Finances always seem to be a hot topic, and in this economy, we all could use a little reprieve, am I right? It just seems like things get more and more expensive by the minute!
Most households are just barely scraping by month after month, living paycheck to paycheck, and most of the time, still not able to make ends meet.
Living on one income can sound completely impossible, especially with the challenges of a growing family. I can absolutely sympathize as a stay-at-home Mama who relies heavily on my husband’s income.
But there are also other reasons for needing to live on one income:
- Job Loss or Injury
- Death or Severe Illness
- Single Parenting
- College Student or Single Life
With some tips + tricks, and a little shift in your perspective, living on one income can definitely be accomplished, and even become an enjoyable lifestyle!
This post may contain affiliate links, which allow me to earn commissions, at no extra cost to you!
- Begin With a Budget
Ah, the dreaded “B” word! Not many people truly enjoy the process of working a budget, especially couples. It seems like one is always the saver and the other likes to spend. No matter which category you fall into, a budget is certainly important for living frugally.
Creating a budget requires holding yourself (and in couples’ case, each other) accountable to what you plan out and agree to. It also requires patience, as sometimes things look different on paper than real life.
Give yourself some grace, and understand it often takes a month or two to really iron out the kinks in realistic budgeting plans and categories.
Creating and living by a budget can be easier than you think, no matter how many incomes you have, but when you are living on one, it is absolutely essential to establish one that will work for your life.
Here are a few categories to consider when designing a realistic budget:
- Essentials (rent/mortgage, utilities, cell phone, etc)
- Debt (monthly credit card, student loans, etc)
- Groceries
- Savings (optional, but definitely something to consider working toward)
- Weekly or Monthly Spending money
You can download my free simple Personal Budget printable to get you started!
or take a look at my Ultimate Finance Bundle in my shop!
If you’d like something a little more detailed to track more specific categories, you can check out these high-reviewed budget planners below:
This one is super cute with a decorative floral print, and gives ample space to track savings goals + more!
If you love all the extras of planners, this one has several pages of goodies with two pockets and lots of stickers also!
It’s all about the details with this adorable budget planner, complete with 12 receipts+bills pockets for each month, as well as monthly and annual budget review pages, month sticker tabs, and the best part…it’s undated so you can start it anytime!
- Hit the “unsubscribe” button
Have you seen the TV commercials of people giving away free cars to the contestant if they can accurately give the number of subscriptions they have?
Of course, they never win cause those sneaky little charges are often so small each month, we don’t even notice them. These $8-12 charges don’t really affect our bottom line each month.
Or do they?
According to Yahoo Finance, the average American has 4.5 subscriptions, and pays a whopping $924/year! Most of these subscriptions are TV streaming services, and there are still many households who have even more than that!
So how can we save money with all these subscriptions?
While you’re working on your budget for each month, don’t forget to take these into consideration! Be sure to check your bank statements, and look for any you may have missed or forgotten about, but are still paying each month! These companies are not about to send you a courtesy email to let you know you’re not using their services, but they sure will take your money!
How many subscriptions do you have? Do you use each one enough during the month to justify the charge? If you’re married, talk with your spouse about which ones you could consider unsubscribing to, and still survive!
My husband and I were quite surprised at how many extra subscriptions we were able to cut out, and we truly haven’t missed them. These sneaky “small” charges can really add up, especially if you’re not even using them!
A few other areas you could re-evaluate are your TV or cell phone plans. Are there channels or services you’re paying for but not even using? Are there newer plans they’re currently offering that might be an easy money-saving switch?
- Cut Down on Utilities
Along the same lines of cutting out unused subscriptions, you can also save a lot of money by adjusting your usage of utilities.
For example, our power company is a cooperative, and recently they have changed their policies on rates which actually works in favor of the customers. Instead of a flat rate on all power usage, they have redesigned their rate scale to lower the rate per wattage hour in half except for a 3-hour “Prime Hours” timespan during the day, where more power is usually used, thus charging a much higher rate.
These timespans change based on Daylight Savings, so for example, from April through October, these Prime Hours are from 3-6PM, when AC units are typically running more. From November through March, the Prime Hours are 6-9AM, which is when most heat units are running harder to homes warm.
So what does this have to do with saving money?
Knowing this, I have rearranged my routine a little during these times to avoid the higher premiums. I run the washer and dryer or dishwasher before or after these “Prime Hours” timeframes, and I adjust when I cook to save money by not running the oven or stove during those times.
Of course, there are days that things just need to be done, but it has certainly helped tremendously with our power bill by knowing this and adjusting our schedule slightly, especially being a stay-at-home mom with 5 kids all day!
These simple shifts could apply to all sorts of utility bills:
- Lowering or raising your thermostat by even a degree or two could change that bottom line each month.
- Turn off the HVAC unit and open your windows on pleasant, breezy days! This not only reduces your HVAC usage, but also allows a nice flow of fresh air through your home.
- Turn off lights and appliances you’re not using.
- Consider how much time certain electronics are running, such as the TV and gaming systems.
- Talk with an insurance broker, who can help find your family the best car insurance rates by comparing multiple companies.
- Be sure to check with your power or water companies and see if there are any incentives available, or rate scales such as the one I mentioned above.
- Buy Used or Second-hand
My sisters and I love to go thrifting! We always think of it as treasure hunting because we never know what we’ll find, and it’s so fun to discover unique pieces of clothing, household items, etc that we can easily reuse or up-cycle!
One way to save a ton of money, and live within your means as a one-income family is to search for what you need at second-hand stores or online marketplaces such as Facebook, OfferUp, NextDoor, etc. You would be amazed at the deals you can find for gently used furniture, appliances, electronics, baby items, etc which are still in great condition!
My husband amazes me at the things he finds from Facebook Marketplace! He quite literally will search for ANYTHING on that site, and he often finds incredible deals, and is usually able to even haggle the prices a bit with the seller. He truly has a gift, and we end up with awesome finds for dirt cheap!
Also, anyone with kids knows they can go through some clothes! From playing rough outside to just the normal wear and tear, there’s NO WAY I would ever pay some of these boutique prices for clothes my babies are wearing one time!
One way I save a ton on kids’ clothing is reusing clothes from the older kids for my littles, and also shopping at thrift stores and second-hand shops.
Each seasonal switch-over when it’s time to switch out summer clothes for fall/winter and vice versa, we go through everyone’s clothes, throw out whatever is not wearable anymore, and the clothing that is still in good condition goes into storage for the next kid. I store the in-between sizes in tote bins in our shed, organized by size and labeled accordingly. Then we get the correct-size bins out from storage and each of the kids have a “new wardrobe”.
- Cut Back on Food Costs
How in the world would we do that? We have to eat, don’t we?
While it is true, we absolutely have to eat, there are often so many “extras” we grab while we’re grocery shopping that, in reality, aren’t really that necessary.
Here are some helpful tips to save money in the grocery store:
- Don’t go to the store when you’re hungry! Trust me, everything will look delicious!
- Try swapping out those pricey but convenient, pre-packaged kids’ snacks for larger bags of chips, pretzels, etc and divide them into snack-size Ziploc baggies when you get home!
- Grab a few extra of your pantry staples when they’re on sale, instead of when you run out.
- Purchase meat in larger quantities for cheaper prices per lb, and then divide it into smaller portions to store + freeze at home.
- Plan ahead by having a grocery list and sticking to it!
You can snag my handy Meal Planning printable for FREE to help you plan out your meals for the week, or
grab my full Meal Planning Bundle to start saving money all month long!
and while we’re talking about food…
- Consider growing your own food
Gardening can feel overwhelming, but it’s actually easier than you think! There are so many resources out there for learning the basics, and you can grow as you go! (see what I did there 😉 )
Don’t have a big backyard or think your space is too small for a garden? Think again! There are now many options available for growing fruits and veggies in even the smallest of spaces (even apartments!).
Growing your own food can cut down on grocery bills, and also offers your family some healthier options! Plus homegrown food just tastes so much better than commercial greenhouses or factories.
Here are some easy options for starting your own garden right in your own home:
These fabric bucket pots are perfect for planting all varieties of fruits, veggies, and flowers! They are designed to keep your plants aerated naturally, while allowing the soil to drain excess water to avoid drowning your plants! Win-Win for beginners!
This simple starter seed pack has all the basic veggies for starting your garden, plus they are Non-GMO, heirloom seeds which means they haven’t been tampered with or modified in any way! They’re the real deal!
Get a headstart with your seeds by planting them indoors with this easy-to-use seed starting tray, where you can nurture them as sprouts until they’re ready to move to the buckets out on your porch or in the backyard!
In The Made From Scratch Life, you can find simple and easy-to-follow instructions on growing and preserving your own food as well as lots of delicious recipes to integrate your own harvest! Plus lots of other tips for beginning a slower and simpler life, ways to live frugally, and lots more!
Are you ready to start saving some money?
By integrating some of these simple switches to a more frugal lifestyle, you can save yourself and your family a ton! Which ones are you considering? Are there any that you have more questions about?
I’d love to hear from you! Drop your comment below!