How To Live On 1 Income for (SAHM)

live on 1 income

 

So if you don’t already know, I am a stay at home mom of a 4 month old baby boy. And why yes it has always been my dream to be able to be at home with my child. I never really thought I would be able to accomplish it, and defiantly not at 24! Take a look at a few steps me and my husband do to make sure our goal is achievable.

 

 

DO THE MATH

First you must see how much do you need a month to live and not be on the street or hungry. So add up rent,food, car note, insurance, and utilities. I call this my core amount. So whatever this number may be this amount you need to always make, because when it comes to being at home your entertainment budget and shopping budget will be slashed in half or erased altogether. Lets say that number is 2500, look at your salary and see if the person working makes this a month. Remember when you have a kid your tax bracket changes so you will bring more home and you will not be taxed as heavy as you were with 0 dependents. If you are within 20% of that number then you should be able to stay at home.

CUT IT

I never knew how much me and my husband went out and spent money. Weekends were the death of us. Before we had our son we went out to eat every Saturday, and it wasn’t just fast food, we were going downtown and ballin!! We just recently went out to eat at a nice place and that was 4 months after Jeremiah was born. It may seem difficult now but believe me once you have a child, you will be so busy being a new family going out will be a nice treat but not a necessity.

MOVING

If you are like us, we were in a 1 bedroom apartment. Many people told us to save money and stay in it till my son was ready to pop. However I stress a-lot, so I had to already be moved out and in my new place so I wouldn’t have to worry about the hassle of finding a new spot and getting the nursery ready. I will admit we could of went cheaper but at the time we thought I was going back to work, so we moved into a 2 bedroom 2.5 bath with a bonus room, 3 story and a garage townhome. It was double the rent of our small 600sq foot apartment. So definitely look for something that is only 30% of 1 person income. Make sure before you move look into the list below they will make A HUGE DIFFERENCE.

Call and see what services they allow, if they only let you use AT&T, browse online and see what there prices are. Check and see if it is a new place. Our townhome was brand new so the appliance were energy efficient so even though we doubled in square feet we saved in electric from our previous place being old and badly insulated. See how far it is from work will you save in gas or is further. These small things will make a difference. We moved to a nicer neighborhood and our insurance drop dramatically. So although we doubled in rent we saved over $300 a month in changing apartments.

 

SAVE BEFORE

Assuming you know that you want kids and they were not a “HUGE” surprise when you got the news. Sit down and see what all you can do to save more money a month and put it another account you can’t touch. The great thing about having kids, is that even if it was a surprise you have 9 months to figure out the logistics. Also try to live on the 1 income for a few months see if it is possible. Don’t get discourage if you cant it alot harder when your pregnant and you want tacos and saving money doesn’t out weigh a craving, believe me I understand.

BABY SHOWER 

HAVE ONE HAVE ONE HAVE ONE! Have as many as people want to throw you one. I got almost everything needed for my baby’s room at his baby shower. Make sure to check out other baby bloggers that will walk you through items that were a waste of time. It best to see what other moms think about a nose sucker or baby rocker before you go crazy in babies R us. Dont buy anything for your newborn until the baby shower is done. You will get so many gift cards and cash that you may be able to skip paying for his nursery all together. My husband coach at a christian academy and they all bought him diaper all the way up to size 3, which was amazing! We haven’t had to buy diapers, wipes or clothes so far, and by the looks of it he has enough diapers and wipes to get him through 9 months.

PASSIVE INCOME

Try to see if you can work up some passive income or side hustle jobs that wont take away too much time and will earn you some extra cash. With my husband coaching on the side and my t shirt line we are able to not only live on one but put some money towards debt and stay on track for buying a home in the next coming years. However I will admit if you think you can just work from home while taking care of a newborn, then expect to be a terrible employee or a exhausted mother. Infants don’t get easier until around 4 months, when they take naps without fighting it and they will start getting on a routine schedule.

BREASTFEED

If only possible! But you can save over 2000 a year when you breastfeed, plus it will help you save in the future with less ear infections and doctor visits. Plus since you are at home it wont be as much as a hassle. To be honest I HATE BREASTFEEDING, It makes me sleepy, I feel like he always needs me (lol). But I love how much it saves my family and that its so much more healthier for him then formula.

Now yes this list may not work for everyone and, every household is different. However you can still apply the tips to help save money while having a child. Being a mom has been not only a blessing but the most fun I have ever had. Going to the pool or just chilling on the couch with my husband and baby boy have been the greatest joy, I pray I can continue to be at home to experience and grow everyday with my son.

 

Black Wealth In America

I have for the life of me tried to understand black people. As a child I grew up in a home where my mom was the definition of frugal. But I always just thought that many people who didn’t have money was the same way. It wasn’t until I got married and started cooking when my husband was like why are you skinning, and slicing the potatoes for fries, you can just go buy them pre cut… hmmm I thought really. Or when we were in target getting toilet paper and he was like look what about buying this roll of Charmin, I was like well do we have Charmin money.. NO. Lets get this angel soft and roll on about our day. However I will admit there is nothing like a nice cup of espresso from Starbucks. But why is it that wealth in the black community is a downward spiral. Buying jays and good toilet paper can’t really make the difference in our wealth.. can it? Its a question that has always intrigued me. I understand we make less than the average white man or because of racism. But why over years of us getting more rights has our money gone down the hill. How can our wealth gap be widening but we are more educated than ever before?  Blacks spend their money and don’t save is because systematic racism prevented them from safely investing in banks, and is currently impacting their ability to own property, land, or businesses, thus leaving them with nothing to pass down to future generations. They were forced into a mindset of poverty–spend now before it’s gone, impacting them generationally. Historical experiences blinded African-Americans from recognizing the importance of financial literacy and because of their monetary ignorance, blacks possess the least amount of wealth in America.-Blackmeninamerica

Why yes, I couldn’t agree more. Back in the day living paycheck to paycheck, was a good thing it meant you had money and you could survive. You were not allowed the opportunities we have today. Owning land, starting business, earning interest all those things were foreign years ago. Spending was what we new best, it was fresh to us. Now back then I understand, but 2017 I do not.

This type of mentality drives me crazy. The fact that we still think its okay not to save and live paycheck to paycheck is a problem. Its a problem that we (black people) have the lowest percentage of wealth in this economy. Why yes we do get paid less than the white man but not low enough that we cant even save 10% of our income. When looking at the wealth chart it should make you cringe. We are more educated than ever, how come we are not growing our wealth.

I am not here to judge, I am here to open the discussion. I started the urban wealth because I saw a need. I love budgeting and saving money and I knew my people are smart enough to learn how to make their money grow, but I never could figure out why we don’t. Please leave a comment below on what you think are the reasons why we don’t save and grow our wealth.