From Two Incomes to One

Top Tips To Make It On One Income

From Barbara Whiting, former About.com Guide

The thought of moving from a two-income family to one can be frightening for many couples, but it is possible to reduce your expenses to make the transition easier. Here are the top money saving tips for families who want to have one parent stay at home with their children.

1.) Refinance Your House
Consider refinancing your house at a lower interest rate. Also consider lengthening the terms of your mortgage; going from a 15-year to a 30-year mortgage will reduce your payments.
Lower Mortgage Interest Rates

2.) Sell Or Trade Your Second Car
If you have two car payments, consider selling or trading one car. This can save you a considerable amount of money both in the car payment and in reduced insurance and maintenance fees.
Kelly Blue Book

3.) Eliminate Unnecessary Luxuries
There are many ways to save $50-$100 a month just by eliminating some unnecessary expenses.  For instance, cell phones; do you really need two cell phones, or even one? Cable or satellite subscriptions can also be reduced by changing plans, or eliminated altogether.
Cell Phone Service Plans

4.) Examine Your Grocery Budget
Groceries are another expense that most families can reduce with some work. Plan a weekly or monthly menu, make a shopping list, and stick to it. Try to cut out prepared foods and eating out.
Enemy Territory - The Grocery

5.) Consider Working At Home
Ask your current employer about the possibility of telecommuting from home. You might also consider opening a home daycare.
Home Daycare Provider

6.) Bargain Shop
Garage sales and consignment shops can be great ways to save money. Many consignment shops only accept quality items so this can be a wonderful way to save money on children's clothing.
Consignment Shops

7.) Use Coupons
You can use coupons for more than just groceries. You can save on hotels, diapers, gas, computer products and many other items. With a little work and organizing, using coupons can save you a substantial amount of money each month.
Big Big Savings

8.) Family Activities
You can save money on family fun in several small ways that will add up over the month.  Use the library instead of the bookstore, visit the public park instead of Gymboree, and check with your local zoos and museums; many offer discounts or free days.
The WWW Virtual Library:Zoos