Life is expensive. Life with kids is even more expensive. So how do some parents who rely on one income not only survive, but still find ways to create a happy, well-rounded life for their families? Evaluate your biggest expenses. According to Leah Ingram, a money saving expert and author of Suddenly Frugal: How to Live Happier and Healthier for Less, housing, transportation and education are the largest expenses facing today’s families. If you can reduce spending in one of those areas, you’ll live more comfortably on less, she advises. “For most Americans owning a home is the American dream. But for so many people, especially families with children, renting in a good school district makes more sense than buying a home in a lower-quality school district,” Ingram says.
Thinking about leaving your job to stay home with your children? First, create a spreadsheet that compares the costs of commuting and childcare versus how much you’ll save on those two expenses once you’re down to one income.
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