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, but 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 person's entire salary straight into savings.
00:17A 2019 Go Banking Rate survey finds 69% of Americans have less than $1,000 in savings, so 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 much faster.
00:34It also gives you flexibility in the event one person becomes unemployed or you have kids 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 gas to groceries.
00:51It may not be possible for everyone, but the goal is to rely less on that second income to give you financial freedom and protect yourselves from the unknown.