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Why Two-Income Households Should Live on ONE Instead (Financial Advice for Couples) - YouTube
Channel: jentalksforever
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hi it's Jen let's talk about our
personal finances in the midst of a
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global pandemic a lot has happened over
the last few months and nobody could
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have ever predicted this businesses have
been closed I mean the entire landscape
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is really changing of the way we work
the way we buy things the way we eat and
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it's pretty crazy time so I just wanted
to share a bit of our story what we've
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been doing and how I feel like we've
been preparing for an emergency
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situation like this even though we
really didn't know and I also wanted to
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share some advice especially if you're
like a twenty-something or a young
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person and you you're trying to figure
out moving forward how you should plan
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out your budget if this is your first
time to the channel I'm Jen
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obviously I used to be a TV producer I
quit a few years ago and now I do you to
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bend a little bit of freelance work on
the side I've talked about her situation
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a bit in the past I have been married to
my husband for the past almost 12 years
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now and we have certainly had our share
of money troubles money fights
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disagreements we used to have a lot of
debt I've talked about this as well we
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had a combined hundred and eighty
thousand dollars in student loan debt
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which we have paid off full so other
than our mortgage we have zero debt so
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that's something that we are very proud
of and that was a huge accomplishment
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and lit weight off our backs and I feel
like doing those things in our past have
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helped prepare us for the future
especially for something like this
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nobody ever could have predicted that
this would happen
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restaurants never thought hey I'm gonna
be forced to close retail stores never
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would have thought hey we're gonna have
to close for months at a time everyone's
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gonna have to wear a mask I mean this is
this is like end times kind of stuff
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right here I will say right off the bat
having a home-based self-employment
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situation I have never been more
grateful for literally YouTube and my
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little bit of freelance work has really
helped keep the household afloat over
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the past few months and I cannot believe
I'm saying that this just totally
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validates my decision to lead a
traditional job before this all went
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down my husband was working at a
more traditional dine in restaurant and
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when this all kind of started to hit the
fan he decided to get another job so
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currently he's delivering pizzas
that's pretty recession encoded proof
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because they already had a business that
relied mostly on takeout and delivery
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and he believes that a lot of the
restaurants that are in that situation
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are gonna be ok
the restaurants that are going to be
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really in trouble are the ones that
relied mostly on dine-in service which is
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a lot of restaurants especially smaller
mom-and-pop restaurants even the
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corporate restaurants are having issues
right now so the pizza place he's at now
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actually has a shortage of drivers and
an insane amount of business it's a very
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well known chain I'm not going to say
which one it is but they're doing just
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fine and he's actually making pretty
good money doing this so if you are
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looking for a job and you have a clean
driving record clean background check
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you could very easily make a few
thousand dollars a month at least
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delivering pizzas so that is an option
if you are out of work and you're
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looking to make some cash guys I really
want to stress the importance of
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budgeting and living below your means
doing those things is going to save you
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from a lot of situations you don't want
to be living paycheck to paycheck you
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don't want to not have any money in the
bank and have no way to pay your rent or
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your mortgage so I want to share some of
the things that my husband and I have
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done over the past 12 years or so to put
us in a better place financially and
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also when situations like this come up
that we are not struggling now we are
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DINKs which is dual income no kids we
are child free by choice and I did a
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video a while ago just explaining the
decision and how we came to that but
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this puts us in a better financial
position now I know I think having
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children and a family is wonderful if
that is what you decide to do but it
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also means your financial picture is
gonna be a lot different than ours since
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we've been together no matter how much
money we were making combined we always
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tried to act like we only had one income
so all of our expenses we really tried
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to budget them so that say we were
making $100,000 our living expenses were
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only fifty thousand and then we would
try to bank the rest
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that money we usually used it to pay off
debt at the time now it's kind of like
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our little bubble and even though my
husband is making a little bit less than
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he was at one of his other jobs we're
still doing okay financially our living
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expenses are a little over half of what
we're currently pulling in combined so
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we're still on that track of living on
one income and I'm telling you guys that
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has made so much of a difference in our
financial situation and if you do it
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you're gonna see it too if you can
afford a $200,000 house get a hundred
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thousand dollar house if you can afford
a five hundred thousand dollar house get
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a two hundred and fifty thousand dollar
house act like you have less money than
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you really do and that's gonna do a few
things one it's going to allow you a bit
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more freedom so if your mortgage is only
$1,000 a month versus $3,000 a month
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you're gonna be able to weather things
like a job loss illness some other type
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of unforeseen situation like Cova 19 a
lot better if you have a thousand dollar
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mortgage versus a three thousand dollar
mortgage you're also going to have more
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flexibility so say if you do want to
have a family and one of you wants to be
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a stay-at-home parent it's gonna be a
lot more doable because you are already
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used to living on one income another
thing is that say you're unhappy at your
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job and you want to switch to a lower
paying job or like our situation I left
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my traditional job took a pay cut to
become a youtuber now this situation
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allowed us to do that but if we had had
a mortgage that was double or triple
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what we had when I when I first did it
that wouldn't have been a possibility so
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there are trade-offs with any decision
you make no matter what you do if you
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want to take more vacations you might
have to drive a crappier car if you want
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to do what I'm doing and work for
yourself but take a pay cut you're gonna
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often have to sacrifice in other areas
as well so just keep that in mind when
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you are making your day-to-day decisions
is that there's gonna be a trade-off
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somewhere and you have to decide what's
important to you what your priorities
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are and what sacrifices are you willing
to make we don't take any vacations I
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know I've done another video just about
stuff we don't buy I'm super cheap for
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the most part and that has really
allowed us a lot more financial freedom
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and provide
freedom to do what we want to do a lot
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of people I know personally have been
furloughed or laid off and households
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may have lost one or both incomes but
I'm telling you if you only live on one
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of those incomes you're gonna be in a
lot better situation then if you're
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living right at the top of your budget
so that's one thing that I think has
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made a huge difference in our financial
picture and in our relationship
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also being out of debt we don't carry a
credit card balance and besides the
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mortgage we do not finance anything I am
NOT one for making monthly payments if I
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have the money to buy something I buy it
if I don't have the cash I don't and
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this is for everybody out there who's
single or dating but you haven't lived
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with anyone or combined finances I
cannot stress enough how important it is
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that you guys are on the same page with
money if you have completely different
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philosophies for how to spend money what
to do with money your relationship is
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gonna have some problems
I can I can tell you that right off the
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bat if you are a spender and your
partner is a saver or you have $200,000
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in debt and your partner has two hundred
thousand dollars in the bank hates debt
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it's gonna cause some friction for sure
and money fights are one of the main
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reasons for divorce so just keep that in
mind that is a really crucial factor in
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a partner that you guys at least are on
the same page have the same goals have
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the same overall philosophy on life and
if you don't have that I'm telling you
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that is a red flag and a potential
deal-breaker and you should really think
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hard about that because it's gonna cause
a lot of problems down the road and
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they're not gonna go away these problems
don't get smaller these problems only
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get magnified with time and I'm telling
you this as someone who's been married
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for almost 12 years now it it's not easy
it's certainly a very very difficult
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thing to to stay together with somebody
because you're different people no
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matter how much you have in common
you're still always gonna have some
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differences but anyways I just wanted to
share a little bit of our financial
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picture and talk about what we've been
doing during this whole thing and how
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we've been prepared there are so many
lessons we can take away from koban 19
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but I want to leave you
with this is that no matter what you're
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doing if you have a regular job I would
really urge and encourage you to find
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other ways of making money outside your
primary job that could be something that
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saves you in the future are also really
maybe builds onto a dream you have and
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allows you to fulfill that someday own
your own business become self-employed
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and have that freedom at the very least
I would tell you please develop some
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sort of side business side hustle or
additional income on top of your primary
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job that can only help you you will
build up your savings be more prepared
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for an emergency
and you don't ever want to put all of
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your eggs in one basket a lot of people
do that with their primary job and I
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think a lot of the people I know have
this false sense of security with job
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stability that just isn't there but I
think the one thing that people are
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really learning about the hard way in
many situations is that your job might
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not be there so that's why it's really
really critical that you develop other
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ways of making money outside just
getting a paycheck from an employer let
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me know below in the comments you have a
side hustle or something you do to make
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additional money let me know below and
I'd love to hear hear what y'all do and
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maybe we can share and help each other
out anyways I'm Jen if you also want to
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see other money videos I've got plenty
of them here on the channel I'll see you
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guys next time
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