- Make a plan for an emergency fund
Going from two incomes to one can require some financial adjustments so it’s important that you and your spouse create a plan of action.
While you may lose one income stream, the bills will continue to come. fPut your options on the table and decide on what best fits your anticipated new financial lifestyle.
To start with, you’ll have to establish or beef up your emergency fund.
Life happens, and you wouldn’t want to get caught up empty-handed during an emergency.
When the roof leaks, the car needs a repair, or when you need to take a family member to the ER, you want to have some money on hand, just in case.
Otherwise, you might resort to taking on more debts, which is not ideal, especially now that you only have one income.
- Plan for debts and other financial obligations
If you still have debts to pay,  make sure that you can still manage your financial obligations when your family income is reduced to one paycheck.
Come up with a new debt repayment plan that fits your new financial setup. Learning how to live frugally and pay off debt is essential so you can keep making financial progress even with limited income.
Finally, consider looking into your other financial obligations, such as insurance.
It helps to determine whether you need the same coverage, or if it helps to switch to a new policy or company where you can get ample coverage but with lower costs.
3. Create a new budget
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