Financial Freedom: How We Thrive on a Single Income
A few years ago, my husband and I made the decision to drop down to a single income so that I could stay home and raise our children. Being home with my children was a calling I felt deeply in my heart, and though it came with its challenges, we have found ways to not only make it work but also thrive financially. I will add, for full disclosure, that over the past several years since leaving my job, I do occasionally bring in income from babysitting and while some seasons are more fruitful than others, it is usually very part-time. In this blog post, I will share the strategies and principles that have helped us achieve financial stability while living on a single income.
Following the Dave Ramsey Plan: The cornerstone of our financial success has been following the Dave Ramsey Plan. Dave Ramsey is a personal finance expert who advocates for debt-free living and financial responsibility. His plan focuses on building an emergency fund, paying off debt, and living within your means. By implementing his principles, such as budgeting, saving, and prioritizing expenses, we were able to create a solid foundation for our finances. This plan has allowed us to weather unexpected financial storms and maintain stability.
Living without Credit Cards: For over a decade, we have chosen to live without credit cards. This decision has brought numerous benefits to our financial well-being. Firstly, by not relying on credit, we avoid falling into the trap of accumulating debt and paying high interest rates. Secondly, it forces us to live within our means and make conscious spending choices. We focus on budgeting and saving money for purchases instead of succumbing to impulse buying. Lastly, living without credit cards promotes a sense of financial freedom and peace of mind.
Prioritizing Expenses and Cutting Unnecessary Costs: When we transitioned to a single income, we quickly realized the importance of prioritizing expenses. We took a close look at our budget and cut out non-essential expenses. This meant eliminating luxury items, reducing dining out, and finding more cost-effective alternatives. By being intentional with our spending, we were able to allocate our resources to the areas that mattered most. This shift in mindset helped us find contentment in simpler living and made a significant impact on our overall financial health.
The Power of Zero-Waste Household with Food: Becoming a zero-waste household, especially with food, has been a game-changer for our finances. Food waste is not only detrimental to the environment but also a significant drain on our budgets. We implemented strategies like meal planning, proper food storage, and creative use of leftovers to minimize waste. Additionally, we started a home garden and composting system, reducing our reliance on store-bought produce. These efforts not only reduced our grocery bills but also fostered a healthier and more sustainable lifestyle.
Embracing Homesteading: Canning, Chickens, and Self-Sufficiency: As we delved deeper into our desire for a more sustainable lifestyle, we discovered the world of homesteading. Homesteading allowed us to take control of our food production and reduce our reliance on store-bought goods. We started by growing our own vegetables, and herbs, which not only reduced our grocery expenses but also provided us with fresh, organic produce. Canning became an integral part of our routine as we learned to preserve excess harvests and seasonal abundance. This practice ensured that nothing went to waste and our pantry was stocked with homemade goods. Furthermore, we ventured into raising backyard chickens, which not only provided us with fresh eggs but also helped reduce our overall food costs. Homesteading empowered us to become more self-sufficient, embrace a simpler way of life, and significantly cut down our expenses.
Buying Nothing New and Embracing Secondhand: Another significant shift we made was adopting a "buy nothing new" approach. We became avid supporters of the secondhand economy and started buying pre-owned items whenever possible. Thrift stores, garage sales, and online marketplaces became our go-to sources for furniture, clothing, and household items. Not only did this practice save us a substantial amount of money, but it also aligned with our commitment to reduce waste and promote sustainability. Recently, when our central air conditioner stopped working, instead of purchasing a brand-new unit, our neighbor’s relative (and HVAC specialist) helped us find a used central air conditioner. By doing so, we were able to save thousands of dollars while still meeting our cooling needs. Buying nothing new has not only been a practical financial decision but also a way for us to live more consciously.
Transitioning to a single income has allowed us to not only follow our calling of raising our children at home but has also opened doors to a more intentional and sustainable way of life. In following the Dave Ramsey Plan, living without credit cards, prioritizing expenses, and adopting a zero-waste approach to food, we have achieved financial stability and peace of mind. Additionally, our journey has led us to embrace homesteading, canning food, raising chickens, and a "buy nothing new" philosophy.
Through homesteading, we have become more self-sufficient, growing our own food and preserving the harvest through canning and other means of preservation. Raising backyard chickens has provided us with fresh eggs and reduced our overall food costs. Embracing a "buy nothing new" mindset has not only saved us money but also aligned with our commitment to reduce waste and promote sustainability.
These lifestyle choices have not only contributed to our financial well-being but have also enriched our lives with a sense of purpose, a connection to nature, and a commitment to responsible consumption. Our journey is a testament to the power of intentional living, financial discipline, and sustainable practices. By combining these principles, we have found fulfillment, greater financial freedom, and a sound appreciation for the simple joys of life.
In a world that often promotes excessive consumption and instant gratification, our story stands as a reminder that living on a single income is not only possible but can lead to a more fulfilling and sustainable life. By aligning our financial choices with our values, we have discovered that true wealth is not measured by material possessions but by the richness of our experiences, the strength of our relationships, and our ability to live within our means.
-Sarah
*If you would like to contact Sarah about what you read today, please feel free to email her; info@faithhomestead.com