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Original poster

Are you dependant on one income or two ?

21 replies

Ozster · 01/10/2020 20:40

We can get by now on one income if either me or DP loses out job.
But if we move to a bigger house in catchment of good school for DD we will really rely on BOTH incomes to pay for bills/food/mortgage.

What is the general consensus ? Stay on a not do great area but safe ? Or move to a nicer area with better future for kids but take a (kind of ) risk ?

OP posts:
LongPauseNoAnswer · 01/10/2020 20:42

I'd make sure I had a least a year's salary saved to do that, just as security before you make the move.

Hotelhelp · 01/10/2020 20:43

We’re in your position now and looking to do the same so interested in the replies you get.

Babyroobs · 01/10/2020 20:43

In the current climate I would stay safe.

trilbydoll · 01/10/2020 20:46

Is there a middle ground, does it have to be a bigger house in the nicer area?

We need about 1.5 salaries. So we both need to work long term but could survive short term if something went wrong.

Seriouslymole · 01/10/2020 20:47

We made sure that we could pay our mortgage on one salary. That said we live in a relatively cheap part of the country and are in a nice catchment area for primary. Conversely it’s not in a brilliant area for secondaries so there is a lot of bus travel involved for DS.

I’m glad we did it though - we have subsequently paid off the mortgage as a result. Bloody fortunate as I found out today I have to take a massive cut in pay and hours due to Covid. DS has also lost a load of work so if we were dependent on two salaries to pay a mortgage we’d be absolutely screwed.

Seriouslymole · 01/10/2020 20:48

DH has lost a load of work obviously- not DS!

caffeinebuzz · 01/10/2020 20:49

We are about to move from one situation to the other. Last time we bought we played it safe and have found ourselves with lots of disposable income but in a house we've outgrown.

So this time we're stretching ourselves further, but it's more like 1.5X income so we could survive a paycut if one of us lost our job and had to take what we can get.

blue25 · 01/10/2020 20:52

One income even though both of us work. It gives us a huge sense of security knowing we can cope if one of us loses their job.

YouWereGr8InLittleMenstruators · 01/10/2020 21:01

We could manage on one income, although both work. Joint income approx 43K, so fairly modest. Hence modest house in modest area (although we adore both house and area) in v expensive city. But a huge relief to know that we have a bit of wriggle-room.

lunar1 · 01/10/2020 21:08

We can get by on one, we have almost paid the mortgage off and could get rid of it with savings. With some cutbacks we would be ok on neither of us working for a few years.

We have a very affordable house, low outgoings and no cars. We could retire if we didn't have school fees. Maybe we should have moved to a better area with a good, non faith school where my children could have got a place.

HelenaJustina · 01/10/2020 21:15

We need about 1.5, so could get by on 1 if DC immediately stopped swimming/gymnastics/riding/dance lessons etc, and tightened our belts elsewhere too.

Original poster
Ozster · 01/10/2020 21:15

It would be 3/4 of our joint income that goes on Mortage/bills/food.

@LongPauseNoAnswer I would have a years worth of savings when we move just in case.

@trilbydoll it's actually not much bigger. A tiny semi but because of schools it is £££.

Has anyone ever got Payment insurance ? Where the insurance company pay your wage/mortgage if you are made redundant it fall I'll ?

OP posts:
Hoppinggreen · 01/10/2020 21:54

We have always based our standard of living (mortgages etc) just on what DH earns with my salary being extra or to save

Trumpeditnow · 02/10/2020 19:41

How secure are your jobs OP?

Original poster
Ozster · 02/10/2020 21:20

@Trumpeditnow quite secure I would say.
I wasn't furloughed or made redundant ( others in my company were unfortunately)
My bosses are very happy with me

DP has been with this company for 5 years and he is pretty secure too

OP posts:
Asdf12345 · 02/10/2020 21:26

We could probably just get by on one income, but it would be very tight.

TinkysWinky · 02/10/2020 21:55

[quote Ozster]@Trumpeditnow quite secure I would say.
I wasn't furloughed or made redundant ( others in my company were unfortunately)
My bosses are very happy with me

DP has been with this company for 5 years and he is pretty secure too[/quote]
Is it the same company, OP? That would make me think twice, from an 'all eggs in one basket' point of view. We need just over one wage here, but we live in a v affordable area, with excellent free local schooling (NI) - we have lived in both South of England and the North-West and would have needed both full wages there. We are working hard to save a years outgoings as an emergency fund, just in case. In your situation I would consider doing similar before tying up both wages. Good luck OP

Lazypuppy · 02/10/2020 21:58

We could probably scrape by on my salary, but definitely not DPs whis is about £15k less than mine.

ComtesseDeSpair · 03/10/2020 14:01

We could manage easily on one - but that’s largely because DP moved into my flat which I bought when single, so my mortgage, bills and all my finances were geared around only having one income in the first place.

But generally, I don’t think you can live our entire life being so risk averse that you actively enjoy your life less or limit your opportunities. If your DC isn’t going to get the opportunity for a good education because you don’t want to risk needing two incomes, I’d consider that far too risk averse.

StormyDecember · 03/10/2020 14:14

We only have one income, which is mine. My ‘D’H cba working. It is a huge source or worry and stress for me as I work in a volatile industry and have been made redundant once before. And it also means that we can’t save as much or do fun things like travel (pre-COVID) if he bought in even a small amount each month.

Hoppinggreen · 03/10/2020 14:41

Poor you Stormy I wouldn’t be putting up with that

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