Surviving on Single Income After a Baby – Make a Plan

living on one income

Surviving on Single Income - Make a Plan

You might be contemplating taking a longer leave or quitting your job because you may not have enough support with looking after the little one. This seems overwhelming especially when you think about not having your income at your disposable. You may also be having a change in situation like a separation from your partner. Whatever be the circumstance, surviving on a single income looks difficult.

Not really if you are able to plan and take control of your finances.

Here is what you can do to survive on that single income:

  • Control your spending
    This is a good time to begin controlling your spending. Make a list of things you will need for the week/month and stick to it. Compare, contrast and get the best deals.
  • Make big purchases in cash
    Save up cash for any big purchases you might want to do. One this helps you to actually evaluate if you need to make the purchase and may save you money or it prevents you using your credit card and paying interest on the same.
  • Cut back to one credit card
    The more cards you hold the more you spend. Cut down to one card and let go of the others.
  • Try and make the most of your income
    Ensure you are receiving all the benefits you are eligible for (including child maintenance in case you are separated/ separating)
  • Save up
    It is important you make saving a habit. Pay off your EMIs, bills, etc. and save before you spend. The amount need not be major but you have got to save.

Remember to always keep in mind that there will be unforeseen expenses that you couldn’t have calculated. Be prepared for it financially, and set aside a little if you can. It will help you on a rainy day !