A Complete Guide to Thriving on a Single-Income
Embarking on the journey of becoming a stay-at-home mom with one income is a hard decision that many mothers make to prioritize homeschooling, homemaking, or homesteading. It can be incredibly rewarding, but it is not for everyone.
Transitioning from a dual-income household to relying on a single income can be both exciting and challenging. In this guide, we’ll explore practical and uplifting tips for moms looking to make this transition, managing their household on a tight budget while fostering a warm and nurturing environment for their families.
I remember struggling a lot thinking “I want to be a stay-at-home mom but we can’t afford it!” and just aching to find a way to do so. We struggled with a new mortgage, hospital bills, and car payments because we needed a larger vehicle after my daughter was born. I just didn’t think it would ever be possible: until it was. Here are my best tips to help you make it happen!
1. Create a Budget with Precision to Prepare for Being a Stay-at-Home Mom with One Income
To thrive on a single income, it’s crucial to create a detailed budget. Track your monthly expenses and identify areas where you can cut back without sacrificing essential needs. Prioritize spending on necessities like groceries, utilities, and housing. Allocate a reasonable amount for discretionary spending, allowing for occasional treats without breaking the bank.
It’s important to look at every little detail here. Include Amazon purchases, and subscriptions to entertainment, those sorts of things, not just bills! Track all of your expenses and then go back and look at the last year and see what unexpected expenses popped up so you can include those types of situations in your future budget as well.
Using a cash-only budget system can also be a great way to start working towards sticking to a budget. This system often uses envelopes for different areas of a budget like grocery money or gas money. You might find it helpful when trying to learn and practice how to live off one income because you can’t accidentally overspend like you might be able to with a debit card.
Interested in a cash-only budget system? Check out this printable packet to help you get started!
2. Build an Emergency Fund
Establishing an emergency fund provides financial security in unforeseen circ*mstances. Aim to save at least three to six months’ worth of living expenses. This fund can be a lifeline during unexpected events like medical emergencies or car repairs, ensuring your family’s stability even on a single income.
Don’t pull from your emergency fund for anything other than a true emergency. It’s easy to think you can borrow from this fund and pay it back but when money is tight it’s easier said than done. You should also be growing this fund if you have extra money. There is no telling how big an expense will be. Medical emergencies can be very expensive. It’s better to have too much saved than not enough. I recommend a high-yield savings account for your emergency fund to help grow it even more!
3. Tap into Community Resources for Sustainable Living
Explore local community resources that support sustainable living and provide opportunities to access affordable or free food options. Community gardens, farmers’ markets, or food cooperatives often offer fresh produce at reasonable prices. Engaging with these initiatives not only supports local businesses but also fosters a sense of community among like-minded individuals striving for a sustainable lifestyle.
One of the things I did to start cultivating our fugal homestead lifestyle while we still lived in town was to start renting plots at our local community garden. I have 5 plots total and that affords me 4500 square feet there along with what I have at home. I can grow almost all of our vegetable needs, a good amount of our fruits. I am also able to barter with or sell extras!
4. Meal Planning and Smart Grocery Shopping
Efficient meal planning and grocery shopping are key components of managing a tight budget. Plan meals for the week, create shopping lists, and take advantage of sales and discounts. Consider buying in bulk for staple items and explore affordable, nutritious recipes that cater to your family’s tastes.
My favorite place to buy in bulk is Azure Standard. I use Azure to stock up on bulk items like flour, beans, rice, sugar, salt, and other things. Azure is unique because it is sort of like a food co-op, everyone is coming together to buy food for a particular local drop.
Orders usually happen once a month, though you can choose not to order. You can shop all month long and then you are charged when your order ships. You meet the truck at your local drop and everyone helps to get everything organized. I personally love it but you need a flexible schedule because not all drops are on the same day and at the same time. You do have ample notice when the drop will be.
They are part of only three stores that I frequent regularly to try and keep my grocery bill as low as possible. My other go-to stores are Aldi and a local Mennonite grocery store that has a terrific discount section and things like raw milk and pasta in bulk.
If you’re interested in trying Azure Standard, you can learn more here:
https://www.azurestandard.com/?a_aid=29dddbfdce
5. Cultivate a Home Garden for Fresh Produce
Growing your own fruits, vegetables, and herbs is not only a rewarding experience but also a cost-effective way to enhance your family’s meals. Utilize whatever space you have – whether it’s a backyard, balcony, or windowsill – to cultivate a home garden.
Growing seasonal produce not only reduces grocery expenses but also provides your family with fresh, organic options right at your doorstep. Don’t forget to check for community gardens local to you if you haven’t got a lot of space! Even a container garden can provide your family with produce or herbs. If you have enough space and a green thumb you can sell bumper crops for extra income.
6. Embrace Frugal Living
Embracing a frugal lifestyle doesn’t mean sacrificing happiness. Look for creative ways to save money, such as buying second-hand items, participating in community events, and finding free or low-cost family activities. Share frugal living tips with friends and fellow moms, creating a supportive community that fosters financial well-being.
You can do things like join a local buy-nothing group on Facebook. Shop your thrift stores on days with the best discount. Scour the Facebook marketplace for free or cheap items that you might need. You can also do things like cook from scratch. Make your own un-paper towels- that one surprised me by how much it saved. Dry your clothes on a line or rack. There are lots of little things that will add up!
7. Develop Marketable Skills
Consider developing or enhancing your skills to generate extra income from home. Freelancing like freelance writing, for example, consulting, or starting a small home-based business are great options for extra cash. Identify your strengths and interests, and explore opportunities that align with your newfound role as a stay-at-home mom.
When I first wanted to stay home I thought about all the different things that I could do. I started by selling the homeschool curriculum I was making on Teachers Pay Teachers. During that time I was also a freelance writer before my small business grew, and it helped to boost our household income. I was able to buy some of the household items that we wouldn’t have been able to do otherwise. Then I started to create printables of bloggers. Eventually, I tried my hand at blogging and here I am today!
8. Educate Yourself on Financial Literacy
Strengthen your financial knowledge to make informed decisions. Understand the basics of investing, saving, and debt management. Attend workshops or take online courses to enhance your financial literacy. Knowledge is empowering and equips you to navigate the challenges of managing a household on a single income confidently.
Make sure you are following tips that actually save you money. Everyone wants to sell something online but unless the free advice they have given has saved you money, I don’t suggest you buy anything. There are plenty of blogs and social media accounts out there with tips but not all of them are good tips, use your judgment and tread cautiously with financial advice.
One of my favorite financial bloggers is: https://herfirst100k.com/
9. Create a Supportive Network
Connect with other moms who have chosen to stay at home. Share experiences, exchange tips, and offer emotional support. Building a network of like-minded individuals provides encouragement and valuable insights, making the transition to a single income more manageable.
10. Celebrate Small Wins
Recognize and celebrate the achievements, no matter how small. Adjusting to a single income and balancing the responsibilities of motherhood is a journey filled with milestones. Whether it’s sticking to a monthly budget, making debt payments, finding a great deal, or discovering a new income-generating opportunity, celebrate these victories as a reminder of your resilience and capability.
Transitioning to life on a single income as a stay-at-home mom is a journey that requires careful planning, resourcefulness, and a positive mindset. By creating a detailed budget, building financial security, and embracing a frugal yet fulfilling lifestyle, moms can navigate this transition successfully. Remember, the true wealth lies in the moments shared with the people you love. With determination and support, you can create a thriving home on a single income.
Bonus Tip: Practice Living on a Single Income Before the Transition
Before officially making the switch to a single income, consider practicing this lifestyle to identify potential challenges and make necessary adjustments. While you still have your current income, allocate one income to cover all expenses while saving the other, mimicking the future scenario.
This trial period allows you to refine your budgeting skills, test your emergency fund, and discover areas where you can further economize. By practicing beforehand, you’ll enter the transition with greater confidence and a clearer understanding of how to navigate your family’s financial journey successfully before you leave your full-time job.
During this time you can also look at monthly income and current expenses and see where you can cut things from your household expenses. You might also want to consider downsizing your home or rental to reduce your cost of living.
Bonus Tip: Strategically Address Debts with the Second Income
If you’re transitioning from a dual-income to a single-income household, use the second income strategically to pay down existing debts or, if possible, eliminate them entirely. Prioritize high-interest credit card debt and loans, creating a plan to steadily reduce balances. By proactively managing your financial liabilities before the transition, you’ll lighten the long-term financial burden, providing your family with greater financial flexibility and peace of mind on a single income.
Bonus Bonus Tip: If you’re wondering “Can I afford to be a stay-at-home mom?” There is a calculator for that believe it or not!
This calculator shares some information on the differences you might be looking for if you switch to a single-income household. This includes things like benefits, health insurance, and retirement depending on who holds the benefits. It also looks at things like what expenses might you save. For me gas, childcare costs, and random expenses like work lunch and a coffee break actually saved me about $10k in expenses. Spoiler Alert a huge chunk of that was childcare and gas to go to and from work.
https://www.free-online-calculator-use.com/stay-at-home-calculator.html
