{"id":1218,"date":"2020-08-07T10:15:09","date_gmt":"2020-08-07T15:15:09","guid":{"rendered":"https:\/\/www.creditaid.ca\/blog\/?p=1218"},"modified":"2025-06-17T11:55:32","modified_gmt":"2025-06-17T16:55:32","slug":"how-to-budget-single-family-income","status":"publish","type":"post","link":"https:\/\/www.creditaid.ca\/blog\/2020\/08\/07\/how-to-budget-single-family-income\/","title":{"rendered":"How to Budget Single Family Income"},"content":{"rendered":"\n
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Has the pandemic brought your family down to a single income? With more than a million jobs lost in Canada, many families are in the same boat. Whether you were laid off or were required to stay home with your children who couldn\u2019t go to school or daycare, it\u2019s important to know how to budget your single family income.
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Even if you collect unemployment, for now, it may not last. Just in case, consider the following ways to budget your single family income.
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Make Cuts<\/strong>
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It\u2019s not a pleasant thought, but you must cut expenses. Get creative here. For example, if you cut cable, can you afford to replace it with a streaming service? Netflix, for example, costs a fraction of standard cable services. See if you can work it into your budget so you don\u2019t feel like you\u2019re sacrificing too much.
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Think of other places you can cut, such as:
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\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Eating out
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Entertainment
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Grocery store (shop sales and clip coupons)
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Household goods (shop sales or comparison shop online)
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Redo your Budget<\/strong>
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Take an honest look at your budget. Where do you spend? If you can\u2019t cut in certain categories, where does that leave you each month?
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Think about saving for an emergency fund and retirement. Both should remain line items on your budget even when you\u2019ve gone down to one income.
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Pay with Cash Only<\/strong>
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Credit cards are tricky. They can protect you when making large purchases, but they can quickly put you into debt too. When you\u2019re living on a single income, only buy what you can afford in cash. If it\u2019s a large purchase and you want the credit card protection, make sure you have the cash to pay the balance off in full. Make sure you pay the balance by the due date and don\u2019t tempt yourself with the low minimum payments.
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Declutter and Make Money<\/strong>
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Going down to one income is a great reason to downsize. Look around your house. What are you holding onto that you don\u2019t use? Furniture, clothing, appliances, and stuff you\u2019ve collected for hobbies that just collect dust may make you money.
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List your items on Craigslist, Facebook Marketplace, or LetGo and make money on it. Stash the money away in your emergency fund and resist spending it.
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Start a Side Gig<\/strong>
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If you create your budget and come up short, consider a side gig. There are many side gigs you can start online, such as freelance writing, graphic design, and web design. In-person, you could start a dog walking business, babysitting, or landscaping service. Think about what you love to do and make money doing it.
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Whether you\u2019re budgeting on one income for reasons you can\u2019t control or if you\u2019ve decided it\u2019s for the best, take time to create your new budget. Be honest with yourself and see where you must cut to make ends meet. At first, it may feel like a sacrifice, but in the end, everyone will feel less pressure and more freedom with the workable budget and the more quality time they can spend with one another.<\/p>\n","protected":false},"excerpt":{"rendered":"

Has the pandemic brought your family down to a single income? With more than a million jobs lost in Canada, many families are in the same boat. Whether you were laid off or were required to stay home with your children who couldn\u2019t go to school or daycare, it\u2019s important to know how to budget … <\/p>\n

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