How hard can it possibly be to switch from two incomes to one income? This is a huge problem for couples who decide to have a child for the first time and want the wife to stay home. Or when a spouse loses their job suddenly. There are a lot of different situations in which this happens, but how easy is it? It can be a very difficult challenge.

One of the first things you can do is budget. If you are already budgeting, go over your budget and keep track of each transaction, including vending machine runs, soft drink stops, and other small things that are often forgotten about. In order to make a change, you must adjust and start saving immediately.

The best thing to do is to start living off of one income as soon as possible and save the rest you have left. Some couples live off of one income from the very beginning so when they have children or other life emergencies come up, they have savings in the bank and a good system already in place. But for those who didn't start out like that, making the change sooner rather than later will help you get a head start.

My parents lived off one income throughout my early elementary school years. When they separated in 4th grade, my mom had to get a job and support us, as my dad was paying off debt and she wasn't allowing him to see us for awhile. In order to supplement the income lost in the separation, my mother worked jobs that didn't need a lot of qualifications and sometimes worked two jobs. This was really hard. While it isn't a dual income to single income situation, it mirrors the financial responsibility and care we should take when we are financially stable. While not everyone wants to live frugally their entire life, periods of frugality and care in spending can help you to stay our of debt and other tough situations. If my parents had been better about saving when my parents were together and had borrowed and spent less, the separation might have been less of a financial burden on all of us.