2010 Frugal Living Guide
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7 steps to living on one family income

Get on the same page with your partner
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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.


 

 

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