Having a One-Salary Family in a Two-Salary World

Many parents today are wondering if they can manage surviving off one just one salary in today's high cost world. Allowing one parent to stay home with the children is an option that many are turning to again and again, though it seems difficult. With the modern pressure to make more, buy more, and spend more choosing to cut back to a simpler life seems both strange and wonderful. Can you do it?

Often parents who are thinking about cutting their income in half hear a long list of reasons why not to from family and friends. While this may be discouraging at first, if you are truly yearning for a slower pace at life these little speed bumps will soon be over. Choosing to have a parent stay home with the children full time can be rewarding for both the parents and the children in many ways. By making just a few small changes in your lifestyle you can easily find a way to live happily on a single income.

First, step back and reevaluate your finances right now. What are you paying for that you really do not need, what are you spending your money on that you can live without? Our modern culture emphasizes buying bigger, better, more and we often fall into the trap of thinking that we need everything the commercials tell us we do. Sit down and make a list of where your monthly expenses are going. Are you making car payments for a car that you really don't need, could you pay for a cheaper car or go without a car at all? Many people pay for premium packages on things such as telephone service, cable, internet, and more; often spending hundreds of dollars on things they rarely use and do not need. Even necessary costs such as food can be pared down by looking for bargains, buying generic brands, and growing your own fruits and vegetables. Write down everything you are spending each month and see if there are ways you can do without each thing or move down to something cheaper.

The next thing that someone trying to move into the one income household should do is expect less. For many the expectation of new and top of the line items can be a drain on the bank account. Single income families often have to accept second hand or lower grade selections. For many there is nothing wrong with this at all. Buying second hand items is not only cheaper, it also keeps these items out of landfills and junkyards. Everything from clothing to appliances to toys and games can be found in thrift shops and consignment stores for a fraction of what you might pay for new. Taking the time to search for bargains and not buying new and expensive items can save a large chunk of money without causing you to give up buying things that you love.

Another great tip to save money and allow your family to live on a single salary is to eat less meat. This may seem odd at first but it is a money saving strategy that many families employ. The high costs of meats can make your grocery bill soar through the roof, but by replacing some of your meals with meatless varieties you can easily cut that cost of your groceries in half. Beans are a cheap, simple, and tasty way to add protein and bulk to almost any recipe. Pastas, soups, even burgers can become cost effective meals by replacing the meat.

An additional way to help lower expenses is to stop hiring outside people to do many things that you can do yourself. From paying someone else to cut your grass to buying take out these are just two of the many ways that we spend money that could easily be saved. By taking on a "do-it-yourself" attitude you can save money and make staying home more rewarding. You can find cost efficient and simple ways to replace many of the things mot people spend money on, such as household cleaners and pre-packed meals.

So if you are thinking about making the leap to a one income family do not worry. With a little frugality and a can-do attitude it can be an easy transition with a very rewarding outcome.