Last Updated on February 20, 2016
If your family is living on a single income, then it can sometimes feel as if you’re barely surviving. By making some serious budget changes, you can transform your barely surviving mentality into one that’s thriving. Here are some tips you can use to thrive and not just survive on ONE income.
Create a Budget
In order to prepare your finances to thrive on a single income, you’ll need to create a budget. Go through all of your expenses and list how much they cost each month. Look at your income and decide whether these expenses fit in with the lifestyle you’re able to afford. Don’t forget to add a savings goal and emergency fund in to your budget so that you have what you need in case of an unexpected expense.
Cut Corners (Or Coupons)
If you want to thrive on a single income, then you need to make your money stretch as far as it can go. To do this, you’ll need to cut some corners! Coupons are a great way to do this since they allow you to buy staple items such as groceries at a discounted price. This allows you to feed your family at a lower cost, making it easier to follow your single income budget. Canadian? Not sure you can save the way Americans do? Think again! Check out these tips on Couponing for Canadians. When you do shop, you will want to keep in these great tips to help you save on your grocery bill!
Buy Things Secondhand
Oftentimes, used items are just as good as new items. In order to thrive on your single income budget, you might want to buy certain items used. Children’s clothes and toys are great items to buy used, especially since your children grow fast and will only use these items for a short period of time. If you need some new pans or flatware, go to your local thrift store and see what kitchen supplies you can buy secondhand.
Sell Unwanted Items
Another great way to stretch your income is to sell some of your unwanted items. After your children outgrow their clothes or toys, you can sell those items and use the money towards their new wardrobe. This will help you earn back some of the initial costs for those items, making it easier than ever to stick to your budget.
What are your best budgeting tips? I’d love to hear about how you make a single income work for your family.
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Elizabeth Lampman is a coffee-fuelled Mom of 2 girls and lives in Hamilton, Ontario. She enjoys travelling, developing easy recipes, crafting, taking on diy projects, travelling and saving money!