6 Tips for Raising your Family on Just One Income

Raising a family is hard work.

Not only do you have sleepless nights to worry about, but it’s fair to say that there are a lot of expenses involved with having children too. Everything from your food bills to your energy bills is likely to skyrocket.

When you’re living on just one income, it can be even harder to find enough money to keep you and your loved ones on track. Unfortunately, many people find themselves in this situation for one reason or another. Some parents simply lose their job and need to make ends meet while searching for another one. Others decide to live on one income voluntarily so that they can avoid the expenses of childcare.

So, how do you make the one-income lifestyle work?

1. Begin with a Budget

The first step anyone needs to take when they’re trying to control their spending habits is to create a budget. Budgeting is how you make sure that you know exactly where your budget is going, and how much you can afford to spend. Creating a budget can be time-consuming, but it’s excellent when you’re struggling to get the most out of a single income.
Remember, budgeting doesn’t have to be complicated to be effective. Something as simple as splitting your expenses into “necessary” and “luxuries” can be a good place to start.

2. Get Rid of Anything You Don’t Need

It’s easy to assume that the only way to cut costs is to stop spending money on the things that you enjoy. However, the truth is that you can save serious amounts of cash, just by avoiding splashing out on the things that you don’t need or use as often as you once did. For instance, maybe you intended to make the most of your gym membership at the beginning of the year, but now it just costs you money. If so – get rid of it!

Remember, you can always get fit without a membership by walking to work, taking up a healthy hobby, or exercising with friends.

3. Earn Extra Income

Sometimes, you can cut every “luxury” expense from your budget that you can find, and it still feels as though you’re struggling to get by on a single income. Depending on your child, you may find that you’re spending more money than you make every month. Some children require everything from special formula, to specific kinds of clothes.

One option to overcome this issue is to earn extra income wherever you can. Bring in some extra cash by signing up to be a freelance worker on a popular website. Consider joining a ridesharing company and earning money with your car. The options are endless.

4. Try Coupons

Anyone can benefit from using coupons and vouchers more often. These special offers are designed to help you spend less money, even if you need to spend more time tracking them down. The good news is that there are plenty of apps and tools that can help you to get the most out of your couponing strategy these days.

You can even download a plugin for your browser that will automatically search for vouchers on your behalf whenever you visit the checkout page on a website.

5. Be More Self Sufficient

The idea of becoming self-sufficient can be scary – but don’t worry, it’s possible to start small. Try planting some vegetables in a home garden or window box to get started. You’ll be surprised how much money you save when you start growing your own food. You can also consider tracking down some of your own homemade baby food recipes too.

Watching YouTube videos to help with putting up shelves and fixing things around the house is a useful way to save cash too!

6. Shop Around

In today’s fast-paced world, we’re all tempted to buy an item that we need in the first place that we see it – simply for convenience. However, there’s no need to pay more than you need to when the internet is at your disposal. These days, you can search for virtually any product online and find out whether it’s available for cheaper elsewhere.

Don’t forget; you can also compare the prices on things like your loans and insurance too. Comparing loans could save you a fortune on interest fees.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Omacl is a broker, not a lender, and does not make credit decisions.