How to shift to a single income household | ASB

ASB Bank can help you make the shift to a single income with guides to family budgeting and planning ahead. Learn more about ASB's life insurance options at www.asb.co.nz/life-insurance or watch more ASB money tips at asb.co/asbmoneytips

Our tips include; setting a budget, practicing living on one income, and considering life and income insurance.
Shifting from a dual income to a single income, such as when starting a family, is a big change that will be a lot easier with forward planning.Taking a look at all expenses and deciding what you can do without is the first step towards creating a family budget that will work under the lower household income. Thinking ahead to what new expenses will arise, as well as preparing for unexpected costs should also be incorporated into the household budget.

A great way of preparing for the shift to a single income is by practicing living off just one income for a couple of months, and saving the second income for unexpected costs or emergencies.

Life and income insurance also becomes more of a priority when shifting to a single income, as the household is more dependent on this income. This insurance provides an additional layer of financial security.