So you're not a "DINK." If you aren't familiar with that phrase, it means "dual income no kids." Those types of families are some of the most financially stable because obviously they have two steady incomes coming into the household and they also don't have the financial responsibility of having children to take care of. Sounds pretty ideal, right? But...
If it's just you as the sole income earner in your life, you can easily thrive and succeed with some key pieces of advice. Because honestly being a sole income earner means that all the bills, debt, monthly expenses and anything else miscellaneous you might need falls on your shoulders. That can be a pretty heavy burden to stress over at times.
Let's take a look at, regardless of your circumstances, how to survive as a sole income earner with these five best tips for feeling more financial secure in your life.
Tip #1: Have a Detailed Monthly Budget Set
People tend to slack on budgets, mainly because they don't like seeing the facts and figures written on paper in black and white. Makes that five dollar Starbucks Latte each day look like a high expense when you write out the monthly cost, right? Having a detailed monthly budget set out actually helps you focus on what's coming in and what you spend. If you're not making one out each month, you should. Granted things are going to be on there every month, like rent or mortgage payments, utilities, your smartphone, and any student debt you might have, but sitting down each month and factoring in additional things that you know are coming up will help you stick to your budget so that you don't run out of funds. We provide a budgeting tool to our clients which makes it an automated process. If you aren't a client, there are free tools out there link www.mint.com that can also be helpful.
Tip #2: Share Expenses Where You Can
This is a great tip. Even though you are a sole income earner that doesn't mean you can't share expenses where you can with friends or family. That monthly Netflix bill? Split it with a buddy and save yourself seven bucks. Up to four different people can use the same account. Little things you can save on add up at the end of the month so don't underestimate splitting the cost of things when you can.
Tip #3: Have an Emergency Fund
This is very important in case you become ill or other life events pop up. Being a sole income earner, you will want to ideally have at least six months of expenses saved in the bank. If that's too overwhelming aim for at least three months of expenses to get started.
Tip #4: Pick Up Gig Work
It's a gig economy now folks and the best part is that for sole income earners there are always extra ways to make more money. Become a dog walker on the weekends, play out with a band, do some contract or freelance work within your field of expertise. The point is that by using your skills you can always figure out a way to make additional funds.
Tip #5: Relax!
Money is stressful. Bills are stressful. Life is stressful. You get the point. Try to relax and know that you are a fiscally capable person. You can be a sole income earner and survive. If you find that money troubles are on your mind a lot talk to a financial planner that can help to set you on the right path.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.