Is it possible to live on one income? Yes, I think it is, simply because that's how things have always been in our family. Since we never got any source of financial support from my father, Mom had to work and we lived off her salary, which was never too big.
True, we could never afford a car (without going into debt), and the area we live in isn't something. We couldn't go abroad every year, eat out as often as we wanted, or buy plenty of new clothes every season. Our apartment is tiny, until not long ago we used a computer that was nearly my age, and as a child I knew I would have to put up with my schoolbag until it can't be fixed anymore.
However, we had a decent life, even during an especially tough period when Mom had to do cleaning and babysitting jobs to put some food on our table. We never had to sleep under a bridge; we never went hungry. When Mom took a loan, she returned it soon enough. As times improved and income grew steadily – not to something impressive, just average – Mom started putting a considerable amount into savings.
So, yes, we didn't live this way out of choice. But it only shows living on one income can be done. Yes, it will probably mean living modestly, within one's means, being careful about saving and spending. But it doesn't mean living on welfare.
If it can be done because there is no other choice, it can also be planned well and done out of a conscious decision. If a single woman can manage her finances well, it must be even easier for a married couple, when a woman stands behind her husband's back.
Deciding whether to have a second income or not is an individual decision, of course, but many people make this choice simply because they think there's absolutely no way they can survive otherwise.
I know many families where the wife has an uninteresting, low-paying job; she's overstressed with duties both at work and at home, but she continues working, because she is sure the family will not survive without her income. Yet she doesn't have time to plan and manage her finances, and spends unwisely; when all is said and done, there's not much left of the "second income". The thought that a family can't live on one income is now so deeply ingrained in our minds that often we don't even check how true it is; we forget that for many centuries, nobody even thought of pushing a wife and a mother out there, into the workforce, to compete with men, to collapse while trying to "have it all together".
I can't know for sure God will send me a husband, and I don't know where life will lead me. But I do know who I want to be – a wife that is a helpmeet to her husband, a gracious woman who makes her house a home, a mother that doesn't miss even one day of her children's lives. When a child grows up, will he or she feel sorry for never having all those expensive toys and brand new clothes? I don't think so! We remember precious moments spent with our family, with our parents and siblings; simple joys, quiet evenings, and just being there for each other; no money can ever pay for that.