Finances

Finances can be a huge stress and burden in marriages and families. So many people have to have both parents working, rather than one staying home with the kids. 

What about the families that are making the transition from both the husband and wife working to just one income? Here are some steps to consider as you do this.

1. Inventory: Track how much money is coming in and how much is spent on what. This helps to see if all expenditures are necessary. How much money is being spent on your needs? How much money is being spent on your wants? What is technically a need or want? It's important to figure out what you should really be spending your money on, and what you don't really need to be spending your money on. 

2. Advice: Sometimes people need an outside look on what they're spending their money on, and what's necessary and what's not. This helps you receive "tough love." An outside perspective can help you decipher between needs and wants, without being biased.

3. Move Quickly: Sometimes you have to go down to one income unexpectedly. No matter what the situation is: Move quickly! You can't wait until you run out of money to put your plans into action. The faster you start implementing your budget, the better off you'll be!

4. Make a Budget: You must take the information you got from your inventory and make a plan where you spend less money than you make. You can't spend more money than you're making. There are some categories where you can't change how much your spending, like bills. Other categories can be reduced or gotten rid of completely, like food or going out to eat or clothes. If there's money leftover from the income, put it into savings! This can help to create an emergency fund. You never know what's going to happen or what will bring extra bills or expenses. 

Make sure to be patient! Budgeting can be hard, and sometimes people have a hard time sticking to a budget or slip up every now and then. It's so important to stick with it! Your attitude will make a huge difference in being able to be persistent and patient. Stay positive! 

Source: http://www.deseretnews.com/article/765556846/Staying-at-home-How-to-downsize-from-dual-to-single-income.html