How to Start Living on One Income
Surviving on one income as a couple can be terribly difficult, even if you’re just supporting yourself. The rising cost of housing, food, and transportation can be overwhelming if you don’t know where to turn. Supporting a family with two incomes is generally easier than supporting only yourself through one income due to the high cost of housing and other expenses. So what is the best way to survive on only one income?
To start off, take a look at your basic expenses as well as your income. It is important to see exactly how much money you have coming in and exactly where some of that money needs to go to get a good idea of how much you actually have left over and what expenses you could afford to cut down. Once you know what you’ve got and what you need, you can see whether or not you can survive on that or if you need another stream of income.
One of the biggest expenses we have to deal with on a single income is our living expense. Paying for a place to live can be extremely expensive for the most of us, especially trying to get a whole place for just one person. You also have to take into account all the other expenses such as basic utilities, cable, internet, phone, and anything extra such as condo fees or property taxes. As a result, most people look into getting a roommate to split the cost of living. Getting a roommate can help you out financially but can have some downsides too, especially if you don’t get along. When looking for a roommate to help out with the bills try to move in with someone you already know and tend to get along with and try to avoid work along with your spouse. It might seem like fun at first, but living with 6 people can get old very quickly so try to just get one or two at the max.
Surviving on one income can be difficult when it comes to paying for food and transportation as well. Try to limit the number of times you go out to eat, even if you are just buying a burger at a fast food joint; these trips can really add up. As for transportation, try to take public transportation if you can, it is much easier on the wallet than having to pay for a vehicle. If this really isn’t an option for you, see if you can carpool with anyone; it can make a huge difference.
How to Maximize Your Savings
One of the places that may be a pitfall for you is the supermarket where you buy your groceries? Of course, you need to do your grocery shopping, you need food after all but you should not go overboard and start grabbing things off the shelf that you think that you need. It is simpler than you’re thinking that to lose track of the things that you intended to buy and you may end up with more things than you desired to buy. Again, it is easy to lose track of the things which you want to buy and this is when a grocery list comes in very handy. When you go to the grocery and you have a couple of apples plus a jug of milk written on your list, just be sure you live the store with those things in hand. If you are not careful, a budget of five dollars for this things could very easily balloon to twenty dollars if you buy other things as well.
One other way you could save dough on everyday things is to not waste electricity and turn off your electrical appliances when they are not being used. You may be wasting electricity and money when you do not close up the lights and the ac in the room when you are in in the room. The savings per month may well not be very big but when you sum up the total amount which you saved every month, you will be very satisfied with the total amount which you managed not to spend and you may be very pleased with yourself.
The best savings account is hard to determine because it comes down to a variety of options that you might not think about considering. It would be easy to say that interest rates are a determinate of the top spot, but the interest rate is not the only thing to consider when you are thinking of where to put your reserve money. No, banks have more to offer you than just a high return, although the return is important it is not the only deciding factor you will need to take into consideration. Before you jump at the first astounding interest rate that comes your way take the time to examine the other features and costs that will also affect your bottom line.
Budget an allowance for each other. This is probably the easiest way to save money and to control each other’s spending. Also, if you both follow the “rules” in your relationship, then you’ll be able to avoid fighting and also have a chance on whether to pick up a loan from Licensed Money Lender Credit Excel Capital Pte Ltd – http://quickmoney.sg
Is it that you do not have the money end of the month you stress? Do not worry, you are not alone and many people are facing this problem. To these people, it seems as if your money disappears with the wind, and they really have no idea where they spent it all. If you like to save more money, one thing you can do is make sure that you are trying to spend less money.
It makes perfect sense, right? You get your salary every month, but you try not to spend all this because there is little money left. Not to spend money can be a little tricky at first, because you can only be set on his way, but there are some very easy money-saving tips that can help you save money.