How to Live Off of One Income and Save the Other
Updated: Jul 20
Most families face a family member who suddenly loses a job and goes through unemployment. On the other hand, others are deliberately choosing to be a single-income family due to being the best decision for them overall. Whatever the cause, it is not easy to make ends meet on one paycheck. Being a dual household living off of one income may seem impossible but in reality, it is not. If anything, it is easier due to all the opportunities and ways that are out there. For example:
Make sure to have an emergency fund. Ideally, your fund must contain enough to cover living expenses of six to nine months.
Cut the cable. There are a thousand reasons to cut cable (like reading). If you must watch tv, consider Netflix, Hulu, etc. A bill ranging from $100-$300 will be reduced to at most $24 plus the cost of internet. If you want to save even more, consider using your mobile plan’s hotspot service.
Spend based on priorities. Do not make purchases that are unnecessary, including those to impress others. Buy what you can afford and spend on things that you actually need, not want.
Budget. Make a list of all your expenses and cut out those that are not necessary and/or cut down on how much of each item you are purchasing.
Couponing. You may want to consider couponing since couponing can create lots of savings over time. Coupons offer the opportunity to get all of the items you need while saving on purchases.
With some thoughtful money management, living off of one paycheck in a dual household can be done. It is possible to miss out on any conveniences with the right tools and mindset. All these steps will help but being on the same page with your spouse will make living as a single income family possible and easygoing.