If you are retired or still working and are married with two incomes, what would you do if you lost one of your incomes? What would you give up?
Over the years I have helped a lot of people who had debt problems. Some got in debt trouble by spending too much, to medical bills, to educational loans, previous divorce or many other causes.
If you have your income cut in half by the loss of one income what would you do. It is no fun and especially if you both are retired. It could mean trying to find any work you can if your body is able too. But it may take time finding work or finding work that makes up the loss of income. It helps a lot if you live debt free but if you don’t then you may have some major choices to make.
If you have the following bills which one be able to pay each month?
– Your house payment or rent payment
– Your car loans?
– You’re Credit Card Bills?
– Food on your table?
– Your student loans?
– Other loan payments?
It is a hard time for a family to decide what to do. Would you be able to still live your retirement life you want or not? How would it affect your future plans for your kids’ education? Grandkids? Travel?
If it is a temporary loss of income you may have to take a look at cutting back on expenses such as;
– Cell Phone Bills
– Sell one of your cars if two of them?
– Gym membership cancel?
– Cancel Cable or Internet?
– Cut your food expense back by not eating out or eating expensive foods?
– Give up some of your hobbies?
– Cut back on the gifts you give?
– Cut back on your clothing expenses?
It is amazing such as clothes how many clothes you probably have in your closet, dresser or in storage that you don’t work. Since we moved to Arizona I hardly buy any clothes and have been wearing clothes that I found in storage when we moved that I had forgot about.
We have found since we have moved so many areas that we have been able to save money on and still live a fun and exciting life here in Arizona. I know I feel like I am on vacation everyday we live down here. We still take at least three mini vacations a year also. Life is good.
Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people people retire early, enjoy life more and be more successful. Also please see my Disclaimer page.
Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.
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Bruce of MillsWay.com