My wife and I make $450k each but my wife wants to quit work - what should we do to prepare for such a drastic change?
Briefly

from 24/7 Wall St.3 months ago
Transitioning from a dual to a single income requires thorough planning, evaluating both financial and emotional factors to ensure a smooth adjustment.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/16/my-wife-and-i-make-450k-each-but-my-wife-wants-to-quit-work-what-should-we-do-to-prepare-for-such-a-drastic-change/
Understanding your current cash flow, including monthly expenses and savings goals, is crucial before making the decision to switch to a single income.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/16/my-wife-and-i-make-450k-each-but-my-wife-wants-to-quit-work-what-should-we-do-to-prepare-for-such-a-drastic-change/
Recalculating your budget is essential when moving from a dual to a single income, as it can greatly impact discretionary spending and financial goals.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/16/my-wife-and-i-make-450k-each-but-my-wife-wants-to-quit-work-what-should-we-do-to-prepare-for-such-a-drastic-change/
Cutting back on non-essential expenses, such as travel and dining out, can be a key strategy for managing finances on a reduced income.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/16/my-wife-and-i-make-450k-each-but-my-wife-wants-to-quit-work-what-should-we-do-to-prepare-for-such-a-drastic-change/
Read at 24/7 Wall St.
#financial-planning #single-income-households #budgeting #lifestyle-changes #dual-income-to-single-income-transition
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