As a family living on a single income, I think many people envision us scrimping by, pinching pennies and foregoing many of the luxuries dual income families can afford. The truth is, while we work hard at living on a single income, that hard work and the habits we’ve formed allow us to live very comfortably.
Here are some habits we’ve formed that make saving and getting the most for our money second nature.
We bring our lunch to work
Taking your lunch to work 5 days a week can save you $1500 – $2000 a year. We batch cook and freeze meals that can easily be brought to work so packing a lunch everyday doesn’t become a time consuming chore.
We keep a budget
Our budget is our roadmap to financial freedom. It keeps us on track to pay off our debt, alerts us to and helps us avoid excessive spending and keeps us focused on our savings goals.
We buy second hand when it makes sense
We like shiny new things just like everyone else. But before making any new purchases, we always consider whether the same item used is good enough. Often it is and we save 50-75% off of what we would have paid for it new.
We splurge, but we budget for it
We like to eat out and travel so we make sure to include these items in our budget. Every month I allocate a set amount for eating out and we stick to that. We also find ways to make those dollars go further with coupons, by drinking water with our meals and taking advantage of special offers. And we set aside money each month for vacations. Right now we’re looking at cheap holidays to Majorca. We’ve found that we enjoy our budget vacations just as much as some of the more lavish trips we’ve taken in the past. I actually think I enjoy them more knowing I’m not going to be in debt after the trip.
We don’t keep up with the Joneses
We drive modest cars that are paid for and are cheap to own and operate. We live in a modest rental house while we save to purchase a house of our own. We focus on our own goals and don’t compare ourselves to our neighbors. And when I do start to feel a bit envious I think about how we’re almost debt free or about the deposit I just made into my son’s 529 college savings plan and I feel good knowing we’re on the right path.
Hi, I’m Cathy! I’m a former career-driven professional turned stay-at-home mom. Living on one salary has its challenges, but it is possible to live the good life while spending less. Cool to be Frugal is all about how we’re thriving, not just surviving, on a single income.
