Rudman Cannon Financial Advisors Blog
Making ends meet is already difficult for many families, more so for one-income families. It usually happens after a parent becomes unemployed and does not find a new job again.
There are many reasons for this, but some families choose the one-income setup because it is best for their situation. For example, one of the parents will quit their job so they can take care of the children at home.
If your family belongs to a single-earner household, there are ways to improve your financial status.
1. Acknowledge Your Situation
When you understand and accept your situation, it is easy for you to know what you can afford and what you cannot. Assess if buying a brand new car is reasonable and practical, or is it going to be a used car purchase for now?
Also, splurging yourself on shopping and increasing your credit card bills is not ideal if your family only has one source of income.
2. Earn Money from Home
Even if you cut down your expenses, there are still bills to pay. While taking care of the kids at home, you can earn some extra money by doing some online job such as web design or web content writing.
You can also put up your own website and use it as a platform to sell a variety of products. If you love baking, you can also sell cakes and pastries.
Look at the things in your home. Do you use or need all of them? Now is the best time to sort through your things and check if you can sell them to online shopping sites such as eBay or Amazon.
Look at the space you use in your home. Is it too big for the entire family? How about downsizing to a smaller house or apartment? You will realize that doing some downsizing is actually beneficial for everyone.
4. Sacrifice Some of Your Wants
In life, we need to make some sacrifices. For a one-income family, it is essential to know what you want from what you need. You can probably say no to some of your friends' invitations to go out. It is not a bad thing as it also helps you make the right decisions. You decide what is practical and what is not.
Since we are talking about making ends meet and taking care of your finances, buy your own life insurance because you want to provide for your family whether you work or stay-at-home parent. At Rudman Cannon Financial Advisors, we put our clients first by offering them policies that they can afford. Learn more about our products and services by calling our agency at (212) 790-4256. You can also request for a free quote by clicking here.