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Becoming a single income family can be an incredibly rewarding decision. And given how a large number of families have made this arrangement work, so can you. Taking some intentional steps with your financial and life decisions will help you thrive as you transition to a single income family.

Take a Good Hard Look at Your Money

While making a decision to live on one paycheck is something that may happen overnight. Before making any drastic changes to your lifestyle, it's a good idea to understand what your finances look like — including your budget. Taking a careful look at necessary expenses will help you understand how much you're spending and whether you can reasonably afford to live on one paycheck. It might mean cutting back on some things such as dining out, luxury vacations, and even the occasional shopping trip.

But you can start by practicing now — try living as if you're a single income family. Only use your (or your spouse's) paycheck and set aside the other as part of an emergency savings account. The amount you set aside will help prepare in the event your spouse loses their job or other unexpected expenses arise.

If you do find it difficult to live off of one paycheck, take another look at your expenses and work to adjust accordingly.

Embrace Your Community

It can be difficult to leave the office and the personal and professional relationships made there. It's important that the person who isn't contributing financially to feel like they're still connected with others. This can include getting to know your neighbors and helping out around your community.

Be intentional about seeking out other parents or others with similar interests as you. Who knows, you could do your community a service by sharing your knowledge, babysitting, or even volunteering at charity events.

Consider Temporary or Part-Time Work

If you find that your budget isn't balancing or that it doesn't make financial sense to live on one paycheck, it doesn't mean that it's not an option. Many families have made it work by having one spouse take on a part-time or temporary job to alleviate financial burdens. Just because you want a more flexible schedule, it doesn't mean that you need to completely leave the workforce. Before looking elsewhere, talk to your current employer. Who knows, they may be able to offer you a more flexible arrangement and even let you return to work full-time if you so choose.

There are so many advantages for one parent to stay at home with young children. While it may seem impossible to do so, keep reminding yourself of the intangible benefits that come with it — deepening relationships, a flexible schedule, and fewer expenses.

Disclosures

This information and recommendations contained herein is compiled from sources deemed reliable, but is not represented to be accurate or complete. In providing this information, neither KeyBank nor its affiliates are acting as your agent or is offering any tax, accounting, or legal advice.

By selecting any external link on www.Key.com, you will leave the KeyBank website and jump to an unaffiliated third party website that may offer a different privacy policy and level of security. The third party is responsible for website content and system availability. KeyBank does not offer, endorse, recommend, or guarantee any product or service available on that entity's website.

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