Living On One Income

Living On One Income

It is a fact that more and more families are not staying together. Divorce rates are at an all time high and coparenting seems to be a new fad. It’s a sad reality but it leaves many to be single parents. Whether you are a single mom or dad balancing everything can be a difficult tactic. Often it seems as though you are just struggling to make ends meet. Years ago it was the norm for you to stay home with your children while the other parent worked and it wasn’t a big financial burden. That equation just doesn’t seem to happen much anymore. Being a single parent isn’t easy and financially exhausting but there are ways to make it a little bit easier. And even if you are a stay at home mom and need to find more budget saving ways for you and your family this can help you as well.  These are some tips that can help you live a little less financially stressed.

 

Start Saving

Take a small amount of income and put it away in a savings account. It will eventually accumulate and be a good cushion for you to lean on when life sends surprises your way. If you are currently living on two incomes and plan to just start living on one start saving and paying off debts. If you are already living on income put some money in savings, pay current bills, and if you have any money left start paying off debts with a small amount. This is what you call the snowball effect. Paying off debts slowing and having a plan set in motion will get you there gradually. Try using your smart devices free budgeting apps to help get you started.

 

Learn How To Stretch Your Money

Most people do not even realize how much their money can actually get. When shopping for things you need like clothing go directly to the back of the store to the clearance racks.You will be able to purchase more for less. Look for local kids consignment shops and trade in gently used clothes that are just lying around and toys that are not played with anymore. You can use the money to save or to purchase the things you need. Grocery shopping is a must for everyone. Try to spend about ten to fifteen dollars less than you usually do and put that money into savings. Look for sales and coupons on groceries for the things you need, do not buy things just because they are on sale. Do you have cable and do you really need it? Think about your needs and wants. Instead of paying for cable get Netflix or Hulu and you will be amazed at how much you can save each month. Start making your food at home instead of ordering out or going out to eat. Conserve the amount of gas you are using. Try planning your outings so you can stop along the way instead of continuously going back out for things. By using these simple steps it can surprise you with the extra amount of money that will be in your pocket.

Give These Tips A Try

Living on one income shouldn’t be a burden. Using some simple tips by stretching a dollar and saving wherever you can makes it easy. Start saving and give yourself the confidence and independant feeling of knowing that you can do it. Having the security of a backup plan will put your mind at ease when life throws you those crazy curve balls. Stop throwing your money down the drain and save!

 

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