A common misconception is that if you stay home with your children full-time, you must have alot of money. Our family of six lives on an income which could probably qualify for several low-income programs. I tell you this only because if we can do it anyone can!
It doesn't take a salary the size of Bill Gates to live on one income.
But it does take careful planning, focused priorities and a non-negotiable commitment to stay out of debt. And I admit our family sometimes loses our focus and splurges a little, but we have learned from past mistakes just how far we can splurge! There are sacrifices involved, but if your heart's desire is to be home with your children, the rewards of staying true to your convictions will far out-weigh any losses you might experience.
We keep a plaque in our living room that says:
"A hundred years from now...it will not matter what my bank account was,
the sort of house I lived in, or the kind of car I drove... but the world may be
different because I was important in the life of a Child."
So what's the secret to "one income living in a two income world?"
The following is a list of guidelines by Deborah Taylor-Hough:
1) Watch Your Purchases
Watch your purchases, even small ones, carefully. For one month, keep a detailed spending diary of all expenditures, even for newspapers and coffee. Seeing it all in black and white can be eye opening. Most people spend at least $5 each weekday
on food related items. (Lunch,pop,coffee,snacks,etc.) Eating or bringing lunches, treats and drinks from home could save your family nearly $100 per month,
or $1200 per year! Groceries are one of the few fairly flexible expense categories in most families. Learn tricks for saving money by careful meal planning and using up leftovers. Investigate the concept of cooking for the freezer(once or twice a month cooking)Also, try doubling or tripling recipes as you prepare them. Learn to buy in bulk, and take advantage of lower prices by planning your menus around the grocery sales flyers in the newspaper.
2)Live Within Your Means
Vow to live within your means. Easier said than done--but it can be done!
The first step is establishing a budget. If you have problems keeping to a written budget,try the envelope system. Figure out how much money you need each month for the different categories of expenses(food,utilities,gasoline,etc.) and place that amount of cash in seperately labeled envelopes. You will have a concrete visual aid to show you exactly how much money you have to spend in each category. And you will see clearly that borrowing money from another envelope leaves less money in that other category.
3) Get Out Of Debt
Get out of debt, and stay out. Every year there are over one million personal bankruptsies filed in the United States. The majority of these are the result of poorly managed consumer debt. --Does your installment debt (not including your mortgages)total more than 20% of your income?--Have you taken cash advances on one credit card to pay the monthly payments on other cards?--Are you at your credit limits?--Do you have difficulty imagining your life without credit? If you answered"yes" to even one of these questions, consider seeking advice from a financial planner. You could be on your way to severe financial difficulties or bankruptsy. Contact Consumer Credit Counseling Service for free financial advice and debt counseling. Call 1-800-388-CCCS for an office near you.
4) Identify Priorities
Identify personal priorities. No one can set your family's priorities for you. But if you don't take time to think them through, articulate them clearly and live them out, you'll find you have lived a life that is not a true reflection of your inner priorities. Am I making sacrifices? Maybe...But for me, the real sacrifice would be giving up the joys I share each day with my four children. Laughing together. Growing and learning side by side. Being available to others in need. Those are the joys that I can never recapture if I miss this opportunity now. Seize the day...By making a few not-so-difficult financial decisions, we have been able to reach our dream of living on one income in a two income world.
If you share that dream, I believe you can make it happen, as well.
It can be difficult, but he benefits of making it work are beyond belief!
on your browser to return to MomsBlessings
