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10 Tips On How To Live Well Even With Only One Income

10 Tips On How To Live Well Even With Only One Income

In an age of so many dual-income families, is it really possible to live well on just one income?

Absolutely! Trust me, I know. We are a family of six, living on one income–a military income. After I enlisted in the military, we decided it would be best for my wife to stay home with the kids; that’s when we made the transition. Now we are happily a single-income family. I’m going to show you how we do it, and how you can too.

Why one income?

Families go to one income for all kinds of reasons. You may want one of you to stay home with the kids. You may have calculated the cost and realized it cost almost as much as one of your incomes in daycare and travel expenses for both of you to work. You may want to live a more minimalist lifestyle and focus less on earning more money. Or you may not be a single-income family by choice. One of you could have been laid off, but the good news is that you can live well on one income–it could have been a blessing in disguise.

No matter your reason, here’s how to make it work:

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1. Stick to the plan

Planning is everything. You can live on almost any income if you budget and make a plan for every dollar. And it can become fun to see how far you can stretch it. So what does this mean?

  • Set a budget. Yes, you need a budget. If you have one, stick to it. If you don’t have one, it starts simply by tracking your purchases for a month, then setting each category. See where you can cut back. If you’ve recently became a single-income household, you may notice that you’re spending much less.
  • Plan your meals. Meal planning is huge. You should know exactly what you’re going to buy when you walk into the grocery store, and you should know exactly what you’re going to make out of it. It’s surprising how much food we all have in our homes that we don’t eat because we don’t have a plan for it.
  • Plan your vacations. If you go on an annual vacation, you have an entire year to save for it. Figure out how much you’ll need ahead of time, and divide it by 12 months to get a monthly amount to save. Vacations don’t have to cost a lot; our family usually spends less than $500 on each vacation we take.

You’ve heard “if you fail to plan, you plan to fail” and this couldn’t be more true in your finances. You’ll be amazed at what you can afford if you plan. Joshua Becker says, when it comes to purchases, “ask when and why, not if”. Even on one income there doesn’t have to be trade-offs, but it is all about timing and planning.

2. Spend based on priorities

Are you trying to keep up with the Joneses? You shouldn’t be, because the Joneses are broke. Don’t make purchases to impress others, make purchases based on your priorities.

If you truly value family above materialism, do your purchases reflect that?

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This is an important question for all of us to ask occasionally. It’s easy to get caught up in the consumerist mindset of earning more and spending more to be happy, but that’s a lie. Rich people aren’t any happier than the rest of us. There’s nothing wrong with having more money, but make sure your spending is lining up with your priorities. Just spend an extra few seconds thinking about each purchase to decide if you really need it. You’ll be surprised how often you don’t.

3. Cut the cable

Speaking of priorities, where is TV on that list? We cut the cable over five years ago and haven’t looked back since. We spend more quality time together as a family. We spend more time reading, which has led to much financial success (finance books are my favorite). There are a thousand reasons to cut the cable, and I have yet to find one good reason to keep it. If you must watch TV, consider Netflix or keep some DVDs around.

4. Move…or don’t

If you’re new to the single-income life, you may be ready for a downsize. We usually don’t need as much house as we think we do; however, you’ll want to calculate the cost first.  Moving isn’t cheap, so it needs to be financially worth it to really make the leap. That being said, if you’re living above your means, consider moving into a more affordable house. It doesn’t have to be permanent.

5. Learn to barter

What are you good at? Landscaping? Cleaning? Home repairs? That’s as good as cash. Reach out to your friends and neighbors, and figure out where you can trade your services. Bartering is the ultimate win-win scenario. This works especially well for babysitting, whether you need a babysitter for a date night or for running errands–find someone to swap with. You both get free childcare, and you both get more done.

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6. Use your resources

There are resources in your city, you just have to find them. It could be a local food bank that is looking for volunteers, and, in exchange, you take some food home. Or you could be in a place where you just need to go to the food bank and get some food. There’s no shame in that; that’s what they’re for. From food banks to food co-ops to clipping coupons, know your resources and use them. The more resourceful you become, the more you will be able to live well on one income.

7. Dump your debt

If you’re new to the single-income lifestyle, you may be wondering how you can get debt-free on less money than you were making before. Dumping your debt doesn’t have to cost more money. That’s right, there are ways to make an impact without spending more. For starters, you can call and negotiate with your credit card companies to lower your interest rates and possibly even your balance.

If you’re serious about paying off your debt, and you don’t plan on going further into debt, consider a balance transfer to lower your interest rate. You must be serious about not incurring anymore debt or this just provides a way for you to go into more debt. But if you really are done with being in debt, a balance transfer can help. For example, if you can pay off your debt in 15 months, the Chase Slate offers 0% interest rate for balance transfers for the first 15 months, with no transfer fee. But you need to be sure you can pay it off in 15 months or the interest rate will go back up to the standard rate.

8. Prepare for emergencies

Emergency funds are a better option than a credit card when disaster strikes. Even if you can only save $50 each month, start putting something away in a savings or money-market account for unexpected expenses. Ideally you’ll want three to six months of living expenses, but $1,000 is a good starting place. Of course, $500 is better than nothing. The idea is to have some funds to dip into in the event of an emergency so that you don’t get into a worse financial spot by taking out a loan or using a card.

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9. Sell a car

Do you have more than one car? Do you need more than one car? Maybe you do, but maybe you haven’t really thought about it. You may have needed two vehicles when both of you worked, but it could make sense to sell one now, especially if you have a car payment. Dave Ramsey always jokes that his show should be called the “Sell the Car Show”, because of how often that’s the most appropriate solution.

10. Save for big purchases

If you have to finance it, you can’t afford it. Instead of taking out a loan for a car or other big purchase, why not make interest-free payments into a savings account right now? Think of it like a layaway plan; you’re saving until you have the full amount. Then you can make the debt-free purchase. If this doesn’t seem possible for some things, you may be living above your means. The bottom line is that credit card and loan interest will destroy your finances. Anything you can do to avoid interest will set you up for success.

Featured photo credit: Crowd of People Crossing an Old Prague Road/Viktor Hanacek via picjumbo.com

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Kalen Bruce

Military, Writer

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Last Updated on July 4, 2019

25 Killer Sites For Free Online Education

25 Killer Sites For Free Online Education

Whether you’re five or ninety five, the internet has a lot to offer. Particularly when the topic is education, the resources on the internet are endless.

Best of all, many high quality sites are completely free. From history to coding, excellent free online education awaits on the following 25 sites.

1. Coursera

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    Coursera is a website that partners with universities and organizations around the world. This brings a wide variety of topics and perspectives to one searchable database.

    Coursera is a powerful tool for free online education, and includes courses from many top universities, museums and trusts. This gives the site an extremely wide range of in-depth courses.

    Coursera is extremely useful if you’re looking to study many different topics, or want courses from different schools and groups.

    2. Khan Academy

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      Partnering with many post secondary schools, Khan Academy offers a useable, well organized interface. Also curating many courses from around the web, Khan Academy offers impressive depth on many different subjects.

      Among the more well known educational sites, Khan Academy is also incredibly useable, which may make it easier to keep learning goals.

      3. Open Culture Online Courses

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        If you are struggling to find exactly the material you are looking for, try Open Culture’s listing of free online education courses. The page highlights 1000 lectures, videos and podcasts from universities around the world. The site features a lot of material found only on universities private sites, all in easy to browse categories. This means you can find hundreds of university courses, without having to visit and search each university’s own site.

        Open Culture’s list features courses from England, Australia, Wales and many state universities around the United States. A very helpful resource for finding many courses in one area of study.

        4. Udemy 

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          Udemy’s free courses are similar in concept to Coursera’s but additionally allows users to build custom courses from lessons.

          Working with many top professors and schools, the site mixes the customizable platform of other sites with a heavy emphasis on top quality content. This is another site however, that mixes free and paid content.

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          5. Academic Earth

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            Another site with courses from many different schools is Academic Earth. Much like the three sites above, Academic Earth brings together top notch courses from many different sources, and focuses on offering a wide variety of subjects.

            Academic Earth lists courses by subject and school, so it might be easier to find what you’re looking for.

            6. edX

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              Another great option for free online education is edX. Also bringing together courses from many different schools, the site has impressive, quality information for everyone. edX covers a great range of topics.

              7. Alison

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                Unlike the previous sites on this lists, Alison is a free education site offering certification in some areas. Alison offers courses mainly in business, technology, and health, but also includes language learning courses.

                It’s a great option if users need certification for their learning as Alison also offers school curriculum courses.

                8. iTunesU Free Courses

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                  A very convenient place for free online education is iTunesU, because it integrates seamlessly with your iPod, or any app-ready Apple mobile device. On iPad, iPhone, or iPod touch, users download the iTunesU app.

                  Desktop users can access  iTunesU on the upper right hand corner of the iTunes Store. iTunesU is also convenient because the store is categorized much like iTunes.

                  Users can search learning materials in many different ways, including genre and topic. However, courses are often a mix of free podcasts or videos, and paid content.

                  ITunesU does include courses on a pretty wide scope of topics, but does not integrate with Android, Google or Windows mobile devices.

                  9. Stanford Online

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                    Your hub for all the online offerings from Stanford University, Stanford Online offers self-paced and session based courses. While Coursera features some courses from Stanford, many classes are only available via other hosts. Some courses require iTunes, but most are completed in your web browser.

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                    Stanford Online is a great site for high quality courses, though the topics are somewhat limited compared to sites partnered with more than one school.

                    10. Harvard Extension

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                      Like Stanford Online, Harvard Extension features free online education courses from Harvard only. This is another excellent source for top notch course material, though the course variety is less rich than multi-school sites.

                      Additionally, Harvard Extension allows you to search for courses by professional certificate. This makes it much easier if your online education goal includes certification.

                      11. Open Yale Courses

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                        Open Yale Courses echoes Harvard Extension and Stanford Online, in that it offers only courses from Yale. While the site is similarly limited to topics taught at the school, Open Yale Courses offers a lot of videos of actual campus lectures. The availability of videos makes the site a great option if you’re looking for quality courses, but learn better by watching than by reading.

                        12. UC Berkeley Class Central

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                          Much like the other schools on this list, UC Berkeley has a variety of free online education options. The school has slightly fewer courses than the schools above, but includes some supplementary lectures, webcasts and RSS Feeds, making it easy to keep up with the topics you choose.

                          13. MIT OpenCourseWare

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                            Similarly, MIT offers a variety of free courses. The school has a comparable number of courses to the schools above, plus includes very in-depth course materials on the subjects available. MIT also offers free RSS feeds, a convenient way to continue learning.

                            14. Carnegie Mellon Open Learning Initiative

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                              Carnegie Mellon’s free online education site is comparable with the other school’s on this list, however, Open Learning Initiative also covers a smaller range of topics. But for the topics that are covered impressive, in-depth material is available.

                              15. Codecademy

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                                Codecademy is a website dedicated specifically to teaching coding. Where other coding sites follow an example/practice session workflow, Codecademy includes a live practice window. This means you can practice coding while still viewing the lesson material.

                                The courses at Codecademy are well written and easy to follow and the website is organized very nicely. Codecademy features a centralized dashboard where you can monitor your progress, plus organizes lessons into complete modules. This lets you learn an entire language without needing to pick the next course manually.

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                                16. Code

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                                  Code is another website focused on coding and app writing. A site with high quality courses, Code also features learning options for kids.

                                  In addition to kid friendly courses, Code offers free online education classes on a wide variety of technology topics. These classes include app writing, robotics and Javascript.

                                  Most of the courses are also geared in a such a way that they can be useful in a classroom setting. This makes Code a great resource for harder to find coding topics, as well as various learning settings.

                                  17. University of London Podcasts

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                                    The podcast page on the University of London website is another great source for free education. While the courses are limited to podcasts, the site features podcasts from it’s own campus, as well as eleven universities in and around London. This gives learners a wide base of topics and lectures, but still ensures in-depth material.

                                    18. University of Oxford Podcasts

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                                      Similar to the University of London, the University of Oxford features many different podcasts. Most are public lecture series or lectures from visiting professors, with several different recordings available.

                                      The advantage to this particular site is that podcasts are organized into series, making it easy to subscribe to multiple lectures on one topic. Another good site for thoroughly in-depth lectures.

                                      19. BBC Podcasts

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                                        For the more casual learner, the BBC offers a wide variety of podcasts on many different topics. Most podcasts are updated weekly, and focus on everything from finance, to sports, to current events.

                                        Through the World Service line of podcasts, there are also many in different languages. The focus of these podcasts are less in-depth and theory based, which may be more accessible to the average person.

                                        20. TED-Ed

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                                          Another great destination for more general learning is TED-Ed. From the same people that brought you the all encompassing, motivational web series, comes a site chocked full of educational videos. Most include impressive animation, and all are ten minutes long or less.

                                          Not only is TED-Ed an excellent site for the curious, it also includes supplemental materials and quizzes on the videos. This makes the site extremely useful in formal education settings, as well as in entertaining ways to brush up on new discoveries and topics.

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                                          21. LessonPaths

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                                            LessonPaths is another great tool for those looking for a more usable and convenient way to access learning material. On this site, users create link playlists of their favorite learning materials from other sites. Users then rank these collections, making it easy to find many different high quality, accessible sources on a given topic.

                                            22. Memrise

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                                              Another impressive free online education site offering ease of use and convenience is Memrise. Available both on desktop and as an app, Memrise is a particularly powerful tool if you are studying a language. The site encompasses many other topics as well, though some of the course material is user generated content.

                                              Part of what makes Memrise special is their integration of games into the learning materials, mixing learning with entertainment.

                                              23. National Geographic Kids

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                                                The kids site for National Geographic is another site that makes free online education applicable for younger users. For those looking for kid friendly education, a large variety of games, puzzles, videos and photos keeps kids interested on this site.

                                                National Geographic Kids doesn’t organize learning into courses, making materials available by topic and medium instead. This makes National Geographic Kids a good option for those looking for a more casual learning environment.

                                                24. Fun Brain

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                                                  Fun Brain is another good option for kids who want to learn online, but focuses on games and fun puzzles. Particularly focused on math and reading, Fun Brain’s game based approach can be valuable if the child in question struggles to pay attention.

                                                  Fun Brain offers rewards and challenges as well, and is another site aimed at a casual learning experience for kids K-8.

                                                  25. Whyville

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                                                    Similar to the sites for kids free online education is Whyville a destination for preteen online learning. The site includes a variety of social features, with a focus on learning materials geared for young teens.

                                                    Whyville also mixes in educational games, to make the site a well rounded option for kids too old for simple games, but too young for heavy reading based material.

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                                                    Featured photo credit: Dai KE via unsplash.com

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