Ep 207: 3 practical tips for couples living on one income right now
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Mar 31, 2025
Discover practical tips for navigating life on a single income, addressing not just financial management but also emotional dynamics in relationships. Explore the importance of communication and negotiation as a new love language amid budget discussions. Learn about the challenges of pride in seeking help and the emotional complexities of selling cherished items. Embrace the process of decluttering to generate income while fostering teamwork and resilience with your partner through financial challenges.
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The People Part of One-Income Living
Living on one income raises complex relationship questions around spending, sacrifice, and feeling valued.
These questions are crucial to address for a successful single-income lifestyle.
volunteer_activism ADVICE
Negotiation as a Love Language
Negotiate spending decisions as a team, focusing on shared goals and the consequences of disagreement.
Frame negotiations around staying on the same team rather than winning.
volunteer_activism ADVICE
The Power of No
Pre-determine spending limits and what's off-limits to avoid impulsive decisions.
Create pre-negotiated scripts for saying no to expenses and invitations.
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In "Cashing Out: Win the Wealth Game by Walking Away," Kiersten Saunders and Julien Saunders discuss the importance of understanding your risk tolerance and knowing when to take profits in the ever-changing financial landscape. The book emphasizes the cyclical nature of wealth creation and the need for a strategic approach to investing, rather than relying on luck or short-term gains. It encourages readers to develop a personal definition of "enough" and to prioritize financial well-being over endless accumulation. The authors provide practical advice and strategies for navigating the complexities of the modern financial world, empowering readers to make informed decisions and achieve their financial goals. The book's core message is about building a sustainable financial future by understanding your own needs and risk tolerance, and not getting caught up in the hype of short-term gains.
The two-income trap
Why Middle-Class Parents Are Going Broke
Elizabeth Warren
In this book, Elizabeth Warren and Amelia Warren Tyagi reveal how the financial stability of middle-class families has deteriorated despite the increase in dual incomes. They argue that the rise in fixed living expenses, such as housing and education costs, and the decline in employment security have created a 'two-income trap.' The authors propose several policy solutions, including subsidized daycare, school vouchers, tuition freezes for public universities, and stricter credit regulations to mitigate these financial pressures. The book challenges the 'overconsumption myth' and highlights the need for institutional changes to support middle-class families[1][2][3].
This week, we’re sharing 3 of our best tips on how to live on a single income. It's a topic that might feel distant, perhaps even undesirable, but for many, it's becoming an increasingly relevant concern.
We've lived the single-income life by choice and by circumstance. It's not always pretty, but it can be done. And sometimes, being forced to tighten your belt is the exact kick in the pants you need to get your financial house in order.
Whether you choose to live on one income as some kind of FIRE-adjacent power move, or you’re forced into it by circumstances beyond your control, the real challenge isn’t just the spreadsheet gymnastics. It's the people part.
So this episode gets into the conversations, the compromises, and the potential points of friction that can arise in a partnership when resources become more constrained.
We discuss:
Addressing the emotional landscape: Living on one income throws all sorts of messy emotions into the mix. Who gets to spend? Who’s giving up more? Is this forever, or just until something changes? These aren't spreadsheet questions, they’re relationship questions..
How to make negotiation your new love language: We break down how to negotiate fairly as you create a budget when the stakes feel high and everyone's nerves are shot
Getting more comfortable saying No: Living on one income means saying "no"... a lot. To your partner, to your kids, to your friends, and maybe most importantly, to yourself. We unpack the guilt that inevitably comes with that, especially when you feel like you're letting people down.
Strategic decluttering and selling your stuff with intention: The process of selling personal items for cash can be more emotionally involved than it appears. We talk about the surprisingly emotional process of selling your belongings and how to actually make it work, practically and emotionally.
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rich & REGULAR with Kiersten and Julien Saunders 