Ignite FB Tracking Pixel5 Practical Tips for Families Living on One Income - Erica Pittman-Gaynor
Keller Williams-Santa Cruz
Erica Pittman-Gaynor, Keller Williams-Santa CruzPhone: (831) 818-4123
Email: [email protected]

5 Practical Tips for Families Living on One Income

by Erica Pittman-Gaynor 10/13/2019

A good number of families faced the option of living on a single income for several reasons. It could be due to health challenges, work layoffs, the need for a stay-at-home parent, or an agreement to live on one income for the greater good. Whatever the reason may be, families living on one income always find it challenging. Of course, it is not the best option, but it is the reality of a good number of families out there. 

If you belong to one of such families, then grab a sit as I take you through some practical tips that will help you live well while living less.

  1. Draft a Practical Budget. To optimize the little cash available to the family, you must draft a realistic budget. I say realistic because most families go overboard while writing budgets and end up struggling to stick with it. Your budget should be practical. It should be one that allows you to live well while living less. Be sure to estimate your monthly income before allocating cash to each item on the budget.
  2. Know the Difference between Needs and Wants. A recurring mistake seen in most families is trying to live above their means. Why spend thousands of dollars on a car when you can get a cheaper one? Lose the habit of spending heavily on designer clothes, shoes, and accessories. You can get those stuff at a decent price. Go for things within your budget and learn to the difference between your needs and wants. There is a huge difference!
  3. Get the Junk Out of Your Home! I wish I can emphasize this enough. Junk takes up a substantial part of your income and leaves you with nothing but another pile of trinkets. And by junk, I mean everything that is of little or no importance such as trendy clothes (they go out of fashion before you know it), junk food (of course, you don't need them. They are not healthy after all), etc. Why get a new dress just because it will look cute on you? What about the dresses at home, don't they look cute? Resist frivolous spending. Instead, spend on things that have value to you and your family.
  4. Don’t Spend the Left Over. Learn to save!Families who stick with their budgets find that they usually have a few bucks left at the end of the month. While that is ‘worth celebrating,’ it is, in fact, an avenue to save. As a single-income family, you should always be on the lookout for means to save some extra cash. It could be from using coupons, getting a side gig, monthly leftovers, etc. Whatever the source of the ‘free money’ may be, it is no excuse to spend it all. No, save it instead!
  5. Being Self-Sufficient is the Way to Go! An excellent way to live well while living less is to become self-sufficient. Pick up some DIY skills. Learn to make home-made products and food recipes. A garden will help too. Ditch commercial products and stores. Learn to do it yourself!
  6. Try Investing! Cutting back on expenses and saving ‘free money' are great ideas but that is not all you need. Saving means having a little extra cash readily available when you need it but investing, on the other hand, means having more money (than you saved or earned) on hand when you need it. Start investing today!

If you're saving up to buy a new home, talk to your real estate professional about ways to save on down payments.

About the Author
Author

Erica Pittman-Gaynor

I went into Real Estate because I value working with people and helping them achieve their goals and dreams of home ownership in Santa Cruz County. I believe in creating an honest, straightforward, memorable experience for the clients I work with. 

Prior to joining Keller Williams Realty, I was a stay at home mom for 7 years. Before that I taught at Boulder Creek Elementary. My past teaching experience enables me to educate my clients, allowing them to make informed decisions about their real estate needs. 

I work with an excellent team of service providers to handle all the bumps along the transaction road, ensuring as smooth a process as possible. I chose to partner with Keller Williams Realty because of the culture, education, resources and all around professionalism. 

On a personal note I enjoy anything ocean related, boating, biking, swimming, sailing and all outdoor activities. 

My biggest accomplishments in life are my two sons, Kyle and Jeff. Both straight A students, musically inclined and just all around great people. My oldest is in UCSC's Astrophysics program and the youngest continues to thrive at Soquel High. 

Whether in life or in business, my goal is to care about others and enrich the lives of the people I come in contact with, including my family, friends and clients. 

I appreciate the opportunity to earn your business. My mission is to exceed your expectations to the point that when we are done working together I will have done such a good job for you that you will not hesitate to refer me to your friends and family.

MY SPECIALTIES:

Beach Homes; Condos & Townhomes; Investment Properties; Second Homes; First Time Home Buyers; Move-Up Buyers; Listing Specialist; REO or Distressed Properties

My Service Areas:

Live Oak | West Side | Felton | Santa Cruz | Capitola | La Selva Beach | Aptos | Soquel | Boulder Creek | Ben Lomond | Seacliff | Lompico | Seascape | Zayante | Seabright | Pleasure Point | Rio Del Mar | Scotts Valley | Mount Hermon