How to Manage and Balance Your Family Finances With a Single Income Stream

Here's how to live and properly talk with your partner about subsisting on one household income.

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
2 min read
Opinions expressed by Entrepreneur contributors are their own.

In this video, Entrepreneur Network partner Phil Town discusses how to save for your goals when you only have one source of . Town recommends the following:

  1. Create a strict budget. The budget will be divided into three categories:
    1. Essentials
    2. Investing
    3. Non-essentials
  2. Communicate with your partner. Often, the partner who is not earning an income can feel left out. In order to balance this dynamic, the individual who is earning the majority of the money can pass the management of the money over to his or her partner. 
  3. Keep your lifestyle in check. Spend within a reasonable budget on the essential and non-essential items. Town emphasizes there is a unique merit to buying items used — in fact, his own childhood experiences buying used items helped instill values within him to last his lifetime.
  4. Don't accumulate unecessary . However, you should spend on necessary debt, like buying a dependable home or educating yourself to climb the career ladder.

Click the video to hear all of Phil Town's tips on living on a single income stream. 

Related: The Right Moment to Buy a Stock at a Great Price

Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate and effectively monetize video and audio content distributed across all digital platforms for the business genre.

EN is partnered with hundreds of top YouTube channels in the business vertical. Watch video from our network partners on demand on RokuApple TV and the Entrepreneur App available on iOS and Android devices.

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! Plus, enjoy a FREE 1-year Entrepreneur magazine subscription.
Entrepreneur Store scours the web for the newest software, gadgets & web services. Explore our giveaways, bundles, "Pay What You Want" deals & more.

Latest on Entrepreneur