Poll=Would you be able to afford it on one income?

Let's say if you, or your SO, lost your job and you had little savings in the bank?

Just curious to see how many could. I saw something on the news about this and how alot of people couldn't afford to keep their homes, and how people live so tightly moneywise now to pay for their homes on Long Island.

Message edited 2/23/2006 10:45:53 AM.

Re: Poll=Would you be able to afford it on one income?

WE used this equation to buy our house and this is how we saved.

Re: Poll=Would you be able to afford it on one income?

I lost my job right about closing time, so we are doing it now. It's tighter than we are used to, but doable.

Re: Poll=Would you be able to afford it on one income?

I answered yes because we are on one income right now. I stay home with the kids but we bought our house 8 years ago. If we were to buy it today, no, we couldn't do it.

Re: Poll=Would you be able to afford it on one income?

It would be tight, but we would adjust our spending so I answered yes.

Re: Poll=Would you be able to afford it on one income?

Yup, we've been doing it for the past year that I've been a SAHM. If DH lost his job, we have money in savings to cover our expenses for a few months, just in case it took a while to find a new one.

Re: Poll=Would you be able to afford it on one income?

Yes, we lived on one income alone (DH's) and I saved everything I made while I worked FT, so now that I am a SAHM, we are getting by on DH's salary. My money saved is to help us out if we ever need it.

Re: Poll=Would you be able to afford it on one income?

If I lost my job, no.
If he lost his, yes.

Re: Poll=Would you be able to afford it on one income?

I voted "other" because we could afford it if I lost my job (Catholic school salary hehehe!), but I think we'd be living in a cardboard box if he lost his.

Re: Poll=Would you be able to afford it on one income?

yes. since we have been married, I left my career to go back to school (so no income for 18 months) and then two weeks after I started working again, DH was laid off. it took him 4+ months to find a new job.

Re: Poll=Would you be able to afford it on one income?

Re: Poll=Would you be able to afford it on one income?

We are planning on me taking a year off for maternity leave when we eventually do conceive . At that point, because I'll be home, we will be cutting back.... no vacation, very little eating out, etc. and we shoud be able to make it on one salary. We are pretty frugal in our tastes anyway... we don't buy expensive clothes, expensive dinners out, drive high end cars, travel a lot, spend a lot going out for entertainment, we brown bag our lunches, very few Starbucks trips. It's really the little purchases that add up over time. If you can cut out a lot of extras or just buy cheaper the average person can save thousands every year.

Re: Poll=Would you be able to afford it on one income?

hubby was laid off right after we were married, so he has a complex that we should only live on one salary, so whatever I make (which isn't much) is extra. Plus we have some rental properties, but we never count on that, since people aren't always dependable. But its a nice extra, too.

Re: Poll=Would you be able to afford it on one income?

i think we would have to add an apartment to the house to make it doable. it would be tight.

Re: Poll=Would you be able to afford it on one income?

We wouldn't be able to do it without DH taking on a lot of side jobs (he's an electrician).

Re: Poll=Would you be able to afford it on one income?

yes- b/c I don't contribute much- and my hubby could easliy pick up my slack

if he lost his job- we would be out on the street - or at my Dad's house

Re: Poll=Would you be able to afford it on one income?

Not right now. But that's my plan once we move.

Re: Poll=Would you be able to afford it on one income?

Just my income.... maybe.

Just her income? HELL NO.

Re: Poll=Would you be able to afford it on one income?

Not for any extended period of time

Re: Poll=Would you be able to afford it on one income?

We did..I was out of work when we closed. It was scary but we did it for 3 months.

Re: Poll=Would you be able to afford it on one income?

No for us. This is why I have to go back to work next month. Now in a couple years when DH's salary increases (he's a teacher), then we could do it alone on his salary.

Re: Poll=Would you be able to afford it on one income?

Re: Poll=Would you be able to afford it on one income?

We are starting to do just that, living off mine and banking his. We have to partially use his but not too much. Anyway, we could probably do it for 2 months, but any longer than that and we'd be stressing. There is a secure feeling knowing you have a cushion and right now, our cushion has lost some of its fluff which we are trying to fill again.

Re: Poll=Would you be able to afford it on one income?

We were in contract for a house and we backed out when we realized that since I am pregnant it would never work on just one salary. So we have to hold out for now.

Re: Poll=Would you be able to afford it on one income?

just his income- probably
just mine- no way. but to defend myself i'll say he's been working longer and therefore has more experience