You’re ready to make the jump to being a stay-at-home parent, but you’re not quite sure how you’ll make it on one income. Staying at home with your children can require some financial sacrifice, but the emotional rewards are well worth it.
Use these tips in your preparation to become a stay-at-home parent!
Get Rid of the Credit Cards
If you’re carrying multiple credit cards, you’re spending money on interest that you should be putting in savings. Transfer to a low rate or balance transfer card and come up with an aggressive plan to pay it off.
Also read: Ways to Earn Money While Working At Home
Don’t Buy Anything Right Away
Impulse purchases have to wait if you’re going to be a family living on one income. If you see something you like, wait on it instead of buying right away. Watch for sales, coupons, or other opportunities to save money on big purchases. By giving yourself time to save and think on big purchases, you can be in a better financial position when you do make a large purchase.
Meal planning is easily one of the best ways to save money on one income and make your dollar go far. Planning your meals out one or two weeks in advance can keep you from going out to eat, spending too much at the grocery store, or otherwise busting your budget.
Also Read: How to Meal Plan to Save the Most Money
Get on the Same Page
Living on one income requires communication and dedication to a common goal. You and your spouse should both be fully invested in making this happen and making it work. If either of you have concerns, be sure to work them out before taking the big leap.
Also Read: How to Live Beneath Your Means
What’s your number one tip for living on one income? What experiences have you gained from staying at home that are worth more than money?
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