Essential Tips for Making Ends Meet When You are Living on One Income
It is essential to note that only 7% of households in the US live on a single income. I can say that this is a piece of good news to the economy, gender equality and financial stability in the United States. That is better but the families that fall in the 7% bracket find it tough to get by. It is true that living on one income while raising children, dealing with a health issue or because of an inability to find employment can be done though it will need smart sacrifices. Continue reading to learn more about living on a budget with a family income that is provided by just one person.
First of all, you should know your budget. For you to live successfully with one income, you must have a strict monthly budget. Here you should know how much you will make each month, how much you will need to put towards debt, rent or mortgage payments, groceries, transportation, and other living expenses. Even though 3 in 5 American households don’t have a budget but you cannot afford this with a single income. Try and identify optional spending that you can eliminate. Some of the things that you can avoid are subscriptions, eating out often and entertainment outside the home.
Apart from that, you should look into your spending options. You find that this is trickier when you have more children or supporting an aging person. For instance, when you need money to improve your skill set, you will have to consider lending options. One thing that you will do is to take out personal loan which you can afford to make minimum payments each month. The other case is that when you are part of a structured settlement, and if medical negligence is one of the reasons why only one person in your family can work, ask for lawsuit advances. Because of that you will be in a position to get the money that you need without having to take on a serious loan.
Lastly, you should consider a side hustle. One thing that you should know is that because you or your spouse are struggling to get a full-time gig does not mean that there are no side hustles or part-time jobs available. You find that knowing how to live frugally on one income also means looking for an opportunity to make a bit of extra cash. You can become a dog walker, sell crafts or clothes on Etsy, start driving for Uber or Lyft or you can start your own affiliate marketing blog. You find that every little addition helps and it will take tons of pressure of the single earner.