5 Tips to Living on One Income

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by admin on September 10, 2010

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5 Ways to Make Living on One Income Easier

These past few years have been a struggle for many families all over the world.  As the stock market crashed, the housing market took a down turn and jobs were cut, people have found it very hard to make ends meet.  Whether we’re not able to save as much as we used to, or we need to stay in more often, many sacrifices are being made.

What a lot of people have run into is only one partner working.  Whether they are a stay at home parent or a spouse who has lost their job, times are difficult.  What is important during this time though is to keep a positive attitude and some healthy spending habits to avoid even more difficulty.  If you are currently living off of one income, there are a few things you can do to help make your life a little bit easier.

Budget

To start, you need to know what your monthly budget is.  So, figure out how much you’re making each month, how much needs to go to bills and how much you have left over to either spend or save.  When we have a budget, numbers are much more clear and organized.  Once you’ve reached your limit, you will know when to stop spending!

Plan ahead

Always plan ahead for the worst.  Even though it may seem like you’ve already reached the bottom, sometimes life throws something else at you.  So, plan ahead and plan to save for that day to come.  You can never have too much money saved away, especially when only one person is working.

Compare

Before you buy anything, you should always compare prices.  You may find that one grocery store has way better sales than the one down the road, or perhaps buying things like diapers in bulk is much cheaper than one box at a time.  Comparing prices is very important and can save you a ton of money in the long run.  For some of the cheapest prices be sure to check online!  You will most likely find a bigger selection and cheaper prices!

Coupons

A lot of people don’t take advantage of using coupons.  I highly recommend that you subscribe to the Sunday paper and clip coupons each week.  You will find endless coupons for groceries, things like detergent, cleaning supplies and much more.  Also, if you browse online you will be able to find several coupon websites.  These can help you save money on everything from dining out, to your next purchase of clothes, etc.  If you can save money on something, why not take advantage of doing so?

Hobbies

You may have come to the conclusion that to get by you need to change your hobbies.  Don’t worry though, that doesn’t mean you’re not going to have any fun if you don’t spend money.  Instead of going out with your partner, take advantage of nice days by talking walks, going to the parks and by playing outdoors.  Or instead of going to the movies, rent one for a cheaper price.  You can always do what you want for a cheaper price.  Be creative, have fun and save money while doing so.

Living off of one income can be tough.  Although, if you have a positive attitude and do everything you can, you will be just fine.  Consider a few tips like the ones above and come up with ways to stretch your dollar.  Sometimes it takes these low times for us to realize that we need to make better financial choices for the future!

This is a guest post written by Lauren Dzuris. Lauren runs FindMyCarSeat, a child car seat website that helps soon to be parents find the right car seat for their child, while giving them tips and advice on everything from pregnancy to caring for your baby.

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