When two-income families switch to a single wage

Monday 8 November 2004

Deep intakes of breath followed by muttered comments about "how will they afford it" can be heard when a couple announce their impending parenthood to childless friends. Likewise when redundancy strikes, a couple may feel that Armageddon is upon them.

By The Landlord

Losing one income even if just for a period of months seems an unattainable luxury for those used to living in this double-income economy. Yet the suburbs are full of families that have learned to do just that.

Intellectual property lawyer Iva Wright and her husband have had to re-prioritise their spending after Iva gave up her US$100,000-a-year job and husband Darren exchanged a secure salary as an accountant to buy into the New Zealand Business Coaches franchise.

"The big picture for me is that the pendulum has gone from managing our surplus cash to debt management," Iva says. "We are surviving to cover our bases."

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