It seems almost impossible these days to survive on just one income.
That’s not necessarily the truth. It will take planning and cutting back, but you may very well be able to flourish as a family on one income.
Being able to live and save money as a single-income family is not out of the question, it’s something you can explore as a family to see if it’s right for you.
Let’s talk about 7 ways you can live well and even save money on only one income.
Ask Yourself: “Do I Need This?”
If you truly want to save money, ask yourself every time you go shopping, “Do I really need this?”
The important thing you need to learn is to identify the difference between a want and a need.
TIP: Always have a full stomach before going to the grocery store or mall to shop. Shopping on an empty stomach can make you buy unnecessary and unhealthy items.
Set Aside An Emergency Fund
An emergency fund, especially when living on one income, is an absolute necessity as it brings a huge sense of security to you and your entire family.
This is to prepare you for unfortunate circumstances like getting sick, injured, or losing your job unexpectedly.
Stick With The Budget You Created
Sticking to your budget means you have a much better chance of being able to maintain a one income lifestyle and save money while doing it.
One thing to remember is to make sure your budget is attainable and not so restrictive that you feel strangled by it. You want to be motivated to keep your budget, so make sure it suits your family’s needs well.
There are plenty of free apps out there, like Mint and Personal Capital, you can use to help manage your personal finances.
Comparison Shop
We know, comparison shopping may take more of your time but it will definitely save you more money in the long run.
The time it takes also helps you reflect on whether the purchase is a need or a want.
Car insurance, cell phone internet plans, and even choosing a car mechanic.
Whenever you’re planning to spend money on these things, it doesn’t hurt to shop around.
Plan Your Vacation Carefully
If you’re planning to go on vacation, never underestimate the financial side of your trip.
Hotel, food, airfare, gas, and car rental expenses can easily get out of hand.
Before you know it that well planned out vacation has now become a money pit you’ll regret when you return home.
Some of the ways to cut costs and save money when going on vacations are promo fares and hotel deals.
There are also free apps you can use, too.
Try Restaurant.com that gives you discounts for eating out and Gas Buddy that will tell you where to buy gas on a road trip so that you get the best gas pricing, too.
Buy Second-Hand Items
Don’t fall for the trap of buying the newest and trendiest items.
Seriously, you don’t need a new item every time.
Check out second hand stores when you have a need and see if shopping there can fit that need.
Besides retro is always in, you’ll be amazed at the savings you’ll see.
Look For Side Hustles
There are so many things you can do on the side from using sites like Fiverr to offer your expertise in writing or video editing and more to dog walking or sitting, be creative.
Search online for side hustles and you’ll see there are so many things you can do from home.
TIP: NEVER, EVER pay someone to get started making money on the side. Legit gigs don’t charge you.
Living on one income is by no means impossible and in many situations ideal.
Sit down as a family and decide what’s best for you and map out your plan and get it done.
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