Well, for lots of people it's possible and for others it's not. It's entirely dependant on your personal situation. For us, it's possible with cutting back a lifestyle.

Do you have a mortgage and will you be able to make repayments on one income, as well as insurances, personal loans, credit cards, bills, every day expenses. No one can answer that question for you without looking at your financial situation.

If you're going to do it, I'd suggest having at least a couple of months income in savings just in case (but hey, not everyone can do that).