Easing the Burden of One-Income Households
Most modern households rely on two incomes to support their families, but certain situations create a need for one parent or spouse to stay home, particularly when daycare costs start to match or exceed the salary of one parent.
If you’re planning to become a stay-at home mom or dad anytime soon, use the following tips to ease the financial burden of becoming a one-income household:
Can You Relocate?
If you’re currently renting a place to live, you might consider relocation as a viable option for your family. You might be able to move to a less expensive area on the outskirts of town, where the cost-of-living is better and where the sole provider will still be able to commute to work.
You might even consider moving to a different state altogether. In some cases, a different location might offer the same space for less, allowing more financial room for groceries and your monthly electric bill.
Of course, an interstate move may mean that the breadwinner will need to find a new job. Ask your current employer whether a transfer to another suitable location is possible.
Can You Work from Home?
You could also consider working at home as a freelancer or in another home-based job like virtual assistance, transcribing, or customer service. Some work-at-home companies even offer benefits. Although not a common practice for independent contractors, you may get lucky.
Are you a versatile writer? Consider a position as a freelance writer for an online company that requires frequent written content.
Even if working from home isn’t an option for you, you could still earn several hundred dollars a month by working from home in your spare time. When you’re living on just one income, every little bit helps.
Can You Spend Less on Entertainment?
You may not be noticing, but you’re probably spending more on entertainment than you think: movie tickets, dining out, concerts, and special events all add up at the end of the month.
You could be saving a considerable amount of money by cutting back and creating home opportunities without feeling deprived. For instance, you can make a pizza from scratch for around $5, considerably less than the $20 you’ll spend having one delivered.
Instead of going out for movies, check the TV schedule at the start of each week to find free movies or specials your family will enjoy. Putting up with a few commercials is well worth saving from $7 to $12 per ticket on a movie at the theater.
Dining on Someone Else’s Dime
Sometimes, eating with friends is a much cheaper and enjoyable option than heading for a restaurant.
Imagine saving $50 or more on one or more meals each month, and you’ll see the beauty of eating at a friend’s house a couple times each month. This option saves you money on groceries and entertainment, and it’s a favor you can return next time you get together.
Becoming a one-income family requires some adjustments. You may have to make sacrifices, like downsizing your home or doing inexpensive things at home.In the end, the sacrifices you make won’t take away from your quality of life, since you’ll be spending more precious time with your family as a result.