Practical Tips for Families Living on One Income

by Emily Shuffield 09/29/2019

A good number of families faced the option of living on a single income for several reasons. It could be due to health challenges, work layoffs, the need for a stay-at-home parent, or an agreement to live on one income for the greater good. Whatever the reason may be, families living on one income always find it challenging. Of course, it is not the best option, but it is the reality of a good number of families out there. 

If you belong to one of such families, then grab a sit as I take you through some practical tips that will help you live well while living less.

  1. Draft a Practical Budget. To optimize the little cash available to the family, you must draft a realistic budget. I say realistic because most families go overboard while writing budgets and end up struggling to stick with it. Your budget should be practical. It should be one that allows you to live well while living less. Be sure to estimate your monthly income before allocating cash to each item on the budget.
  2. Know the Difference between Needs and Wants. A recurring mistake seen in most families is trying to live above their means. Why spend thousands of dollars on a car when you can get a cheaper one? Lose the habit of spending heavily on designer clothes, shoes, and accessories. You can get those stuff at a decent price. Go for things within your budget and learn to the difference between your needs and wants. There is a huge difference!
  3. Get the Junk Out of Your Home! I wish I can emphasize this enough. Junk takes up a substantial part of your income and leaves you with nothing but another pile of trinkets. And by junk, I mean everything that is of little or no importance such as trendy clothes (they go out of fashion before you know it), junk food (of course, you don't need them. They are not healthy after all), etc. Why get a new dress just because it will look cute on you? What about the dresses at home, don't they look cute? Resist frivolous spending. Instead, spend on things that have value to you and your family.
  4. Don’t Spend the Left Over. Learn to save!Families who stick with their budgets find that they usually have a few bucks left at the end of the month. While that is ‘worth celebrating,’ it is, in fact, an avenue to save. As a single-income family, you should always be on the lookout for means to save some extra cash. It could be from using coupons, getting a side gig, monthly leftovers, etc. Whatever the source of the ‘free money’ may be, it is no excuse to spend it all. No, save it instead!
  5. Being Self-Sufficient is the Way to Go! An excellent way to live well while living less is to become self-sufficient. Pick up some DIY skills. Learn to make home-made products and food recipes. A garden will help too. Ditch commercial products and stores. Learn to do it yourself!
  6. Try Investing! Cutting back on expenses and saving ‘free money' are great ideas but that is not all you need. Saving means having a little extra cash readily available when you need it but investing, on the other hand, means having more money (than you saved or earned) on hand when you need it. Start investing today!

If you're saving up to buy a new home, talk to your real estate professional about ways to save on down payments.

About the Author
Author

Emily Shuffield

Emily Shuffield believes in hard work, selfless intentions, adaptability, and serving others. Dedication, passion, and the willingness to go above and beyond your expectations, is only part of what she considers her job. She provides market expertise, neighborhood statistics and helps people evaluate and interpret the market, and considers it some of the many benefits of working with her. She assists her buyers and sellers with setting realistic expectations and helping them navigate one of the most important transactions in their lives. As she says, “Together we will find your next home!”

Specializing in Parker and the surrounding areas, she has helped everyone from first time home buyers to savvy investors. Her goal is taking what seems to be a complicated process and transforming it into a less stressful and more rewarding next chapter of their lives.

Emily is a Colorado native and having lived along the entire front range, she has finally decided to call Parker her home. She has an amazing blended family, 4 kids, an awesome husband, and two dogs. She loves everything athletic and outdoors, works out daily (considers it therapy), and loves to camp, climb mountains and snowboard whenever possible.

Designations: Accredited Buyers Representative, ABR

Awards: Diamond Circle 2018