If you and your partner are both working, have you ever tried living off one of your pay check’s? You may find your life is a lot more stress-free and you can have peace of mind knowing if something happened you could survive.
We recently had to do this not by choice with me being made redundant but it forced us to really understand our finances and what we were spending month on month.
Here are some benefits that may come if you try it out.
People often worry when they are going to have a baby about one person not having a regular income. Whether or not you are pregnant now or are thinking about it, it is a good idea to try just living off one paycheck to see if it can be done.
This will give you peace of mind that once the baby arrives you will still be able to manage all your household expenses and bills. It also will force you to start managing your money before rather than add an extra stress with a new born.
You can pay down debt
If you have a whole person’s income free to add to your debts you will pay them off a lot faster, thus reducing any extra interest you may be paying. Most people dream about being debt free-this is a simple way to achieve that.
Build up savings
Everyone should have even a small emergency fund on hand in case something happens. The more you have in there, the less stress you will have knowing that you can cover any emergencies. It also allows you to work towards a dream holiday or purchase-the benefit is that you will get there a lot quicker.
Allows you to focus on needs
The amount of money we used to waste collectively was ridiculous. The more you have, the more you spend. Cutting back on funds available allows you to re-evaluate the essentials and it may be a good way to modify your spending behaviours.
You can stress less
Money is stressful. It can cause huge problems in terms of health and marital harmony. By increasing your savings and reducing your debt you will find you probably are a lot less stressed. This probably comes also from the fact that living off one income will also force you to live a simpler life as you cut back on non-essential items.
Life is stressful enough nowadays so if you can reduce one huge aspect of that you will find you probably have a much better quality of life!
Before someone screams in outrage, I recognise that this is not going to be achieved by everyone. If you can give it a trial period and see if it works. It may take a few months before you find your way but hey if you can pay off a debt or go on a nice holiday why not.