MomsAllStop.com
Love, Laugh, Live
© May 2007 Gretchen Alawneh All rights reserved.
This website was created using the BlueVoda Website Builder.
This website was created using the BlueVoda Website Builder.
There are many reasons why a family needs to survive on one income. Sometimes someone gets laid off or fired. Sometimes a baby is born and the family feels it is important for one or the other parent to stay home. Sometimes, someone gets ill and can't work. No matter what the reason is, the answer to the question "Can we manage on one income?" is usually yes. There are alot of things you can do to help you reach this goal or manage if it is something that you find yourself doing out of necessity.
The most important place to start is to know how much income you have coming in and how much money you have going out in the way of expenses. This may seem like a no-brainer, but you would probably be surprised to know alot of families don't have a clue. Maybe they just don't want to have a clue. That way they can delude themselves into believing that everything is ok for them financially.
Once you have a firm grasp on knowing what is coming in and what your expenses are (look through your checkbook, bank balance and reciepts), don't forget all those dollars that are constantly going out that you are usually forgeting about (.50 for a candy bar, $1 for a cup of coffee, .25 for the meter), then you can get started on figuring out your plan of attack.
If you know you are planning on quitting to stay at home (like if you are pregnant) than you can do a few extra things. Start trying to live off only the remaining spouses paycheck for awhile. See if you can manage on just the one. Meanwhile, put the entire other paycheck towards paying down or off credit card debt. If you don't have any credit card debt, put the money into a savings account for future emergencies. Experts usually say to have 3 months worth of expenses put aside for a rainy day.
If it comes at you suddenly, like losing a job or becoming ill, there are several things you can do to cut back. One of our largest expenses each month is our grocery bills. This is also one of the easiest to lessen. Check out our grocery shopping section here at MomsAllStop for ideas to help you at the checkout. Try to save by giving up the video rentals. Most libraries offer movie rentals for free. Stop eating out. That is a huge expense. If you must eat out, spend a few minutes online first going to your favorite restaurants website to see if they offer any discounts and coupons, most do. We have a section here for working at home. You won't get rich here but you can earn enough money at home to help with the expenses. The idea is to look for the things that you may want in your life but don't necessary need and cut back on those if not cut them out completely.
Also, don't forget that working out of the home can be an expense all by itself. There is the cost of gas, parking, that second car to maintain, dry cleaning, all those office money takers like birthdays, holiday exchanges, and so forth. Maybe you'll realize after you take your income in to account and start subtracting your childcare cost, lunch out, and the other expenses mentioned above, you may find that you are working for basically nothing. A little knowledge can be a powerful thing.
Best of luck to all of you!!
The most important place to start is to know how much income you have coming in and how much money you have going out in the way of expenses. This may seem like a no-brainer, but you would probably be surprised to know alot of families don't have a clue. Maybe they just don't want to have a clue. That way they can delude themselves into believing that everything is ok for them financially.
Once you have a firm grasp on knowing what is coming in and what your expenses are (look through your checkbook, bank balance and reciepts), don't forget all those dollars that are constantly going out that you are usually forgeting about (.50 for a candy bar, $1 for a cup of coffee, .25 for the meter), then you can get started on figuring out your plan of attack.
If you know you are planning on quitting to stay at home (like if you are pregnant) than you can do a few extra things. Start trying to live off only the remaining spouses paycheck for awhile. See if you can manage on just the one. Meanwhile, put the entire other paycheck towards paying down or off credit card debt. If you don't have any credit card debt, put the money into a savings account for future emergencies. Experts usually say to have 3 months worth of expenses put aside for a rainy day.
If it comes at you suddenly, like losing a job or becoming ill, there are several things you can do to cut back. One of our largest expenses each month is our grocery bills. This is also one of the easiest to lessen. Check out our grocery shopping section here at MomsAllStop for ideas to help you at the checkout. Try to save by giving up the video rentals. Most libraries offer movie rentals for free. Stop eating out. That is a huge expense. If you must eat out, spend a few minutes online first going to your favorite restaurants website to see if they offer any discounts and coupons, most do. We have a section here for working at home. You won't get rich here but you can earn enough money at home to help with the expenses. The idea is to look for the things that you may want in your life but don't necessary need and cut back on those if not cut them out completely.
Also, don't forget that working out of the home can be an expense all by itself. There is the cost of gas, parking, that second car to maintain, dry cleaning, all those office money takers like birthdays, holiday exchanges, and so forth. Maybe you'll realize after you take your income in to account and start subtracting your childcare cost, lunch out, and the other expenses mentioned above, you may find that you are working for basically nothing. A little knowledge can be a powerful thing.
Best of luck to all of you!!
Family
Living On One Income
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |