What’s New and Most Popular
Enter your email address to receive updates
and freebies from NicheTopics
© Copyright 2004-
Niche Topics (Money and Lifestyle) is about helping you manage your finances so that
you live comfortably within your means. We share frugal living ideas such as save
money around the house, cheap to make recipes, budget-
Categories
Green cleaning and household tips
Personal empowerment and self improvement
Shopping tips, tricks and tweaks
Resources
8 Ways to Live Comfortably on a Single Income
By Roger Banks
With escalating inflation and a recession looming overhead, it is difficult to raise a family on single income. If you are living on one income, you leave yourself vulnerable to losing that source of income at anytime.
Here are some helful tips to see you through tough days, in case that only source of income you heavily depended ever dries up temporarily.
First of all, make sure you have a savings account, and that you regularly deposit into that account. If you ever lose your income source for any length of time, you will have to fall back onto something in case of unforeseen circumstances, and your savings will be your safety net.
It does not matter how much you save, as long as you save at a regularly. Even if your savings is not making much interest, you will still have a little something to tide over.
You also want to diversify that source of income no matter how small. Invest it into
a Certificate of Deposit or Time Deposit (in some countries) and let your savings
accrue a little more interest than regular savings account. Although not much interest,
after a long enough period of time, it can come in handy if your bills go up due
to higher interest rates or ballooning payments.
Your next strategy is to turn your
one income to a steady source of income. Get a job that pays at least weekly, as
you never know what can possibly happen over the course of a month, or even a short
two week period. Bills have to be paid, and that requires money.
Make sure you live within a budget and adhere to it. It makes no sense to write out a budget and slowly deviate from it as you move forward. If you exceed your budget on a single income, you will get into debt, and have problems making ends meet.
Money Saving Tips for Single Income Family
1. Avoid the credit card, and use cash if possible. It is harder to keep track on
money spent if you use plastic. Also, paying your credit card bills late will incur
late fees and unnecessary charges. Make prompt payments.
2. Decide how much of your
income is to be spent monthly. Determine the amount for grocery, entertainment, education,
transport and so on. Set a miscellaneous budget festive holidays and birthdays. You
do not have to spend a fortune on meaningful and useful gifts. It is often your thoughts
that make a gift truly beautiful.
3. Living on a single income does not mean you have
to give up the things that you used to enjoy. Look for cheaper alternatives around,
exchange saving tips and ideas with friends.
If you are going to travel and plan to stay in a motel, call the motels' customer
service directly to negotiate rates. It means bigger savings and greater discounts.
4.
Use coupons and plan your menus around what is on special at your local grocery stores.
Use leftovers for your next meal. Leftover rice can be transform into a one-
5. Buy movies DVDs, music CDs, books, toys and other items at garage sales
for pennies instead of buying them new. You may also be able to find clothing and
furniture at much reduced cost at thrift shops or The Salvation Army.
6. Use your
local library to borrow free movies and books.
7. Plan your errands and outings so
you can do more in one trip and save on petrol. Consider having one vehicle for the
family. Traval by buses and trains if your destination is accessible by public transport.
Or, ride a bicycle to run short-
8. Cut your utility bills by turning
off lights, radios, and electronics when not in use. Do not leave it on standby,
switch off at the socket. Consider replacing light bulbs with energy-
Keep your heat set at the lowest comfortable setting, and set your air-
Speaking from experience, living on a single income is not easy. But with careful
budgeting and planning, you can live comfortably. A word of wisdom from my father
– do not spend more than you make, do not borrow what you cannot pay. My father is
not a rich man but he is a surviving one.
How to Save Money on Grocery Bill
Find practical ways to cut grocery costs, and have greater control over your household budget.
Watch Your Favorite Movies Free
Find out how you can watch TV or movies online for free and save much of your money on cable bill.
6 Tips to Save Big while Shopping Online
Learn tips and strategies to shop safely online and save money while online shopping.
Make a realistic budget that really works and how to stick to it.
10 Simple Ways to Make Yourself Save Money
Learn to make a budget, start saving, reduce debt and make the most of what you have.
10 Easy Ways to Lower Utility Bills
Reduce your utilities by as much as 50% with these simple ways, and start saving money today!
7 Ways to Save Money in Your Garden
Save dollars while gardening and still have a beautiful and plush garden that you can really be proud of.
Cheap But Chic Home Decorating Ideas
Speedy and no sweat budget decorating ideas to add instant chic to your home without looking cheap.
6 Tips to Make Your Shoes Last Longer
Give your shoes proper care and maintenance, and they'll stay longer and looking new for years.
10 Cheap Family Entertainment Ideas
Ideas and activities for the whole family that are affordable or even free!
