Money Talk With Slater

Making Money Across the Board

Living On One Income

It has been very hard lately for many people to make ends meet, and this is really true for families with one income. Many families are dealing with a family member suddenly losing a job and dealing with unemployment. Nonetheless, others become a one-income family intentionally because it is the best decision for them regardless of financial challenges. Some women decide to quit their job and become a stay at home mom. Regardless the reason, making ends meet on one income isn’t without problems.

Regardless if you’re a part of one of these families, or have relatives or friends who are, check out these tips to help keep single-earner households on good money terms.

Make a Budget
The first step for any family wanting to manage of their finances is to make a budget. A budget will let you know where your money is going and let you regulate your spending by assigning how much you can afford. Making a budget is a good idea for everyone, but particularly for families with a limited amount of income. Make yourself a budget with specific spending categories and stick to it.

Live Within your Means
Be real with yourself about what you can afford. Don’t go into debt to get a brand new Lexus when you can only afford a used Ford. Don’t go on a shopping spree and increase the amount due on your credit card. If you so happen to lose the only source of income that you do have, how will you pay off your debt?

Cut Down on Expenses
Look over your expenses to see what you can do with and what you can do without. A most clear expense is cable. Some cable bills are more than $100 a month and all it does is have you and yours wasting a lot of time watching worthless television.

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