How to Survive Going from Two Paychecks to One
Let’s face it, losing a job is no fun, especially with the cost of simple necessities of life going up all the time. Cable, phone, internet, utilities, food, rent, transportation, fuel, and many other things go up in cost all the time, too bad our paychecks don’t.
It can be quite a shock to the family when you suddenly find yourself going from two paychecks to one. These tips will help you to learn how to survive the income decrease.
Tips on Living on One Income
- Cut out eating in restaurants. One of the major expenditures is often restaurant meals. No matter if it is even only a fast food restaurant, food for a family of four can easily cost almost forty dollars. Take into account that you may buy takeout food once a week, that amounts to $160.00 a month and should be drastically reduced or eliminated entirely.
- Further cut your food bill by learning some new frugal recipes. "Rice & beans", long thought to be the "ultimate cheap meal" can be absolutely delicious if it is made well. Eggs are cheap and a great source of protein. My children LOVE when we have "breakfast for dinner" and I make them homemade pancakes. Now only is it a fun meal, it is CHEAP to make!
- If you have been using coupons on a casual basis, it is time to step it up a notch. Get serious about working the drug store deals so that you can get your toothpaste, shampoo, razors, etc for free (and then chances are, once your income returns to a normal level, you will be so used to getting them for free that you wouldn't even consider going back to paying for them!)
- Stretch your food dollars by buying necessities in bulk. Watch the local newspapers for the latest deals on stuff that you need, not want. Buy only enough fresh produce that your family will eat before it spoils.
- Make one pot meals in order to reduce the cost of cooking the food in all different pans. Reduce the amount of meat in your food, and use pasta, pasta sauce, and rice as the main part of your meal. By doing so, you will provide nutritious meals that are budget-friendly.
- Resist the urge to charge items on your credit card. Remember that at one time you had two incomes so the bills might have been a little easier to handle. The cost of finding money to pay for extra charges will be hard. Eliminate your spending if you cannot pay cash for the item.
- Consider temporarily cutting some of your "luxuries", even those that you may consider "necessities". Yes - television is a luxury and if you are paying a cable bill of $150/month and have premium stations, it's time to cancel them until you get over this rough patch. If you are locked in to a contract with your provider, you can usually scale the service back to the bare minimum for a few months and still not be in default. I would recommend keeping your internet service (if for no other reason than so that you can still read my website). With sites like YouTube and Hulu and even the network websites, you can often watch your favorite shows on your computer or tablet for free!
- Stay home - aside from the obvious "not eating in restaurants", staying home will save you money. Go grocery shopping once a week and make do with what you have if you run out of something. That extra run out for a gallon of milk might cost you an additional $15 in "impulse purchases", not to mention the cost of gas to make that 2nd trip to the store. Of course, there are exceptions to this rule (if you need diapers, you NEED diapers), but try to eliminate any non-essential trips. If you are bored, curl up with a good book - don't hit Target "just to browse".
Utilizing the tips above will help you to make the transition from two paychecks to one a little easier. Make a budget and sticking to it will help you to ease the stress of everyday living on one income.
Make sure that you also read my post on What To Do When You Lost Your Job.