How to Live on One Income Instead of Two

It takes no rocket scientist to figure out that times are hard.  We live in an economically-challenged era, that penny-pinching has become a dire necessity.  For most families, both mom and dad have hit the workforce, with hopes of augmenting the family income.  For some though, the role of breadwinner is still left with just one parent.  Dad drives the rundown Chevy to work every day, while Mom puts the chicken casserole in slow cooker mode as she vacuums the living room floor.  So, is it at all possible to comfortably live on only one family income?  Yes, it still is.

Calculate your monthly living expenses.  Sit down and have a good think as to which extras you can do away with.  Do you really need an extra cell phone plan?  Can another cable TV company give you better services for less?  Try to enlist the help of every family member when it comes to cutting down on electricity costs.

Eat out less.  We are oftentimes unaware of how the cost of eating out accumulates and makes a huge hole in our wallets.  A Quarter Pounder here or some Chinese takeout there seemingly doesn’t hurt, but it does.  You’ll save more money by eating in more.  Maybe once a month, you can still eat out with the family- you don’t necessarily have to deprive them of that occasional luxury.

Both parents do not need to go to the office and leave the kids alone at home just to earn a decent living.  With a little sacrifice and some smart budgeting, you can be physically present for your kids and still live the good life.

Comments

  1. Learn how to prioritize your expenses and be more frugal.

  2. Sherry says:

    I agree eat out less we can save more

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