Living on One Income – Rachel L Hansen
When you made the decision to stay home with your precious baby you
hadn’t yet thought of how you would manage. When only one spouse is
working it can seem impossible, but the good news is that you can do it.
Check out these tips for some new challenging ideas.
Surveying Your Options
Besides the working spouse picking up a second job, consider working
yourself a night job, even part-time, when family or a spouse can watch the
baby. Working outside the home is not the only option, find what you already
love to do and figure out a way to make money doing it! Wherever your
passion is you should start brainstorming, there’s plenty of outlets for every
talent, whether it be
writing for magazines or creating crafts to sell. Many
mothers find the extra income in watching another baby, preferably one their
own child’s age.
Living In Your Means
Living within your means isn’t the end of all fun like some people think. It’s
the basis of a healthy financial lifestyle, and the foundation of your financial
future. Lay all your bills out on the table, what can you cut? Cable certainly
isn’t a staple of life, and do you
really need high speed Internet? There may
be things you aren’t willing to part with, but you should still consider your
options and see what you can
cut down or out. Some things, such as car
insurance, you can’t cut out – but you may be able to cut down. Go over your
policy, are you really driving the amount of miles per year listed on your
policy? Consider raising your deductible, and you could save up to $100 a
month. One word of caution though, don’t raise your deductible any higher
than the amount you have in your savings account, you don’t want to be
stuck without the money to pay for damages in the case of an accident.
Planning for Surprises
You probably have those friends who go deeper into debt for Christmas or
maybe you’re staring in the mirror on this one. Were we taken by surprise
when December rolled around and suddenly had no money for presents so
pulling out the plastic seemed like the ultimate solution? When you plan for
emergencies you take the surprise out of any situation. With eleven months to
warn us of Christmas there really is no excuse for being unprepared. The
same goes for birthdays and any other holidays you regularly
spend money
on. And since we know life happens and emergencies and surprises are part
of that, you can also plan for them. A good rule of thumb is to have 3-6
months worth of expenses saved up in case of a job loss or emergency. While
that may seem a near impossible goal at the moment just getting into the
habit of savings, even if it’s only a few dollars a week, will get you closer to
your goal. Many banks will let you set up a separate account where you can
save for Christmas and other occasions.
Free Entertainment
You can find free entertainment and it’s really not that hard to do. Google
‘free entertainment’ in your town and see what comes up. You may be
surprised at the amount of things you can do without paying a penny. Don’t
forget the Library, where you know you can borrow books for free, but don’t
forget many Libraries have videos also. Parks and beaches are great for walks
and picnics, and if you can avoid the temptation to spend, even a walk in a
mall is great exercise. Bookstores (and Library’s) have reading times for
children and often have other activities at no cost to parents. Pack lunches to
make these outings truly free, and enjoy spending time with your kids, or
splurge on a sitter (or get relatives to sit for free) and go alone for some quiet
time.
Shopping Smart
Many people have heard the secrets of buying in bulk, and it’s a great idea to
stock up on items you use frequently when they go on sale, but don’t
underestimate the power of the coupon. Many stores will double coupons and
you should seek them out, they are your friends. Clip coupons from every
place you can get your hands on, online and in the newspaper. If you do your
homework you can save 50% off your grocery bill. Stay with items you
normally buy (no need to load up on cat litter just because it’s on sale when
you don’t own a cat!) and ditch the brand names. You’ll go in shock the first
time you see how much comes off your grocery bill, and if you’re like me,
you’ll also like the hunt of the chase in finding new deals.
Time it Right
Spend your time wisely, because time is money. The more focused you are
and determined to stay at home and make it work, the more it will work for
you. Schedule your time just like you would at a job, and don’t forget to
punch out for a break at the end of the day, just after baths and bedtime. The
more organized you are the more you’ll be able to get done, and the more
time you’ll be able to spend with your first priorities – your kids.
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