Talk to our finance specialists today 1300 257 426

Helpful Strategies for Single Income Couples

By: Louise Mosqueda0 comments

These days, more and more couples are working jobs to help support their families. However, there are still couples with only one spouse bringing home the bacon. You might think that they are overwhelmed by their finances. But there are ways you can cope with only one income.

Single Income Couples

Depending on your lifestyle, it is possible to make ends meet with only a single paycheck. It’s all a matter of budgeting and setting your priorities as a couple. If you are unsure how to go about in your situation, here are a few strategies you can try for yourself:

Talk about your issues

talk about your issues

When you only have one income, it can get a little tense especially if you are the one with the paychecks. The bills, utilities and groceries are just the tip of the iceberg. Before you get close to exploding, remember that communication is the critical element here.

Talk to them about how you are feeling and how they can help ease your woes. They can help out around the house with the cleaning and cooking, or if it is time for them to get a part-time job themselves.

Make time for fun

make time for fun

As the saying goes: All work and no play make Jack a dull boy. Just because you and your spouse have a limited income does not mean that you cannot have a good time. Go out once a month to see the latest movies, or pamper yourself with a pedicure. Just make sure that you don’t overdo it, and the activities you choose are not too expensive.

Look at your choices

look at your choices

When we are overwhelmed with our expenses, we panic. And when we panic, mistakes are made. That is why it is essential to talk about any issues you are experiencing with your spouse. When you do, you can find solutions to your problems together.

What’s more, it will allow you to look at the bigger picture and can show that you have choices. It can be as small as choosing a cheaper mouthwash or finding a side gig you can do in your free time to help increase your income.

Plan for your future

plan your future

Change is constant, and in a few years, hopefully, you and your spouse will be in a better financial situation. But that change won’t happen unless you instigate. And the first step towards that future you want is planning it together.

Do you plan to have kids in the future and have one parent to take care of them while the other one provides for the family? Or do you see both of yourselves in the workforce in five or ten years’ time? Flesh out your plan and work together towards your ultimate goal in life. Nothing is more romantic than that.

Share financial goals with each other

share financial goals with each other

You and your spouse may be together, but you are both individuals with your own goals and ambitions for yourselves. With that said, it is essential to keep that in mind and set financial goals with each other to keep track of what you want to achieve financially in a few years. Do you plan to own a house or travel somewhere far and exotic? You can only do those things if you have the finances to back it up. These goals are also the perfect way to keep both of you happy and from falling into the void.

Living a frugal lifestyle can be tough, but it is possible. You just have to keep your goals in mind and work towards the future you and your partner have in mind for each other and yourselves.

Related post

Leave A Comment