Aug 26th, 2002
Minneapolis Star Tribune, Community Expert Panelist
Minneapolis Star Tribune, Community Expert Panelist in the “Family & Relationships” section.
Question: “How should a couple work it out when one wants to go back to school but the family finances are based on two incomes?”
My answer:
Ideally the couple will begin to plan for the financial setback at least a year before one of them returns to school. While both people are still fully employed, they should re-do the household budget to reflect the anticipated decrease in income. The couple should then stick with that revised budget for a trial period of 4-6 months. The budget will accomplish three things: it will help the couple adjust to new spending habits; it will build increased savings for emergencies in their financially leaner future; and it will serve as a no-risk experiment to help a couple understand how their lifestyle would have to change. After the trial period, they can decide if they are truly willing to live with such a budget for a number of years. The couple needs to mutually agree that the short-term sacrifices are well worth the long-term gain. Otherwise, tension and resentment will threaten the relationship.
Abigail Garner is a writer, lecturer, and creator of www.familieslikemine.com, a website for children of gay, lesbian, bisexual and transgender parents. Her non-fiction book about children of GLBT parents will be published by HarperCollins next year.