Choices and Options

Most of you reading this article have made a choice to have one parent as the family's primary breadwinner and the other parent as primary caretaker of the children. Some of you may be single, divorced or widowed parents, taking on both breadwinner and caretaker roles alone. But whether you are part of a one income family by choice or by chance, you may have more options than you ever realized.

Of course, we'd all like to be financially comfortable on just one salary. Some families are fortunate enough to have the breadwinner earn enough to meet the family's needs and wants. There is still money left after the bills are paid for entertainment, savings, and investing for retirement. The parent at home can manage the home, care for the children, and pursue outside interests as time permits.

Unfortunately, making it on one income is usually a struggle. Many families find it difficult to pay all the bills on one income: extras, savings, and retirement planning are a fantasy. But no longer do you have to choose between working to earn income and staying home to take care of your kids. There are dozens of ways to reach your goals, even for parents without partners.

Here are some of the options I have come across in my research. Many of these options will be featured in future articles, and information on some of them are available on some of the web site links on this site.

1) Take steps to cut household expenses. Many of the links on this site have suggestions for cutting expenses in every conceivable area: food, utilities, clothing, transportation, entertainment, etc. Many families find that they can cut their expenses enough to prosper financially on one income. This is probably a good first step for any family struggling to make it on one income; however, it takes commitment and discipline to deny yourself and your family things that you have grown accustomed to having. I find it most helpful to set some financial goals regarding savings, retirement and debt reduction. Having goals to reflect on when temptation hits can keep you from blowing the budget.

2) Find ways to earn extra income. This can be anything from a side business to a work-at-home or telecommuting position to a part time job while the kids are in school or your spouse can care for them. Web sites like http://www.bizymoms.com and http://www.wahm.com (Work-At-Home-Moms.com) can help you decide the best way for you to earn the extra cash you need, even if you're a dad. And don't overlook such simple money-makers as having regular garage sales to get rid of items you don't use and selling bigger items on auction sites or through newspaper ads. I will cover these options in depth in a future article.

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