Difference between revisions of "Live on One Income"
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Believe it or not, it is possible for a couple to live on the earnings of only one income. Doing so is not as difficult as you think. Below are some tips and some information to help you decide if one income is right for you. | Believe it or not, it is possible for a couple to live on the earnings of only one income. Doing so is not as difficult as you think. Below are some tips and some information to help you decide if one income is right for you. | ||
[[Category:Finance and Business]] | [[Category:Finance and Business]] | ||
| − | [[Category:Managing Your Money]] | + | [[Category: Managing Your Money]] |
== Steps == | == Steps == | ||
# Prepare in advance if possible. You should try to be prepared for having to live on just one income. Set aside an emergency fund and only use it for emergencies, and craving pizza is not an emergency. Think and research how you can cover the cost of appropriate life or disability insurance, and if required health insurance for the whole family. Try to prepare for these changes yourself, using the internet and free literature from your local library. If you have the resources and need a little extra advice consider a financial advisor, but they can be quite expensive and usually make commission on products they sell you. | # Prepare in advance if possible. You should try to be prepared for having to live on just one income. Set aside an emergency fund and only use it for emergencies, and craving pizza is not an emergency. Think and research how you can cover the cost of appropriate life or disability insurance, and if required health insurance for the whole family. Try to prepare for these changes yourself, using the internet and free literature from your local library. If you have the resources and need a little extra advice consider a financial advisor, but they can be quite expensive and usually make commission on products they sell you. | ||
