It’s easy to spend more when you have two incomes in the equation, but if you want to be better prepared for the future, consider pumping the breaks.
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00:00It's easy to spend more when you have two incomes in the equation.
00:05But if you want to be better prepared for the future, consider pumping the brakes.
00:09One way to save big is by living on one person's paycheck, and if doable, putting the other
00:14person's entire salary straight into savings.
00:17A 2019 GoBankingRate survey finds 69% of Americans have less than $1,000 in savings.
00:24So making a budget based on one income can change your mindset and supercharge savings.
00:29That chunk of change could mean a down payment on your first home, or paying off your mortgage
00:33much faster.
00:34It also gives you flexibility in the event one person becomes unemployed, or you have
00:39kids and one partner becomes a stay-at-home parent.
00:42It's also a great way to wrap your head around cutting down expenses.
00:45Look at your budget closely and see where you can cut in every category, from rent to
00:50gas to groceries.
00:51It may not be possible for everyone, but the goal is to rely less on that second income,
00:56to give you financial freedom and protect yourselves from the unknown.