Living on One Income

Updated 1 year ago

Living on one income is sometimes a choice we make so we can make our family a priority. Sometimes it is an option thrust upon us. In any case the best thing to do is reframe the situation to focus on the blessings of this time and things we can do.Unlimited budget- Everyone has to prioritize their spending, they just may have more vacations than you. We all have to decide what expenditure is critical to our life. Just like a healthy lifestyle, we all have to be aware of how we are balancingYou may be saving simply by being home- Since you are home you may not be paying for childcare, gas, or as new a car. You may be shopping for work clothes less, eating out less or buying more expensive, prepared food because someone is home. Those costs may be offset to some extent by the cost of heating the house all day now that someone is home.Prioritize – You need to prioritize your spending. Your finances boil down to money coming in and money going out. You need to prioritize what’s going out. See what expenses can be cut from the budget. Simplify other costs by good planning. If there was only one horse and buggy the family made the trip to town less often. Save money by making lists and running errands in batches. Make lists for shopping. Plan ahead for meals. These little changes cut out some of the fat of spending. Barter- can you trade or share with other families? Can one person snowplow for you and you share something from your garden with them? Think creatively and see all the positive things you do enjoy!Forget the Jones’- you won’t have the same lifestyle of those families with two incomes. Keep your eyes out of their business and remember your blessings. Count them out loud with the family if it will help you keep your eyes on more beneficial things!Remember, life is what it is. You either chose this lifestyle because of various reasosn, or it was thro=ust upon you. In any case, life is beautiful and you have another day to celebrate it today!Citations:Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Vote Norumbega Financial for Bangor’s Best Financial Planning Firm at Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc.Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated.


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