Managing Dual Incomes
	Adding a second paycheck to your family budget does not increase your total income by as much as you might think. A second income will help your family maintain a higher standard of living, but it will more than likely put you in a higher tax bracket and may necessitate hiring others to do some of the work traditionally performed by family members. Money management changes radically with the addition of a second income. You and your spouse must act as a team in order for a family budget to work, and communication is critical. Here are some tips for managing dual incomes: Determine combined income and taxes. Estimate increased expenses such as child care, clothing, transportation and meals out. Discuss income, and plan your spending according to mutually agreed upon priorities and goals. Decide who will be responsible for paying what bills each month. Set short and long range financial goals. Build a reserve fund for emergencies. Change your financial plans as your family situation changes. <Back