9 Year Mortgage on Living as a One Income Family

9 Year Mortgage knows of the difficulties that plague our nation at this point in time; housing market woes, high unemployment rates, increasing gas prices, and a drastic leap in general living costs. Although 77 percent of the married couples in the U.S. both hold current jobs, there are also nearly 25 percent of families that are struggling to survive on one income. Even some of those families who are fortunate enough to have two incomes are pulling in what one person could make, so the struggles of meeting ends needs are applicable to a range of people regardless of job status. 9 Year Mortgage has compiled a list of steps that one might want to take if you are considering to start living on one income.

9 Year Mortgage Gives 7 Pointers to Living on One Income

It is inevitable that at some point you will encounter the ups and downs of life. You and a spouse could be expecting a child or a move, maybe one of you is going to continue your education, or perhaps your experiencing a layoff. Regardless of the situation, there will always be great odds that we are asked to overcome; and 9 Year Mortgage is here to offer some advice on how to get through the sticky situations when you find your family is trying to get by on one income.

1. Be on the same page: You will not be able to successfully live on one income if you and your significant other are not willing to commit to doing so. You should both understand why this decision is being made and that you are both comfortable with this decision. Beware of feelings of ownership: the spouse who is earning the money might eventually feel more entitled to spend it or feel he or she has the ultimate say on how it is spent. To avoid such a situation, 9 Year Mortgage suggests that you determine an individual monthly allowance for the both of you.

2. Create a strict budget: Just because you have one income doesn’t mean you need to revert back to your starving student college years where so many relied on ramen noodles and mac n’ cheese for substance. Before you make any drastic decisions, 9 Year Mortgage urges you to create a detailed budget: determine what your obligations are and from that point you can start deciding what you can give up. A lot of people who try to cut back on spending often classify the mortgage and groceries as necessities, but forget to include life insurance and disability. Don’t mistake such items as less important purchases when comparing them to eating out, entertainment, cable, and monthly subscriptions.

3. Trim Bigger Items First: What is your largest expense? Mortgage, credit cards, cars, and loans often make up the largest portion of payments that come from ones paycheck. Try to get rid of or reduce these payments as much as you can before you go to a single income. Because of the recent housing market, selling the house for a more practical one is not a very good option, however consider renting a room to help pay for the mortgage. If you have a brand new car and a ten year payment, consider selling it for a used car and a two year loan- if you have a car and can’t pay it off is three to four years, the payments are too much for you. If you can take public transportation to work consider selling your car and not replacing it for the time being. All in all, try to pay off any debt that will cause you problems down the road.

4. Stop spending money you don’t have: You’ve all heard the saying “the bigger the better” or “keeping up with the Joneses;” unfortunately such mentality is why so many of us are in financial trouble. For many of us the big house, new car, fancy restaurants, vacations, the new technology, and so on is not realistic for our budgets, but for some reason a majority of people have them. Why do you have such things? If it’s because your friends or neighbors all have them, keep in mind that a majority of them are also neck-deep in debt. If you are planning on living on a single income – you shouldn’t expect to have such items. Try having dinners at home with friends rather than dining out or renting a movie instead of spending $25 to see the latest flick.

5. Don’t cut back too much: The most common situation that 9 Year Mortgage runs into with its clients is a lack of savings. Everyone has their rough times and more often than not savings and retirement funds are the first to stop receiving payments when finances are tight. Many people don’t expect for their engine to blow on their car or to get injured at work and have to retire early, or for that matter even think they are close to retiring. Long term savings is not to be tampered with if you switch to a single income. Also, if your job requires you to meet with clientele over coffee or lunch consider cutting other things from your budget.

6. Restructure your savings strategy: Are you and your spouse working and have no intention to stop? Switching to living a single income lifestyle could still greatly benefit you. Try using one of your incomes for your monthly bills and living expenses and using the other to put towards savings. The options seem endless when you have one person’s pay to put into retirement, savings, rainy-day reserves, business ventures, family vacations and so on. 9 Year Mortgage knows that by putting that extra cash into such accounts will allow you to sleep soundly at night, knowing that you’re financially covered if anything were to unexpectedly happen.

7. Do a trial run: Practice makes perfect, right? Of course! When you have determined how much money is needed to pay the bills and lifestyle necessities, practice using your budget!  Pretend you don’t have that extra money coming in at the moment, and see if you can get by on just the one income. If you find yourself falling short this will give you some extra time to evaluate your planned budget and make the necessary adjustments.

9 Year Mortgage Wraps It Up

Switching to a one income budget and lifestyle can be a doable task if you and your spouse are on the same page. If one of you isn’t determined to make it work, you may need to start looking for an alternative plan. However, 9 Year Mortgage knows that by careful planning, creativity, selflessness, frugality and hard work that a family could survive on a single income. On top of all the money you can save –  in this day and age where instant gratification and the pressure to spend is so prevalent – your ability to save and make adjustments to your lifestyle will give you a great sense of power and control over your financial security.

Will the 9 Year Mortgage Plan Work for Me?

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