Show I MANAGING YOUR MONEY I How To Handle Income In A Two Pay Check Household If you are a member of a income dual household or expect to be you'll have to come to grips with some special money management problems The Consumer Credit Institute Institute Institute In In- a counseling service of consumer finance com corn companies companies recommends that both wage earners establish a true money management partnership This will take considerable planning and discussion but time will prove that the effort is worthwhile Develop a conservative plan for handling the second paycheck Combine the two take-home take salaries and use half of that amount to meet necessary expenses such as rent or mortgage payments utilities food and clothing Use the remaining half for savings and time one-time cash purchases such as furniture appliances or a vacation A money management plan of this nature keeps your basic living costs down And it offers flexibility One of or the wage earners could stop working temporarily tempo temporarily rarity to return to school or train for a new job The wife might take time out to begin raising a family And if one wage earner is temporarily temporarily tempo tempo- temporarily forced out of work as asa asa asa a result of illness or layoff the family could continue to live at a standard of living that is close to its normal expectations Keep in mind that all income belongs to both members of the husband husband- wife and team Avoid making making mak ing major purchases for cash or without credit discussing the subject and obtaining agreement from the other member of the financial partnership And remember to include personal allowances for both husband and wife Agree on proper amount so each wage earner can have some money that he or she does not have to account for Finally a helpful planning guide on sound money and credit management entitled The Consumers Consumer's Almanac is available by sending to the Consumer Credit Institute 1000 Sixteenth Street NW Suite Washington DC D.C. |