If you’ve ever had to live on a single income, it might have got you to wonder how to live on a single income without worrying about your finances, right?
Chances are high that you’re going through the same or similar situation like this. Living on a single income isn’t very fun and at most times, it’s hard.
However, it’s all about your attitude towards living on a single income, your budgeting, and the actions you’re taking to change things for better.
In this article, I’ll talk more about single income, some of the things I’ve been battling while living on a single income, but also on the action you can take to ease the financial pressure.
Keep on reading as there’s much to learn, especially as you get to the end of the article!
Cons of Living on a Single Income
Living on a single income has many cons and it’s not the best lifestyle you can live if you’re trying to ease the financial pressure you’re feeling.
Even though living on a single income can have some benefits – it’s oftentimes something that’s not recommended.
With only one income, money can easily get tight. You have to take care of:
- Other living expenses
When all of this is taken care of – in most cases, there’s not much money left over for any luxury. But not only there’s not much money for luxury – but with the right budgeting when living on a single income, there will be a lot of expenses to cut.
However, there are always ways to take action and change your current financial situation. I’ll explain more about how I supplement my single income with another income stream – so keep on reading until the end!
Can you Live on a Single Income Without any Side Jobs?
The first thing people try to find when you’re stuck living on a single income is the side job. Side jobs (part-time jobs) are great for supplementing income.
However, they can also consume almost all of your free time and they could come with additional costs (such as transportation).
But if you’re wondering how to live on a single income – you should definitely start off with writing down a list of your income and expenses.
From there, you should be able to see how much money you’re missing or how much money you’d like to have extra at the end of the month.
A single person who’s trying to live off of a single income can do it a lot easier than someone who’s supporting a couple of family members.
Expenses are the ones that make the most trouble – so it’s a lot about cutting down additional expenses that you can do without.
Also, it depends on your own lifestyle and needs on how much “luxury” you could cut out of your life, at least temporarily.
It’s always a smart idea to cut down expenses and budget properly, but there’s also a lot more to supplement your income.
Ways to Improve the Quality of Life when Living on a Single Income
It’s not impossible to live on a single income, even though it might seem like it for some people/families. However, you should at least try and take action to improve your financial situation.
It’s at least one thing you can change for better, right?
The first thing you have to do is listing down your income and expenses. This way, you’ll know how much money you have each month, but also how much money you need to spend each month.
This should include everything I’ve previously mentioned such as rent, bills, living expenses, and other expenses you have (such as debt).
This will show you in a simple way your financial situation and things you could work on to improve it.
The next step is to budget properly. I even wrote a full article for people who are living on either a fixed income or a single income.
It’s important that you tackle down your debt in an efficient way, but also that you spread the income over all your expenses.
And even if you have any money left at the end of the month – it’s important that you handle it wisely. You can either start saving the money or invest it.
It’s always important to do things for long-term improvement.
Use Cash Instead of Card
This is an old trick but it’s one of the tricks that definitely changes the perspective and makes you be in the control of your money a bit better.
By using cash, you’ll feel it going out of your pocket every time you make a purchase. But if you only use a debit card, you won’t get the same feeling while swiping it across the card reader in the store.
Easier control over money is important as you want to know exactly how much you’re spending and definitely avoid overspending!
Cut Down Expenses
You could save a lot by trying to cut down expenses. You can cut down TV subscription, or other subscriptions you’re not really using.
Also, you can start purchasing food in bulk or even using coupons to save every time you spend money on necessities such as food.
If you are willing to go to extremes while cutting down your expenses – you could save a lot of money. And if you use that extra money wisely, you’ll definitely improve your future financial situation.
Freelance Your Skills
Everyone has some skills and the great thing about the internet is that you can freelance some of your skills easily.
All you need is one client to get started and believe me, a couple of clients could keep you busy and supplement your income well.
If you’re more into getting a part-time job, you can look for a remote part-time job so that you can do it right from your home, using your laptop and your internet connection.
But if you’re not in a very tough financial situation – you could start creating your own online business. It’s a path that takes time and requires work, but it’s the best long-term plan you could take action on.
I am a long-time member of an educational platform called Wealthy Affiliate. This platform teaches everything there is about affiliate marketing and how you can take advantage of it to create your own online business by only running a website/blog.
Living on a single income isn’t ideal and it’s oftentimes a burden for most people. However, it’s a financial situation that you can change by making changes and slowly but steadily moving forward.
Evaluate your financial situation, write down your expenses, cut some of them, and then work on supplementing your income.
What’s the biggest con of living on a single income? Did you ever wonder how to live on a single income without worrying about your finances?
I would really like to hear what you think about living on a single income. Are you in this situation? You may leave your comments below and I will be happy to respond.
All the best,
Founder/Creator: Living On Lean Means ?