How Can We Live Off One Income?

Typically it has been an issue for spouses leaving their jobs to go back to school or stay home with the kids, but now as the economy continues to tank, there is almost no one who isn't concerned about making their household run on only one income. Our financial expert has answers for our community question:

"I am 12-weeks pregnant with my first child and thinking about becoming a stay-at-home mom. Right now I make more than my husband, have two car payments, rent, along with many other expenses. How do you turn your finances around to live off of one low income? Or how do you make money from home?" -- jessica0608

Watch Carmen's answer:




Have a question for Carmen? Post it on our message board.

For more advice watch Carmen Wong Ulrich on ' On The Money', weeknights at 8 pm ET.

More tips for Bailing Yourself Out


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