A full-time stay at home parent is the dream of many families. Although it was the most common way for families to organize in the past, it is not nearly as prevalent today. No matter the cause, getting by one one income can present unique challenges, but that does not mean you cannot overcome and thrive on only one income to support your household.
People like to focus on the positives of living in a single income household. However, we recommend carefully evaluating potential downsides. You will be at greater financial risk than if you were to live in a dual-income household.
It should be evident that with only one income you won’t have less money. That means you will need to make each dollar go further. It is possible to minimize your expenses. That can make a single income household affordable.
Only One Person Responsible for Finances:
As a single-income household, you will be responsible for all of the income. It will be essential for you to show up to work on time and to maintain your job.
Risk of Job Loss:
When you live in a dual-income household, you can rely on the other person’s income if someone loses their job. You lose this Safety net by living in a single income household. Remember to take your job seriously. That way, you can maintain your employment and continue providing for your family.
Tips for Making Ends Meet as a Single Income Family
For you to make it as a single income household, you need to plan. Here are a few of our favorite ideas to help you survive on a single income.
Minimizing your expenses should be the first thing that you do. Because you do not have as much income, you need to ensure that you can afford all of your expenses. See if you are subscribed to any unnecessary services. These may only be a small charge each month, but they add up quickly.
Do Not Take on Unnecessary Debt:
Unnecessary debt will be your downfall as a single income household. Do you not take on any debt that is not necessary. If possible, we recommend only having a mortgage. Otherwise, it would help if you avoid debt at all costs. Interest payments could take up a considerable portion of your budget if you do not avoid debt. Then, you will be in a challenging place. A place that is nearly impossible to escape.
Consider a Side Hustle:
You could always take on an additional side hustle. This will give you some extra income on top of the money from your career. Luckily, today there are many side hustles available that are flexible. That means you can earn some extra income without infringing on your primary career.
Look at Different Electricity Companies:
One of the expenses that families commonly overspend on is their utility bills. It would be best if you considered switching electricity companies. This tool will pull up the rates of all the companies offering electricity in your area. You can reduce your utility bill by as much as 20%. In some cases, you can reduce it even more. As a single income household, you do not want to spend more on any of your bills than it is necessary.
Living on a Single Income as a Family
Now we can talk about some of the benefits of a single income household. It is incredibly helpful for families that have children. When you live on a single income, you can illuminate the cost of childcare. You do not need to send your children to daycare if your partner can stay at home. Your partner can take care of household responsibilities while you are working. That way you can come home to a nice meal and a clean house every day after work.