HOW TO SUCCESSFULLY LIVE ON ONE INCOME AS A FAMILY.


We have lived on one income for many years.  I'm a stay at home mom, a job I take very seriously. It seems so easy now but in the beginning it was not easy. We made it our mission to learn some tips to help us live comfortably on one income. 


On the blog today, I'm sharing some tips that I have learned over the years to inspire families who also want to successfully live on one income.


PLAN AHEAD:


Ta daa! What do you know! Yep here comes another "plan ahead" sub title. Yep it's the core of my being and everything with me starts with that, so you will probably see it again in another post soon.


Before we decided for me to be a SAHM, we live off one income to see how viable it will be for us. I never brought in full time income, but the little that I was bringing in,  was not considered as part of our household income. This was for us to see how best we can live off just my husband's income. It was a great way for us to practice.


GET ON A BUDGET AND STAY ON A BUDGET:


Yes, I know I sound like a broken record with the budgeting talk too, but it's the genesis of our livelihood as far as finances are concerned. Track all your expenses and see how you can cut some an wanted expenses to allocate to more important areas on the budget. 


It's important for both parties to be on board and be transparent. It will not work, without a clear understanding of why you are both doing this in the first place.


SAVE, SAVE, SAVE!


Before you jump in head first make sure you have some funds stashed away for months of expenses. You never know what can come up so having something set aside will go a long way when and if anything comes up.


BE CREATIVE WITH YOUR SPENDING:


It's important to find ways to cut back on your spending. At this point, I'm the queen of finding ways to save. I'm into couponing, reward points, thrifting, Diy, bargain hunting and anything that is humanly possible to stretch our funds. I enjoy doing it and it has become my hobby.


STAY AWAY FROM DEBT:


Yes living a debt free life makes it easier to live off one income much more possible and stress free.  Please do not expect to live the same lifestyle as you were with double income, it will not work. You  must down size your lifestyle substantially to make it possible especially now more than ever.


SACRIFICE:


It will take an unbelievable amount of sacrifices for the entire family to live off one income successfully. Such as putting off expensive trips, buying name brand items, and eating out frequently, which in my opinion is nothing compared to the grand scheme of things. I see it as sacrificing now so you can enjoy later. 


We have made so many sacrifices over the years, but nothing beats being able to staying home and raising our kids. It was that important for us and the trade off is so worth it because kids are kids for only a limited time. Before long they will be on their way out to live their own lives.


I realize not everyone want to live on one income or be a stay at home parent, but to each their own and no one decision is better than the other,  It all comes down to choices and preferences. 


It's been great for my family and we'll do it all over again. So If this is something that is on your heart, you can definitely do it too just by implementing these steps.


SHOP MY FAVOURITE FINANCIAL RESOURCE BOOKS.


       

Thanks friends and S.M.I.L.E!


S - See

M - Miracles

I - In 

L - Life

E - Everyday


XX

EMELIA


7 comments

  1. A great blog post! I would love to stay at home but am waiting til I can make additional money for a side hustle I can do from home so I can stay home with my little

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    1. Thank you Caressa! You can do it. Keep hustling.

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  2. Thank for sharing these tips and being clear about what is required.

    Enjoyed reading this post.

    Diana

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    1. Thank you Diana. I appreciate you reading my posts.

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