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Can One of You Afford to Quit?

TOOLS

Can One of You Afford to Quit?

Before deciding to live on only one income -- to take care of children, go back to school or even start a business -- a two-income family must consider a number of questions. First, can you afford to quit? Besides the reduction of income, you could face a new set of expenses and have to re-examine your saving goals and priorities. This worksheet will help you develop a snapshot of your cash flow before and after these adjustments. Before getting started, gather the records you'll need to calculate your monthly income and expenses: Pay statements, last month's bills, bank statement or checkbook register, investment records and so on.

Monthly Income

	BEFORE	AFTER
Spouse #1 Gross:	$	$
Spouse #2 Gross:	$	$
Interest and Dividends:	$	$
Other:	$	$


Total Monthly Income:	$	$

Monthly Expenses

Fixed Expenses	BEFORE	AFTER
Taxes (federal, state, local and FICA):	$	$
Child Care:	$	$
Commuting:	$	$
Health Insurance & Out-of-Pocket Medical Costs:	$	$
Clothing (purchases/cleaning):	$	$
Food:	$	$
Mortgages & Property Taxes, or Rent:	$	$
Homeowners' or Renters' Insurance:	$	$
Utilities:	$	$
Home Repairs & Improvements:	$	$
Child-Related Costs (diapers, toys, etc.):	$	$
Car Insurance / Maintenance:	$	$
Life Insurance:	$	$
Other:	$	$
Discretionary Spending
Entertainment and Meals Out:	$	$
Vacations:	$	$
Household Help:	$	$
Fees, Dues and Subscriptions:	$	$
Gifts & Charitable Contributions	$	$
Hobbies	$	$
Other:	$	$
Monthly Debt Payments
Credit Cards:	$	$
Home-Equity Line:	$	$
Other (including loans & car payments):	$	$
Monthly Savings
Retirement Savings:	$	$
Education Savings:	$	$
Other:	$	$

	BEFORE	AFTER

Total Monthly Income:	$	$
Total Monthly Expenses:	$	$
Net Monthly Cash Flow (income minus expenses):	$	$

Notes

If your monthly cash flow is negative after dropping the second income, don't despair. Reassess your expenses and trim where you can. Start with your discretionary spending. You also may want to consider refinancing your mortgage to lower your monthly payment, or taking out a home-equity loan or line of credit and using the money to pay off other debts. If cutting expenses isn't enough, you may have to invade savings and investments.

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