Are you the single earner in your family? Do you own a new car and have clothes which hang unworn in your closet? In spite of this lavishness, are your unpaid credit bills piling up? Are you finding it hard to make your two ends meet? If yes, it is time for you to give a serious thought to increasing your family income and practice frugal living along with it, so that you can pay off debt faster and lead a tension free life.

Need of dual earners in today’s economy

According to the U.S. Census Bureau, 2000, among the dual earners couples, 54% are married. 64% of couples are having children and 57% of couples have children under 6 years. Earlier in the 1950s, the average US family depended on the male bread winner. Females played the role of home maker and jobs were secure. If the husband lost his job, his wife would be a reserve laborer and she could go out into the labor force and earn money.

But now, in the year 2010, due to the changed socioeconomic scenario, most middle class families are unable to save much, as a result, they often fall in debts, which can be credit card debts, mortgage debts or any other debts.

According to the Bureau of Labor Statistics, in 1975, only 3.1% married females used to earn a living. The figure rose to 3.8% in 2008. The percentage of single married males was 447%, this number became 20.7% in 2008. In 1975, both married couples employed was 31.1%, this increased to 43.5% in 2008.

Year : 1975 2008
Married (only wife employed) 3.10% 3.80%
Married (only husband employed) 44.70% 20.70%
Both husband and wife employed 31.10% 43.50%

The statistics show the necessity of dual earners in today’s changed socio-economic scenario.  The credit crunch and recession of 2007 have made it more necessary to have dual earners in a family. Even dual earners in a family won’t be of much help to pay off debt, if you aren’t also living frugally.

To practice frugal living, you can follow the steps mentioned below:

* Prepare budget: You need to prepare a financial budget, so that, you can keep a track on your regular expenses. You need to cut expenses on some items which are not necessary, like junk food/snacks, cable TV, etc.

* Pay your creditors: You should prepare a list of your debts, and after making minimum payments to all the debt accounts, you should pay a little extra to the account which has highest interest. In this way, your debt balance will reduce gradually.

* Stop using credit cards: You should not use credit cards to buy things on a regular basis. You can also use discount coupons and buy in bulk to save more money.

Living frugally does not mean that you will have to sacrifice all the fun in your life. It means that you will have planned monthly expenses, so that, you can pay off debt faster, attain financial freedom and enjoy more with your family.

Author’s Bio :

Jason Holmes a regular writer with Debt Consolidation Care and is also a contributory writer with other financial sites. His expertise is woven around various aspects of the debt industry and with his e-books he tries to impart to people the different situations and simple solutions to get out of difficult situations. Some of his works include e-books like Credit Score The Quintessential Therapy for a Happy Pocket, Take Creditors and Collection Agencies to Small Claims Court and My Story- From Depression To a Smile.