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Yes, you can afford to stay at home with your kids!
It will take some planning and hard work but it can be done. You can be a stay at home parent and raise your family on a single income.
The key is to be smart with your money and to live frugally.
Before you quit your job there are a few things you may want to do first.
The most important thing to do when considering going from a two income household to a one income household is to communicate with your spouse and agree.
There needs to be a mutual understanding and support of the idea otherwise it just won’t work.
You will need a plan.
A plan to track your spending and a budget you stick to, to make it all work. Paying off as much of your debt before going to a single income household is also suggested.
If you can save an emergency fund and extra “just in case” living expenses that would be a bonus.
You can do this.
75 Frugal Living Tips To Help You Survive On One Income:
- Track your spending
- Set up an emergency fund
- Start living a simple lifestyle
- Cut your grocery budget in half
- Shop sales and price compare
- Use coupons
- Pay cash for everything
- Start using Ratuken to save money
- Shop the thrift store
- Start shopping at discount retailers
- Learn to fix things and how to use tools
- Go without
- Start freezing these things to save money
- Downsize your home
- Be a car share family
- Start meal planning
- Skip the drive thru and start cooking at home
- Cook more vegetarian based meals
- Purchase a deep freeze
- Eat cheaper meals
- Start a pantry
- Preserve the bounty of the season
- Stockpile beans, rice, pasta and other dry goods
- Barter or trade for items you need
- Use cloth diapers
- Stop paying for daycare
- Set up a capsule wardrobe
- Use it, mend it & pass it on
- Cheap date nights
- Buy used items
- Cut the cable and use Netflix & Amazon Prime
- Look for free entertainment
- Start baking your own bread
- Start living more frugally
- Grow your own food
- Purchase seasonal produce
- DIY your gifts
- Make your own cleaning products
- Start using refillable containers
- Plan your trips and your errands
- Find cheap fuel
- Cancel things you don’t need
- Free frugal family fun
- Account for every penny you spend
- Do clothing swaps with friends
- Try a meal swap
- Learn to stretch meals by adding broth, beans, water and rice
- Switch to energy efficient lights and appliances
- Unplug & turn off
- Organize your home
- Redeem your recyclables for cash
- Wash your clothing in cold water
- Line dry your clothing or use an interior clothing rack
- Stop trying to “keep up”
- Lockup the thermostat
- Plan staycations or camping vacations
- Be cheap and creative
- Shop local
- Sign up for Amazon Prime and save on shipping
- Start cooking & baking
- Ask for gift cards and practical items as gifts
- Plan no spend weekends
- Have a spending freeze
- Skip the salon and cut your family’s hair
- Invest in an oven lunch box
- Use public transport
- Use community services
- Do cook once, serve twice meals
- Make your own spa and bath products
- Stock up on sale items
- Watch for free stuff in the newspaper
- Research and Youtube how to do things
- Join Facebook clothing swap and sale groups
- Start a Mommy (or Daddy) & Me group for support
- Have faith, it may be hard but the end result is worth it
More ways to save money while on a single income.
Grocery shopping, shopping in general will be one of the main areas you need to watch and cut back on once you shift into a single income household.
To help you do this I suggest using the Ratuken App to help you save money on every purchase. I use Ratuken with all my Amazon purchases and earn amazing cash back on diapers, formula, gifts and more. If you have an Amazon Prime Account (if not, get a free 30-Day trial right here), plus you can save even more money by using their Subscribe & Save Program.
Also checkout the Grocery Budget Workshop and learn great ways to reduce your spending at the grocery store.
There will be things you cut back on, things you may miss.
When you give up an income source you give up the benefits that come with it. Such as vacations, dress clothes, eating out, daycare, haircuts, spa days and free time.
You will also be gaining a huge benefit with a single income household you are able to stay home with your kids.
Great books to help you survive on one income:
Did you know you can work from home?
You can. You can be a stay at home Mom or Dad and create an additional income if need be.
You can create a side hustle or home based business. You could work around your families schedule instead of punching the 9-5.
Did you know people make money selling stuff on Amazon? Or what about babysitting or dog walking? Do you bake, knit or crochet?
What about making money with social media?
Freelancing or working as a Pinterest Virtual Assistant. You can make a great income from home.
Surviving on a single income.
Today people are confident, smart, money minded and willing to live well on less for the betterment of their family.