Elizabeth Badejo
eb_africadreamwedding@yahoo.com
07088694961
Marriage like every new experience can be exciting but worrying when you think of the commitments that come with it. For better or worse, for richer, for poorer certainly means that every marriage must be firm enough to weather any economic storm; that is facing every financial threat together even though it is difficult to sustain the status quo in reality.
Living on a single income can be tough for many couples but when the expected happens such as redundancy or health issues it can have a negative impact on their marriage if money means everything to them; for some couple, money can mean security and for others it can mean control.
An English Philosopher Francis Bacon once said, “Money is a great servant but a bad master” however when you both have a wise understanding of the role money play in marriage, you will enjoy a marriage of self-sufficiency and contentment even with one income. The truth is; you can still have great fulfillment in your marriage with one income if you both put strategies in place to manage your finances and prepare for the adjustment by cutting costs in other areas too.
Switch comfort
Living on a single income may mean cutting back on some certain aspects of your lifestyles for a while to accommodate important household expenses. Giving up some comfort is a great way to manage your single income, comfort such as going on regular family holidays, splashing on a new car or even cutting down on weekly take away or dinner outing if that was once a practice.
Multi-task
Staying at home when your spouse goes to work can be depressing especially if you are not making the best use of your free time alone. Being a stay at home husband or wife due to unemployment can become a positive experience especially if you have children who may be thrilled to have your undivided attention. Get more involved in your children’s daily activities. If you enjoy driving, why not do the school run and save the money you would normally pay for the school bus.
Self-development
The end of a job can also mean a new beginning of a new venture for you to explore, think of a business you can do from home while you are waiting to get back to work again or get yourself empowered by learning a new skill. DIY is a good skill to learn and you can spend your time assessing online training to broaden your knowledge. It is also a great idea to keep up with your professional network for prospective jobs too.
Reserve fund
Although keeping a reserve fund may seem impossible when you only have one income, however you can cut back on some of the services you would usually pay for and allow your spouse to take over the tasks at home. If your income can still accommodate these services, consider putting the money away into emergency funds instead and that will also mean that your spouse is technically contributing into the household savings too.
Note: The key to living on one income as a couple is to focus on your family needs and find peace and happiness with one another each day.
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