A Reader's question:
My husband and I are living on 1 income and finding it really hard to save. As soon as we do, something comes up to take the money. We are down to just a couple of debts and that is all, but still am frustrated about not being able to save more. I have considered myself pretty frugal over the years, but am beginning to think I need to acquire even more frugal ways. I'd love to hear your thoughts.
My husband and I are living on 1 income and finding it really hard to save. As soon as we do, something comes up to take the money. We are down to just a couple of debts and that is all, but still am frustrated about not being able to save more. I have considered myself pretty frugal over the years, but am beginning to think I need to acquire even more frugal ways. I'd love to hear your thoughts.
Dear reader, I understand what you're going through by wanting to be more frugal! When I first married, I thought that I was pretty darn frugal. I laugh now at that, because I had a long way to go, but that's how I learned to be frugal- through trial and error! I am sorry for your troubles, and I think that many people experience the "we save and then something comes and eats up that money" cycle. I have two thoughts on that: One, saving is a noble goal, and even if it feels frustrating sometimes. Getting into that habit of saving, even when it feels pointless, is so important. My other thought is that you are in less debt now than you would be if you had not saved! Sure, something ate that money that you saved, but that is what savings are for. Because you saved that money, you did not have to put that car repair or medical bill or whatever it was for you on the credit card. With the crazy interest rates that credit cards charge, you saved a lot of money by saving!
I would say not getting into debt would be the best way to help you live on one income later. But mentioned that you are already in debt, so don't worry about it. What's done is done, and you are resolving to get out of it! You can do it, and it already sounds like you're on the right track.
I would start by reading frugality books. Even if you're already read them before, read them again! When I'm feeling rusty, I pull out my trusty Complete Tightwad Gazette. Even though I've read it so many times it is starting to fall apart, I still find inspiration every time I pull it out. Since you said that you live on one income, I assume that somebody stays at home. I consider finding fun and creative ways to save to be my full time job! However, just because I am at home does not mean I don't earn money. I don't earn much, but every little bit helps. I substitute teach (which is out of the home, but I also don't work more than 10-12 hours a week, if that) and I do little things, like write for Associated Content, and do small things to earn money on my blog (check out Crystal's article on that!).
Something else I do periodically is to check for "leaks" in the things I do to be frugal. Did you used to take your lunch every single day, but now you eat at McDonald's twice a week? Have you started to slack off on watching sales and using coupons? Did you walk into Wal-Mart? (I always spend at least 20 bucks at Wal-Mart, no matter how little of an item I came in for. I have no idea why- Wal-Mart is my kryponite!) Little things can add up quick!
After you get your leaks plugged, start looking for other ways to be frugal. Every time you go to buy something, ask yourself these three questions-
1. Do I really *need* this?
2. Do I already have something that will do until I am better off financially?
3. Is there a less expensive way to get it? (get it used, barter services, check Freecycle- you never know!)
Creativity is a frugal person's best friend. Living frugally does not mean living cheaply or like a miser, but rather living abundantly with what you have already! I find that a lot of times I think I have nothing for dinner, even though I have a freezer full of random items. A quick search on this handy tool, and I have a tasty dinner without having to go to the store. I wanted to rent a roto-tiller to fix up our garden, but it really was not in the budget. My dollar yard sale garden rake, a shovel, my husband, our roommate, and some black garbage bags worked just as well. it took longer, but it was a fun way to spend Sunday afternoon, laughing and talking and exploring the garden. I find that reading frugality and personal finance blogs also helps a lot. Just knowing that other people are doing what I am doing makes me so happy.
Here's some articles I wrote last year about my journey to frugality.
Part One
Part Two
Part Three
Part Four
Part Five
I would say not getting into debt would be the best way to help you live on one income later. But mentioned that you are already in debt, so don't worry about it. What's done is done, and you are resolving to get out of it! You can do it, and it already sounds like you're on the right track.
I would start by reading frugality books. Even if you're already read them before, read them again! When I'm feeling rusty, I pull out my trusty Complete Tightwad Gazette. Even though I've read it so many times it is starting to fall apart, I still find inspiration every time I pull it out. Since you said that you live on one income, I assume that somebody stays at home. I consider finding fun and creative ways to save to be my full time job! However, just because I am at home does not mean I don't earn money. I don't earn much, but every little bit helps. I substitute teach (which is out of the home, but I also don't work more than 10-12 hours a week, if that) and I do little things, like write for Associated Content, and do small things to earn money on my blog (check out Crystal's article on that!).
Something else I do periodically is to check for "leaks" in the things I do to be frugal. Did you used to take your lunch every single day, but now you eat at McDonald's twice a week? Have you started to slack off on watching sales and using coupons? Did you walk into Wal-Mart? (I always spend at least 20 bucks at Wal-Mart, no matter how little of an item I came in for. I have no idea why- Wal-Mart is my kryponite!) Little things can add up quick!
After you get your leaks plugged, start looking for other ways to be frugal. Every time you go to buy something, ask yourself these three questions-
1. Do I really *need* this?
2. Do I already have something that will do until I am better off financially?
3. Is there a less expensive way to get it? (get it used, barter services, check Freecycle- you never know!)
Creativity is a frugal person's best friend. Living frugally does not mean living cheaply or like a miser, but rather living abundantly with what you have already! I find that a lot of times I think I have nothing for dinner, even though I have a freezer full of random items. A quick search on this handy tool, and I have a tasty dinner without having to go to the store. I wanted to rent a roto-tiller to fix up our garden, but it really was not in the budget. My dollar yard sale garden rake, a shovel, my husband, our roommate, and some black garbage bags worked just as well. it took longer, but it was a fun way to spend Sunday afternoon, laughing and talking and exploring the garden. I find that reading frugality and personal finance blogs also helps a lot. Just knowing that other people are doing what I am doing makes me so happy.
Here's some articles I wrote last year about my journey to frugality.
Part One
Part Two
Part Three
Part Four
Part Five
2 comments:
Creativity is very helpful, especially for one's won specific situation. I've been in the question author's shoes before, and it's very frustrating. A good attitude will go a long way, too.
I think this is great advice. Sometimes you feel like you don't even know where to start, that you're already doing everything you can!
I also find reading frugal blogs like yours not just educational but inspiring.
Post a Comment