The Transition To The Single Lifestyle Is Harder With Two Mouths To Feed

We have all been there at some point. We are living life on a steady track until something hits us. Whether planned or not, changes make us alter our course. So, how do we manage?

The Change Is Real

Living a financially free life is great when everything is working as it should. Unfortunately, even the best intentions to make life easier, actually make it harder. One of these examples is a sudden change in income status. For example, a married family with two separate jobs may suddenly have to live off one temporarily or indefinitely. All of the circumstances are different, but the initial shock is likely the same. Even if you have planned out this transition to the single “income” lifestyle, mentally it can take a tole. It becomes especially difficult when the change is not planned or rushed. In many of these cases, it is due to a sudden loss of job through unforeseen circumstances. Thankfully, there is hope and it is not the end of the world (although it might feel like it).

Fighting The Fear With Logic

If you have followed this blog for any period of time, you will know what I am about to talk about. Yes, it is budgeting. However, this one takes a slight detour. Hopefully, you have followed some of the other steps we talk about with building a budget and setting up enough savings to cover expenses for six months. If not, this might be a bit harder for you, but not impossible. If this is a planned transition into a new job, understand that this slight drop in the functionality of your budget is only temporary. You will soon be back to two incomes or you have made the appropriate plans to live off of one with some modifications. If this is a sudden change, you will need to calmly assess your situation. Ultimately, you need to understand this is temporary/planned and this is not cause to freak out.

Taking The Appropriate Action

Although I cannot speak to all scenarios personally, I can speak to my own. I am currently under more financial stress than normal due to my wife. As a result of recent decisions, I am going to contend with a single “income” lifestyle for a bit. The good news is it was planned, and she is transitioning into a new job shortly. However, the paychecks are going to be delayed for the full value as much as a month. This puts our budgeting tactics at odds due to the current planning of having two incomes. I have made plans to help mitigate the risk with our six months of expenses saved, but I am trying not to touch it as much.  For us, it is going to be a rough month or so ensuring we walk a tight line of frugality while also making sure the bills are paid.

Planning For The Unforeseen

Obviously, this situation was planned. It wasn’t planned as well as I wanted, but it was planned. These do not always work out this way, but it is very important to have a backup. In most cases, it would be having six or more months of expenses saved up. It is also important to remember, there is no job “beneath” you. For example, if you are out of a job and need money, fast food restaurants are always hiring. Other minimum wage establishments will hire you. You have to be willing to make the choice to keep your finances in order, regardless of the pride costs. Hopefully, it will not come to this, and you will be able to find a reasonably paying job shortly. Remember to keep your budget up to date, and use it to plan out your next moves with this kind of situation.