How You Can Become a Single Income Family
Deciding to become a single income family is not one to be taken lightly. If both adults were working, there will be a dramatic drop in income and could have a noticeable effect on finances. Many couples decide to become a single income family with the arrival of children. With proper planning, a single income household can be just as successful as a dual income household.
The first thing to figure out is your debt to income ratio and to see if having one income is feasible at this point. The next aspect is to consider if having one income will be enough to cover any future emergencies that may happen.
Having a monthly budget and sticking to it will be the key to the success of a single income family household. Extra, non-required spending may have to be limited. Eating out and shopping may not be a regular part of the budget now.