Carefully map out your budget
Don't resign yourself to an all-ramen noodle diet without first setting a detailed budget for living on one family income.
"Once a couple can see what their obligations are, they can look at that list and determine what they give up," Lawrence says.
Beyond the mortgage and groceries, the budget should also include less obvious expenses such as life insurance and disability coverage, Gilbert says.
Set spending priorities and adjust your budget accordingly, Lawrence says. Should you give up dining out, or weekend entertainment, or both? Re-evaluate fixed expenses such as cable, cell phone payments and monthly subscriptions.