Surviving on one income after a baby

surviving on one income

Preparing to survive on a single income

In many cases, women have to quit their plush jobs in favor of their pregnancy and subsequent childcare. While it does seem like a loss of financial independence, you can consider it a well-deserved break from your career to spend time with your child. If you have been trying to conceive, you should think ahead to this possibility too. And as a result, you both should start saving for the time only one of you is going to be earning.

Tips for surviving on a single income:

  • Start saving from early on. Instead of saving for the far future, focus on having emergency funds for the first three months after your delivery.
  • Pay off your credit card dues and stow them away till your financial condition improves. If you must, then use a debit card. It does not charge any interests.
  • Track your expenses and plan a budget. Although budgeting looks restricting on the surface, seeing your money being spent only as per your plan actually gives you the right idea of your spending behavior.
  • While you are preparing to survive on a single income, you can also plan to give up your habits of eating out, movies, and shopping unnecessarily.
  • Prioritise your requirements into needs and wants and cut down on the extra spending. That doesn’t necessarily mean that you live like a monk; but now’s the time for you to be creative on how you can spend time with your family without spending money.
  • Get a medical policy that provides maternity benefits, so that all expenses related to your pregnancy are covered and you can save money on that.
  • It is okay to let your close friends and family know that you are tightening your belt. No one’s going to judge.
  • In the time you are surviving on a single income, gather your talent and skills and see if you can work from home – a business or a consulting job, depending on your skill set. This way you can support the income and regain your financial independence.

Finally, while it is necessary to have sufficient funds stowed away, it is also important to know that spending your time and energy fretting over it is not going to help – it is not going to solve any problems. Instead concentrate on your and your baby’s health, and focus on getting your physical strength back, so that you are all set to contributing to the income soon!