There are many that think that living off one income isn't possible, and in some ways they are right. If you expect to keep all the same habits of a two income family, you probably wouldn't be able to make it on one income. This is especially true if you have cable and high-speed internet, eat out every other day, and don't want to change any of that. Honestly, if you can't live without some of those things then living off one income would be very difficult.
My husband and I graduated from college just over a year ago - so I don't have a long experience, but I do know what it is like to cut somethings out of our spending in order to let me stay home with our son all day. That has always been our goal though, and we work hard to make that goal a reality.
Here are ten ways we make it possible for me to stay home:
1. Budget
This is probably the most important part. We sat down when we were offered my husband's job out of college. Looking at all the money we would get every month, we decided how much we could spend on rent, how much we could afford for internet and cell phones, and then looked into where we could get the best deals. We determined what things we don't need (and that for us includes cable, and other memberships to websites that we don't need).
It's very important to know what you are going to fall for and even if you wish you didn't - at least once a month I don't feel like cooking and we end up getting take out somewhere. That is something we are aware of, and it's part of our budget. We have student loan payments, and utilities factored in. Along with our ten percent tithing to our church. Everything is factored in and we put everything else that we can into savings. The savings is growing slowly, but on one income I think we are doing great!! We also have all our medical bills that we have had from having our baby to consider as well.
Sticking to the budget is obviously important - it does no good otherwise. If you need to you can write out all the times you spend money and keep track of it that way. We've found that our grocery bill does better if I pay in cash every week, tricks like that help you feel good about sticking to your budget!
2. Meal Planning
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nother way that we keep our grocery bill on budget is to have a menu plan every week. This helps us eat better, and not have to come up with dinner every night on the spot. Also it keeps our grocery trips to once a week, where you are able to not have as many impulse buys. I'm pretty good at sticking to my shopping list, but if I send my husband we usually end up with at least one extra item, which if it is only once a week isn't too bad!
Another budget saving tip with meal planning is to plan simple meals (I don't mean convenience meals), ones that are full of nutrients but don't call for twenty ingredients. I've learned to LOVE my slow cooker this past year; there are so many delicious, and very simple meals that I can make with it. I'll post some of the things I have learned later on, and why I love it so much!
3. Fun, Low-cost (or free!) Entertainment
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here are some wonderful things to do out there that cost way more than we want to pay in any given month, and while we can save for one of these activities, we often prefer to do free activities together instead. We are lucky to live in a beautiful area (and I know there are plenty of others that live in gorgeous areas too!) and we try to take advantage of that. We go on walks, and hikes. We love outdoor activities like throwing a Frisbee around, playing disc golf, and just being together outside. It works out well that our son also loves the outdoors. We have some games that we enjoy playing inside as well, and those are practically free (except the initial price)! Movies are fun to cuddle during, and it's easier to cuddle at home than in the theater. We just wait a little longer for Redbox to carry the new movies to watch what we want for a fraction of the price.
4. Shop sales and stock up when the price is good
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y husband and I have a roast and potatoes and carrots in the slow cooker just about every Sunday, it's something we really enjoy. Meat is not very cheap though. So when London Broil (a delicious cut of beef) went on sale for 3.77/lb the other week, I knew we had to get some, and we ended up stocking up because that is almost half off per pound! Knowing prices for items regularly help you know when you need to stock up. Keeping a price log can help you compare stores and know exactly where you should be buying from.
5. Buy second hand when possible
There are so many things that you can find in thrift stores that are in great shape and a fraction of the new price, but just as good! Things like kitchen utencils, pots and pans, and clothing are great finds. My husband and I always look at Goodwill for furniture we are wanting, sometimes it needs cleaning but we have found some really sturdy wonderful pieces. Another favorite of mine is yard sales, they are great places to find things you want or need without paying retail prices and this helps others in your community out as well.
This also goes for baby products. Things like swings and pack n plays are nice to have but can be pretty expensive. Clothing is a big ticket item, and finding a nice baby thrift store really helps to pay less for those. We are planning on having more kids so we haven't sold anything back, but many children's thrift stores will pay you for your old baby things that are lightly used and in good shape (which is most everything, since they use them for a total of two months sometimes). This can help fund the next stages for your children.
6. Make from Scratch When you can
My husband loves pizza, but it can be pricey all the time. So I often times make us pizza. It's cheaper, and I think it is yummy! One part that helps it really be less expensive is I have a great pizza dough recipe that costs hardly anything to make, but it is delicious dough. This is a way that we still have what we like, but don't spend all the money on it.
7. Learn ways to be energy efficient in your home
Keeping the temperatures relatively low in the winter and a little warm in the summer can help your utilities bill be lower all year long. In the winter it isn't necessary to be able to wear a t-shirt and shorts inside. And if you want a sweater in the summer you're probably setting your thermostat too low. I grew up in a cold area and I have a hard time with our heat in the summer (and that is saying the 90s not 100s). But I know that when I see my bill I won't be happy if I know I could've gone with a few degrees warmer temperature inside. Having a programmable thermostat helps us turn the temperature down every night and conserve on heating during the day. We just throw an extra blanket on and save on that energy.
Doing loads in the dishwasher that will be effective and perhaps not just filled to the brink with every last dish is important in using water conservatively. There are a lot of other tips out there - unplugging appliances that aren't in use, and using natural light if you can instead of lights. We recently switched to LED lightbulbs that run at a much lower Watt with a very bright output of light!
8. Do Without
There are many things that we do without, but don't really notice that we are. Things like Cable and the ultra-high speed internet. We don't get take-out food every week, and we try our best to not buy a lot of new things. However, we don't go without great food, a nice place to live, and cell phones. We just know what we are ok cutting out of the budget.
9. Buy Generic Brands
Name brand items are not always any different from the generic, and I hardly ever buy them. There are a few exceptions, but if I can save even 50 cents on an item that I buy often and I can't tell the difference between the Kroger and the name brand (or whatever generic you have), then I do that. It all adds up over time. If I added up the small amount I save on the generic of Onion Soup Mix over all the times I have bought it, I would have saved quite a bit of money right there.
10. It has to be your highest goal
If you don't really care about staying home very much, then these steps can't make it worth it. They could make you very unhappy and perhaps jealous of someone who can go out and buy the latest technology the day it comes out instead of saving up for it. If it isn't what will make your life better and happier than it isn't worth all the sacrifice. However, if you miss your child during the day, and want to spend more time with them, and that is your biggest most important goal, then all the sacrifices won't matter. You won't feel like you have lost anything.
My life is full and I am living the way that makes me truly happy. I love that the goal of staying home has been something that my husband and I both strive for. He works hard for our family, and I try and do my part by working hard in the home to raise our son, and nurture our family.
What are your stories of staying home, and ways you have made it work? Or are you working towards that step? I'd love to hear your stories!