When your family is reliant on one income, it can be stressful. Fortunately, there are things you can do to make your money stretch further and ensure you don’t leave yourself short. Here are 7 tips for raising your family on a single income.
Build emergency savings
If you’ve only got one wage coming in, it’s a good idea to build up a ‘rainy-day’ fund. Knowing that you’ve got some money put aside for any emergency expenses will help take the pressure off.
Even saving as little as £5 a week or £10 per month will go some way to building up an emergency pot. Set aside the amount you can afford to save as soon as you get paid and put it in a separate bank account or money pot so that you aren’t tempted to spend it.
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