Saving money is hard with two incomes, but save money on one income can seem nearly impossible for families. Our family knows the struggle all too well. We are only a one family income with 3 children one of which is special needs.
How to save money on a low income
We don’t get any government support, and with our special needs’ son going to specialists and going in and out of the hospital medical bills are a constant thing around here. We also don’t have a lot of family close by, so that makes getting a job outside of the home a bad idea financially.
Spite of only having one income though we have managed to save money, and here’s how we save money with only one income.
We sat down and wrote everything we owed out each month no matter how small it was, but here’s the thing there were things we didn’t even account for in our budget. Small things like Netflix and small Amazon purchases.
I pulled the following month’s bank statement out and took 4 highlighters. A yellow one for essential, these have to be paid regardless. Blue for semi-important. Green for the extra money spent that we didn’t take out of our weekly spending money. Pink for random things that auto withdrew from our account.
Here’s what I found
Amazon Prime monthly membership X2 – $22.00 per month
Netflix – $7.99
Hulu – $11.99
And a random game – $12.99 a month
I found roughly $60 a month being withdrawn out of our account that shouldn’t have been. That’s $60 that could have been going into savings.
We needed to save more than $60 a month, so I started calling the companies we had bills with, and if we could cut it, we did.
We don’t need to have cable, but my husband flat out refuses to cut it since we don’t have a way of streaming stuff at our home. We can’t get rid of cable but I called and they gave me a $25 a month discount.
They are a must because we also use our hotspot as our internet service at home. I called and they cut our bill by $15 a month.
That’s $100 a month and haven’t even cut anything yet.
After going through our bills, we found the only thing we could cut was our newspaper subscription. Our newspaper subscription is 9.95 a month.
We have used things like getting a side hustle or selling stuff on Facebook to get some extra cash to help boost our savings, but between our audit and cutting things we managed to save an extra $109.95 per month. That’s over $1,200 a year that now goes into savings rather than out the window.
save money on one income
We used our side hustles as an extra way to throw some money in the bank.
Any money I make from blogging goes into our savings account because it’s extra money that isn’t counted as part of our regular income. Now that my blogging paycheck growing it may change once we get 6 month worth of expenses saved.
Anyone can blog if you want to get started I wrote a great how to start blogging guide.
I haven’t done much VA work, but I have done it before. A VA is a virtual assistant for blogger and business owners. You could be doing anything from making images to completing social media threads.
I made a few hundred bucks doing it every once in a while, but I have friends that make a full-time income doing it.
There are so many different side hustles you could do. You could make a shop on Etsy, sell stuff on Amazon or Ebay, mow yards, babysit, or even write for a website as a ghost writer. The possibilities are endless.
You know that saying one man’s trash is another man’s treasure? It’s true! List things you have laying around on your local swip swap pages. Take that cash and either throw it on your debt or into your savings.