“Simple living is smart living.”
When my husband and I decided that it was better for me to become a stay-at-home mom, we were definitely aware of the pros and the cons. One of the main cons being that we were about to survive on one income. My husband is not a surgeon or anything so we had to put a lot of thinking and planning into how this was going to work. It’s been a little over four years that we’ve been living on just one income which fluctuates because of the nature of his job and it’s been a roller coaster ride. Managing finances when you don’t have a lot of extras is a challenging task. Here’s some pointers that we’ve been implementing so far:-
Budgeting. Control how you spend you money by creating a budget chart. List all of your expenses such as food shopping, clothing, bills and miscellaneous activities along with your projected savings amount. When you subtract the total from your income and have a little left, it means you’re well within your budget.
Spend money that you have. Try your best not to use too much credit, only in cases of emergencies and when you know you can pay it off.
Spend wisely. Focus on your needs and not your wants. A purse from Target works just as well as those three hundred dollar purses.
Cook at home. Of course we still eat out but we save money by eating at home more often than not. Sometimes we cook a large meal that lasts us two days as we’re not big eaters and it helps the food budget.
Sales and coupons. Always look for bargains. I rarely ever pay full price for an item. I shop sales, and whenever I get coupons in the mail or in a store, I take advantage of that.
Recycle toys and clothes. A little trick that I do is rotate toys. What this means is I put some in storage and I leave some out. When my kids get bored of the ones they play with all the time, I swap them out. Also when you have multiple kids, let them use their siblings’ hand me down clothes and toys.
Buy things in advance. When you have small children, you usually have to do a clothing haul a few times a year because they’re growing very rapidly. Instead of waiting at the last minute to dish out three or four hundred dollars, buy in small quantities whenever there’s a sale and save it up for when they need it. I even buy clearance and keep it until the next season.
Live without. You’d be surprised at the things you can give up. Unnecessary things and outtings that you don’t have to have or do. Don’t look at someone else’s life and think you need to live it. Live within your means and stick to your budget.
xo Coffee Doll