How To Save More Money While You’re Living 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

00:00It'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.