Try This One Thing That Could Increase Your Savings In a Two-Income Household

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.

Transcript

00:00 It's easy to spend more when you have two incomes in the equation.

00:05 But if you want to be better prepared for the future, consider pumping the brakes.

00:09 One way to save big is by living on one person's paycheck, and if doable, putting the other

00:14 person's entire salary straight into savings.

00:17 A 2019 GoBankingRate survey finds 69% of Americans have less than $1,000 in savings.

00:24 So making a budget based on one income can change your mindset and supercharge savings.

00:29 That chunk of change could mean a down payment on your first home or paying off your mortgage

00:33 much faster.

00:34 It also gives you flexibility in the event one person becomes unemployed, or you have

00:39 kids and one partner becomes a stay-at-home parent.

00:42 It's also a great way to wrap your head around cutting down expenses.

00:45 Look at your budget closely and see where you can cut in every category, from rent to

00:50 gas to groceries.

00:51 It may not be possible for everyone, but the goal is to rely less on that second income

00:56 to give you financial freedom and protect yourselves from the unknown.

01:00 (upbeat music)