When most families struggle to live on two incomes, you may think it would be impossible to live on one, but it can be done. But before you throw you job in, it will pay to take a good hard look at what your expenses are and how you can whittle them down.

One easier way to see what your running expenses are is to bank and pay bills online. This will enable you to see exactly how much money goes to what expense and when. You need to add up all your expenses per week or fortnight and see if they exceed your one income. If they do, then see where you can cut back.

Do you eat out a lot? Try cooking bulk meals on your days off and freezing portions to eat later. This will save an enormous amount and can be quite fun if you both get in and do it. Do you buy your lunch at work? Taking it is a great deal cheaper and probably healthier. The four or five dollars you spend on buying one sandwich will buy enough bread and fillings for one week - or more. That’s not counting the cost of the drinks you buy.

Many people think that they really have to have that latest new gadget, but you might ask yourself why? Just because someone invented it, do you really have to buy it? There are other options. Why buy new stuff when you can get pre-loved stuff that’s just as good at the thrift store for a third or less of the new price?

 If one of you stopped work, would you need that second car? It’s not just the fuel, but the insurance, registration, repairs and new tires that cost money. Of course, living on one income may not necessarily mean that one of you stops work. You might both want to keep on working and save the whole of one wage to go towards a dream you have. It may be a new house, a holiday overseas or starting up a business.

To do this, start gradually by saving a certain percentage of that one wage for a month, then you’ll gradually find other ways of cutting your costs to increase the percentage. As you see your savings increase, you’ll be highly motivated to continue in this manner until you are saving the whole of one wage. Others have done it, why not you?