How (and Why) to Live on One Income in a Two-Income Household
Although we are embarking on year three of the Covid-19 pandemic, things look a little brighter with vaccine rollouts, booster availability, and at-home test access. As we continue to reach our quest of more normalcy in our work and family life, now could be the time to reevaluate your financial goals.
If you depleted your emergency fund, tapped into your retirement savings, or had to take on more debt due to a loss in income, it may be time to try a new strategy to build back your wealth for financial security.
If you're in a two-income household, consider banking one income to increase your savings, pay down high-interest credit cards, or build back your emergency fund. We've asked financial experts about why you should think about living on one income—and how to make it happen without it feeling like a punishment.