Whether your family is living on one income by choice or because of unforeseen circumstances, you can live frugally on that one income and make it a successful adventure. Job loss today is a real thing.
Pinterest is flooded with excellent tips on how to be a stay at home mom but when you’re heart is there, but you just can’t find a way financially to come home, these best ways to live frugally on one income will help you do just that.
Consider These Financial Goals Before Living On One Income
Of course, if you have just been laid off, these are not going to apply unless you have already done them. I recommend as your Financial Coach to make sure these are in place right now.
Three to six months of expenses is best. Go on a complete spending freeze and save all the money you can come up with to an emergency fund until you can get to that 3-6 month expense amount.
This is a challenge at first, and nobody is perfect, but a reasonable attempt is so much better than no effort. As you continue to use your budget and allow for tweaks, you will get better. But, don’t stop using budgeting tools.
Decide which plan is best for you. Do your research and understand that anything medical is not cheap. From glasses to significant surgery, know what your insurance covers and how much needs to be paid out of pocket.
Pay off as much debt as you possibly can. There is a release of a burden when debt is at a minimal. I never imagined what a drain on my emotional well-being debt actually was. There is an absolute calm that you live with when all debt is paid off.