More and more families are deciding to have one parent stay at home and raise their children —I was one of those parents who stayed home for eight years before my girls started school, so I can attest to how tough, exhausting, and stressful managing a single-income household can be. However, you can be successful financially while being a single-income family. Navigating a single-income household can add strain on a relationship, yet I have no regrets with my decision to stay home and provide for my little ones. While my peers were moving on to college and starting their careers, I sometimes felt staying home with my kids was lesser. I felt I wasn’t helping provide for our family financially, when in reality I was performing one of the most important jobs — shaping the future generation. For those who find themselves in a similar situation or are contemplating a transition to single-income living, it's crucial to not let such emotions cloud your judgment. In this month's blog, we’ll explore strategies for achieving financial success within the framework of a single-income household.
Meal Planning is Essential
When living on a tight budget, it’s important to reduce expenses wherever you can. One large budget item to consider is the monthly grocery bill. As a stay-at-home mom, I often found myself wandering the grocery aisles without a list, fueled by hunger — a recipe for overspending and inefficiency. I would routinely spend $150 or more on groceries with no concrete meal plan, only to find myself back at the store a few days later, repeating the cycle. Trust me, it's a cycle you'll want to break! Once I began planning out the meals I was going to make for the week, I started only buying the items on my list. This method saved me a significant amount of money and also helped me reclaim valuable time during the week. Gone were the days of frequent trips to the grocery store. Another way to be efficient when grocery shopping is taking inventory of what you already have in your fridge, freezer, and pantry — use this as your guide to making your meal plan for the week. This is not only less wasteful but also alleviates some of that grocery bill each month. Mastering this skill was crucial in maintaining our financial stability while I was a stay-at-home parent.
The Importance of Setting Boundaries
I am a huge people pleaser, and one thing I struggle with is overcommitting myself. It’s easy to want to please everyone and say “yes” to every opportunity that comes our way, but learning to say “no” can be a powerful tool in protecting your time, mental health, and financial stability while living on a single income. Learning to manage priorities versus distractions is key. Saying no to invitations or events doesn’t mean you can’t afford it; it means you have prioritized putting your family’s money toward your current and future financial goals. Reflecting on my own experiences, I recognize my eagerness to keep pace with other mothers and succumb to the fear of missing out (FOMO) was a detriment to our family's financial health. In fact, it brought us to a tipping point. Looking back, I realize seeking external validation and happiness skewed my perception of what truly matters — our family and our well-being. Instead, I wish I had shifted my focus inward, reinforcing the importance of prioritizing our family's financial security and overall happiness above all else.
Leveraging Money-Saving Apps
In today's tech-driven world, there's a wealth of resources available to help you stretch your budget, especially when navigating life on a single income. Thankfully, there are a plethora of apps out there designed to streamline this process, which is beneficial to busy, stay-at-home parents. I recently wrote a blog post about Tech-Savvy Ways to Earn Extra Cash which I personally have tried, and still use today. Check it out here, and discover how these tools can help you optimize your finances and alleviate the strain of living on a single income.
Working Together
Navigating life as a single-income family doesn’t mean you cannot live a happy and stable lifestyle; it just requires a bit more strategic planning. It’s also essential to work with your spouse and not against them; you can conquer more together than you can apart. During my first four years as a stay-at-home parent, my husband and I lacked a structured plan for our finances. As I’ve shared in previous blogs, we grappled with differing spending habits — he being the saver, and I, the spender. It took us considerable time to synchronize our approaches and align our financial goals.
Looking back, we realize coming together sooner could have saved us years of financial strain. That being said, I hope the one thing you can take away from this blog is to start now and plan ahead!
Being a single-income family presents its own set of challenges; however, having walked through it firsthand, I can attest it is possible to still be financially successful while having one parent stay at home. If you are a single-income family or if you find yourself grappling with the intricacies of making it work, don't hesitate to reach out to our team for guidance. We’re here to offer personalized goal setting, coaching, and assistance to help you feel confident in the invaluable task of raising our future generations. Together, we can empower you to thrive in both realms.
About Alex
Alex is one of our financial wellness advocates on our Wealth Management team. She is a mom of four, and her passion is sharing her own personal finance journey from living paycheck to paycheck and drowning in debt to finding financial peace. Alex's unique experience has given her the ability to help families take control of their own personal finances - all while still enjoying what life has to offer.
Contact: alex.miller@kerberrose.com