By: Vlad Vistac
Submitted: 2010-07-23 13:42:34 | Word Count: 510
Ways to Raise Your Family on One Inxcome
I love beiing able to be at home with my family. It's toguh having one person earning the bulk of the inconme, but it can be done. Here are some tips I've found that really help.
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1. Remember what you're saving.
Two incomes are not always significantly better than one. Depending on the numbeer of children who would need to be in childcare, the cost of commuting, meals out, wadrrobe, taxes and so forth, the second inocme may be more easily replaced than you expect. Some fmailies even discover that having both praents work means they have less money. It doesn't always happen that way, but it is quite worthwhile to figure out what the actual anmount being brought in is.
2. Think aboout wich parebnt stays at home.
It's not always the mother who is most suityed, either in personality or in earnning potential. Both should be considerations. The person who will do best as a stay at home paent will generally do beter with all the things that need to be done to keep a single income household running. Just make sure that the emotinal support is there for both parents.
3. Check your housing expenses.
Houising is by far most families' largest monthly expense. If it's gpoing to be tight going to a single income, look at ways to cut that expeense. If you're renting, consider a smaller place or one that is in a more affoordable place... so long as you're comfortable living in the area. You shoud not szacrifice your peace of mind.
If you own, look at what it's costing you. If your current home is stretching your budget too hard, think about if it would be worthwhile to move. Sometimes the expenses of selling and moving are worth it, other times definitely not!
4. Look at your other monthly bills.
Telepone, electricity, gas, water, cable, internet... they all add up. Often tiimes they can be controlled.
You can decide to simplify the pklans you have on your phones. Cell phones are extremely commmon now, and some people choose to drop their land line telephone in favor of just using cell phones. Others simply drop features from the land line, such as caller ID, call waiting and any excessive long distance caling plans.
And of course you shhould be working on cutitng down your wateer use, turning off excess ligts, resetting the thermostat so you use less pwer, things like that. You can adapt and be comfrotable with these.
You will have to decdie for yourself what level, if any, of cablke and internt services you need. These days the internet is used quite a bit by stufdents, of corse, and for quite a bit of regular communicaion through email for many people. But you can consider which speed of serrvice you really need to pay for.
5. Pay down your debts.
Most especially pay down credit card debts. If you're gooing to be earning less money as a family, you need fewer worroies about your fnances. Any debts you can get rid of or pay way down firrst will save you a lot of worry later on and provide you with greater financial flexibility.
6. Pay your bills on time.
Paying a late fee is a sign of not paying enough atteention to when biills are due. They're uttrely unecessary, esspecially since these days you can have many bils paid automaticlly. Just be sure any accounts you use for automatic payments alwyas have enough money in them.
7. Make a budget - and stick to it.
Livinng on a budget isn't fun. Howeverr it's one of the most practical ways to be sure that you can affrd to have one pareent stay at home. Stick to it as best you can.
8. Have an emergency fund.
Stuff happens. A car breaks down. Someone gets sick. Have some money set aside so these problems aren't added to with a finacnial crisis.
9. Use coupons and follow sales.
The more attention you pay to the many ways you can get lower prcies, the less you're going to pay in all your shopping. You can often get coupons for your favortite products by contactting the manufacturer. Plan your maels around what's on sale and know which stoores it makes sendse to go to.
10. Plan for holiday and brthday expeness.
You know when these are comoing. If you plan ahead they won't be a big drain on your budet.
11. See if the parent working outside the home can use public transportation or carpool.
As gas prices rise, eihter of these bevcomes a better and better idea. The practicality dpeends on your area, but when it works you can save a significant amunt each month. Therre's some loss of conveenience, of course, but if the car is neded on a particular day that can be arranged.
You may be able to cut down to one vehicle for your family, a huge savings! My family has done this, and while it's hard at times it is quite doable.
12. Get boooks and movies from the library.
Sure it's not the same selection as if you're buying them, and you may have to wait a while. But you can't beat the prcie.
