If you have a single income

Distraught family finances from the beginning has two sources of income (income husband and wife), and then changed to just one source of income? This solution of the Financial Planning Consultants, Ligwina Hananto.

Question:
How to manage the family finances from the beginning has two sources of income (income husband and wife) turned out to be only one source of income?

Answer:
First and most important: Come compact face financial changes! Talk to your partner, be more comfortable when they committed the money. Discuss four expenditure categories: (1) Saving or Investment Routine, (2) Installment, (3) Routine expenditures, (4) Expenditures Lifestyle / Personal.

When income is reduced, of course, no one should be revised from earlier budgets. You need to make sure "we're living the lifestyle we deserve." If the first two income reached Rp. 20 million per month, now reduced by half to IDR 10 million per month, then not again posing as a person with income of Rp.20 million per month. There are some preparations that can be done to deal with this transition, namely:

Prepare Emergency Fund, with the calculation:

    Single: 4 times monthly expenses.
    Married: 6 times monthly expenses.
    Married with one child: 9 times monthly expenses.
    Married with more than 2 children: 12 times monthly expenses. Very large number-but do not shock first! Counts are ideal targets Emergency Fund. When the loss of family income, make sure there's Emergency Fund of 1-3 months in order to keep the family's financial stability.

Got a Passive Income
Passive income is income that we receive from the asset, for example, from the results of a business or rental property. Make sure that this result does not go away, but actively reduce dependence payroll partner. So, for example, although the pair stops working and you have to support a family alone for a while, the results of the asset can still be used for monthly investment fund education.

Note Spending Lifestyle
With income reduced by half, would inevitably you have to make adjustments to reduce spending, one of them by lowering the "style". If the transition is abrupt, such as partner fired, the role of an emergency fund is crucial to sustain the cost of living until the couple working again. So check again yes, how many times does your monthly expenses you have an emergency fund? As if ready if you get fired tomorrow?

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