6 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.

Here are 6 tips to consider if you’re working with one income, and how to make it work for you.

Have an Emergency Fund

Without a second stream of income to fall back on, you should make it a top priority to create, and contribute to, an emergency fund.

Re-Evaluate Your Debt

When you’re thinking of ways to make one income work, go over your monthly, recurring debts, and do what you can to try and shrink those payments.

Invest

When done responsibly, investing can help you earn money for your household that can elevate your financial standing in a semi-passive way.

Be Honest About  How You Spend  Your Money

If you want to take control of your finances, the first step you need to take is getting honest about how you spend your money.

Take Advantage of the Gig Economy

Picking up a side hustle from time to time can help with financial obligations, without consistently maintaining a  second job.

Consider Life Insurance

When households operate off a single earner, it’s truly critical to be set up to still financially survive if that earner passes away.

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