Living On One Income: How Families Can Make the Switch

Are you thinking of switching over to become a single income family? Learn the strategies and tactics families can use to make the transition easier on your finances! Switching to a One Income Family There are many great reasons why a family may decide to transition to a single income. For some they're anticipating kids and one of them will be staying at home to care for them. Others may be thinking of a career switch and so they're going to go back to school either for a certification or degree. Or you've decided to start a business and so it's more practical to budget for one income while that business gets off the ground. For us personally, it was a bit of a necessity. At the time we were married, I was wrapping up my senior year in college and was working as an intern. The pay was good, but there was no guarantee it would continue beyond the semester. We decided to play it safe and base our budget on one income. Looking back, that decision has been a game changer for us. We actually decided to use that as the basis for our family finances. We kept that mentality of basing our essentials on one income and then use the second to speed things up, like paying off debt. Savings and yes, having some fun. Any of these cases may be true for you. So, how do you make this transition work, especially when it comes to your finances? Joe Mecca from Coastal Credit Union is back on the podcast to share his take as  his family recently made the transition to prepare for their daughter's arrival.  In this episode, we get into: Setting up your finances and budget What you need to change and update with insurance and other finances Doing a test run of the new budget Even though our conversation is coming from a family, having a stay at home parent. There are a lot of principles that can be used in your family for your particular situation. We have a lot to cover, so let's get started! Resources to Shift to Living on One Income Here are some resources to make managing your money much easier! Best Budget and Money Apps: Personal Capital, Tiller, Mint Grab Your Copy: Jumpstart Your Marriage and Your Money Our Financial System That Help Us Hit CoastFI Open Up Your Brokerage Account: Vanguard, M1 Finance, Fidelity Why We Started Living Off of One Income The Completely Achievable Path to Becoming a One-Income Family Stacked Book Tour  Raleigh Stacked Book Tour Stop: Grab your free ticket! Thank You to Our Sponsor Coastal! Support for this podcast comes from Coastal Credit Union! If you're living in the Raleigh Durham area and looking to bank better, come check out Coastal today. As a credit union, Coastal serves its members first including an annual loyalty bonus. We've been members for years and love their service and competitive rates on checking and savings accounts! Rollover Your 401(k) Easily with Capitalize We're grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier.  Did you know that it's estimated that there are currently over 24 million "forgotten" 401(k) accounts? In fact, the average American changes jobs every 4 years.  And because of the Great Resignation, you or someone you know might be changing jobs even more  It's an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with? One huge benefit with an IRA is you get to choose how your money is invested, not your old employer.  If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.   With Capitalize, they handle the process from start-to-finish – for FREE. They handle the process from start-to-finish, and yes that includes calling the 401(k) provider on your behalf.  Find out how and get started today!  Photo by Josh Willink from Pexels