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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
Changes in child care, added family responsibilities or reduced work flexibility may have you rethinking your family's dual-income status. Shifting from two incomes to one requires financial discipline and a change in your overall mindset. If you've decided to become a single-income family, the key is to plan ahead and slowly adjust your lifestyle, spending and savings goals.
Rather than focusing on a loss of income, weigh cost savings into your decision on whether or not to become a single-income family. You can rework your household budget and make financial moves that help ease the transition from two salaries to one.
In the end, you may find that the changes in your budget are more manageable than you initially expected, and the benefits you gain may be worth the cost to you and your family.
Single-income families still need to keep up with savings goals. Whichever partner is working can still contribute fully to their 401(k) plan to maximize tax benefits and potential employee match. Try to maintain your additional savings goals, even if it means diverting money straight from your paycheck to a savings account before you have a chance to spend it.
If you have young children, it's never too early to open a 529 college savings plan. Small amounts will compound over the years and assist with future college expenses.
When deciding whether to have one or two incomes for your family, lifestyle changes are an important factor. You'll reap some nonfinancial benefits that may be well worth the temporary decrease in household income.
Stepping out of the workforce doesn't necessarily mean you're making a permanent decision to rely on a single income stream. According to a Bureau of Labor Statistics survey, 33% of households surveyed with kids under six years old were single-income families, but the percentage dropped to 19.6% for households with kids 12 years and older.
At some point in the future, it may make sense for you to become a dual-income family again—but right now, focus on what's best for you and your family. The first step is to weigh the financial gains of having two incomes against other lifestyle factors that are important to you. This will help you make the right decision for your career, retirement and other financial goals.
Nerre Shuriah
JD, LLM, CM&AA, CBEC® | Senior Director of Wealth Planning
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