It is essential to note that only 7% of households in the US live on a single income. I can say that this is a piece of good news to the economy, gender equality and financial stability in the United States. It is true that families that fall under the single income find it very hard to push through. You find that living on one income while raising children, dealing with a health issue or because of inability to find employment can be done only if you make smart sacrifices. Continue reading to learn more about living on a budget with a family income that is provided by just one person.
You should start by knowing your budget. Living on single income successfully will require you to have a strict monthly budget. Here you should know how much you will make each month, how much you will need to put towards debt, rent or mortgage payments, groceries, transportation, and other living expenses. It is true that 3 in 5 American households don’t have a budget which you must have with a single income. Ensure that you identify optional spending that you can cut. Some of the things that you can avoid are subscriptions, eating out often and entertainment outside the home.
Besides, you should also look into your spending options. This is more challenging if you have children or you are supporting an aging person. This way you will consider lending options if you need money to improve your skill set. Here you will have to take a personal loan which you can afford to make minimum payments each month. The other case is that when you are part of a structured settlement, and if medical negligence is one of the reasons why only one person in your family can work, ask for lawsuit advances. Because of that you will be in a position to get the money that you need without having to take on a serious loan.
Lastly, you should consider a side hustle. It does not mean that when you or your spouse are struggling to get a full-time gig, there are not any part-time jobs or side hustles that you can do. It is true that knowing how to live frugally on one income also means looking for any opportunity to make a bit of extra money. Some of the side hustles include becoming a dog walker, sell crafts on Etsy, start driving for Uber or Lyft or you can initiate your affiliate marketing blog. No matter how little you get but it will take tons of pressure of the single earner.