Budgeting And Saving Advice For Single-Income Families

Single-income families often face difficulties making ends meet, especially during periods of high inflation. Budgeting and saving aren’t always easy, but we’ve compiled some of the most useful advice to help single-income families make the most out of their paychecks.

Saving money often comes with sacrifices; the first and most important thing you can do to make ends meet is to tighten the belt by cutting out unnecessary subscriptions and expenses when possible, as well as taking every opportunity to save by using coupons, discounts, or bundles.

Building wealth is possible for single-income families, difficult as it may be. The bottom line is that you need to be willing to put in the time and effort to make your budget work. The rest of this article will introduce you to some important budgeting and saving tips you can use if you’re living off one income.

Single-Income Family Budgeting Tips

1. Track Your Spending

Without this tip, every other piece of financial advice goes by the wayside. Without tracking your spending, it’s impossible to know where you can cut out expenses or if you’re building your rainy-day fund effectively.

Start by committing to track your spending for a month, taking note of every dime that goes in or out. Track your utility bills, subscriptions, and other necessary expenses, as well as your ‘wants.’

Doing so can help you identify—and eventually cut back on—harmful spending habits that can affect single-income families.

2. Live Within Your Means

Of course, the natural evolution of tracking your spending is developing a budget that lets you live within your means. Tracking your spending might help you realize that you may not be as financially responsible as you assumed.

If you find that you’re breaking even every month—spending just as much, if not more, than you make—then it might be time to reevaluate your budget and tighten the belt a little.

3. Build Your Savings Fund

It’s important to keep saving money, even for single-income families. As a general rule, 20% of your income should go towards savings and/or debt.

If you find it difficult to save money, then it might be worth implementing a ‘pay yourself first’ setup, which automatically portions some of your income directly into a savings account. That way, you can’t easily extract it without thinking about why you’re spending it.

Even this simple step of keeping money ‘off-limits’ except for emergencies can help you hope for the best but prepare for the worst.

4. Tackle Debt

We mentioned it briefly earlier, but one of the most important steps toward financial freedom is to tackle debt, particularly high-interest debt that eats away at your earnings.

For single-income families especially, debt can be extremely detrimental to your financial well-being, so it’s important to assign a portion of your income to meet the maximum payment (if you can) towards your debts monthly. Doing so minimizes the total amount of interest you have to pay and helps you escape debt more quickly.

When Missouri Title Loans, Inc. Can Help

Of course, not every situation is as cut and dry; sometimes, you need a little extra help to tackle unplanned expenses, especially ones that threaten your financial stability or, worse yet, your health. We recommend considering a signature installment loan in situations where your ability to repay is limited, but choosing not to repay would lead to further expense or detriment.

For example, our customers tend to use them for the following situations:

• Home or auto repairs
• Medical bills
• Business travel expenses
• Utility bills

We can help in any of these situations that threaten your financial stability.

How To Apply

We offer installment loans of up to $1,500. To get started, complete these steps:

1. Fill out the online loan inquiry form.
2. Wait for a representative to call back.
3. Visit the store and complete the rest of the paperwork.
4. If approved, receive your cash the same day or the next day.

What Do I Need?

In order to apply for one of our loans, you will need your driver’s license (or other valid government-issued ID), an open checking account statement in your name, and proof of income through your most recent pay stub. The process takes as little as 30 minutes, giving you fast access to money when you need it most.

Apply Today!

Missouri Title Loans, Inc. is in the business of helping single-income families who are budgeting and saving. Our signature Missouri installment loan might be just the right resource to help you out of a difficult situation, especially one that could become a financial drain if left unpaid.

If that sounds like the right call for you, then our associates are on call during business operating hours to help you out, or you can simply complete the form right here on our site!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.