Wednesday, 21 January 2015

4 tips for surviving on a single income.

Hello to you! Thanks so much for stopping by. If you are here for some simple tips for getting by when the money isnt flowing in as fast and you need it to, keep reading.
A lot of people ask us how we survive with 3 kids, a mortgage and my husbands income only. As a couple we discussed and thought it would be better (and funnily more economical) if I was a stay at home mum. There was a long period of time where my husband went back to school and we lived off welfare/ social security.  I always find it hard to answer this question because I just get on with it.

So I decided to give it some thought.

I would have to say there were 4 key things which helped us "survive". Ok point 1 is like 7 points in one but I mean, you get it.

1. We lived within our means. We avoided going to the shops unnecessarily. We meal planned. We ate less meat. I baked my own bread. We gave monetary gifts at weddings as we could afford. We accepted hand me downs. We found fun and free ways to have fun as a family. Sometimes it takes a bit of research and extra effort and time but when you are forced to count every cent you have, your brain is forced to think outside the box and be creative.

2. Think of ways to make more money. For me it was selling things I didnt need. Wether it was on ebay or going to cash converters or even joining forces with friends and creating a stall at the markets, getting a little bit of extra cash here and there is always helpful.

3. Pay your rent, bills and save some money before spending money on anything else. I hate bills, especially big scary ones, so I set up automatic debits from my account which go to electricity, water, internet and mobile phones every fortnight. $20 a fortnight to water isnt as bad as a $120 bill which we wouldnt have the money to pay. I remember one fortnight we did this and we had $70 to feed our family for 2 weeks. You know what, it was the worst feeling but we made it and I feel stronger and more thankful for it.

4. Stay organised. This helped us know what we had and avoided waste of money and resources, avoided having duplicates and not having the money to pay for something like a school excursion. Before I organised my closet I had way more black tops than any person could need, i narrowed it down to 3.

What are your strategies when you're in a financial pinch? 

Step 14,

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