It depends on the relationship you have with your spouse. A solid, long term relationship with trust makes this much easier. We've done this for 17 years now

It depends on the relationship you have with your spouse. A solid, long term relationship with trust makes this much easier. We've done this for 17 years now on my salary which has been maybe a little over the national median for software engineers in that time. We live in a median-cost city. Since we are homeschooling, we have avoided communities with high property taxes (we pay 50% less than our neighbors in good school districts). We've had two cars the entire time, although we'll let them age rather than trade them in for newer models. Our house is modest and we were actually able to pay off the mortgage years early. We max out my 401k and our IRA contributions. We don't take fancy vacations, which is more of a personal preference rather than a cost cutting decision. At this point everything is completely commingled financially and we just think of it as our money. Legally that's pretty much the way it is, if we were to get divorced (not going to happen) my wife would be entitled to half of everything (including my 401k). My sister was in a similar situation and I saw this happen in her divorce. So there are safeguards for the non-working spouse. But still, if there isn't a high degree of trust and openness in the relationship it might not be a good idea. It has been great for our children.