Tips For Surviving On One Income Most people would prefer to have more than one income source coming into their household. It can make life much easier when there is enough money coming in to comfortably pay for all household bills. Unfortunately, life doesn’t always give us exactly what we need or want. Sometimes, we
Tips For Surviving On One Income
Most people would prefer to have more than one income source coming into their household. It can make life much easier when there is enough money coming in to comfortably pay for all household bills. Unfortunately, life doesn’t always give us exactly what we need or want.
Sometimes, we have to learn to live with what we have, even when we have to deal with things such as a rise in student loan interest rates. In this case, we will be looking at tips for surviving on a single source of income coming into your household. It can be a job trying to figure out how to manage all of your resources to live comfortably and within your means. The best course of action is to stay ready and plan ahead as best as possible. Below are some tips that will make it simpler to live on a single income.
Come Up With A Budget
Budgets are supposed to help you figure out what you can spend without going over what you earn. It isn’t just enough to create yourself a budget, you need to create it and then stick by it as best as possible. A good budget can take into consideration all of your income, bills and emergencies that may pop up. The purpose of your budget is to make your life and finances easier to manage.
When creating your budget, start your list with things that are the most important. These things may include basic needs such as groceries, water, rent or mortgage, electricity and insurance premiums.
Learn To Be Thrifty
There are many people who negatively associate being thrifty with being cheap. However, the real truth is that being thrifty can help you to live more comfortably, even if you gain more income sources later on and your finances are not as dire. One way to be more thrifty is by cutting down on any of your compulsive buying habits. If you don’t have the items on your basic needs list, you shouldn’t buy it.
You should plan out when you can comfortably afford things that are not necessary or on your budget lists. If you purchase a coffee at your local coffee shop each day before work, try to bring coffee from home instead. Changes like this can really save you a lot of money over the course of each month.
Put Money Aside For Emergencies And Savings
When you are already having a hard time paying for your monthly necessities to live, it can seem very unrealistic to also find money to set aside for emergencies or for your savings. However, it can be done. Even the smallest amounts can quickly add up over time. Save as much as you comfortably can each month once all bills are taken care of and do not touch that money unless it is a genuine emergency.
Prioritize Your Monthly Expenses
It can be hard when you are struggling on a single source of income to try and figure out how to prioritize your monthly expenses. It may seem that all of your money is going towards bills and none of it goes towards fun or entertainment. However, prioritizing your expenses now can mean more money for your future fun endeavors. When you are making your list, only add on it what is essential.
Start with the highest priority and then work your way down the list using your stipulated budget. The extra stuff that cannot be added to your list at this time will be able to get added later on when you have an extra income stream coming in.
Buy Items In Bulk Or On Sale
When you are trying to get the most you can out of each dollar, the best way to accomplish this is by looking out for offers, deals, price slashes and sales. Don’t just go buy anything you want, however. Try to keep your purchases to items you needed to buy anyway. Any money that you end up saving on your normal purchases can be put away into your emergency savings fund.
Next to buying items on sale or in bulk, another great way to save money is by looking for coupons. There are many coupons to be found online to use for your everyday purchases. Additionally, consider finding some great coupon or cash-back apps on your smart phone to use while shopping.
Add To Your Income
It may be a good idea to add to your income stream. It may be too difficult to survive on just one income source for a long period of time. If you are not able to add another full income, there are many ways to add a part-time income.
Working a few hours each week when you have free time can bring in enough extra money to make your finances a little more comfortable. There are also many opportunities to earn some extra money from the comfort of your own home. Consider such opportunities as freelance writing, babysitting and web design.
If you have any skills, use them to make some extra money on the side like selling on craigslist. You can also apply for short-term loans to bridge the gap until the next time you receive money from your primary income. Car title loans online are one such loan type that are relatively easy to apply for.
Many families living on a single source of income can find it hard to make ends meet each month. No matter what led to having only one income, there are many things that can be adjusted to help your family get by in the meantime. You don’t have to sacrifice everything you love to make it on one income if you take the time to create a good plan and budget.
Leave a Comment
Your email address will not be published. Required fields are marked with *