How To Transition to Being a Single Income Family

Many people have suffered financially, emotionally, and physically from the current recession.  Businesses have laid off workers, and families have had to transition to living on just a single income.  Divorce can also throw off your family budget, and it can seem overwhelming having to provide for your entire family on a single income.  Here’s how to transition to a single income without breaking the bank.

Cut Out the Coffee

The first tip to adjust to your new income level is to cut out little extras.  For instance, that morning cup of $4 coffee you buy at Starbucks costs a considerable amount of money when you add it up over a month.  Make your Jamba Juice smoothie at home by buying a cheap juicer or blender, and only drink out once a week if you really miss the taste.  Make your daily lunch at home instead of visiting the local fast food eatery or sandwich shop, which will easily save you $30+ a week. 

Fall in love With Consignment stores

Start shopping at consignment stores, or discover quality second hand/ thrift stores like Buffalo Exchange.  You can still find items that are gently used pr even brand new, and are half the cost of department stores.  You can even find designer clothing there in the form of  overstock or end-of-season clearance items, some of which will have the tags still on them.

Turn down the AC by 2 Degrees

Another important tip for those with a reduced income is to start using less electricity.  Increase your air by two degrees less than usual in warm weather, and down by two degrees less during cold weather.  Turn off all lights and devices when they’re not in use, and buy energy-saving light bulbs.  Don’t leave the fridge open for longer than a few seconds, and change your timer to switch outside lights off as soon as it gets light.  You won’t notice the difference, but you will when you get your energy bill.

Get interested in Coupons

You’ll also need to get creative when buying groceries on a smaller budget.  Look for coupons in the mail, and visit websites like Coupons.com, or Couponmom.com.  Single income families should also consider buying store brand products whenever possible.  Usually they use all the same ingredients as the more expensive ‘branded’ products.

Become a One-Car family

If your income problems are more severe, consider cutting down to owning just one vehicle.  This can free up a considerable amount of income since you’ll have less to pay in car payments, car insurance, gas, and maintenance.  If you have separate jobs, ask around at your work about ride-sharing or carpooling with other local co-workers.

Consider a Smaller House

Finally,  downsizing your home can be the best way to maximize your income and stay afloat in these turbulent times.

For those families struggling to get by on a single income, life can still function smoothly with a few adjustments.  Within a few months, you’ll forget you used to consume so much.