Whatever the reason, here's how to make the switch from a two-income household to just one. investinyou (In partnership with acorns.)
When my wife and I were expecting the birth of our daughter, we decided she would quit her job in the financial services industry and stay home.
Whatever the reason a working couple is considering going from two incomes to one, this decision can sometimes be overwhelming and even frightening. However, as with many major events, anyone can sail through this transition with proper planning and be glad they made the change.Here's what it takes to become a 401 millionaire at any ageLike us, you may discover some tough choices need to be made, so here are some financial recommendations to consider before taking the plunge.
• Practice makes perfect: As soon as you and your partner are serious about losing one income, begin to live on the remaining salary. Making this change allows you to experience any changes in spending and investing while there is still some margin for error. Before one person submits their resignation letter, a couple needs to consider all the other benefits of a second job as part of your household income.
• Make lifestyle changes to pay the bills: As you practice living on one income, there may be some lifestyle adjustments. This is why having a firm grasp on fixed and variable expenses is so important.
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