In today's economy is it possible to have one income? Yet still manage to pay the bills?

2014-09-25T21:55:23-04:00

the question is for all active duty personnel....does your wife / husband work to support the family economy? Is it even possible in today's economy for one person to support the family of 4? The middle class seems to be shrinking away very quickly, and there does not look like a turn around is in the future....I am curious to hear any senior military enlisted opinion on this, or if you have helpful suggestions on how to get by in this economy....I know all RP'ers could benefit from your insight! LET THE HELP BEGIN!!!!

Response by CW5 Private RallyPoint Member made Sep 26 at 2014 3:11 PM

2014-09-26T15:11:40-04:00

Sorry to reply, SrA Jeff Campbell, (as I'm a vet and not active duty), but I think it is possible to live on one income. It's a matter of being smart about it and adjusting expectations. If a family wants to "keep up with the Joneses," there's probably no way.

The thing is, living frugally, saving for purchases instead of buying on credit, living within one's means, these are all good things. Today, in the good old U.S. of A., however, advertisers sell us on the notion that we must have it all, and "it" must be the latest and greatest. I think that accounts for a lot of debt and financial woes.

Having said that, during my active duty career, and even now as a veteran, my wife worked (and is working). So I guess I'm not practicing what I'm preaching. I do know active duty service members and their families, though, who make it on one income. They're thrifty, they pitch in, and they may not have two brand new cars in the driveway. But I'll bet they're happier than a lot of families who do have all that stuff, and the debt and bills that come with it.

Response by SFC Private RallyPoint Member made Sep 26 at 2014 5:14 PM

2014-09-26T17:14:44-04:00

I am a National Guard guy and a federal technician full time my combined pay is equall to an E6 over 18 years (except I do not get BHA, Seperate Rats, etc.) and I am the sole bread winner (due to medical issues, she is a whole lot smarter than I am). I have 2 kids, one in college and one young adult with a full time job.

It is tough but can be done, choices have to made constantly. In a couple of years my only debt will be the rest of the mortgage, my savings are modest but will provide a living once I am retired. We all knew joining the service that we would not get rich but at least we have a somewhat stable job.

As with many things in life there isnt a strict right or wrong, just a, is this right or wrong for you.

Response by SSG Tim Everett made Dec 19 at 2014 8:25 AM

2014-12-19T08:25:32-05:00

It's possible to live on one income... if you're single and live in a decent area making good money. My girlfriend and I make an excellent living, and we live in a relative inexpensive area in a decent house. Vehicles are paid off, no school loans to repay. Adding a little savings and we're going to start investing as well. But with two kids (one mine, one ours), and trying to be mindful of the future, sometimes it gets a little tight. Which is obnoxious because we don't live above our means.

Response by COL Jason Smallfield, PMP, CFM, CM made Dec 19 at 2014 10:06 AM

2014-12-19T10:06:53-05:00

Yes, it is possible to have one income and still manage to pay the bills. To do so, however, involves several things such as knowing how to develop a family budget, having the discipline to stick to the budget, being able to differentiate between wants and needs, and making hard choices in terms of priorities. The above, however, is obviously easier if the one income is higher. There is a difference between possible and recommended.