We live in a time when you can pay anyone to do anything for you.
But just because you can, it doesn’t mean you should. For example, while you can pay someone to wash your car, wash it yourself.
The same thing goes for shopping. While you can buy new items, you can save a significant amount of money if you embrace DIY. For instance, learn how to sew and mend clothes.
Learn to garden so you can grow your own food.
Take up a DIY hobby that enables you to make gifts for friends and family rather than buying expensive presents.
Embracing a DIY mindset not only helps you save money, but it also allows you to develop new skills and feel a sense of accomplishment. Just do it.
5. Start Meal Prepping
Food spending accounts for 12% of the average US household monthly budget. “When considering all food costs, including groceries, dining out, and takeout, Americans spend an average of $610 per month — or $7,317 yearly” [source].
Dining out and ordering take-out are significantly more expensive than eating at home, but we often choose this option because we think it is easy and convenient.
Having a home-cooked meal is easier, more convenient, and less expensive when you meal prep.
You will save money when you buy food from the grocery store and prepare your meals. You won’t burn gas driving to the restaurant; you won’t have to pay for someone else to cook your meal, and you won’t have to leave a tip.
Spend one evening each week making a list of meals and the ingredients required to cook these meals. Make sure you have containers to store your meals. Pick up the food and other ingredients you need.
When you have everything, spend a Sunday afternoon cooking everything, portioning it out, and then putting your homemade meals in the fridge and freezer.
When you meal prep, it eliminates the temptation to eat out or order delivery. This will save you money and make it easier to live on one income.
$5 Meal Plan Makes Dinner Decisions Easy and Inexpensive
Cooking at home is great, but many say planning dinner every night is the worst! If this sounds like you, there is a simple solution: The $5 Meal Plan. You won’t have to worry about what to cook, what ingredients to buy, or how to cook the meals.
The $5 Meal Plan is a weekly service that sends you the recipes, a detailed shopping list, and recipes. They do the thinking for you, so all you have to do is follow the plan. Each meal will cost around $2 or less.
6. Make a Budget and Stick to It
The key to success in living on a single income? Make a budget.
With one income you have less wiggle room financially, so stick to the budget and prioritize your spending. Budgeting will help with financial stability and debt management.
Sit down with your partner and create a list of all your expenses (rent, food, utilities, subscriptions, etc.). Take the income and subtract these expenses. The remaining amount should go toward an emergency fund, a savings account, or paying down debt.
If you allocate $300 for groceries each month, don’t overspend. You can make it even easier by downloading a budgeting app that tracks spending and alerts you when you are close to going over budget.
Saves Money Faster With Higher-Interest Savings Account
How much do banks pay in interest?
The national average is 0.08%.
That’s nothing. $10,000 in savings will earn you $8 in interest after one year. Whoop-die-doo…
Don’t be average. Bank smart. Put your money into a high-yield savings account like CIT’s Savings Builder.
Last I checked, the Savings Builder interest rate was 5X the national average.
That’s a boost your emergency fund will feel. See the CIT banner below for Savings Builder’s current interest rate.
7. Find Low-Cost or Free Entertainment
When you follow these tips, you might not spend as extravagantly as those DINKs, but you can still have plenty of fun on one income.
Fun doesn’t have to cost a thing! Instead of paying to go to an amusement park, go on a hike on some nature trails or take a walk in the park. Have a picnic at a scenic spot.
Or instead of going to the movies, go to a free concert outdoors or grab a free DVD from the library. Have a game night with friends. Call your local chamber or commerce or visitors bureau and see what fun and free activities are scheduled.
Remember, you don’t have to have double incomes to be happy. The choices you make with the income you have will go a long way to bringing personal fulfillment and financial freedom.
