How to Survive On One Income

Going from two incomes to one, either by choice or circumstance always takes some getting used to. If the income was lost by firing, lay off or some other unexpected situation living on one income can come as a shock. It's a little easier if you've had time to save, evaluate your budget, and make spending adjustments before you willingly move to one income.

Instructions

1. Always keep an emergency savings fund. Even if you save $20 a paycheck, at least you'll have something in the bank. You should try to have at least six months worth of pay in the bank. That way if you or your spouse unexpectedly looses a job, you'll still be able to pay the bills until you can find another source of income.

2. Trim your bills. There's always something you can cut out. Go over your cable, phone, cell phone, internet and utility bills line by line to see what extra charges you're paying. Many times you're paying for cell phone minutes you don't use or movie, sports or hd channels that you rarely or never watch. Bundling services (phone, internet, cable) can also save you money.

3. Eliminate extras. Cancel your gym membership and instead walk or run outside. Instead of going out to a movie, rent one. Go to the library to get books instead of buying new ones. Cook several meals on the weekend and freeze them. This will keep you from buying dinner on the go, when you're in a rush.

4. Clip coupons and buy in bulk. Coupons and grocery store savings cards can help you save a lot of money at the grocery store. If something's on sale buy more than one, that way if it's not on sale when it runs out, you won't have to buy it at full price.

5. Find ways to supplement your income. Ask yourself what skills you have that might benefit others. Use them to offer services or see if you can freelance in your industry. This way if you're looking for a new job, you'll be networking at the same time.