To live on one income might not be an easy thing to do. But it can be done by following the right tips and sticking to a strategy. For instance, how can a father with one income support four kids and his wife; seeing through the household daily expenses as well as providing education for the children.
It is a tough job but there have also been lots of inspiring stories in which the children have all grown up to be successful in their studies and secure high paying jobs. Setbacks and difficulties will always be there. But with a strong determination to survive and live on one income, it is possible to go through it all.
Here are some tips which can be followed:-
Eat Out Less
Spending money to eat out often is pretty wasteful. If the whole family enjoy eating out, make it a point to do it for special occasions and stuff like that only. It will save the family expenses hence. Stick to home-cooked meals which are considerable in price and nutritious at the same time.
Stick To Weekly Grocery Shopping
Instead of spending money to buy groceries everyday, stick to a weekly budget and buy only necessities. List on paper the things which you would need and roughly gauge the prices. Bring a calculator along if you must and add up everything before going to the cashier.
Reality Check Purchase
Do not spend beyond your means, even if it’s hire on purchase. This is extremely important in order to live within the income for the month. For instance, even if that extra inch TV looks enticing and you think you can pay it up through monthly installments, think again.
More often than not, installments are just going to give way to more headaches if let be. Hence, do not risk purchasing something at the spur moment of it. Think of all the considerable factors which surround and weigh everything first before making a decision.
To live on one income may actually be a good practice for when someday a pay rise occurs or a better opportunity arises, then it can be said that one has learned from scratch and is capable enough to handle the way up. If there is extra cash stashed, it is best to consider saving for a rainy day first. Make the wisest decision, as it lies in yours.