Money Saving Mom®

“My husband is an Iraqi War veteran, now safely home still in the reserves, and a Police Officer for our city. We are SO thankful for a great job that is secure. I am a stay-at-home mama to our sweet 11-month-old baby boy. Living off of one income can be tough, especially trying to build your savings and dealing with things like holiday shopping (we have large families). I was hoping you could post some tips, budgeting strategies, for families living on one income. We have a monthly budget thanks to Dave Ramsey, but it’s hard to stick to sometimes, feeling restricted from more fun things. All advice is appreciated. -Kirstin”

Thanks for asking such a great question, Kirstin! There are so many different things I want to say in response, but I narrowed my thoughts down to six points:

1. Adopt a Can-Do, Creative, Committed Attitude

Your attitude makes a HUGE difference in your success. If you are committed to make the most of what you have, instead of spending your time wishing you were in a different situation, you’re well on your way to thriving.

You’re not stuck unless you choose to be. View hardships and setbacks as challenges to be conquered, not impossibilities that will tank you.

2. Find Freedom With Boundaries

A budget can be viewed as restrictive ball and chains on your life or it can be viewed as a freeing asset to aid you in financial success. It’s all in how you view it.

We’ve chosen to see a budget as one of our greatest assets — and we find freedom in the boundaries it provides. Why? Because we don’t have to stress over how we’re going to afford to pay our electric bill or whether we’ll have enough for groceries. Sticking with a budget removes a lot of anxiety and stress from our plates.

3. Budget for Everything

It takes at least three to six months to really get a handle on living on a budget, but it’s well worth the effort. However, one of the biggest mistakes people make when trying to stick with a budget is that they fail to budget for everything.

If you’re on a tight budget, you have to plan ahead for future expenses. Don’t wait until November to try to figure out how to afford Christmas, start putting money away every month at the beginning of the year to pay for Christmas at the end of the year. Even if you can only squeeze $10 to $15 per month out of your budget to put toward Christmas gifts, do it. You won’t regret it when November rolls around next year!

Plus, the more you start planning ahead for future expenses, the less you’ll have to worry about unexpected expenses. This, in turn, will help you to slowly inch your way to a better financial place with more wiggle room in your budget.

4. Focus on the Long-Term Benefits

Don’t just pinch pennies for pinching pennies’ sake. That gets old really, really quickly. Instead, constantly remind yourself of the why behind your what.

What are your long-term goals? Do you want to have an emergency fund? Do you want to be able to pay cash for your next vehicle? Or maybe pay off a credit card?

Whatever your why is, make it a clear goal and remind yourself of it over and over again. This will fuel your motivation and drive to stick with those hard, short-term sacrifices.

5. Create a Blow Category

If you want to live a long-term frugal lifestyle, you have to give yourself a little budget breathing room. This doesn’t have to be hundreds of dollars every month, but you need to carve out a little extra from your budget to make a blow category — money that you can spend on whatever you’d like.

If you’re married, I highly recommend a His and Hers Blow Category. Even if you can only afford to put $3 in each envelope per month, do it! That little bit of fun money can go a long way in helping preserve your sanity.

6. Find Some Frugal Friends

Don’t go it alone! Surround yourself with folks who “get” your weirdness and inspire you to continue to learn and improve in the area of saving money. It’s so much easier to stay the course when you have partners who are running alongside you.

What advice and suggestions do the rest of you have for Kirstin? I’d love to hear!

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