5 Tips for Families Living on One Income
As your family expands, you will find that your life is about to become full of changes. You may even realize that it is in the best interest of your family for you or your spouse to put your career on hold, to stay home and care for your children.
As wonderful as it is to be able to stay home with your littles, unfortunately, this also means that you will be down to one income. Not to worry, there are plenty of ways to make things work on one income. Here are just a few ideas.
#1. Become Self Sufficient
What does that even mean? You are certainly capable of taking care of yourself, and obviously your little ones, but think even further than that. Do you still rely on someone to do your landscaping and yard work? What about when you have a leaky pipe under the kitchen sink?
This is where self-sufficiency can save you money. Instead of hiring out help, do a little research and see if you can take care of some issues yourself. You can save yourself hundreds of dollars by watching a few YouTube videos, and googling some answers when a semi-minor problem arises.
You can even learn to cut your kids’ hair and save at least $10-$15 every six weeks or so.
#2. Utilize Rebate/Coupon Apps
Rebate and coupon apps are an amazing way to save money on items that you already purchase. Log into your phone’s App Store to find a variety of applications that will actually give you money back, generally in the form of a gift card, on a variety of purchases, from mobile shopping to items at your local grocery store. Ibotta, Ebates, and Checkout51 are just a few examples.
#3. Learn to Say, “No!”
When only one of you is bringing home the bacon, it is time to keep a tighter grip on your wallet. This means saying, “no,” from time to time. Not every trip to the store should involve a new toy for the kids or even a five dollar coffee for yourself.
Make it clear to everyone before you go shopping that you are shopping for certain items, and if it is not on the list, the answer this shopping trip is going to be, “No.”
#4. Budget Every Month
A lot of times, it’s easy for a paycheck to disappear before it’s even given a job to do. In the best interest of those who are making it on one income, create a budget. A budget will tell your money where to go. Budgets are the perfect tool for helping your money have a successful time with your money.
Budgeting for fun and bills doesn’t mean you can’t live a little, it just means that you tell your money where to go.
#5. Look For Deals and Sales
Looking for deals and savings is a lot easier than it was when we decided to become a one income family. There are so many apps and ways you can save. Simply searching for deals online through sites like mine or others, you can save a ton of money that you would normally not think about normally.
Groceries are a huge monthly expense. By using grocery sales ads each week, you can easily see big savings each week while you are meal planning.
Share your money saving tips for one income with us!
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