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5 Strategies for Surviving on One Income

Are you really ready to give up that second paycheque? Staying home with the kids has many benefits, but in order to succeed, you'll need a clear and focused financial plan. Follow these steps to make sure that you're ready to face up to your decision.

From: How to Pay Less for Just About Anything, Reader's Digest Canada

1. Needs vs. Wants

Put together a detailed cash flow chart, tracking all money coming in and going out. Divide your expenses (what’s going out) into "needs" (like rent or mortgage, utilities, transportation, etc.) and "wants" (vacation expenses, the occasional movie or dinner out, etc.).

 

 

 

 

Tags: single income family | budget | advice

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