Family living on one income

Living on One Income: How to Survive and Thrive!

Living on one income is possible, but it's not always easy. Bills can add up fast, and things can happen in life that you weren't prepared for. So, how do you survive using only a single paycheck and still enjoy your day-to-day existence? Truth be told, that's what we're all trying to figure out.

What Does Living on One Income Mean?

An income is a regular, dependable source of money on a predictable schedule. It does not include freelance funds, side gig money, or cash you picked up from selling things around the house. It's what you use to pay the bills, protect your credit score, and provide for your family. Thus, surviving off of a solitary paycheck can be tough in today's economy.

How Living on One Income Can Be Tough

There are many reasons why making ends meet with only one income is nearly impossible these days. But here are just the top three so you don't get overwhelmed:

1. You Usually Don't Have Enough to Go Around.

This is especially true if you have multiple people in your family or spend more than you make at work each month. The more people you add, or the less money you earn, the worse your problems get.

2. You Must Skimp and Save Beyond Your Comfort Zone.

Living a budget is perfectly fine, but when even the budget is too tight, life can become too stressful to enjoy. That, in turn, can create drama within the home or cause disagreements about rationing.

3. You're Constantly Facing Eviction or Repossession.

It's like a monthly occurrence for you. Either your paycheck doesn't fall on the right day, or it falls just fine but without enough numbers on it. Either way, when living on one income, you're always looking at an emergency because of your limited cash flow.

Trying to etch out a happy existence when you're always stressed out is virtually impossible. But living too close to the financial edge can cause easily avoidable strife.

How to Start Living on One Income and Thriving

Did you know that you don't have to keep struggling financially just because you don't make a lot of money? Here are three steps to prove it. Follow them, and you'll stop worrying about money so much:

1. Live Below Your Means but Be Creative.

Just because you should spend a lot less than you make each month doesn't mean you can't have any fun. Try to find some free entertainment, especially with your family around the house. Who knows? Maybe someone has a great idea they've been dying to share. Encourage togetherness with this savvy tactic too.

2. Look for a Way to Make Some Side Cash.

Your income is what pays the bills, but there are things you can do to earn extra cash, and a side gig may help you fill the gaps that happen between due dates and paydays. Think about some of your favorite hobbies, pastimes, or skills. Then, creatively introduce those things to audiences that would pay for them. If possible, start a network of potential clients to determine your earning potential.

3. Consider Getting Payday Loans Online.

Getting fast payday loans online is a great way to solve money issues from the comfort of your own home. It also frees up more of your time to pursue important things like lucrative hobbies and time with the family. Living on one income is hard enough, so this option tries to keep it as simple as possible. You don't even need a good credit score to qualify.

Keep in mind that some of these options may have specific stipulations that prevent some people from using them. For example, payday loans in Kentucky require applicants to be at least 18 years old to qualify. Ask your loan agent for more information about other requirements.

Using Payday Loans Online to Start Living on One Income More Efficiently

Family applied for a payday loan online and got cash

Streamline your budget and reserve your precious time for those who are precious to you. Here's how to do it with payday loans online if you apply through Fast Payday Loans of Kentucky, Inc.:

1. Submit an Online Form

Go to the Main Page of this website to provide a minimal amount of personal and financial information on the simple web-based form. Afterward, a loan agent will contact you with instructions for the next steps. Stay by the phone because it usually happens within 30 minutes or so.

2. Provide the Required Information.

Bring these items along:

    • Your most recent pay stub from work
    • Your driver's license or a state-issued photo ID
    • A blank check from an active checking account in your name

3. Use the Money to Make Smart Moves.

Begin thriving instead of just surviving by putting your money to good use. Pay off major debts and old obligations to boost your credit score and loosen the budget a bit.

Get Started with Your Payday Loan Today!

You can do more than just survive on one income. There's a way to thrive, and it starts with your ability to think outside the box. Getting a payday loan with Fast Payday loans of Kentucky, Inc. can help you survive through the hardship of living on one paycheck this month. So, if you’re ready experience the advantages of Kentucky payday loans, then apply today by calling us directly or submitting a short online form.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.