Last updated on August 26th, 2022 at 07:48 pm

8 Simple Hacks To Living On Just One Income

Living on just one income can be a great way to save Money. Or perhaps it’s now your choice due to an unfortunate situation. No matter the reason, if it’s wrangling in your family’s finances or an unforeseen job loss, following a few simple hacks can help you unlock the living-on-one-income lifestyle.   

Some of the simple hacks for living on one income includes examining your current spending habits and creating a new budget, looking for ways to save like cooking at home or completing more DIY projects, and also reexamining things like car and home insurance to uncover any hidden savings potential. 

Each of the following hacks plays an important role in this new journey. It will take time to adjust and you don’t have to worry about living “cheap”. It’s about being practical and smarter so you can keep more of your money! 

 1. Create A New Budget And Watch Your Expenses

This may be the hardest yet most important hack of all, so let’s talk about it first. In order to find those hidden gems of money-saving opportunities you need to know exactly where your money is going. Gather all your credit card statements, online account logins, and bank information and create a current-spending budget. 

This will help you see exactly where your money is going and perhaps begin implementing some of the other hacks on this list in order to save! This is part of the process of creating a new budget. And once you are able to patch up where you’re leaking money, it’s important that you stick to your new budget. 

There are several apps available now that can help you analyze your current budget and help you stick to your new one. 

• PocketGuard: A free app that you can connect to your bank accounts, tracks recurring bills and income, categorizes your expenses, and projects how much money you’ll have left at the end of the month. 
• Mint: This free app not only tracks and categorizes your expenses and income, but it also allows you to set up a budget and receive alerts if you’re going to go over your set budget.  

2. Cook At Home 

Perhaps after analyzing your budget you noticed that one of your biggest spending areas involves food. Of course! We need food to sustain life, right? Food is actually the biggest money culprit for many people. But there are ways to still have amazing meals that are also budget friendly. 

One of the first steps is to cut back on eating out at restaurants and that even includes using food delivery services. These types of things can be saved for certain occasions or perhaps just cut back to a few times a month. 

There are a variety of resources when it comes to meal planning and prepping. Spending a few moments planning out your meals for the week can also help you create and stick to a shopping list to avoid any unnecessary spending. And if you prep all your meals in advance, they are ready to pull from the fridge whenever you’re ready for a quick meal. 

Also consider apps that help you earn cash back when you shop. One of the best known is the Ibotta app, which is a free app where you can earn money every time you buy groceries. 

3. Save With Auto Subscriptions 

If there are items that you need to buy every single month, like cleaning supplies for example, see if there are ways to save by signing up with an auto subscription. This is a great way to save money on items that you use all the time and they can automatically show up at your door without having to think about reordering. 

One example of a subscription service that saves is one offered by Amazon Prime. Users can save up to 15% on everyday products and there is also the bonus of free shipping. And if you have monthly deliveries on five items, you could unlock up to 20% savings. This is great for baby products, vitamins, and other things you always have to restock. 

4. Use A Credit Card With Cash Rewards 

This is a simple hack you can use, but it only works if you’re able to pay your credit card bills at the end of the month. The goal is not to go into more debt! 

Putting your every day expenses on a credit card that earns you money is another great way to earn some extra cash. Many credit cards now offer different cash-back opportunities that you can save up to redeem or have that money automatically go to paying your credit card bill. 

If you have to spend money, why not put it on a card that can help you earn some extra cash?

5. Monitor Heating, Cooling, and Other Utilities 

By adjusting the thermostat a few degrees, you would be amazed by the amount of money you can save. You don’t need to walk around in a T-shirt during the winter months. Try turning down the heat by a few degrees and put on a sweater/jumper and a pair of socks. 

Another culprit is the air conditioning in the summer months. No one likes to be hot, but consider days when perhaps opening up the doors and windows could let a nice breeze in the house. And if days like that aren’t possible, even adjusting the air conditioning by a few degrees can still be a real money saver. 

6. Lower Your Current Bills  

When was the last time you looked at your insurance policies for your car and home? Many companies promise to save you money, but are you really getting the best deal? 

When it comes to car and home insurance, there are a variety of apps available now to help you determine if you have the best rate for the type of coverage you need. You can also call your insurance company and ask for any opportunities to save money. 

Another high-bill culprit is your Internet service. Internet has definitely become an essential item for the home, but it doesn’t mean you need to be overpaying for it. Call your Internet provider to see if you can take advantage of a current promotion or simply switch providers who are offering a better deal. 

7. Tackle DIY Projects 

There are plenty of do-it-yourself projects around the home that you can really do yourself! Everything from changing the oil and filter on your car to even making your own laundry detergent, tackling these projects on your own can definitely help save you money. 

There are an infinite amount of videos available that can help walk you through any project around the home. Before you hire someone to fix that leaky kitchen sink, see if it’s a project you can tackle on your own. 

8. Use A Library Card 

The library card has definitely changed throughout the years! Yes, you can access books, but there is so much more available now at your local library. 

You can access new release books, music, movies, comic books, audio books, and even e-books now with a library card. So instead of spending money to buy or download books or to watch the latest movie, you can access them all for free with your local library. This can be a great budget-friendly alternative to streaming platforms or pricey cable plans. 

How To Be Prepared For A One-Income Situation 

If you’re thinking about making the decision to switch to one income or just want to always be prepared for the possibility, there are a few simple hacks you can follow in advance to make this a successful transition. 

• Have an emergency fund: Experts recommend that your emergency fund has about six months’ worth of your expenses. But this can vary depending on how much income you have and if you are paying off any debt. An emergency fund is just that: only for emergencies when you’re really it a tight spot and need to pay the bills. 

• Pay off debt as soon as possible: This may be easier said than done, but knocking off your debt can save you substantial amounts of money in the long run because you’ll be paying less interest. If you have any extra money, consider using it toward your debt.

• Create passive income: There are so many opportunities to make extra money, such as stocks, car leasing, blogging, and affiliate marketing. They still require your attention and time, but once you have them set up you can enjoy the additional revenue they bring. 

It can be intimidating living on just one income, especially if it was an unexpected circumstance. But with a little planning, monitoring your budget, and following these simple hacks, you’ll soon realize that living on one income can be possible. If you don’t have the luxury of time and need to make living on just one income work as soon as possible, check out more ways to save. 

The post 8 Simple Hacks To Living On Just One Income appeared first on Money Nutrition.