With recent statistics now showing there are more one-parent households than two-parent households, families living on one income are more prevalent than ever before. However, these aren’t the only families forced to live on just one income, as many two-parent households are doing this too.
With the number of stay-at-home moms on the rise for a variety of reasons, living on one income has significantly increased. Whilst it may be tough, there are many tricks and techniques parents use to ensure they comfortably make ends meet whilst still providing everything themselves and their children need. If you and your family are living on one income and struggling to do so, read on to discover how to make things a whole lot easier!
Budget for everything
Whilst this may seem obvious, budgeting is often a task that many families overlook or don’t even do at all. When living on a limited one-person income, setting a monthly budget is crucial to ensure you’re living within your means and don’t become plunged into debt.
To make this method as efficient as possible, you must include every aspect of your day-to-day life in this budget. This means even the most mundane of necessities like groceries, gas, school bills and clothing must all be included to keep you on track at all times. Budgeting for luxuries is equally useful, especially if you know you’ll need to make an extravagant purchase like a new car anytime soon.
If you know for sure you can afford a luxury car, such as the Dodge Dart, then you have no reason not to. But, if your budget isn’t able to cover it, don’t stray to making a purchase you know you can’t afford – being realistic and sticking to your budget is key!
Generally, people find it harder to spend cash than simply swiping their card to make a payment. When you use a card you’re not visibly parting with any of your money, which is why so many of us often get carried away and end up spending far too much.
Using cash is a sure-fire method to ensure you stay realistic and ‘in the real world’ with what you’re actually spending, and will make you a lot less likely to stray from your budget.
Limit eating out
Food can often be a huge budget-waster without you even realizing. Meals out will cost significantly more than if you were to cook at home, especially if you make a habit of it. You can obviously treat yourself and eat out occasionally if your budget allows it, but limiting yourself and cooking more often at home is almost guaranteed to help you save that much-needed money!
Living on one income doesn’t have to be a stressful nightmare. As long as you implement the right strategies and stay realistic with what you can and can’t afford, life will become easier and simpler than ever before for the entire family.
Markus Wright knows how to stretch the family budget further and shares his how-to’s around the web to make life a little easier for others who are struggling financially.