Suze Orman on Oprah: Could YOU live on 1/2?

It's no secret, I'm a huge advocate for living debt-free, having an emergency fund, not wasting money (even if you can!) and I have always been a huge fan of Suze Orman but yesterday, on Oprah, one of the five things she mentioned that we all should be doing in this recession really blew my mind:

Live on 1/2.
[Suze's point was to try and live on 1/2 in the event that one of you lost your job so that you could have a sizeable Emergency Fund saved up and it wouldn't be such a financial blow, as anything can happen and we should all be concerned, especially with job loss up over 4.4 million now in this Country]

What?!?! Yeah, right, as if anyone could live on 1/2 their income in this economy, especially those of us who live in California and have mortgages typically 40-60% of our gross monthly income!

But just for discussion's sake, could YOU live on 1/2?

If you were to entertain this idea, where would you begin to cut back, what things would you be willing to sacrifice, what could you do without and still maintain a somewhat enjoyable life or is enjoyment even a priority at this point? Should we all be focused on survival even IF we are debt-free, have an Emergency Fund, both still have our jobs and live within our means?

And what about families like David & I that have already been living on 1/2 for three years now so, should we be living on half of half, a quarter? I'm not sure that's even possible!!


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