Living on one income in a two-income world is a reality and can be a struggle at times for families. Many families may have to take care of a loved one, one spouse may have been laid off or the couple may have chosen for one to stay home with the children. Trying to make ends meet on one income alone isn’t very easy. Take a look at some of the ways that you can save money on one income.
Make a Budget
Take control of your finances by creating a budget. With a budget, you are able to see how much money is coming in and out of your household. This will give you an idea of what you need to adjust in spending and what you actually can afford. You can create a budget using a spreadsheet from software on your computer or just using pen and paper.
Cut Back Expenses
Expenses are anything that you spend on such as household necessities to the things that you want to buy. Take a look at your expenses and decide what you should take out. For example, you can cancel cable, negotiate a better plan for your cell phone or find alternative ways to exercise at home than going to the gym.
Live Within Your Means
It’s nice to splurge once in a while, but do it smartly. You don’t want to go into debt for buying something expensive instead of buying something that is practical and you can afford. Try to pay things in cash instead of credit so that you won’t have an extra bill the next month. This is where a budget that you made for yourself will come in handy. You’ll get a bigger picture of how you should live without stressing.
Grab Those Deals
Grocery stores, retailers and even restaurants will have great deals on occasion. Using these to your advantage will definitely save you money. For instance, using coupons at anyone of those that were mentioned will cut your bill lower. Sometimes restaurants may not have coupons, but they may have deals such as allowing kids to eat free or at a discount with an adult’s entree purchase. If you are family that likes to eat out, then look to see what restaurants has that. Retailers will have items on clearance because the items are seasonal, so you will be able to get a great price on them.
Fun Things Locally
Have you ever thought to look for fun events around your own city or town? Just because you are living on one income doesn’t mean that you can’t have fun. Most local events are usually free such as a small festival where you can see what other have crafted or baked to sell to people. These are great to learn about the history in your town or just to see how talented people in your area are.
What tips do you have for families living off one income?
photo credit: istockphoto
