Tips for living on one income?

[diznee25]

Hi everyone,

Due to unforeseen circumstances my husband and I have decided it would be better for me to quit my job and concentrate on some personal medical issues that I'm dealing with.

Reality is I don't know when/if I'll enter the work force again, so we'll be living off just my husband's income for the long haul. Even though we don't have children right now, it'll still be hard adjusting to one income.

Some things I'm already doing are: clipping coupons, decreasing Netflix plan, try to buy food that's on sale for the week, use pay-as-you go cell phones. We also put a limit on "fun stuff"; eating out, going to the movies, etc.

We are also charging/paying off everyday expenses like groceries, gas, etc. to our credit cards for the reward points so I can get gift cards.

At the moment my DH can work overtime and bring in extra money. We are using that to pay down bills, and I just paid off my car. (Next goal is to pay off his car.) We're trying to prepare for when DH isn't working overtime, so that we can still live off his income.

Does anyone have other tips or ideas on how to live off of one income? Please share your stories with me! There's a possibility down the road that I may want to be a stay-at-home-mom, so SAHM's please share your experiences as well.

Yes, in my siggie it does say that we're going to WDW and my DH wants to keep the trip. We've been through a lot personally this year and both of us really need a vacation. So don't flame me for that!

Thanks in advance!

Thanks,
diznee25

 

[JDUCKY]

Consider more off-brand/generic grocery items.

Raise the A/C a degree or two in the house.

Take shorter and cooler showers (or baths with less and cooler water).

Drive less, if possible, or combine trips.

Look at your car insurance and see if any limits can be lowered.

But clothes on clearance or consider shopping at consignment shops.

As for credit cards, if you have multiple and you're carrying balances, consider a balance transfer to one with the lowest interest rate (assuming the BT fees wouldn't outweigh the benefit of paying less interest on the balance) One of the credit unions of which I'm a member just had a promotion of 0% interest for 12 months with no BT fees.

 

[sam_gordon]

Living off one income really doesn't mean anything. If one person earns $100K/year, that's the same as two people each earning $50K/year.

My only suggestion is to sit down with a budget. Do NOT include the OT. Designate every dollar of income. If/when DH gets OT, pay down the princple on your loans to get rid of those.

 

[brea]

You sound like you're on the right track however I would recommend that you consider your "job" to be the following

- Help your husband in any and all ways possible to be prepared for work. This could include any and all of the following
- Ensuring clothes are ready
- Making breakfast in the morning so that he doesn't need to "snack"
- Prepare a lunch for him so he's not buying out as much

I know it's kind of like taking care of him in soo many ways but you asked for advice.

At home it seems like you have the idea however also consider these
- Hot water usage
- Washer/dryer usage
- Keeping AC in and/or opening windows on cooler days and turning AC off
- in colder months wear more clothes rather than turn thermostat up

Good luck with it all and most importantly is to set a budget and stick to it!

 

[Sorsha]

We have been a one-income family for nearly 16 years - either I was a SAHM, or I worked so very very part-time doing retail that the little bit I brought in didn't count - was pretty well used up in gas money it took to get to work in the first place, etc. When I did work, it was more of a get-out-of-the-house and spend-some-time-with-grown-ups-before-I-go-insane sort of thing.

Anyhow, here's a few things that helped us conserve money.

When it comes to groceries, shop the sales and buy in bulk. I don't do coupons, but I do have one store I shop at quite regularily that has a gas station attached to it. If I do my weekly shopping there, and spend a certain amount of money (not much more than I would spend anyway) I can get up to 20 cents per gallon off my gas purchase. Since this store also has very good sales every week on things I would normally buy anyway, I get good deals on my groceries AND save money on my gas for my car.

My husband NEVER buys his lunches or coffees at work. When we cook dinner at home, we always make a little extra, and we have purchased divided Tupperware dishes. We make up lunch trays using the leftovers from dinner in these trays, and at lunchtime he pops them in the microwave for a few minutes. Add in a piece of fruit or some carrot and celery sticks, a granola bar or a yogurt, and a soda or a bottled water, and he is good to go. For coffee, he brews a pot of coffee at home in the mornings and fills a thermos. He buys bottles of flavored creamer, labels them with his name, and stores them in the fridge at work. They last him a long time and doing it this way is MUCH cheaper than a couple of stops at Starbucks every day.

No more movies at the theater. I don't care how much Netflix costs, its still cheaper for one month of Netflix (3 DVDs out at a time + unlimited downloads) then it is to go to the theater ONCE. We only go to the movies at the theater if its a big huge EPIC we-have-to-see-it-or-we-will-DIE movie (Harry Potter, Pirates of the Caribbean, etc) other than that, we always wait for DVD and Netflix. I have a big comfy couch, a big screen flatscreen TV, a pause button for potty breaks, and I can make my own snacks and choose my own beverages.

Clothes and/or general shopping. Box stores, clearance, second-hand or eBay only. I can't remember the last time I paid full-price, off the rack for anything. Maybe never. Now, mind you, I am picky. It has to be in good shape. Nothing with obvious flaws, it has to be clean, no "factory rejects". My little kids have grown up wearing almost nothing but Gymboree and Disney Store, and I don't think I have ever paid full price for one bit of it. EBay is our friend. I also shop off-season and store things up for the next season. A bathing suit that is $5.97 in October will still be quite suitable next May when all the other suits are $29.99. Toys etc for birthdays and Xmas work the same way. Most of the box stores are having huge clearance sales right now, and there are a lot of bargains to be had.

If your utility companies offer it, sign up for budget billing. You will pay the same amount every month; the average of your yearly total, divided into 12 months. This means you may pay a bit more in the summer time, but that you will never get hit with those HOLY COW! huge heating bills in the winter time.

I am sure there are many more, but there's a start! Good luck! I also have some medical issues that keep me out of the work force for the most part, so I know how difficult it can be.

 

[RachaelA]

You need to sit down and write out a budget (without OT) and make sure you CAN live off one income. I quit to be a SAHM, but we had been living on only DH's income before I quit (mine went right to savings and paid off our last debt).

Do you have an emergency fund? I'd make sure you get that built up to at least 6 months worth of expenses if you don't have one.

As long as you can afford it, I see nothing wrong with vacations. If you don't have a good amount of money in savings, then I'd pass on the trip. One thing I've stressed to DH is that we need our savings in case he's ever laid off.

If you need to cut something, cable and internet is a good one to cut and it saves a good amount of money a month.

GL!

 

[auger]

We've been on one very modest income since 1991.

The most important thing is to learn the difference between needs and wants.

Get bills paid down asap and then live debt free. If you can't pay upfront, don't buy it.

Many people have a hard time learning these ways of life. It's hard to lose the instant gratification mentality of today's world, but it can be done.

Sounds like you're on the right track - keep it up!!

 

[scootch]

We live very comfortably on my dh's $48,000 salary.. mainly as we are debt free. No mortgage, pay cash for cars and keep them 9 years(that is what we did in 2010 with our van, had the previous van that long). Our biggest payment each month is the gas bill. We spent $30,000 on infertility treatments(thankfully our insurance kicked in another $100,000 for it) so we learned really quick what is a need and what is a want. Once we got rid of any debt, there was much more for the wants.


haha.. i just read the post above me, we must have been typing at the same time!

 

[queendisney]

we lost an income a couple of years ago and although its a struggle at first you do eventually change to live within the new budget. Its hard going because your life style does change no matter what your income was to what its going to become but you do get there. We are now a two income family again but still not what it used to be but its all fine. Enjoy your Disney vacation you sound like you need it.

 

[Muushka]

You sound like you're on the right track however I would recommend that you consider your "job" to be the following

- Help your husband in any and all ways possible to be prepared for work. This could include any and all of the following
- Ensuring clothes are ready
- Making breakfast in the morning so that he doesn't need to "snack"
- Prepare a lunch for him so he's not buying out as much

I know it's kind of like taking care of him in soo many ways but you asked for advice.

At home it seems like you have the idea however also consider these
- Hot water usage
- Washer/dryer usage
- Keeping AC in and/or opening windows on cooler days and turning AC off
- in colder months wear more clothes rather than turn thermostat up

Good luck with it all and most importantly is to set a budget and stick to it!

That is great advice that I never would have thought to give, but do every single day of the week.
I am so appreciative that my husband let me quit work 5 years ago that I try to make his life at home as pleasant as possible.
And while I am home, I try to do everything I can to save money. From hanging laundry rather than putting them in the dryer, to not having the TV on all day, preparing all meals at home (but about once a week going out to eat, with a coupon of course!), taking care of the yard, housework....etc.

I think something that many don't take into account when going from 2 incomes to one is that you will not incur as many expenses as you did when you worked. Less income tax, less wear and tare on the car, less gas, uniform/clothing savings and what ever else you spent at your job.

Good luck and I hope your medical situation improves.

 

[ekatiel]

If your utility companies offer it, sign up for budget billing. You will pay the same amount every month; the average of your yearly total, divided into 12 months. This means you may pay a bit more in the summer time, but that you will never get hit with those HOLY COW! huge heating bills in the winter time.

LOL! We live in Texas, and our HOLY COW! bills come in the summer !

OP-- I'll be watching this thread for more ideas, too, since I've been working part time for the last few years, and now I'll be home full time again (which I did for the three years before I worked part time). I find when I'm not working, I have a lot more time to focus on saving money. We wasted a ton of cash this past year just because I didn't have time to find deals . I'm looking forward to having time to comparison shop, read sales flyers, etc. Another idea is, if you own your home and your property tax value went down this year (I know many people's are still going down), take the time to notify your mortgage company and get your payment adjusted. Also, call your phone/cable/internet companies and see if they can offer you any deals. You'll be surprised what they may offer just by asking! --Katie

 

[Sorsha]

LOL! We live in Texas, and our HOLY COW! bills come in the summer !

LOL I thought about that after I posted it. When you get your HOLY COW! bills is, of course, a direct reflection of where in the country you live. In Montana, ours are in the winter. I have electric to run every appliance in my house, as well as heat the house, run the water heater, etc. If I am not on budget billing, my summer bills are about $90 a month. My dead-of-winter bills are about $400.

ETA: My house is just a wee bit less than 1500 sq. feet, on one story. I am NOT heating a McMansion. LOL

 

[auntmeme7577]

Try making your own fabric softner, 1 part cream rinse , 4 parts white vinegar, 2 parts water.
I purchased White Rain at Big Lots for 85 cents, Gallon of White vinegar is about 2.50 at walmart.
Consider using dry laundry soap, usually a couple of teaspoons do the trick
You can save a lot of money by not paying for the water in fabric softner and detergent
Hope things get better for you!

 

[Shelly F - Ohio]

For Christmas if you exchange presents in your family, ask for the Entertainment book. It has a lot of 50% off coupons that you can use to eat out with. Plus there are several coupons for retail stores as well.
They currently are running a special for the 2011 books now. You can get a 2011 book for $8.00 shipped for free. Even if you eat out once using one of the coupons you can recope the money spent on the book and any coupons used afterward means money back in your pocket. http://www.entertainment.com/discount/home.shtml

 

[Sorsha]

Try making your own fabric softner, 1 part cream rinse , 4 parts white vinegar, 2 parts water.
I purchased White Rain at Big Lots for 85 cents, Gallon of White vinegar is about 2.50 at walmart.
Consider using dry laundry soap, usually a couple of teaspoons do the trick
You can save a lot of money by not paying for the water in fabric softner and detergent
Hope things get better for you!

Always lots of good ideas! Just a heads-up though, if you can't stand mucking around with vinegar (as I can't - GAG) - the softener I buy at Kmart comes in a big jug, lasts forever, and costs less than $4.00, so not much more than making it myself - and no vine-gag!

Also, if you have a HE front-loader washer, check your instructions carefully. I do, although mine's several years old now, and my instructions specifically state NO powdered detergent. Trust me, I wish I COULD use it... SIGH.

 

[ilovemk76]

Make a budget that includes both short term (emergency fund) and long term (retirement and large purchases) savings.

Become a one car family (less insurance, upkeep and less tempted to just go some place). This will require some getting use to.

When ever you are going to hire somebody to do a job for you always ask yourself can I, DH or both of us to that task. If so, then do it and not hire somebody.

If your health allows, consider doing some emergency baby sitting for others on your street. This is something many working parents need. It will bring in some fun money.

Never cut out all entertainment. A budget that is so restrictive that you feel you never have any fun will be one you cannot live with.

Do not resort to CCs to pay for food, etc. unless you can pay it off at the end of the month.

If possible, pay off all consumer debt before you stop working.

Don't overlook the possiblility that you might have to downsizse your home to be able to live with your budget.

 

[RooRach0906]

I am a SAHM living off my DH income. We have been basically living on his income since before I quit two years ago, my money was for extras.
When I say Im a stay at home mom, I mean it. I go into town and to the stores on the weekend with my husband and I limit myself to twice a month out by myself unless emergency such as a sick doctors appt come up. That means if we have a reg dentist or doctors appt I also run other errands. (This is a big deal for me as all my friends live 45+ minutes away and I know none of my neighbors however this is a sacrifice I choose to make because I am then able to stay home with my DD). Also because of limiting my trips and mileage allows our gas and car insurance to be a lot cheaper. We have full coverage on both of our cars but have it done by the amount of miles we drive a year it has made it go down drasitically. One other thing this helps with is then I do not go into retail stores often and then I do not see what they are selling which keeps me from buying.
I pack my husbands lunch which is sandwiches and snack foods(because of his job he cant heat up food so it has to be something that can just be consumed). We buy big bags of chips and such and I put them in tupperware containers for lunch(cheaper than individual bags). For his drinks, he takes whatever we have in the fridge(soda, koolaid, tea) in water bottles. DD and I eat leftovers for lunch.
If you can buy meats in bulk and divide them into how much you would need, I do 1 lb bags and freeze, and then take out when needed.
I rarely buy clothes for me ever and when I do they are clearanced. I have clothes that fit me and unless something wears out or I find an awesome deal I think its a waste of money to buy clothes for me. (To me its more important to buy DD clothes than myself)
We run the air but I also run the ceiling fans in the house which allows us to run the air on 75 and still feel like it is cold in our house at times. I do not turn lights on unless it is absoultely nesscary. I will open our blinds and curtains rather than turn on lights. (and im home all day)
We have surge protectors on all our tvs and our desktop. All except the main tv, when they are not being used the surge protectors are turned off.
We RARELY go to the movies, in fact even tho I have seen Winnie the Pooh(free ticket and DD is free) the last movie I saw before that in the theatre was Licencse to Wed. We also do not have netflixs. We either buy the movie (I will watch the same movie many times) or we redbox it.
I make our own foam soap, I had the bottles from when I had gotten them on a great sale at bath and body and rather than buy more I bought a big container of dial soap (over a year ago) and you but 1/3 soap 2/3 water, leave a little room at the top for some air and gentle shake and foam soap. I still have not used the entire container of dial and I wash my hands a lot since I am changing diapers, so that a big easy way to help with money.
Oh and I am gonna be in the minority here but I do not use fabric softner at all anymore including the dryer sheets things and I do not notice. Also when I do laundry, unless our clothes are really dirty, I always uses cold/cold water for two reasons, less likely to shrink and less energy(CHEAPER). My clothes and DH non work clothes also only get done about every 3 weeks to 1 month, I am not wearing dirty clothes and he definately isnt but we have enough clothes that is all I have to wash them and how long it takes to get a full load. For us it works out to be average about 2 loads a week.

I hope these help and if I think of anymore I will post them.
I want to add the longer (at least for me) you do it the easier it gets.

 

[diznee25]

Wow, thank you everyone for the well wishes and advice!

Right now I am actually on "forced" leave from work. My boss can see that I am unable to preform my duties and they really don't have the patients to wait for me to get better. So I was told to take 4 weeks unpaid time (to get better) or get fired. I had asked if being laid off was an option so I could collect unemployment, but my boss's lawyer said no. (The lawyer says since the company shows there is a lot of work, there would be no justification for laying me off. And I completely get that.)

So I "agreed" to take the time off, and had my doctor also submit forms for short term disability but that is still pending. So while I've been home during my "break" I received a letter in the mail from the company I work for. In so many words it said that I needed to be at 100% at the top of my game when I get back otherwise they would fire me. (I figure it's better to quit then to get fired. Because if I need to find a job down the road, my chances would be better if I wasn't fired from my previous job.)

DH and I are just trying to stay positive. For anybody dealing with mental/physical health issues you know how challenging life can get.

So I just got what may be my "last" paycheck. I dumped all it into savings to see if we can live without it. So far so good.

Thanks for all the tips! I just want to stretch every penny we have. I am trying to buy more products in bulk and I started cutting my dryer sheets in half, (a tip I got from another thread!)

diznee25

 

[diznee25]

I am a SAHM living off my DH income. We have been basically living on his income since before I quit two years ago, my money was for extras.
When I say Im a stay at home mom, I mean it. I go into town and to the stores on the weekend with my husband and I limit myself to twice a month out by myself unless emergency such as a sick doctors appt come up. That means if we have a reg dentist or doctors appt I also run other errands. (This is a big deal for me as all my friends live 45+ minutes away and I know none of my neighbors however this is a sacrifice I choose to make because I am then able to stay home with my DD). Also because of limiting my trips and mileage allows our gas and car insurance to be a lot cheaper. We have full coverage on both of our cars but have it done by the amount of miles we drive a year it has made it go down drasitically. One other thing this helps with is then I do not go into retail stores often and then I do not see what they are selling which keeps me from buying.
I pack my husbands lunch which is sandwiches and snack foods(because of his job he cant heat up food so it has to be something that can just be consumed). We buy big bags of chips and such and I put them in tupperware containers for lunch(cheaper than individual bags). For his drinks, he takes whatever we have in the fridge(soda, koolaid, tea) in water bottles. DD and I eat leftovers for lunch.
If you can buy meats in bulk and divide them into how much you would need, I do 1 lb bags and freeze, and then take out when needed.
I rarely buy clothes for me ever and when I do they are clearanced. I have clothes that fit me and unless something wears out or I find an awesome deal I think its a waste of money to buy clothes for me. (To me its more important to buy DD clothes than myself)
We run the air but I also run the ceiling fans in the house which allows us to run the air on 75 and still feel like it is cold in our house at times. I do not turn lights on unless it is absoultely nesscary. I will open our blinds and curtains rather than turn on lights. (and im home all day)
We have surge protectors on all our tvs and our desktop. All except the main tv, when they are not being used the surge protectors are turned off.
We RARELY go to the movies, in fact even tho I have seen Winnie the Pooh(free ticket and DD is free) the last movie I saw before that in the theatre was Licencse to Wed. We also do not have netflixs. We either buy the movie (I will watch the same movie many times) or we redbox it.
I make our own foam soap, I had the bottles from when I had gotten them on a great sale at bath and body and rather than buy more I bought a big container of dial soap (over a year ago) and you but 1/3 soap 2/3 water, leave a little room at the top for some air and gentle shake and foam soap. I still have not used the entire container of dial and I wash my hands a lot since I am changing diapers, so that a big easy way to help with money.
Oh and I am gonna be in the minority here but I do not use fabric softner at all anymore including the dryer sheets things and I do not notice. Also when I do laundry, unless our clothes are really dirty, I always uses cold/cold water for two reasons, less likely to shrink and less energy(CHEAPER). My clothes and DH non work clothes also only get done about every 3 weeks to 1 month, I am not wearing dirty clothes and he definately isnt but we have enough clothes that is all I have to wash them and how long it takes to get a full load. For us it works out to be average about 2 loads a week.

I hope these help and if I think of anymore I will post them.
I want to add the longer (at least for me) you do it the easier it gets.

Thanks for posting! Yea, I'm trying to save on gas so I only go out once during the week for my doctors appt. My other outings are with DH on the weekend. Redbox is a great idea....there are a couple of them around my area, so I'll have to check that out. I love that you make your own foam soap! May have to try that.

diznee25

 

[flateacher]

So sorry to hear about your situation. The tips on here are great! And you have the right idea to stay positive. So we are sending some positive vibes your way!

For entertainment - check around your area. I know we have free summer movies at Muvico. They are kids movies - this week is Monsters v Aliens... but they are free! (really!) I take the kids and pack some candy in my purse (not supposed to but they don't check!).

This way - like you and others have said you are not depriving yourself to where you think the budget is unbearable.

I agree with some other posters about generic brand. I switched and can't really tell the difference on the things I buy. (Most veggies I buy are frozen so I have no experience with the canned ones not being as good). It saves a TON of $$ if you are not brand loyal.