How to Manage and Balance Your Family Finances With a Single Income Stream Here's how to live and properly talk with your partner about subsisting on one household income.
By Phil Town
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In this video, Entrepreneur Network partner Phil Town discusses how to save money for your goals when you only have one source of income. Town recommends the following:
- Create a strict budget. The budget will be divided into three categories:
- Essentials
- Investing
- Non-essentials
- Communicate with your partner. Often, the partner who is not earning an income can feel left out. In order to balance this dynamic, the individual who is earning the majority of the money can pass the management of the money over to his or her partner.
- Keep your lifestyle in check. Spend within a reasonable budget on the essential and non-essential items. Town emphasizes there is a unique merit to buying items used — in fact, his own childhood experiences buying used items helped instill values within him to last his lifetime.
- Don't accumulate unecessary debt. However, you should spend on necessary debt, like buying a dependable home or educating yourself to climb the career ladder.
Click the video to hear all of Phil Town's tips on living on a single income stream.
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