From Two Incomes to One: What to do?
Relying on two incomes is much easier than relying on one; there is no doubt about this. And while some couples voluntarily cut out one income others are forced into this. If you are in the latter group what are you going to do to make ends meet? With the unemployment rate increasing more and more families are being forced to live on one income. While this is never easy there are some tips you can follow:
1. Cut back on all non-essentials. If you move from two incomes to one you need to cut back on your expenses. Anything you do not absolutely need should be cut out for the time being. Will this hurt? Probably. But until you get back on your feet this is something that must be done.
2. File for unemployment benefits. It is important to file for unemployment benefits if you are eligible. As you know, you can receive benefits if you are laid off but not if you quit or are fired. If you are eligible you should definitely apply. This is “free money” that you can use to get by while searching for a new job.
3. Search for a second income. No matter if it is you or your spouse who lost their job it is important to search for new employment right away. Remember, you are never going to get back to two incomes if you don’t try to find a new position.
If you suddenly find yourself living on one income instead of two follow the tips above to stay afloat until things get better.
This entry was posted on Sunday, December 28th, 2008 at 5:02 am and is filed under Financial Planning. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
