akgmag.com is a free site for authors, publishers and freelance writers (more...)

Home > Personal Finance > Budgeting > How to Live on One Income

How to Live on One Income

Submitted by: Lynda Forman




1 Vote up this article!
tell Tell A Friend
Tweet this
Stumble this
Share this
+1 this
b Bookmark
p Report This
fave Add to Favorites
rss RSS Feed
Viewed 214 times FAQ
View rank: 82nd FAQ

If you've suddenly found yourself in a situation where you need to live on one income, it might be time to tighten up your finances a bit more than you have been.  While you might not have expected this layoff or job change, you can still manage with just one income – if you plan appropriately.  Here are three easy ways to trim your budget and live on just one income for the present moment.

Know Your Budget

Most of us aren't aware of how much we spend each week on non-essential items.  For just one week, it's time to write down each and every thing you buy.  This will give you a sense of where you can begin to trim your costs.  You will want to find a reasonable figure for your food costs for three meals a day as well as a few snacks each day.  It's time to cut out any drinks besides water (unless you need formula or milk for children) and it's time to look into making meals that are low in cost, but large in portion so that they last throughout the week.

Sell What You Can

Desperate times call for desperate measures.  You need to begin selling off anything in your home that you do not need.  This might be an extra car, additional services (like cable and DSL internet access), and anything else that you might be able to get money in return for.  If you have a cell phone family plan, it might be time to drop any additional lines that are unnecessary until more money can come in.  You can also call your cell phone provider and try to get a cheaper plan if you're not using as many minutes as your plan provides.  This is far less costly than cancelling the actual phone plan.

Look for Free Stuff

You can actually make a game out of trying to find free things in your community.  There are always free things to do, to see, and to use if you know where to look.  Go to grocery stores where there are samples on certain days – this can be a fun way to shop and to get an extra meal for free.  Consider using the library more often for books, CDs, and videos.  You can also find free samples online by simply filling out a few surveys.  Grocery stores also offer great coupons in their ads, which can then be used in conjunction with coupons in your newspaper, adding up to bigger savings.If you've ever been to college and had to fend for yourself, think of living on one income as going back to then lean days.  While it might not be the most glamorous life, just like in college, others will understand.  They will understand if you just want to go to the park instead of to the movies.  They will understand that you can't go out, but you'd like to make dinner with them.  People will understand.  And your budget will thank you for it.

* * * * *

Lynda Forman is a freelance writer living in California. She writes for national and international clients. Her website, Lynda Forman, is up and running, though constantly evolving.

No Creative Commons License


Share this: