Most couples have decided long ago that they would both enter the workforce, simply because they don’t think they can make it on one income.
We’re here to tell you that it is possible to live on one income, and not worry about how you’re going to pay the bills.
In this article are seven tips to help you not only survive but thrive on one income.
1. Stick to a Strict Budget
To live off less money, you need to be very aware of your income versus expenses and make sure to keep them balanced.
It works best when you have a written plan for your budget. Determine your monthly income and then figure out your monthly expenses.
Hopefully, your income is higher than your expenses. If not, you need to see tip number two.
You can also use an app to track your spending for you. Some of the most popular are YNAB, Mint, and PocketGuard.
2. Cut Out Any Unnecessary Expenses
Since you are cutting out one income, you also need to cut out some expenses.
Write down all your recurring expenses and divide them into two columns. One column is a need, and the other is a want.
You need to be completely brutal when doing this to keep the needs column full of expenses that are completely necessary. Don’t let any wants creep in.
Go through all the expenses in the want category and see which you can cut out. It would be ideal to cut out all the unnecessary expenses, but if you can cut down the wants column by 75%, you’re doing fantastic.
3. Be Content with Priceless Things
When you are living on a fraction of what you used to have, it’s time to reprioritize how you spend your money and time.
What you used to do on a Saturday night might be out of your budget now. This doesn’t mean that you have to live a boring life by any means.
You can find ways to have fun that doesn’t cost a thing.
The most important thing is to slow down and enjoy each other as a family.
4. Make Buying on Credit the Last Resort
It’s ok to consider buying things on credit but this shouldn’t be the norm. Most large purchases are bought on credit but even that isn’t a necessity. You can always save up and buy when you have enough money.
Any credit cards that you have should only be used in an emergency. You can easily rack up high credit card bills without realizing it if you aren’t careful.
Decide ahead of time what rules will apply to buying on credit. For example, you have to both agree to the purchase and limit the amount to a certain number per year.
5. Be Willing to DIY
There are some services and products that you may have been used to paying for in the past. Can you take care of some of these things on your own?
For example, you can change your own oil and wash your car at home. You can plant a vegetable garden and keep some chickens if you have a big enough back yard.
Before you pay someone to do anything for, first ask if you can do it yourself.
6. Frugal Hacking
Ever heard of extreme couponing? Well, you don’t have to go to extremes to save money. Just being frugal can go a long way.
Plan your meals around what is on sale at the grocery store. Clip coupons. Shop at thrift stores.
One great way to cut your budget is to get things for free is by earning free gift cards. You’d be surprised how many different ways you can do this.
Being smart with your money can really make a difference when you live off one income.
7. Save for an Emergency
No matter how small of an amount you can put into savings each month, do it. When you put money into your savings account regularly, it builds over time.
This emergency stash will give you a little cushion to fall back on when despite your best efforts you can’t pay a bill. It can also save you when an unexpected expense comes your way.
Conclusion
Living off one income might sound scary but it can be done, and done with style!
In fact, for many couples, the benefits of having one partner at home far outweigh the income they could earn if they went to work.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
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