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Living on one income is possible and can be beneficial!
Even though I don’t have a family of my own now but in the future, I’ll definitely consider being a stay at home mom.
So why I am talking about this topic? I’ll be confused if I was you.
Well, I grew up in a family where my mom was the ultimate breadwinner while my dad stayed home the majority of the time.
Not by choice but laziness.
This lasted for about 15 years and believe me that was chaotic.
My mom was drowning in debt from student loans, mortgage, to credit cards with three kids (one a special needes).
Now, all of those situations lead to frustration especially when all the financial burden is on one partner.
Henceforth, this is the reason I am writing this post so that you can live on one income effectively with minimal stress.
8 Tips To Living On One Income
TALK FIRST, THEN DECIDE
If you have the idea of wanting to be a stay at home mom in the future then you need to let your partner knows and vice versa.
You can’t decide to stop working or to just survive on one income out of the blues.
I understand that things happen such as getting fired so if that’s you then this wouldn’t go for you.
Talk to your partner about this one income thing and get their feedback.
Once you get their feedback and support, its time to start planning how to move on to make it possible.
PAY OFF DEBT
If you are already struggling to pay off your debts with both income then there’s a might possibility that one income will not be sufficient enough.
So its best to create a plan to pay off your debt within a specific time frame while you and your partner are still working.
Related: Learn how to pay off debt with the Zero-Based Budget
Believe me, it will be less stressful knowing that your debt is completely paid off or almost paid off.
At least you’ll have extra funds to spend within the family instead of stressing about debts.
Take it from this standpoint, if you’re going to live on one income, your life should get better and not worst.
DON’T FEEL GUILTY
If you are an independent person that loves to do things on your own and not use to asking your partner for cash (to buy personal things) then this can be hard for you.
If you’re a stay at home mom, don’t feel guilty or like you’re pressuring your partner financially.
It can be easy to deny yourself of the things you used to enjoy after going on one income.
To prevent this you need to budget.
There’s no way you can make such a financial transition without considering budgeting.
Budgeting is important as it keeps you on track with your finances and helps you to spend effectively.
One budgeting method that would be great for beginners would be the envelope system.
By budgeting, you’ll know where you need to spend less or if you may need a supplementary income.
This brings us to our next point:
SIDE HUSTLE OR PASSIVE INCOME
There are a ton of ways you can make money in your pajamas on your couch.
This could range from creating a blog on Bluehost, become a virtual assistant, start a YouTube channel, freelance writer, to even making easy cash with survey sites such as Swagbucks in less than 30 minutes.
The decision is yours to make!
With an online side hustle or biz, you can help to support your family financially.
You don’t need to be extra skilled in money online.
I am terrible at writing and pretty bad grammatically. So be free to judge.
I started to make extra income online at age 16 on Fiverr just by helping a dude with some data entry (super boring).
I made about $300 that month.
CUT BACK ON EXPENSES
When I say cut back on expenses, I don’t mean you should start living on bean and rice.
But I mean to see if you can find cheaper alternatives for your monthly expenses.
For instance, finding a cheaper carrier for your cell phone.
Use cashback app sites when buying groceries or shopping online to save such as Ibotta.
Pretty simple right?
You can try digital coupons or just go the traditional way and cut them out.
For electricity, you may need to unplug all electronics that you’re not using or change all your bulbs to led light.
It’s all about spending less when you can.
ALWAYS PLAN FOR DATE NIGHTS
No matter how life gets complicated, never punish your relationship.
With the envelope system, you can put money aside for family outings or search for free ways to enjoy time spent with family.
You don’t want to be caught up in saving and spending less that you don’t get to enjoy family time.
In the next 4 years, you’ll not remember where you spend money but you’ll always have memories.
Memories and great time spent with your family is everything. Well, for me.
HAVE AN EMERGENCY FUND
This is so crucial. Emergency funds refer to rainy days funds.
You need to have money saved aside when living on one income.
Sometimes we experience challenges or difficulties arise that will need a large sum of money and if you don’t have it then you’ll end up using credit.
So the best thing to do is to save up at least six months of salary to put down before deciding to live on one income.
You see, it is possible to live on one income without sacrificing quality family time or your happiness.
After reading this post, you’ll have an idea of whether or not you’re ready to live on one income.
Some of the things that you should consider before going on this new journey are to start an emergency fund, pay off debts or discuss it with your partner.
This will help you know if you’re ready!