How to Live on One Income

How to Live on One Income

How to Live on One Income

There are many situations that may have you and your spouse consider the possibility of having to live off of only one income. Some of these situations include welcoming a new child into the family, an injury or illness, or being laid off from your job. Whatever the circumstances, the same steps should be taken to make sure your family will be financially secure.

When considering living off of one income, it’s time to go through all of your expenses. When you’re going through each expense, look into ways you can lower or even cut out bills. Separate your expenses by “needs” versus “wants.” Then take a look at how you might be able to lower the costs of your “needs” and potentially cut out some of your “wants.” Whether it be changing cellphone carriers, cutting out cable, or buying generic products instead of name-brand, you might be surprised at how much you can save.

Now, look at ways you can earn additional money without actually having a job. For example, you could hold a yard sale or sell your family’s unwanted clothes to a second hand clothing store. Another easy way to earn a few extra dollars is by taking surveys on site like Swagbucks or Opinion Outpost. These won’t bring in enough money to make up a second income but they can definitely help if things are little tight!

Try to pay off your debts as soon as you can, and it’s a good idea to not open up any credit cards until you are more financially secure. The less debt you have, the less stressed you will be about your family’s financial situation!

Does your family live off of one income? How do you make it work?  

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