Basic Finance Tips

Personal Savings, Business, Money Matters and more…

Savings and FinanceTips

Families: Can You Survive On One Income?

It’s not so bad when it’s just the two of you. But then, you start bringing pets into the mix. After that, a child-or-two adds to complications. Suddenly, you’re faced with the task of supporting a family on a salary that stretches your funds to the limit. Is it really possible to survive on one income?


Ultimately, the answer to that question is determined by how well you’re able to manage it. If you’re really struggling, and you don’t know where to turn, give these ideas a try in the first instance.


one income


Put Social Media To Good Use

You’ve got a Facebook account, right? Instead of posting pictures of your cat making funny faces all day, it’s time to start putting that account to better use. Did you know that Facebook has lots of public groups about cutting costs and finding deals? By joining some of these, you might just pick up some invaluable tips to help you along the way. You might even want to set up a crowdfunding page for that summer trip you want to take. You can’t afford it right now, so let others help you to find those funds!


Live Within Your Means

You can’t tell me that you’re struggling to survive on one income if you’re still spending big money on needless items. You want that brand-new 4K TV? Sorry, but that’s something you’ll have to give up for now. You want to extend your gym membership? Why not start finding ways to exercise at home and outside for free? You need to sit down and analyze your needs carefully – ideally with a financial planner if you know one!


Shop Around For Loans

If you come to the conclusion that you need a loan, it’s important to tread carefully. It’s beneficial to look at a loan rate comparison site to ensure you get a good deal that will suit you in the long run. If you jump at the first offer you see, you might not be getting value for money. You certainly don’t want to end up in debt because of a bad decision.


The Internet Is Your Friend

We’ve already mentioned how both social media and loan comparison sites can help you massively. Those are just two examples of how the internet can assist you greatly in this scenario. What else can it do? Coupons can be found all over the net, and they’re a perfect way of saving money. Grocery shopping, clothes shopping, and many other needs can be complimented this way.  Make use of the internet to save money in any way you can.


Start Downsizing

You might determine that it’s time to start downsizing. Are you able to downsize to a smaller place? Maybe that’s a bit of a stretch. Instead, look around the home and see if there’s any potential to raise some cash. What about a yard sale? Could you get rid of this stuff on eBay instead?


Yes, it’s possible to survive on one income, but there’s a lot of hard work and preparation involved. We know you can do it!

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