Whether the objective is reducing debt, strengthening long-term savings, supporting charitable causes, or simply bringing household spending more closely in line with available resources, the approach can give families greater control over their financial future.
-- In nearly half of two-parent households, both adults now work full-time—a 15-percentage-point increase since 1970. Yet, as dual-income families have become increasingly common, financial strategist Anthony Joseph Amaradio suggests that a different approach may offer a path to greater financial flexibility: earning two incomes while learning to live on one. “Bringing in two paychecks and spending only one can be liberating,” Amaradio says. “It can also make it much easier to put your financial house in order.” As the founder of Select Portfolio Management, Inc. and Select Money Management, Inc., Amaradio has spent more than three decades advising clients on financial planning and wealth management. In his experience, the decision to live on a single income is rarely driven by one objective alone. For some households, it is a strategy for accelerating debt repayment. For others, the second income provides an opportunity to increase retirement contributions, build an emergency reserve, or pursue charitable giving. “Some people are determined to get out of debt and use the second paycheck to pay creditors,” Amaradio explains. “Others are committed to catching up on retirement savings.” The broader appeal of the strategy, Amaradio suggests, lies in its flexibility. Rather than allowing a second income to become permanently absorbed by a higher cost of living, families can direct those additional earnings toward clearly defined financial priorities. Whether the objective is reducing debt, strengthening long-term savings, supporting charitable causes, or simply bringing household spending more closely in line with available resources, the approach can give families greater control over their financial future.
For those who might consider leaping to live on a single income, Anthony Joseph Amaradio advises that discipline is key. He suggests that small changes in spending habits can reap tremendous savings. People may, for example, pay monthly fees for services they no longer use or could be used for free. Because Americans spend as much money dining out as they do buying groceries, cooking meals at home instead of frequenting restaurants will slash food expenditures. Choosing different entertainment options, such as borrowing DVDs from the library rather than springing for movie tickets and popcorn, will also save money. Amaradio suggests that creativity can fuel other lifestyle adjustments and conserve cash. Virtually everyone has items stashed around the house that could be repurposed, bartered, or traded, he maintains, thus eliminating the need for additional purchases. Similarly, household expenses that seem set in stone may not be. Amaradio recommends that families review every expenditure and try to negotiate lower rates. Cable television fees and credit card interest rates can be lowered, while shopping for more reasonable auto insurance rates or a health plan that aligns costs with needed services can shave money off of fixed expenses.
When a family moves from dual incomes to a solo salary, Anthony Joseph Amaradio states that communication must be a priority. Tackling a budget as a team and agreeing to make sacrifices in service of a larger goal can bring couples closer together and teach children crucial lessons about the value of money and the importance of cooperation. With proper planning and dedication, Amaradio says that living on a single income is within reach for many families. “It’s simply a matter of making a series of choices that will lead to significant rewards,” he concludes.
In addition to being a wealth management innovator, Anthony Joseph Amaradio is a sought-after presenter who travels the U.S. speaking about advanced market strategies. He and his wife, Carin, are philanthropists and co-authors of the inspirational book, “Faithful with Much: Breaking Down the Barriers to Generous Giving.” The couple assists nonprofit organizations with capacity building and guides major donors toward becoming more effective benefactors.
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