Consumer Tip: Learn to Live on One Income

Your daily money bite

If you or your spouse has recently become unemployed, you’ll have to make a few adjustments. First, discover where money leaks are occurring. Examine your expenses and detect what you can cut out.

Next, add income. Often, cutting back isn’t enough. Even if it means one of you has to take a job you feel is below your skill level, do what you can to bring in extra cash.

Finally, once you’ve recovered, put preventive measures in place. Continue to live as if one spouse still has not found a job.

Don’t use the second income as an excuse to spend like you did before.

For more on this topic, see Merging Finances with Your Spouse.