Short & Simple
"Moving from two incomes to one"
It’s tough moving from two incomes to one, but sometimes it’s for the best and with a little planning, sacrifice, and faith, can be done. Here’s how to make the transition a little easier.
1. Look into what expenses will diminish once you stop working.
2. Make sure you know if there will be any adjustments to be made to health insurance, life insurance, and retirement with the income change.
3. Make a list of all the benefits that will come with one of you not working anymore.
4. Decide on expenses you can do without at home, such as cable, high speed Internet, and cell phones?
5. Are there things you used to pay others to do that you will be able to do now that you’re not working?
6. Sell or trade your second car to save you money both in the car payment and in reduced insurance and maintenance fees.
7. Eliminate unnecessary expenses.
8. Examine your grocery budget. Make a monthly and weekly menu to save money. Try to back off on prepared foods and eating out. Use coupons.
Consider working from home.
It’s tough moving from two incomes to one, but sometimes it’s for the best and with a little planning, sacrifice, and faith, can be done. Here’s how to make the transition a little easier.
1. Look into what expenses will diminish once you stop working.
2. Make sure you know if there will be any adjustments to be made to health insurance, life insurance, and retirement with the income change.
3. Make a list of all the benefits that will come with one of you not working anymore.
4. Decide on expenses you can do without at home, such as cable, high speed Internet, and cell phones?
5. Are there things you used to pay others to do that you will be able to do now that you’re not working?
6. Sell or trade your second car to save you money both in the car payment and in reduced insurance and maintenance fees.
7. Eliminate unnecessary expenses.
8. Examine your grocery budget. Make a monthly and weekly menu to save money. Try to back off on prepared foods and eating out. Use coupons.
Consider working from home.