As couples look to save, a number of approaches are considered, from paying separate bills to setting aside 30% of your income no matter how much one makes over the other. Lately though, it seems a new pattern has emerged, one that couples have been using for a while but only recently has become popular as an economic strategy.
This tactic is living off of one salary and saving the other. In most cases, you would save the smaller salary and live off of the larger.
Reconciling Spending Habits
Can you quickly scan your lifestyle and confidently say you and your partner could pay bills and sustain an enjoyable life off of only one pay check? In doing a little research, we found that couples have the most trouble with coming to a comfort level on spending habits. Everyone treats money differently and it usually comes from how you were raised. That being said, it is key to note that if you choose this approach, having a set of agreements on spending habits is a must.
A Quick Way to Save
The benefit to this approach is how quickly you can save and even as the economy improves, during these times of uncertainty, having a large savings can protect a family when someone gets laid off, becomes disabled, or can no longer work. With the additional funds, you will be able to sustain your standard of living or at least financially have choices during transitional phases.