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Supporting a family on one income

Can you support a family on one income?

When couples begin having children, they often think about the pros and cons of one parent staying at home with the children. If you are interested in transitioning from two incomes to one, with some careful planning and budgeting, you can pull it off.

Examine your finances

One of the first things you need to do is determine exactly how much money you bring in and how much money goes out the door each month. This is important to determine how much money you will need each month. Figure out what the working parent will be bringing home each month, and figure out all your expenses for the month. This will give you a base figure to work with.

Figure out the money you will be able to save by having one parent stay home

You will automatically save money when one parent stays home. Since the new stay home parent won't be driving as much the amount of money spent on gasoline expenses will decrease. You'll might also be eligible to get a discount on your car insurance by driving less. You also will not need to pay for daycare, work clothes for the stay at home parent.

Decide what you don't need

Try to find ways to decrease your monthly expenses. CAn you save money by buying a coffee machine instead of going to the local coffee shop each day? Do you have movie rental or video game subscriptions that you are willing to give up?

Consider moving somewhere cheaper.

Do you pay a lot for your housing? Sometimes moving a few miles outside of a metropolitan area can save you hundreds of dollars per month on housing.

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