situation, if she goes back into teaching at a public school she’ll likely end up getting paid a decent amount more than what she’s making today.

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