You can reduce to a single income even in the current economy. The fact is that more couples depend on two incomes than ever to fulfill their monthly financial obligations. Statistics show that almost 79% of married couples today believe that both spouses have a job. This figure increased from 66% in 1977. However, even in the light of this fact, there is still a chance of survival at the expense of one income.
Even in spite of the fact that the chances for you are absolutely small, it is not as bad to cut your family’s income in half as it seems. In fact, with careful planning and willingness to make reductions when necessary, this is certainly feasible through Crawfort Singapore. However, let’s take a closer look at some ideas that can help you become a single-income family.
Make sure you and your partner are on the same page.
The number one goal here is to be open, honest and honest about what each of you thinks about the idea of reducing to a single income. Communication throughout the process is the key to making decisions of this magnitude.
Scheduling your budget
As often happens when there are two incomes, the budget is rather low in the list of priorities. However, if you think that now is the time to minimize one income in order to pursue other interests, for example, listed above, create a budget to go to the top of the list of “unsolved problems”.
Cut items from the Big Ticket
The fact is that when it comes to giving up some lattes, so that finances go further, and this is not a bad idea, it is unlikely to be of great importance. Some really heavy hitters, to consider, could include selling a vehicle. In the end, one of you stays at home, and if you are serious about a single income for good reasons, this can be a good start.
No more keeping up with Joneses
Many families nowadays usually do not cease to believe that most of their income is not needed. It is a fact that many, unknowingly, put themselves in the category of those who keep up with the trends of modern society.
Do not cut too much
When reducing to a single income should be borne in mind that you cannot change your long-term savings plan in the short term. The fact that he has twenty or more years before retirement looks to his face is not a reason to stop planning his retirement, because this will happen.
Give it a performance test
Before resigning, live the time as if you had only one income. Take every cent of the second income and put it on a special savings account and don’t touch it. In this way, you can get real feeling without sacrificing this second work.
