Exhausted from trying to balance work and home life but not sure how you can afford to be a SAHM on a single income? Here’s some basic options for saving money!
When I told my coworkers I was going to quit my job most of them believed my husband was bringing in the bucks. What they didn’t know was we were making nearly identical $/hour salaries! We had an 18-month-old at home and a new baby on the way. After a year of Mom Guilt, tears, and feeling I had failed at both work and home life, it was time to try a new lifestyle for our family. This is how we did it:
1. Button up the Budget:
If you don’t have a budget, now is the time to start one. Write out your income (after tax) and every monthly expense you pay. Every dollar counts so don’t forget to list inexpensive recurring subscriptions like Hulu and Amazon Music. Once you’ve done this, look at where your money is going and weigh it against your goals. What are you willing to give up to live on a single income? Are there ways you can decrease your grocery spending or phone bill?
Want to learn more about budgeting? I’ve written a post all about it called Budgeting for Moms: Your Ultimate Guide. Setting up a budget and getting on the same page about finances can be difficult. To help get you started, I’ve made a Free Budget Template and Conversation Starter Guide to help!
2. Self-Discipline:
Once you decide what spending you can cut down, it’s time to track and make sure you’re following the budget. If you have an allotted amount of money to spend on household items, don’t go over it even if it’s a really good piece of furniture from Facebook Marketplace. Can you tell Marketplace is my downfall? There are several ways to track your spending. I like to use the free version of the EveryDollar app.
3. Meal Plan:
Knowing what you are going to eat for the week before you shop is one of the biggest cost savings you can make to your grocery budget. As a stay-at-home-mom (SAHM), you’ll have more time to plan out what you’re going to eat throughout the week including meals, snacks, and whatever kitchen staples you’re out of. Use that list to save money while grocery shopping. Since groceries are one of the bigger monthly costs, cutting down on this can help you afford to be a SAHM. This will keep you from impulse buys or picking up extras that will sit in your cupboard unused.
If you’re ready to get organized and save money, check out this Free Pantry Inventory Tracker! I’ve also written a post all about saving money at the end of the month when the food budget is running low. Here’s a link to 26 Pantry Clean Out Meals to Save You Money!
4. Shop Deals:
In general, Walmart is the cheapest one-stop-shop for most groceries. However, if you don’t mind making multiple stops, you should check out the weekly ads for coupons and sales at the other grocery stores around you. I shop at Hy-vee, Aldi, and Walmart most weeks. You can look these ads up online, on the store’s app, or subscribe to a free local newspaper if these are available in your area. Many times stores will offer low prices on a couple of foods you use every week like butter, eggs, or meat to get you in the door and spend more on their other products. To save the most money, only shop for the lowest prices from weekly ads. I usually only buy 2-3 items/week from Hy-vee and the rest from Aldi and Walmart.
5. Cash Back Apps:
Use cash-back apps like Ibotta and Fetch to get money back on purchases you’re already going to make! It’s important to note that these apps typically give you money back on name-brand items. If you’re trying hard to save money, take the price of the name brand item minus the amount of the cash-back offer amount and compare it to the cost of a similar off-brand item. If the off-brand item is cheaper, don’t bother trying to get cash back on the apps. Buy the cheaper item. I usually get most of my cash back on items that are already on sale in weekly ads. In the last 2 years, I’ve made $400 from cash-back apps. That’s not enough to live off, but it’s a nice cushion for surprise expenses!
6. Move:
Okay, this is easier said than done, I get it, but being a SAHM and living on a single income is going to take sacrifice of some form (unless you married rich but if you did, you wouldn’t be reading this article!). This may not be necessary for you to afford to be SAHM but if money is tight, consider downsizing for a lower rent or mortgage. If that’s not possible for your family, consider moving outside of town to a lower-cost-of-living-area. A benefit of moving outside of town is that there are fewer stores for you to wander into and be tempted to spend money. The downside is that local grocery stores typically charge much more for items than larger chains. This makes meal planning that much more important!
7. Side Hustle:
But you just said I could afford to be a SAHM! Why do I need a side hustle? Not everyone needs a part-time job to bring in extra income but if you’ve looked at your budget and found that it’s just not adding up to be a viable option, consider trying to bring in a small amount of extra money just to cover bills. This could mean dropping hours at work instead of quitting completely or it could mean leaving your full-time job and finding other work.
I’ve tried both! When I have extra time during naps or after the kids sleep I resell clothes on Mercari and Poshmark. I can usually count on bringing in $150/month from this because I have a system in place but don’t put as much time into it as bigger resellers. I’ve also tried a variety of very part-time shifts at local places, and shopping for Instacart. The goal is to get extra money without sacrificing the time you spend with your family.
Affording To Be A SAHM Emotionally
While being able to afford being a SAHM financially was the most difficult part, the transition was also emotional. Learning to be “just” a SAHM and leaving career aspirations behind was a significant mindset shift. There have been hard days but every day is so much more rewarding being able to spend it raising my kids. If you’re interested in learning how my perspective has changed since becoming a homemaker, check out my post, 7 Lessons Learned From My First Year as New a Single Income Family. Best of luck to you in exploring your options to stay home with your children!
Do you have other money saving tips or advice for moms looking live on a single income? Leave your positive encouragements below!
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