5 Ways to Save Money When Living on One Income
Having a baby, becoming a stay-at-home parent or starting a new business can all be very exciting. But if it involves giving up an income, finances can become very tight. Planning ahead and sacrificing things you don’t really need will help to stretch your household income a little further. Here are a few other tips for you to consider that may help:
- Make a Budget
If you want to get control of your spending and saving, you need a budget. It will allow you to understand where your money is going and adjust your spending where needed. Figure out where you need to spend the money you have coming in and look for areas that you can either reduce or cut expenses.
- Live Within your Means
Be honest with yourself about what you can afford. Don’t go into debt for a new car or house that you really can’t afford and don’t need. Skip the impulse buys. Don’t go to the mall without a plan for what you need to get and where you’ll find it. Try to pay for everything with cash instead of with credit. If you do not have the cash to buy something, understand the difference between needs and wants before pulling out the credit card.
- Use Coupons
Extreme couponing can save you more money than what you’d make at a part-time job, especially when using free grocery coupons. Learn about all the ways you can use coupons to save on groceries as well as other purchases you might need to make. Use apps for your favorite stores to access coupons only available through their app. Look on your store’s website for online only coupons that you can load to your reward/discount card.
- Barter with other families.
Working with other families in the same situation is a great way to save money. One of the easiest things to barter is babysitting time. Connect with families who are also trying to cut back and trade babysitting services. You save on child-care costs and you can still get out of the house without the kids once in a while.
- Earn Extra Income
If you have already cut every expense from your budget that you possibly can and still aren’t making ends meet, consider finding ways to bring in some extra cash. There are many options for earning extra money at home working just a few hours a week, including freelance writing, web design, virtual assistant, and babysitting. Or consider selling your homemade products through an Etsy shop.
It will take some practice to find your balance, but with a little work and some trial-and-error, you’ll get there.