Whether you do it as a life choice for your family, or it is something that you weren’t necessarily expecting, living on one income can be tricky and can cause a lot of stress! Luckily, Double The Batch is going to help you out with 10 Tips for Living On One Income Comfortably.
If you’re struggling with the decision on whether or not to stay home with your children and keep going back and forth on how you and your family will be able to not only survive, but thrive, than following the tips that were laid out from Double The Batch will be key! What an exciting decision!
1. Establish Your Priorities
What is most important, not only to you, but for your entire family? Is it a strong priority to be home with your children when they are young and making sure you are meeting their needs? Or is it more important for you to have a more stable household income where there are two incomes coming in every week?
Meeting the needs of your family is an important part of figuring out what your priorities are, especially when you are talking about meeting emotional, physical, and financial needs for your kids! Only you will know what is most important to you and if you’re committed to being more frugal and keeping those frivolous tendencies to a minimum, being home with your family may just be the winner!
2. Create A Budget
This is one tip that is going to be one of the most important ones when living on one income. When you create your budget, make sure you are committed to living by it. Whatever income your family will now be bringing in, you need to find a way to live within that new income and not spend more than you bring in.
You’ll sleep so much better when you know that you are only spending money that you are bringing in, rather than living off of credit and knowing you owe money that you don’t currently have.
3. Cook More From Scratch And Eat At Home
Not only are you going to make sure that what your family is eating is more healthy, but you’re going to save money, too!
It’s also such a fun thing to do with the kids. They will love to get involved and help to create the meals that they will be eating. And an added bonus? They’ll be learning life skills that they will use later when they get older. Think about how much money you’re going to save by not eating out so much! Not to mention, fast food meals typically will not have near the nutritional value as a meal you’ll make from scratch at home. Now that’s something you can feel good about!
4. Plan Grocery Lists and Meals Around What’s On Sale
Depending on the time of year, different items are going to be cheaper. Strawberries tend to be cheaper in the spring and early summer, while apples and squash tend to be less expensive in the fall season. That means it’s going to be your job to stock up and make meals with the items that are in abundance! Even better, freeze a ton of it or can it and you’ll make sure your family has a supply in store all year long!
Make sure you’re keeping your eyes peeled for when different items like toilet paper, soap, or other toiletries are on sale, as well. That’s when you can stock up and you’ll have enough to last until they are on sale the next time! This will save you so much money. You can even think about putting a few apps on your phone that will help you keep track of what will be on sale and when!
5. Quality vs Quantity
It can be so tempting to buy whatever is the cheapest when you’re living on one income and don’t have a lot of extra money. It’s so important to remember, though, that this can actually be more expensive in the long-run. It can be worth it to buy things that are of a higher quality, because they will last longer and save more money in the long-run than what you would have otherwise bought to save some money. Think shoes, household items, appliances, etc. Especially if you have a lot of kids who are rough on stuff. Quality items will stand the test of time, while chapter items will be ruined in a matter of months.
Can’t afford to buy new high quality items? Find some second-hand high quality items where you’ll be able to save money and still get the quality you’re looking for!
6. Find Hand-Me-Downs!
Sometimes it’s necessary to put your pride away and gratefully accept the things that family and friends offer. Why break the budget with new clothes that your kids will grow out of in a matter of months when you can find hand-me-downs or even buy from thrift stores?! What a huge money saver!
7. Think About Using Half Of Certain Items
This can be a difficult one to get kids to learn to use since we all know that sometimes they don’t quite understand the concept of saving money at a young age, but with a little time and practice, they’ll be following your lead in no time. Who needs to use the entire serving of something when it can be cut in half and end up with the same results?!
Think of things like shampoo, conditioner, body wash, fill the tup half as full, etc. Think about the things that you can use in smaller quantities to take those supplies to the max! What a great way to save some money!
8. Find Doorbuster Deals
Shop around! In this day and age with the internet, there is no need to spend one cent more than you have to! Do a lot of comparison pricing when you’re looking to buy something of value and never overpay again! You’ll be surprised how different business will be quick to offer the low price that you find from a competitor on the internet, because they won’t want to lose out on the job!
Make sure you’re always asking yourself if the item you’re looking for a deal on is a want or a need. This will help you to keep your priorities in check and if it is something that you don’t necessarily need right away, it may be something you can wait until the next sale or deal comes around!
9. Use it up!
If you have food in the pantry that has been sitting there, but you’re going grocery shopping for other items, make sure you find a recipe to use up that leftover food that you have. Finish old things up before buying new things. Wear clothes until they are no longer wearable. Fix whatever you can fix before buying something new or learn to simply do without. Do you really need the items that are on your wish list right now? Only you can be the judge.
10. Give to Others
Have you heard of the phrase, what goes around comes around? Double The Batch really hits the nail on the head with this tip. Increase the blessings in your life and if there is something that you no longer have a use for, find a local church or charity that would benefit from having it donated to their organization. What a great lesson to teach your children and in turn it’s easy to be happy with the wonderful things that come into your life as a result. Pay it forward!
Overall, if you are determined and have a strong desire to live on one income in your family, you can make anything happen in your money saving adventure. Good luck!
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