One thing that you need to know is that only 7% of families in the US live on a single income. Which is a piece of great news for the economy, gender equality and financial stability in the United States. But the truth of that matter is that the single income families find it very hard to push through. You find that living on one income while raising children, dealing with a health issue or because of the inability to find employment is one thing that can be done with but by making smart sacrifices. Continue reading to learn more about living on a budget with a family income that is provided by just one person.
You should start by knowing your budget. For you to live successfully with one income, you must have a strict monthly budget. Meaning that you will have to know how much you will make each month, how much you will put towards debt, rent or mortgage payments, groceries, transportation, and other living expenses. You find that 3 in 5 American households don’t have a budget but with one income you cannot afford to miss that. Ensure that you identify optional spending that you can cut. Here we have things like subscriptions, eating out often and entertainment outside the home.
In addition, you should also look into your spending options. You find that this is trickier when you have more children or supporting an aging person. If you need money to boost your skill set, you should consider lending options. In this case, you will have to take a personal loan that you can afford to make the 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.
Apart from that, you should consider a side hustle. Just 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 should know that knowing how to live frugally one income also means looking for any opportunity that can give you 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. It does not matter how much you make but however little it is, it will take off a lot of pressure on your income.