It needs no explanation why you will do better with more than one source of income at home. Working couples do not go through so many inconveniences without any reason! However, sometimes you may have to cope with a single source of income in the family. The wife may need to give up working for various reasons- either temporarily or long term. Certain compulsions like illness, relocation or job loss may enforce you to manage living on a single income source. When such situations take place- there is no use worrying. By careful planning and adopting suitable measures you can continue without curtailing every pleasure in life.
6 Handy Tips That You Can Utilize To Manage When Surviving On One Source of Income:
1. Shop Wisely
You can cut down on regular shopping bills, including grocery without compromising on the heath. Organic foods and produce does cost more. So, you can buy vegetable and fruits from local farmer’s markets. These are also fresh and you can expect to get lower rates. It would also be a good idea to grow some vegetable in the house’s backyard garden. This will be both healthy and economical for your family. Give up the habit of buying the ‘ready to cook’ food packages as they are not much wallet friendly. When you shop online, compare the offers and time limited deals offered by various e-shops. Resist the habit of impulse buying.
2. Cutting Down on Monthly Bills
When living on a single income, it is prudent that you try to cut down on monthly bills. There are many options for this.
- Try to find out a more wallet friendly mobile subscription plan for both you and your spouse. With so many mobile network providers rolling out lucrative packages for customers, you will be able to find something lighter on the wallet.
- The same thing can be said about the internet. You can look for cheaper Internet plans for USB dongle or cable based internet.
- While you will have to pay the energy bill under any circumstances, it is definitely possible to adopt measures that help bring down energy consumption at the household. Even if the cost of changing the lighting setup to LED is more it makes sense. LED lights consume less energy and help you reduce energy bills. If necessary, you can buy these on credit cards to manage cost escalation. Similarly, you may think of using a few solar lights that reduce the need of using traditional lights at home.
3. Tab on Credit Card
When you live on a single source of income, credit card usage needs to be checked with care. Give up using many credit cards and switch to one card that is more suited for your lifestyle needs and offers more cashbook. Compare the options and choose one credit card that offers rewords relevant for you. Opt for those cards with zero annual fees for practical reasons. Remember to use the accumulated credit card points to maximize saving.
4. Save for Urgent Situations
Regardless of the number of earning members in a household, crisis situations crop up any time. To cope with unforeseen crisis, including illness, house damage caused by disasters or theft, you need to save even when living on a single income. Make an emergency fund and save an amount from each month’s earning in that fund. Make a resolve not to spend from this fund at all except in crisis situations.
5. Cutting The Cable
If you and your spouse are not much fond of watching TV, it may be the ideal time to cut the cable cost that you incur every month. Instead, subscribe to an unlimited internet service. You can download and stream a wide range of TV content online and watching them on a large screen is not difficult either.
6. Selling A Car
If both you and your spouse use a bike or car, sell one of them. It will reduce the running and repair cost to a large extent. The money you get from selling the other car can be saved in the bank. Of course, you will have to adjust a bit. For short distances, develop the habit of walking instead of taking out the car!
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