7 steps to living on one family income
Get on the same page with your partner It is critical to have a frank conversation with your spouse about why you're making the choice to live on one family income."Be sure to talk about all aspects of this decision, making sure this is a comfortable, mutual agreement," says Judy Lawrence, a financial counselor in Albuquerque, N.M., and author of "The Budget Kit: The Common Cents Money Management Workbook."Feelings of ownership over money can be a thorny issue for one-income families, as the spouse earning the money may feel more entitled to spend it. Establishing a personal allowance for both partners can reduce those feelings, says Ben Gilbert, a Certified Financial Planner with Silver Oak Advisory Group in Portland, Ore.