Financial Tips and Tricks for One-Income Households

Some households operate off one income by choice, while for others that is merely their circumstance.

Regardless of how you found yourself in this position, a one-income household is not uncommon, and it’s certainly not unmanageable.

Without a budget, even a multi-income household might become financially unstable.  Here are some tips to consider if you’re working with one income, and how to make it work for you.

Have an Emergency Fund

Even if you’re fortunate to be able to predict much of what happens in your life, you’ll never be able to predict everything.

Re-Evaluate Your Debt

Student loans are a great place to start. This is (typically) a significant amount of money, owed back to the lender over a long period of time, more than perhaps a car loan, but less than a mortgage.

Invest

You can often start this journey for less than a dollar, such as penny stocks, if you want to and still see results.

Be Honest about How You Spend Your Money

If you only have one income and want to take control of your finances, the first step you need to take is to get honest about how you spend your money.

Take Advantage of the Gig Economy

For some people in single-income situations, this is a great way to dedicate a specific amount of time each day, week, month, whatever they want, to this gig.

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