Survive Being a Single Income

Initially the two, now one income. Here are nine questions that often arise when family income is reduced.

1. What happens when only a single income?

Family lifestyle must be adjusted by income, lower the standard of your previous lifestyle. The sign is there will be a massive overhaul, because it was double-income families or double entry, now there is only one income. You will find it hard to survive when the monthly expenses or lifestyle is still the same family.

2. Was still able to save?

Must! Although only one income, you should still be able to save. Not should be, but it can still save money. Saving one can do, whatever the situation. If you do not save, meaning that your family will live only for today only. In fact, the sustenance that you can these days should be utilized to meet future needs.

3. How do I save? First, set a goal of what you expect from saving.

For example the education fund, vacation fund or emergency fund. Second, separate the money based on the label this goal. Money has properties such as water, can flow anywhere. If you make one, you will be confused see what kind of water. Open a different account to fund education or a vacation fund. The form can be a savings account, time deposit or mutual funds.

4. Need to cut daily needs?

Adjust your spending with current revenues. Make sure the amount of expenditure is not greater than income. Prune unnecessary needs! Live the lifestyle you deserve or can afford.

5. Stop shopping and use credit cards?

Decided to stop or quit shopping a good option for you to do. But, again, this depends on one’s financial condition. If you already have an established budget allocation neat, because you do not need to do a monthly budget or monthly investments or other savings funds will not be disturbed. Likewise, stop credit card.

6. What to do when creating a budget?

Learning to be honest with yourself! Ask yourself, what the basic requirements to be met, postponed or eliminated. Do not hesitate seekers. Do not let you get stuck alone in this problem. Two heads can help you be more objective look at the needs for the sake of your budget.

7. How funds for childbirth or child goes to school?

The cost of labor and the child goes to school will not be a problem if you’ve set up since the beginning, that is a savings account with a different label. If you really do not have savings and your income does not allow used to finance labor or child goes to school, check what items can be sold to cover those needs. Avoid the burden of living in debt because you will increase after the change in the condition of being single income families.

8. Business can be a way out?

Nothing against you to look for extra income to get out of single-income family financial problems. But, if you do have a great desire to do business, take it as your passion or according to your field.

9. What should be prepared to face the single income?

Willing umbrella before it rains. Before the condition of single income families up to you, do:

1. The person who serves as the primary provider of families have life insurance with a sum sufficient or appropriate. Useful when the single income due to death.
2. Each couple has two accounts, namely in the person (personal account) and the joint account.
3. Useful when the single income occurs because of divorce.
4. Create an emergency fund, the amount of approximately as follows:

• Married: 4 x monthly expenditure
• Couple: 6 x monthly expenditure
• Child 1: 9 x monthly expenditure
• Children 2>: 12 x monthly expenditure

These emergency funds can be used for a number of months multiplied by the monthly expenditure. Useful when layoffs become single income family factors.

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