How to Go From Two Incomes to One
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 5 April 2021
⏱️ 7 minutes
🧾️ Download transcript
Summary
Whether it's because of changing careers, preparing for a child, or some other life event, you and your partner may need to downsize from two incomes to one. This has a major impact to your budget! But, with some planning, you can make a smooth transition. The easiest way, Jesse says, is to live on a single income before actually losing the second income. With a little help from YNAB, you can practice this and ensure that when the second income goes away, you know how to make your dollars stretch without stress.
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Transcript
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| 0:00.0 | Hello, Weinabbers. My name is Jesse Meakum and this is podcast number 481 for Weinabber. |
| 0:09.4 | We teach you four rules to help you stop if you paycheck to paycheck, get out of debt |
| 0:12.4 | and save more money. What if you're thinking about not just breaking the paycheck to paycheck |
| 0:16.1 | cycle, but what if you're thinking paycheck instead of paycheck? What if you are considering |
| 0:21.5 | going from two incomes down to one? Now in this instance, this few minutes, I am talking |
| 0:26.8 | about the voluntary decision to go from two incomes down to one. There are times we all |
| 0:32.0 | know where we have employment issues and you have involuntarily been told that you are |
| 0:39.1 | going from two incomes to one or one income to zero. That is not what we're talking about |
| 0:43.5 | today. Today we're talking about the kind of looking forward strategic decision for any |
| 0:49.7 | number of reasons. Why you might say, you know what? I think we're just going to move |
| 0:53.4 | from two incomes to one. We're going to move to a single income household. The best |
| 0:59.6 | way that you can possibly go about doing this is to do it before you actually do it. |
| 1:06.9 | So we had a video a little while back on YouTube from our very own Hannah. If you've watched |
| 1:11.6 | they heard it from Hannah series, then you know all about Hannah. And she mentioned doing |
| 1:16.0 | this with kind of plain pretend. Essentially you're you're forecast and you're pretending |
| 1:21.1 | that something is a bill already and then you're budgeting as if it's reality and you |
| 1:25.7 | can do just that in YNAB with this idea of going from two incomes down to one. Now this |
| 1:30.8 | one's interesting and it's not just like could I afford, you know, to have my rent go |
| 1:36.3 | from $1,300 to $1,600 or something like that? Or could I afford to take a salary hit |
| 1:42.8 | from $80,000 to $75,000 and see how that affects your budget? This one's a little more dynamic. |
| 1:48.6 | There are more variables at play because you're talking about changing some financial infrastructure |
| 1:53.7 | of the house. It would be like saying we're going to not just downsize our homes. We can |
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