How To Ease The Burden Of One Income Households
If you are a one income household, or considering becoming one, there are additional financial burdens that come with the territory.
The fact is that in today’s day and age, most North American households rely on two incomes to support their families. Having said that, there are nonetheless certain situations that create the need for one parent or spouse to stay home, particularly when daycare costs start to match or exceed the salary of one of parents.
If you’re planning to become a stay-at-home mom or stay-at-home dad anytime soon, use the following tips to ease the financial burden of becoming a one-income household:
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 province or 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 interprovincial 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.
You might also consider working at home as a freelancer, or in other home-based roles such as a virtual assistance, transcriber, or customer service representative. 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.
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. Setting a budget and tracking your expenses is especially important when you are a one income household.
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. Or if you have on demand cable, you can typically rent a movie on demand at home for the family for less than half the price of one movie theater admission ticket.
Sometimes, eating with friends is a much cheaper and more enjoyable option than heading for a restaurant.
Imagine saving $50 and up 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. Or you can host a pot-luck evening and have each guest bring a dish. These options save 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, such as downsizing your home or planning inexpensive activities 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.