I had decided to keep my decision private, with only my employer and family aware that I was logging off from work for a year. I didn’t expect everyone around me to understand or to be able to relate.

Even today, when I mention to friends that another couple I know has gone down to a single income, their reaction is almost always the same: concern and, occasionally, a comment like, “that’s brave” or “I could never”.

But is it financially possible to live as a single-income household? 

DUAL INCOME AS THE NORM?

I grew up with both my parents working, and shuttled between nannies, domestic helpers and tuition teachers who “raised” me during my growing-up years.

As a result, a dual-income household feels like the norm to many like me.

Given the rising cost of living today, having two salaries to cover the long list of household expenses seems to be a safer choice – and at times, the only way to stay afloat. 

In recent years, however, layoffs and hiring freezes have forced some households to rely on a single income. 

On the other hand, some households make the choice to forgo one income.

Among my friends, the most common reason is caregiving. One parent may choose to stay home to care for a young child, especially in the early years when infant care, illnesses, school pickups and emotional needs can feel relentless. Others may step back from work to care for ageing parents.

But increasingly, I’ve seen dual-income, no-kids (DINK) couples take a career break for themselves. Some do so because of burnout, while others choose to put their careers on hold to start a business from which they may not draw an income for some time.