Recast your savings strategy
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."