This Blog Post is All About How to Live Comfortably Off One Income.
With the inflation rate, you might think living under one income is impossible now. However, living off one income is possible if you plan to be a stay-at-home wife or momma. Of course, that means certain lifestyle changes need to happen, but it’s nothing impossible. It can seem daunting thinking you’re going to lose your freedom living on one income, but from what I have experienced, you have more freedom. Freedom to live the life you want!
We’ve all heard the saying money comes and goes, but time, once it’s gone, is gone forever. In this blog post, I will share a few ideas on how to live comfortably off of one income!
How To Live Off One Income Comfortably
Have a conversation with your spouse.
Conversing with your spouse about living off of one income is essential. Don’t quit your job and expect your significant other to be okay with it. If it is currently not possible for you to stay at home, devise a plan to make it possible. Are there certain credit card debts that you need to pay off first? Car payments? Or build up a bit of savings just in case.
Also, let him know how you will contribute while at home.
Nobody wants a partner loafing around and expecting to be financially taken care of just because they decided so. Suppose you have been working since you met each other, and while married, it might surprise your husband that you suddenly want to become a Homemaker. So if your significant other is working his butt off to provide financially, explain how staying at home will benefit both of you.
For example, you could cook homemade meals every night instead of getting takeout or Hello Fresh. You can ensure his laundry will be done so he doesn’t have to worry about it at the end of the week. You will also be cutting down on transportation expenses since you will no longer need to commute to work.
There are many ways you can contribute while staying at home! In this blog post, I talk all about the responsibilities of a Homemaker!
Lifestyle Changes
If you have been trying to keep up with the Joneses, now is the best time to stop!
Chasing to get the newest new or keeping up with society is like chasing after the wind. First of all, you will never keep up. By the time you think you’ve caught up, the next “best” thing is already out. There is nothing wrong with wanting a suitable vehicle, a lovely home, top-of-the-line appliances, or a comfortable lifestyle.
The line needs to be drawn when you buy things just to buy or to serve as a status symbol. Letting go of trying to keep up with the world will free you from debt and allow you to live off one income.
If you stop for your Starbucks every morning, it’s time to put those extra 5 – 10 dollars back into your pocket and learn how to make it at home. Instead of giving out your money, invest in a good espresso machine & coffee beans. It’s the little expenses that add up at the end of the year!!
You are continually programmed to buy, buy, and spend what you don’t have using credit cards. Consumerism in the West is out of control and has brought so much landfill and ocean waste. There is no need to upgrade your phone, vehicles, appliances, gadgets, etc., every year when what you bought last year works fine!
Credit Cards Are Great to Have
Yes, if used correctly, credit cards can become your best friend. It might be shocking to hear someone say something like this, especially when you hear the many incredible stories of some people’s credit card debt! But if you use credit cards wisely, they can benefit you in many ways. For example, it’s an excellent way to get cash-back offers and air points, build and keep your credit score, and emergencies.
Pay off the entire balance monthly, so swipe what you can afford. The interest rates on credit cards drain the pocket more than ever. Always make sure you activate the cash-back options on your credit cards. This is not an excuse to swipe at these stores because of the cash-back option. Don’t get credit cards that have a huge yearly fee or extremely high-interest rates. You can get a credit card through your bank, or a Discover Credit Card is always a great option.
Learn How to Budget Your New Income
It doesn’t matter if your significant other makes 6 or 7 figures; if you don’t know how to budget, you’ll be living paycheck to paycheck.
For this segment, you will likely need your significant other to have his two cents as well to create a budget that works for both. One app that I have always used is Dave Ramsey: “Every Dollar: Budget Your Money” or Excel. Another way to budget is using the envelope method, which might not work for everyone, especially if you have autopay. But the envelope method is a great way to go if you pay your bills in cash.
The envelope method: you put cash into the assigned envelope, and that money is only to be used for its assigned expense. For example, if the envelope says “house payment,” all that money goes directly to your house payment, and if there is still money in there after you make your payment, it will stay there.
You want to include your priority expenses in your budget first: house payments, utilities, car payments, insurance, health insurance, groceries, and savings.
Secondary expenses are your credit card bills, fuel, phone bills, and self-care necessities.
The third expense is subscriptions, a splurge expense, memberships, going out to eat, and miscellaneous.
Learn to Live Simply & Self-Sufficient
There is nothing more calming to the soul than living simply. You can live simply by having fewer possessions or wanting fewer possessions.
Learn how to become self-sufficient. Don’t rely on big chain stores for every little thing; learn how to create or make simple recipes at home. Learn how to preserve food, make food from scratch, and properly store food so it doesn’t go rancid.
If you are a meat eater, invest in a fat cow and butcher it. There is an upfront cost to buying a cow, but the quality and quantity you receive are non-negotiable. Instead of throwing away those torn jeans, learn how to sow them so they get more use out of them.
Use the internet to find ways you can become self-sufficient. For example, if you want to start making your own soap, you can search through many Blogs & YouTube videos on how to make it at home. All the information you need is a Google search away.
Conclusion: Live Comfortably on one income
Making the change to live off one income is not easy. You and your partner will have to adjust to living on one income, which can be challenging. But, while you may not be able to splurge like you once used to, you’ll have a much simpler life.
The lifestyle change in this segment is the most difficult change that most come across. I used to think that living on one income was impossible and inhibited me from doing anything I wanted.
But to my surprise, I started getting out of my comfort zone by cooking from scratch, gardening, thrifting, preserving food, and being okay with my 1970s home. It changes the way you view consumerism, and you find happiness not in worldly things but in living simply.
