Mary and Thomas, a couple with three children, kept a monthly tally of the time and money taken to earn their income. They noted the time spent preparing for work, travelling to work places, working and socialising. Then, they calculated the money they had spent on travelling, work clothes, dining out, taxes and hiring others to do household work.
To earn a combined income of Rs 100,000, they had to work 108 hours weekly. They had spent nearly Rs 50,000 on work-related expenses. They had to take medicine from private hospitals as they had no time to attend a government hospital.
As they were not at home during the day, they had to hire the services of a security guard. At the end of the month, they found that their combined income is insufficient to maintain their status.
Large house
Today, there is a growing number of families relying on two incomes. They think that their individual salaries are insufficient to run the household.
According to Michael Cox, Chief Economist with the Federal Reserve Bank of Dallas, the number of hours of work it takes to buy goods and services is a mere fraction of what it was 29, 40, or 90 years ago.
Workers’ earnings have gone up over the years, and consumer goods are available at cheap prices in every nook and corner.
When you depend on two incomes – one from the husband and the other from the wife – a desire for a large house arrives. Maintaining a big house is not an easy task. As the husband and wife are always away from home, they need to hire many people to do various tasks.
You need a cook to prepare your meals, and a watcher or a security guard to look after the house. You will also need someone to do the marketing. All these people have to be paid wages. When they fall ill, you have to look after them as well.
The cost of having both spouses work is higher than most people think. In the United States, it has been estimated that the average dual career family needs to earn about 35 percent more than a single income family to meet the same standards of living.
The situation in Sri Lanka remains the same. An informal survey revealed that when both spouses are earning, their expenses go up as there are no restrictions. If only one spouse is earning, the other will try to cut down the expenses.
However, when both spouses earn, they are free to spend their earnings as they want. If there is no one at home in a two-income family, they need someone to do the marketing. There is no guarantee that the employees will do an honest job.
They will always keep a certain amount of money for their expenses. When a wife or husband does the marketing, they will buy goods intelligently and haggle over the prices whenever possible. Maintaining two or three domestic aids is not an easy task today.
Children
When parents are away, their children will be looked after by paid employees. There is no guarantee that they will do an honest job. Most employees tend to sexually abuse children when they are left alone.
When there is no one to guide them, the children will not do their homework properly. Once I asked a child what he does when his parents are away. He said he used to watch films on television and play video games. Meanwhile, children try to do various experiments which are harmful to them.
When you depend on one income, your life becomes less stressful, happier, more directed and fuller by embracing one simple idea that runs contrary to what people usually expect: You cannot have everything, but you can have something sufficient to fulfil your needs.
When you have too much in your hands, you will have many choices to make. Suddenly you get a feeling that you should compete with your immediate neighbour. You will have new priorities involving money. When you try to show off to the world that you are a successful husband or wife, you naturally become a spendthrift.
Lifestyle
Those who depend solely on one income want to enjoy a slower-paced life and take on the blessings and burdens of raising their children, explore personal interests or volunteer for worthy causes. Such aspirations can only be realised with the one-income lifestyle. However, if you are prepared to depend on such a lifestyle, you need to settle for a small house, an older car and eating out less. These are not impossible tasks provided you have the will power. Then, you will soon realise that by staying at home and stretching one income, you can save thousands of rupees from your annual expenses.
After marriage, some husbands ask their wives to stay at home and look after their children. You should jettison the idea that staying at home means you are unemployed.
Embrace the concept that you are the chief financial officer of your house. This is a job for whoever is attracted or best suited to the role. It may be the husband or the wife. At some houses, the husband stays at home and looks after their children.
I had a neighbour who did all the household work while his wife was working as a nurse. He supervised the children’s homework, played with them in the evening, and encouraged them to be responsible citizens.
Now, the nurse has retired and they live quite happily with their grown-up children and grandchildren.
House husbands
The role played by housewives can be done by house husbands. The possibility for the role of career and home can flow fluidly between the genders. In the United States, roughly 750,000 men stay home and care for their children. Even in Sri Lanka, there are many husbands who stay at home while their wives go out for work. Before you commit to living on one income, do a cash-flow summary. If it indicates the family is going to drown without your income, begin reducing debts and stretching your income. A year later your family may be ready for the transition.
In any case, do not jump to the idea of leaving your job. Build your savings and see whether you are on a sound footing financially. After doing all the calculations, consider whether you are ready to start living on one income for the rest of your life.
Benefits
The decision to live on one income should be taken in consultation with your partner and children. If they are not in agreement, give them sufficient time to decide. Explain the benefits and bide your time. Get the children on board by explaining what you are going to do. Turn off the extra lights, take shorter showers, turn down air-conditioners and television and see how much you save on utility bills.
When everybody agrees, the results can be rewarding. A common theme among one-income families is that life is far less stressful. When one spouse manages the home, the stress reduction can translate into a happier, closely-knit marriage as well as a parent-child relationship. However, nobody has the right to compel anyone to live on one-income. The choice is solely yours.