While politicians love to boast about their economies, the fact is that average people still feel the squeeze of living expenses. This is especially true if you are raising a family on one paycheck, most commonly known as a single-income family or household.
Tips for Saving Some Money
Luckily, there are a few tangible, reasonable ways by which you can stretch that proverbial dollar out like a rubber band. Let's have a look at some ideal money-saving tips for the one income household.
● Clip Those Coupons: You can find coupons online to be printed out, in weekly circulars, newspapers, and more. The main reason most people ignore them is because the things on which they can save money aren't really things they purchase. This is where you have to plan ahead. If a generic cereal brand allows you to feed your family for less money, see if you can switch without the kids noticing- you could be surprised. Coupons can help you save a ton of money.
● Be a Bargain Shopper: Those dollar stores are fantastic. While their food offerings aren't much to write home about, typically cheap, processed stuff, you may be overlooking items like laundry detergents, toiletries, other cleaning supplies, and myriad other necessities that sap up money. For what you're getting for $60 at a regular store, you can likely get for under $20 at a dollar store. Stick with the cheaper options, and you will instantly notice the savings.
● Eliminate All Excess: Do you need multiple streaming networks and channels? Do you need a TV and gaming console in every room? You would be surprised at how often people struggling with finances are set up with modern tech and amenities as if they're not. Go with a free streaming service. Don't pay for cable. Don't allow your finances to be bogged down by unnecessary things. Yes, it's a sacrifice, but take tally of what you need and lose the excess.
● Go Green: Energy-saving bulbs and appliances do save a ton of energy and that equates to saving money on those utility bills. While they may be investments upfront, LED bulbs can save you up to 70% on energy usage. Low-flow water options can save you over half on your water/sewer utility statements. Week to week is every week for a single-income household, so this sort of planning helps you save in perpetuity by slashing your expenses dramatically every single month.
● Shop Online: Online shopping puts the power in your hands to shop around for amazing deals. You can find local flea markets. You need an item? Getting it used or finding a deep discount saves you a bundle. The Facebook Marketplace is another ideal area for material goods, whereby you can save a ton of money. The best part here is that the online realm is massive. You can easily find deals that allow you buy something for pennies on the dollar.
Getting a Loan with Bad Credit
We all have times in our lives where the mortgage, utilities, insurance, and other bills just compound and leave you with little room for error should an emergency arise. In these scenarios, you can apply for online loans for bad credit which may help you get back on your feet short-term while you address your unexpected emergency expenses. Scenarios where this could be a good fit include an unexpected car repair or a water busted pipe.
These short-term loans may help momentarily alleviate some of pressures associated with living paycheck-to-paycheck with one income. At the very least, they're worth looking into if you've been caught in a financial pinch and don't have the savings to cover it.
In Conclusion
The hardest pill to swallow for most heads of single-income families is that they're doing every right; everything they're supposed to do. They're working and saving, but life just happens - it just does. Therefore, when an emergency rears its ugly head, looking into a short-term loan for bad credit online might just be the right way to go if there are no other options.
