Post # 1
My FI and I are almost 28 years old and we both have fairly high paying jobs, but we only use one of our incomes. We live in a city, live pretty frugally but manage to still have a lot of fun, all the while saving for a house by using every single paycheque of mine to go to paying for a house in cash(goal is $400,000, and not in the city!) has anyone else done this? Lived on one income, even though you make 2?
It’s an idea I’d heard about just before graduation, and we’ve been doing it since we graduated. Although, we lived a lot more frugally when we started due to our not as high paying jobs.
Post # 3
@alysee: Nope since I am a student (RyU..yay!) and make no income right now..but this is a great game plan.
Where do you plan to but in the GTA may I ask?
Post # 4
@alysee: Yup, we do that too. Our situation sounds almost identical to yours.
Post # 5
Oh, to have fairly high paying jobs 🙂
No, I’m a graduate student. Maybe after I graduate and get a career job instead of this baby-sized stipend.
Post # 6
Pretty much. We don’t have rent or bills to pay for, so DH pays for groceries, his car loan and any bills we get and we save my income (as well as whatever is left from his). I use my income to pay for anything online, emergencies ect. but generally we save most of mine. We were saving it for the wedding and my schooling, but now that both of those things have been paid for a house and an overseas vacation are next on the list.
Post # 7
@alysee: We currently do it. I make almost twice what DH makes and our expenses are low. We are putting away his paycheck toward buying a home. However, once we buy a house, our expenses will go up slightly, so we will need to tap into his income a little more. Once we pay off all our student loans (within the next 5 years), then we can go back to living off of one income.
Post # 8
@alysee: We are doing that now…although it will not be paid for totally in cash but a good chunk will 🙂 it will be so nice!
Post # 9
@alysee: My mom suggested my FI and I do that when we move in together. I’d be interested in giving it a try.
Post # 10
@KingsDaughter: I won’t be buying in the GTA, probably somewhere in BC since we’ll be moving out there after the wedding.
Post # 11
- Wedding: July 2012 - The Gables Inn, Santa Rosa, CA
@alysee: As much as I’d love to, DH and I aren’t there, but this is our goal!
We haven’t been able to quite reach this goal, but we recently paid off almost all of our debt (except for our house) and are might even be at this point beginning in March or April.
Post # 12
We’ve combined all our finances 🙂
Post # 13
FI and are are planning to do this at the end of the year when he graduates. He’ll be making quite decent money while we are saving for a house. In addition to being frugal with his income, my university performance this year should secure me a pretty hefty scholarship for the next few years that we would be able to place directly into savings, plus any part time teaching work that I pick up.
Post # 14
*sigh* This used to be us… We used my smaller income for vacations, investing and looking into buying our second property. Then we went and lost our minds and bought a small business. I left my well-paid job to work for myself and kissed goodbye to the extra income. We’re not struggling or anything, but I really miss the income!!