Family Budgeting Tips To Live On One Income
There are many reasons why a family may have to live on one income. Maybe one parent decides they want to handle the children while the other is the breadwinner. Or maybe, there was a job loss, and the family is forced to live on one income.
Whatever the reason for this transition, you should know that many families have been successful living on one income even if it is difficult at first. All it takes is careful planning, budgeting, and managing your money appropriately for your family.
Let’s take a look at a few ways you can implement budgeting so you can learn how to live on one income.
How To Live On One Income
Reevaluate Your Budget
When we think of budgeting, we may automatically think of cutting out all the enjoyable things in life; less travel, fewer outings with friends, less shopping.
But when you’re reevaluating your budget while transitioning to a single income family, it’s important to focus on the positive aspects – like how much money you’ll actually be saving from cutting the other income.
You’ll save money on take-out lunches, gas from commuting, and dry cleaning. You can allocate that money toward the bills instead of cutting out all the fun activities.
Pay Down Large Debts
Looming debt can make any financial situation more strenuous, but especially trying to take care of a family with one income.
If you can wait to make the transition, try paying off your large debts first. That way you can put most of your money toward household expenses instead. Of course, it’s more common to have some debt than none.
So smaller debts, like credit cards or small loans, don’t necessarily have to be paid off right away.
Build An Emergency Fund
When it comes to providing for a family with a single income, a lot of anxiety stems from being unprepared for emergencies. Life comes with all types of unforeseen expenses, so this part is unavoidable. But what is avoidable is not being able to pay for that expense.
Building an emergency fund can help offset a lot of fear you might have about transitioning to a single income household. It’s recommended that this fund covers six to nine months of all your living expenses. And of course, the more you can save, the better.
It’s time to look into all your subscription services and memberships and see which ones you can let go of. When is the last time you actually used your gym membership? Could you try switching to working out at home instead?
Cutting expenses on cable is also a popular option. It’s probably safe to assume you don’t watch every single channel available to you. You can try cutting the cable and finding an alternative, and see how much cash you save.
It might also be time to delete that Postmates app. Food delivery is fine on occasion, but if you’re in the habit of ordering every day, those delivery costs add up. Try cooking and meal prepping instead.
Cutting expenses is all about finding the small ways you can save by getting rid of things that you don’t need.
Get Help If You Need It with Title Loans
If the transition to a single income family happened abruptly, you’re having a tough time finding your footing, and you need help paying bills, applying for a title loan could help keep you out of the water.
Title loans allow you to use your vehicle’s lien-free title as collateral so you can get the cash you need while still having your vehicle. We here at Mississippi Title Loans, allow you to apply with good, bad, or even nonexistent credit.
Mississippi Title Loans is also a great place to get a title loan because you can get between $300-$2,500 in cash, the entire process is quick and straightforward, and the required documents are likely those of which you already have.
Let’s take a look at how simple the process is.
- Fill out a short application online and wait for a call back from a representative. This representative will give you the option of coming into a title loans location closest to you or meeting you at a location of your choice.
- In either scenario, you must bring your driver’s license or state-issued I.D, lien-free title to your vehicle, your vehicle for inspection.
- Once face-to-face, your loan representative will inspect your vehicle and your other two items. If they decide you qualify for approval, they will help you fill out any other documents. Once everything is filled out and signed, you can leave with your emergency cash in your pocket.
Transitioning into a single income family can be difficult at first, but using a title loan from Mississippi Title Loans, Inc can help you through the rough patches in the beginning. And if any unexpected expenses come up that your budget doesn’t cover, the loan can help with that too! Plus you can remember these budgeting tips to live on one income.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.