9 Tips For Families Living on One Income
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By Casey Slide Date September 12, 2022FEATURED PROMOTION
It has been really difficult lately for many people to make ends meet, and this is especially true for one-income families. Many families are confronted with a family member unexpectedly losing a job and going through unemployment. On the other hand, others deliberately choose to be a one-income family because it is the best decision for them overall, despite the financial challenges. I, for example, have recently quit my job to be a stay at home mom. Whatever the reason, making ends meet on one income isn’t easy.Tips For Families Living on One Income
Whether you’re a member of one of these families, or have friends or relatives who are, take a look at these 9 tips to help keep single-earner households on good financial footing:1 Make a Budget
The first step for any family wanting to take control of their finances is to make a budget. A budget will allow you to understand where your money is going and enable you to adjust your spending by designating how much you can afford. Creating a budget is a good idea for everyone, but especially for families with limited income. Write down your budget, with specific categories of spending, and stick to it. Try using the 5S budgeting system to get started and stay organized. Or you can try out some of the great online budgeting tools available like Mint.com, You Need a Budget, or Mvelopes.2 Live Within Your Means
Be honest with yourself about what you can afford. Don’t go into debt to get a brand new BMW when you can only afford a used Corolla. Don’t go on a shopping spree and rack up bills on a credit card. If you should lose the one source of income that you do have, how will you pay off your debt? (Incidentally, you should build an emergency fund, in case that should occur.) Aim to pay for everything with cash instead of with credit. If you do not have any cash to buy something, it’s especially important to understand the different between needs and wants before using credit.Motley Fool Stock Advisor recommendations have an average return of 397%. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. 30 day money-back guarantee. Sign Up Now