How To Raise a Family On Just One Income?

Budgeting March 9, 2020

We live in a world where everything is exorbitantly expensive. From grocery shopping to the countless electricity bills, the world gives you enough reasons to be unstoppable. People are stepping out of their comfort zones to earn a living. Now getting married may seem like another feather on your hat, but it comes with responsibilities. A wedding may last for a day or two, but marriage is a life-long commitment. With marriage comes the responsibility of splitting the bills and even raising the kids.

Nothing is permanent in this world. It is possible that your spouse left his/her job. The boss fired you and hired someone new. You could not do well in your business and lost all the money. Your wife is home taking care of the kids! In fact, your husband may take up the responsibility of looking after the kids. There are plenty of reasons that may arise and you cannot help it!

What if there is only one source of income? It is either the father, the mother or the kid who is running the household. Hold that thought! People may look at your family with droopy eyes, but everything can be planned. It is doable and we shall give you some tips that would help you raise a family on just one income.

Although we believe that our readers are wise enough to make the right decisions, it is always wise to get some advice from the financial experts. Let’s cut to the chase!

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Being Solution-Focused


We were raised in a way wherein nobody bothered about dwelling too much over the problems. How about finding solutions? Before we give you the efficient tips, it is important to get rid of the thought that you are not going to find bliss.

We find many people who lose hope and put an end to life. Think about your loved ones! If you lost your job or the business did not work out, you will find another one. The world is full of possibilities. Repeat this: I WILL BE SOLUTION-FOCUSED AND NOT PROBLEM-FOCUSED.

Once you start your day with this mindset, life will be easier and a lot more stress-free. There are billions of people who have more number of problems. You are not the only one!

Tips to Raise a Family on Just One Income



1. Planning Ahead of Time

If you and your partner know that one of you will be quitting the job, it is best to plan ahead of time. What should you plan? If you are planning to buy a home, take a loan that you will be able to pay even when one loses or quits the job. Take as much loan that you will be able to repay! Do not buy an extravagant home without giving it a thought that one day you may need to pay the home loan all by yourself.

Sit down with your partner/family members and discuss how you plan to repay the loan amount.

2. Pay Your Debts

Before you say ‘I QUIT’ to the existing job, pay all the debts. Never leave the job while you are drowning in debt. Get a personal loan for decking up your house. Take a student loan to send your kids to a good college. However, pay the loan amount and then bid adieu to your job!

3. Make a budget

Make a monthly budget. Buying grocery in bulk will always help. You do not have to get weekly grocery items. This can be super expensive!

Get a pen and paper – write down all the items that you need. How much do you want to spend on grocery? How much are you willing to pay for gas/oil? If one of you is staying home, they can take care of the kids and save extra costs such as nanny care, gardener or someone who cleans the home. Keeping your home clean is an excellent workout!

A family with a limited income needs a monthly budget. You know that bills come to you like clockwork! Write down all the expenses such as school fee, college fee, grocery, electricity, gas/oil, and personal expenses. You can make the changes and see where you can cut certain costs!

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4. How much can you afford to spend?

Your budget is strict and that’s precisely why you should be realistic. If your friend has a BMW, it does not mean that you have to get one. Maybe they can afford it, but you have to raise a family. It is possible that they do not have the same responsibilities.

You both are in a different space! Do not go overboard to show off wealth which you do not possess. One day you will own a BMW. Even if you cannot, be grateful for the life you’ve got! You have a job, a family and a clear sky above your head. Count your blessings!

Another tip for you is to SKIP USING THE CREDIT CARD. The credit card is toxic! For those who can pay the amount, it is ideal for them. If you have a family to raise, pay in cash. This helps in controlling your expenditure. When you have plastic money, it becomes easy to go overboard.

5. Needs v/s Wants

I want to build a mansion!

My family needs shelter, food and basic education.

There’s a difference between wants and needs. Focus on the needs! Do you need alcohol in your system every single day? NO! Do you need food in your stomach every single day? YES!

Do you want a mansion? YES!

Do you NEED a mansion? Think about it!

Before spending a crazy amount of money on a mansion, think about your child’s future, parent’s retirement and wife’s medical bills.

One day, you are going to need that money!

6. The Extra Income

You are doing a 9 to 5 job, but the money isn’t enough for your whole family. There are multiple things you can do to make some extra money. How about freelancing? Use your talent! Write for a company on a freelance basis, offer web designing services or even sell burritos on weekends!

There are many things one can do in their free time! These are productive activities that can help you earn some extra cash!

7. Making Sacrifices

Ah! I love that LBD in that store, but my husband has given me as much money to buy the groceries. Instead of complaining or feeling bad about your situation, think of how hard your man is working to raise the family.

Sometimes, the man and woman can make sacrifices to put one good meal on the table. The LBD can wait! You can buy it next month by saving some this month.

We find many women complaining about their husbands not getting a gift on Valentine’s Day or the anniversary. If you have just one person raising the family, we see no reasons for complaining. Is the LBD a necessity?

”You don’t take me out for a holiday, hon!”

Is the holiday a necessity? We are not sure about that!

HOLD UP! There is a solution to this. If your wife/husband has been wanting to go on a trip, you can opt for a HOLIDAY LOAN. All you need to do is find a LOAN LEND SHOP.

It gets simple when a lender gives you the money to go on holiday. You can pay them as per your comfort. The payment will be made in the stipulated timeframe.

Concluding Thoughts

Raising a family on one income is not as tough. There are loan lenders in the UK who would be happy to give you a holiday loan, student loan and even a personal loan.

None of your dreams or your family’s desires will go unfulfilled. You can simply take a loan, buy the home that would house your entire family. You can go on the holiday that your kids have been looking forward to! Even with one income, you can do a number of things!

However, be wise and do not overspend. Think of all the ways you can save money! If your wife wants to go for a movie, rent a DVD or download the movie. If you have not been for a candle-light dinner, cook a warm meal at home and light up a candle.

Why can’t we think of different ways to save money? The family can THRIVE on just one income.

Sit down today, make a budget and find romantic things to do at home.

Also, your kids or future kids depend on you! Before spending a large amount of a diamond ring, think of their future and even present. Make wise decisions!

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Anshu Choudhary

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