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Budgeting Tips for One Income Families

25 March, 2017

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 - by katewatson

The following guest post was contributed by Allan Jones.

Difficult economic times have resulted in a rising number of one-income families. Companies are increasingly finding ways for cutting their expenditures through laying off employees. Still many households intentionally select to remain a single-income family despite of financial challenges. This decision is based on the notion of sacrificing your present for your children’s future.

But rising housing costs, massive consumer debt, and higher gasoline and food prices can be frightening for families which desire to become a one-income household. But parents sooner or later realize that it is more satisfactory and fulfilling to invest time on your kids than to obtain two paychecks. We have tried to make this transition easier by presenting a number of tips for successfully managing a Single-Income Family.

1. Smart Money Management

Budgeting is the first step towards successfully managing your expenses. You can take the help of a spreadsheet or simply revert to the “Money-Management” software in your cell phone. A budget not only helps to keep a track about your income and expenses, it also allows you to curtail any unnecessary expenditures. A budget also helps you to forecast monthly income and expenditures and thus allows you to plan accordingly.

2. Become Debt Free

The availability of credit cards and overdraft facilities can surely entice you to overspend. Getting rid of such loan facilities will allow you to live within your means.

3. Getting Rid Of Unnecessary Cars

If both of the spouses previously enjoyed individual cars, it is time to get to a single-family car. Selling your extra car will not only allow you to save on leasing payments, but will also save your maintenance and fuel expenses.

4. Prepare a Not-To-Do List

Preparing a list of Not-To-Do expensive activities is a novel idea. Discuss this idea with your spouse and children to reach a consensus. Discussion will also ensure successful implementation. An example would be to prepare supper at home and a complete boycott of convenience foods or restaurants.

5. Spend Wisely

The most convenient method of cutting back on expenditures is to spend prudently. Giving your purchases a thought before paying. Question yourself before every purchase so that you are not carried away by compelling discount offers. Small changes can result in big savings, such as growing in-house vegetables can significantly reduce your grocery bills. Cutting on Cable-TV and gym can also save big time. Exercise at home and spend your TV time on other activities.

6. Coupons

Sometime coupons can prove to be more cost-saving than part-time jobs. Coupons not only reduce your grocery bills, but in fact can also be used for gas, restaurants, computer items, and even diapers.

8. Work Part-Time

Adopting a home-based job can significantly reduce the burden from your bread-earning spouse. You might also commit to a daycare facility.

You’ll be presented be a countless tips and numerous benefits for becoming a One-Income family, but if you are not committed to making the required sacrifices, then all is in vain.

Allan is a regular guest blogger on personal finance blogs. He has written numerous articles on money saving strategies andhigh interest savings accounts.

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