Sometimes due to situations beyond your control, you’ll suddenly find your family having to live on only one income. It might be by choice or necessity, but regardless it is a challenge that most of us will have to deal with at some point. And, while it can be a difficult adjustment, it isn’t impossible. Here are some tips to help you begin living frugally on a single income:
Take advantage of coupons, sales, and rewards
You’d be amazed how much money you can save through couponing, shopping sales, signing up for rewards, and even shopping at discount stores like Aldi. If you’re on one income and stretching to make ends meet, remember that every penny counts.
You’d be amazed at the quality of things you can sometimes find secondhand. Although there are always some things you should never buy at a thrift store, there are just as many that are actually better at the thrift store. Read some tips for shopping at thrift stores here.
Make it by hand
Making food and other things yourself can save a ton of money in the long run. Although it might seem at first like you’re spending more money, once you get your kitchen and craft drawer set up, making it at home can save you tons of money as there are literally dozens of things that are cheaper to make at home. Check out our series on homemade household cleaners to get you started.
Have a menu
For most people, one of the most expensive items in the budget is food. However, simply having a menu can save you tons of money as you’ll be more focused when shopping and less likely to eat out.
Cut out wasteful spending
When you’re on a restrictive budget, the first thing to do is to take a long look at what you’re spending money on. You’d be amazed how many things you can cut out of your budget. In fact, here are 10 things I stopped buying to save money.
Pick one splurge
The hardest thing about having a restrictive budget is that it doesn’t leave as much room for fun money. But I have learned from experience that working all of the time and not spending any money is the way to have problems. So, to combat this, pick one thing together to splurge on whether it’s going out once a month or buying expensive coffee or a new pair of shoes each season. Just be sure to budget that in and be prepared to give it up if things are especially tight.
What do you do to help make ends meet when on one income? Leave me a note below and let me know!