How To Live On One Income And Budget Better
Learning how to live on one income can be difficult. Whether you are coming out of a divorce, suffered the death of a spouse, or never married, it can be challenging in this day and time to live on only one income.
However, if you want to learn how to live on one income and budget better, our guide is here to help. Keep reading to discover the practical tips and techniques that can help you live on one income and budget better.
Our Tips To Help You Live On One Income And Budget Better
1. List All Your Bills And Outgoing Expenses
This is the most challenging part of learning how to live on one income because you may not realize what you're spending or where your money is going. Write out all your monthly bills on a piece of paper to see how much you need for basic living.
Be sure to include things like gas and car insurance, money for entertainment and eating out, and things associated with that, like babysitting or caretaking expenses.
2. Take A Hard Look At Your Spending
Those who are used to a dual income, especially if you've had it for a long time, may not be used to budgeting or paying attention to what you're spending. Take a notepad and pen with you for a week and write down everything you spend.
You may be surprised how money flows through your hands on things like coffee, fast food, or incidental expenses. These are things you can easily cut back on.
3. Eliminate Debt
The other kicker for how to live on one income is to eliminate debt. Getting rid of a car payment, credit cards, and other common debts will free up money for fun and improve your long-term wealth. After all, you won't be paying interest on all that when it's paid off.
How you eliminate debt depends on your situation. You may need to get a second job or use part of an inheritance from a deceased spouse to pay off debt. It may help to talk to an accountant about any tax ramifications of these types of decisions.
4. Getting Serious
Some people need help controlling the use of a debit or credit card. After all, they are convenient. However, both can wreck your monthly finances at the end of the month when the big ticket items come due. Instead, take out your weekly budgeted cash for things like food, fun, gas, and other small items.
Put them in different envelopes and write their purpose on the envelope. When you need money for those things, take money out of the envelope. You are done spending it when the money is gone from that envelope. That way, the money in your account is left for things like utilities, rent or mortgage, car payments, and insurance.
5. Getting By Between Paychecks
You should be trying to save at least 10 percent of your paycheck for emergencies, but sometimes that just isn't possible. Emergencies and unexpected expenses can happen at any time, and you may find yourself needing money.
One option for that type of situation is a payday advance from Tennessee Title Loans, Inc. when you need help. We offer payday loans from $100 up to $400 to help bridge that gap between paychecks. Whether you have good, bad, or no credit, you can apply for a payday advance with us. To get the process started, you will need the following requirements:
- Your driver’s license or state-issued ID
- Your most recent pay stub
- A blank check from the active bank account in your name
Applying For A Paycheck Advance
Applying for a payday loan with Tennessee Title Loans, Inc. is as simple as possible. It's a fast process, and you'll have money to help fund your unexpected expense quickly! Here’s how our paycheck advance process works:
- Submit your information using the online inquiry form on our website.
- Our loan representative will contact you to explain the process, answer your questions, and direct you to the location of the nearest store.
- The application is done in the store, where an associate verifies your information and guides you through the remaining steps.
- You can have a loan decision as quickly as a half hour, and money will be made available to you either the day you're approved or the following business day.
Fill Out Our Online Inquiry Form!
A paycheck advance from Tennessee Title Loans, Inc. may give you some breathing room while you adjust to how to live on one income. Submitting the form doesn't obligate you to a loan but will give you some valuable information about this option.
If you’re searching for quick cash to address a financial difficulty in between paychecks, fill out our online inquiry form today! A payday advance from Tennessee Title Loans Inc. can help you tackle an unexpected expense until your next paycheck.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.