4 Tips for Living on a Single income

single incomeIt can be a difficult task to make it on one income, especially in this day and age, because not a whole lot of people do it anymore. However, in today’s economy, anything can happen and you could quickly find yourself in a situation where you’re living in a one income household. Either that or maybe you have kids and you’ve decided to be a stay-at-home mom.

My husband and I both used to work fulltime jobs, but after the birth of our first child, I found it extremely tempting to become a stay at home mom. I talked with my husband about it and he supported me in my decision. Even though it’s great that I’m a stay at home mom now, there are plenty of challenges we’ve had to overcome. I’ve learned a lot of things and I’m going to give you some tips on how to live on a single income.

#1. Figure Out What’s Important

You have to figure out what’s important to you and your family in general. I decided to be a stay at home mom, because it was more important for me to make sure my children are properly taken care of and I spend as much time with them. We may not have as much as other families, but we love each other and spend valuable time together and that’s what matters the most to us.

#2. Set a Budget

It’s important that you come up with a budget for your family and you stick within that budget. You’ll have a great feeling of euphoria when you’re spending the money that your family actually earns, rather than spending money that has been loaned to you. Sure, you can’t avoid some types of debt. I mean, we all have to have a place to live and a car to drive, but certain debts can be avoided, such as credit card debt. Credit cards may seem like a life saver, but they should be avoided at all costs.

#3. Make Homemade Meals

We all receive those coupons in the mail for specials at local restaurants of fast food places. It’s much cheaper and healthier to make your meals at home. Fast food may seem like the answer, especially when you don’t feel like cooking a meal and you have some excellent coupons in-hand, but remember that you’ll have to spend money on the food, as well as drive to the fast food restaurants, which means you’re spending money on gas.

Cooking at home will also give you some valuable time with your children. My children love to help me out while I’m cooking. Sure, they can get in the way sometimes and make the cooking process slower or even frustrating at times, but I’m teaching them valuable lessons they will need later in life.

#4. Only Use Half

Some things can be cut in half and still give off the same effect. For instance, you could use half as much detergent as your normally do and your clothes will still get just as clean.