Surviving on a single income is difficult. It is even more difficult if your family is accustomed to two incomes, that is, you and your partner's.

However, the current economic downturn has affected families in various ways. If you or your partner recently lost your job, you may be overwhelmed thinking about how you will survive on a single income. This can cause much stress and panic.

 

To alleviate some of the stress, talk about the changes that you need to make as a family. No topic should be left out, everything from the mortgage, shopping, car payments, eating out and childcare fees (if any) should be discussed to enable you get a sense of direction on surviving on a single income. Focus on the positives and consider how having someone at home can benefit the family.

 

A few of the positives will include saving on commuting, work clothes, coffee and daycare fees. Start a family budget and discipline yourself to stick to it. This may be difficult at first because, you are accustomed to having two incomes. However, you both can agree on a specific amount of money to cover each expense. Place the amount in an envelope and spend carefully for two weeks.

 

Trying it out for a short period gives you room to be flexible. Remember that once the money in the envelope is exhausted, you may not replenish it until the end of the two weeks.

 

Write down everything amount of money you spend at this time. To do this effectively, carry a small notebook with you at all times or save your receipts and enter your purchases into your book at the end of your day. Analyze your spending to see what you can cut back on or completely do away with.

Surviving on a single income also means keeping debt to the minimum whenever possible. Call your credit card company and negotiate a lower rate. This is also the time to start paying cash or using your debit card. When the money is coming directly from your bank account, the urge to spend more is greatly minimized. Another trick is to have a secure credit card, which will link directly to your bank account.

 

Spend some time preparing healthy meals. The money you spend on takeaways and quick fixes only leaves a dent on your family's budget. You can store leftovers in containers and serve as another meal. When shopping, visit the less expensive stores and find items on sale, do not forget to use coupons. However, just because an item is on sale does not mean you should buy it. You still have to pay for it. Always have a shopping list.

 

Visit the local library to borrow books, movies and magazines.

If after the adjustments have been made and you still seem to be struggling, consider finding extra sources of income for the stay at home partner that can be done from home like; babysitting, having a garage sale, starting a direct sales business, to mention a few.

 

Finally, living on a single income seems difficult initially but determine to make it work as a family and be willing to tweak things when necessary to suit your family's needs.

 

Written by Theo Anidu

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