Have you heard of the term “DINK”? It’s an acronym for dual-income, no kids. Generally, DINKs live large. The opposite of DINKS are those with kids who live on one income.
Why do people and couples decide to live on one income? Perhaps you decided to stay home and take care of the kids. Maybe you have been laid off and are figuring out what to do next. Or, maybe your partner is working while you go to school.
Whatever the case, if you are one of the 27% of U.S. families trying to make it on one income, you can make it work – and make it work well!
Read on to discover 7 tips for living easily on one income.
1. Live Within Your Means
The fastest way to get yourself in trouble financially is to live beyond your means.
Living within your means is simply knowing how much money you are bringing in and making a point not to spend more than this amount.
If you are making $2,000 a month, your apartment shouldn’t be $1,500 a month. You won’t be able to cover other essentials in your life. Instead, you will find yourself going into debt as you struggle to cover these costs.
It feels good to learn how to live within your means because you will feel a sense of freedom.
You will be able to say “yes” and “no” quicker. You won’t feel stressed about finances. And, you will be proud of the purchases you do make, knowing you can afford them because you have the cash on hand.
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