Stick to a strict budget
If you want to survive on one income, it’s important to keep tabs on your spending and know where every single dollar you earn goes.
To that end, get into the habit of following a budget, and feel free to play around with different ways to maintain one. You can write up a budget on paper, create a spreadsheet to track expenses or even use the assistance of an app.
If you’re limited to one income, it’s important to put every dollar you have to good use and understand what it’s being spent on.
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Learn MoreKeep your housing costs down
In 2023, housing costs accounted for 32.9% of consumer expenditures, according to the Bureau of Labor Statistics, making it the largest expense category for Americans.
If you’re trying to live on one income, aim to keep your housing costs as low as possible. That will serve the important purpose of freeing up more money for your remaining bills.
As a general rule, housing costs should be kept to 30% of your take-home pay or less. But the lower you can go, the more flexibility you’ll have with the rest of your budget.
Be mindful of non-essential spending
It's natural to want to spend some of your money on non-essential expenses — things like leisure and entertainment or purchases that bring you joy. A late 2023 survey from Empower found that 42% of Americans go shopping to treat themselves at least once a month, while 21% do so at least once a week.
But if you’re trying to get by on one income, you may need to be more mindful of your non-essential spending.
To that end, consider sitting down with your spouse and working together to identify your priorities. It’s OK to make room in your budget for indulgences, but make sure you’re choosing yours carefully if you don’t have a lot of money to go around. Be sure your non-essential spending isn't causing you to land in debt.
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