July 15, 2014
Consumer Tip of the Day: Couples, Learn to Live on One Income
If you or your spouse has recently become unemployed, you’ll have to make a few adjustments.
First, discover where money leaks are occurring. Examine your expenses and detect what you can cut out.
Next, add income. Often, cutting back isn’t enough. Even if it means one of you has to take a job you feel is below your skill level, do what you can to bring in extra cash.
Finally, once you’ve recovered, put preventive measures in place. Continue to live as if one spouse still has not found a job. Surprisingly, some studies show that two-income households tend to be worse off than single-income households. This is likely due to overspending. Once things are back to normal, don’t use the second income as an excuse to spend like you did before.
Check out this handy infographic on two-income households by nowsourcing.com.