America is largely designed for two-income families, but not everyone wants to have this lifestyle. If you and your new spouse want to have one person home full-time, you’ll need to manage your finances very carefully. Though it’s no longer considered the norm, living on one income is possible.
Learn How to Shop Smart
Retail stores use many tricky tactics to lure you into spending more than you intended. Necessities like milk sit at the back, so you’ll have to pass all of the other groceries to reach them. End caps feature alluring purchases, but the highlighted price isn’t always a sale. Learn to look for the real cost of an item. Most stores show the unit price in the upper corner of the product’s shelf price. This helps you compare the value of the small peanut butter versus the large at a glance. Bigger isn’t always better. Do the math.
Plan Your Meals Wisely
Never go shopping without a meal plan and grocery list. Stick to your list at all costs. Impulse buys will ruin your budget. Keep an eye on sales and stock up when items are at their lowest price. As you’re planning meals for the week, think of ways to use one night’s dinner in the next day’s lunch so nothing goes to waste. Focus on simple, frugal recipes that use lots of affordable staples like rice and beans. Grow herbs in a windowsill or tomatoes on the porch to ease the cost of groceries and help your family eat well.
Give Yourselves an Allowance
Staying on a budget is difficult, especially for spenders. To avoid splurges that you can’t really afford, include a small allowance in your budget. Take this out in cash and give a small allowance to both yourself and your partner. This is your own discretionary money that you can spend guilt-free on anything you’d like.
Find Out What’s Free
Get to know your town and find out what you can do for free. Go to museums and parks instead of movies and shows. Pack a picnic instead of heading to a restaurant. You’ll get to know the local flavor of your hometown a lot better, and you may even discover new things about your partner as you explore new and interesting activities that are available at no cost. Check your newspaper or local library calendar for ideas.
Live on Cash
Avoid credit cards and loans as much as possible. Debt makes it infinitely more difficult to survive on a single income. Pay off anything you owe as quickly as possible and strive to live on cash alone. Start a savings fund for big purchases, so you can buy a car or even a home with cash. It is possible, and others have done it before you!
Make Smart Investments
Instead of tucking your savings into a mattress, put it into a smart savings account where it can grow. Resources like the official Ken Fisher website can give you financial advice that will point you in the right direction. Explore your options and make sure you’re knowledgeable in the financial arena. When you put your money where it counts, those dollars can work while you stay home.
Turn Saving Money into a Second Job
The spouse who elects to stay home and not work can actually make something of a career out of saving money. Staying home doesn’t mean lounging in front of the television all day. The at-home spouse can make bread, pickles, and preserves from scratch or keep a garden to save on groceries. With the extra free time it’s possible to hang laundry up to dry, mend clothing so it lasts longer, and even mix laundry detergent and cleaning products from scratch. Saving money is a real job when you’re creative about pinching pennies anywhere you can.
Live With Less
Many things that modern families consider basic are really inessential. Cable, Internet, smartphones, and even clothes dryers are all unnecessary. Cut back on electronics and home services that are draining your wallet. You can also switch to store brands, start cutting your hair at home, and give yourself at-home manicures and pedicures. Let go of luxuries and learn to enjoy the little things. You’ll soon find that there’s just as much value in the things you don’t pay for.
Begin your newlywed life successfully on just one income with these strategies, and you’ll find that it’s easier than you may have thought to forget the norm and live just the way you want.
Photo Credit
Image by Catherine Bulinski on Flickr – Some Rights Reserved
Guest Author Bio
Amanda Brown
Amanda Brown is a freelance writer who enjoys playing and coaching volleyball. She loves her friends and family including her dog, Charlie; as well as traveling all around the world.
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