themoneyshed
If you’re used to surviving off of two full-time incomes, the chances are that you’re accustomed to a fair amount of expendable cash. This can be great, allowing you to go away when you want to and to buy whatever takes your fancy. But, for a surprising amount of families recently, a sudden switch to singledom on the income front has left expenses reeling.
Whether through choice or not, this can be a difficult pill to swallow. Luckily, there are a great many articles about ways to survive, and they cover the basics like budgeting and cutting out unnecessary expenses, etc. But, like a restrictive diet meal plan, these survival tactics can seem unappealing and frankly frightening for individuals facing the reality. Luckily, it doesn’t need to be that way. Obviously, survival tips help, but, it is possible to thrive as well as survive on a single income, and we’re going to talk you through a few of the ways to make it happen.
# 1 – Prepare ahead of time
Families who know they’re about to subsist off of a single income could benefit a huge deal by saving up in preparation for the big change. Whether the business you work in is looking shaky or a major lifestyle change is on the cards, putting as much money in the bank as you can will certainly ensure that you’re better able to maintain the lifestyle you’re accustomed to later on. At the very least, having a few thousand in the bank can help you to buy new clothes for the kids or afford a family day out now and again.
# 2 – Maximise your money
Whether one of you has chosen not to work or has unavoidably lost their job, it’s also important to remember that work isn’t the only way to earn. These aren’t direct replacements for a full-time regular income, but steps like selling online, completing surveys, or even adoption of cryptocurrency could all help to put more cash in the bank. Even better, the often irregularity with which incomes like these come through means that you can keep them outside of your overall budget, freeing that money to either go straight into savings or to supplement those little treats that you assumed you’d have to go without.
# 3 – Be content with less
As the minimalist movement of the past few years has taught us, it’s also important to remember that less doesn’t necessarily have to mean less happiness. In fact, as you strip back on what you do/take joy in, you may find a whole new level of contentment that never would’ve been yours if you had the cash to splash on the latest trends without thought. Rather, you’ll have to focus on what really matters, zooming in on your tastes, your desires, and ultimately your outgoings as a result.
Switching to a single income can be daunting, but trust us – you can still thrive if you approach your new reality in the right ways.
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