Did you know that more and more families are now relying on single incomes? There are so many different reasons why a family may need to rely on only one income, but it looks like the number of them is steadily rising year on year.
It can be tricky to manage money and the weekly budget when just you or your partner is working and you have children to support. Thankfully, though, it can be done. You just need to be extra careful with your money management and how you use that income. To help your family out a bit, here are my top tips for single-income families.
Get Rid Of Junk
Junk shouldn’t have a place in your home. When I say junk, I mean all kinds of junk: food, clothes, furniture, and clutter. If you haven’t used an item or worn a piece of clothing over the past year, consider selling it on eBay if it is still in good condition. You should also cut down on buying junk food, as it is very expensive and extremely unhealthy. It’s also a good idea to stop buying cheap clothes that will need to be replaced often. It makes better economic sense to save up to buy better quality clothing that will last longer.
Grow Your Own
Do you keep getting a shock whenever you get to the till at your local supermarket? Thankfully, there is a way to try to cut down on your weekly food bill – just start growing your own! Do not worry if you do not have any gardening skills, few veggies are suitable for beginners to grow. You just need to start off with the likes of cucumbers, lettuce, and carrots before you progress onto some trickier vegetables. The more you grow, the cheaper your food bill will become!
Plan for Emergencies
You never know when an emergency may occur, so it is always a good idea to be prepared. Ideally, you need six-months of wages saved up so that you have a financial safety net. If you or your partner drives for work, it is worth finding a lawyer, such as dolmanlaw.com/clearwater-truck-accident-attorneys/ who can represent you in the event of a crash at work. In fact, no matter what career you are in, you should have an appropriate lawyer’s number in your phonebook for when you might need it. Not only that, it is super important to be well-insured in both your personal and professional life.
Review Your Utility Bills
It is worth looking on comparison websites, including the likes of uswitch.com/gas-electricity/ to see if it is worth switching your utility bills. Energy and electricity companies are regularly changing their prices and offering great deals for new customers. Therefore, it might be worth taking your business to a new company to reap the benefits of their new customer plans.
As you can see then, there are a few ways you can help stretch your single income further. These tips are a great starting-off point!