4. Prepare before another disaster strikes. Once the situation has been resolved, use it as a life lesson. After you’ve recovered, take time to put preventive measures in place. Continue to live as if one spouse still has not found a job. Don’t use the second income as an excuse to spend like you did before.
Timmons suggests adjusting your budget so that every bill is paid on one salary and whatever is left over is put away in savings. Ideally, the higher salary would be the one you and your spouse would live on and the lower salary would be put in the bank.
“I always suggest that couples try to live on one salary or one-and-a-half salaries even when things are going well. That is probably the most strategic, proactive, and protective measure you can take.”
Timmons says banking one salary should be a two-pronged approach: “One is to have liquidity. The other part involves working toward long-term objectives and goals such as retirement.”
Article Appeared @http://www.blackenterprise.com/money/love-and-money-dealing-with-financial-crisis/