Recast your savings strategy7 of 9Just because you plan to live on one family income doesn't mean you have to give up that other paycheck.Keeping two incomes but relying only on one for living expenses can open up a world of savings opportunities for things such as starting a business, planning for retirement or building a cash reserve in case of a layoff, experts say."A lot of people use one income for the necessities -- the actual mortgage, the transportation expenses, the food," Backon says. "Then, they use the other income for things they could at some point do without."<< Back to the Frugal Living Guide. Related Articles:Save money on groceries10 ways to save on carsTweet for sweet dealsGroup buying saves moneyRelated Links:331 ways to cut costs!Saving goals calculator100 tips to help you saveSaving on foodadvertisement
Just because you plan to live on one family income doesn't mean you have to give up that other paycheck.
Keeping two incomes but relying only on one for living expenses can open up a world of savings opportunities for things such as starting a business, planning for retirement or building a cash reserve in case of a layoff, experts say.
"A lot of people use one income for the necessities -- the actual mortgage, the transportation expenses, the food," Backon says. "Then, they use the other income for things they could at some point do without."
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