Phil's Personal Finance Tip of the Day:
From Two Incomes, to One: How to Make Ends Meet
Published September 04, 2012
FOXBusiness
With unemployment sitting at 8.3%, former dual-income families are working to make ends meet with just one salary coming in a tough economic climate.
The shift to a smaller income stream tends to occur suddenly, and experts advise families adjust budgets and spending habits just as quickly to retain control of the financial household.
“As quickly as possible, really look at your budget and assess your new reality,” says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. “Sitting down, doing the math, and putting it to paper is very important.”
Websites like mint.com or www.merrilledge.com
have tools to help you create a budget. For the pen and paper inclined, write your income in one column and expenses in the other. Compare the numbers and identify areas that can be cut out or reduced. Once you’ve identified your income and expenses, you’ll be better prepared for financial issues and can work to stay out of debt.Read more: http://www.foxbusiness.com/personal-finance/2012/09/04/from-two-incomes-to-one-how-to-make-ends-meet/#ixzz25dHWUNN6
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