5 Ways To Support Your Family on a Single Average Salary
Written by
Adam Palasciano
Edited by
Nicholas Morine
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Since the onset of the COVID-19 pandemic, the cost of just about everything has gone up. From housing to utilities, groceries, and more, most Americans are feeling the financial squeeze these days. Yet, many U.S. households are living on a single income.
A recent GOBankingRates survey from October 2023 posed the following question to 1,021 Americans aged 18 and older: Do you live in a single-income or dual-income household?
The percentages might surprise you: single-income households represented 64.55% of respondents while dual-income households represented only 35.46% of respondents.
With nearly two-thirds of respondents living in a single-income household, there are some methods to consider to increase your household income.
Here are five tips and tricks to provide continued support to your family if you earn a single average salary, according to Navy Federal:
1. Rework Your Budget
Budgeting is key when it comes to saving money and managing your monthly finances. If you find yourself having difficulty making ends meet each month, consider revising your budget. There could be categories where your spending is too high, or where you can eliminate expenses altogether. Sticking to a stricter budget could even leave you with extra cash at the end of each month.
2. Cut Back on Unnecessary Monthly Bills
Unnecessary bills could be eating away at your monthly take-home pay. These could be recurring monthly charges for streaming services you no longer use, for example. Other unnecessary bills could be high-interest student loans or auto loans. Consider reducing (or eliminating) recurring monthly charges that you can do without, and refinancing existing loans to get a lower interest rate.
3. Seek Out Other Ways To Earn Extra Money
If your single average salary just isn’t cutting it, there are many ways to augment your income. You could take on a side hustle such as babysitting, dog walking, or becoming a rideshare driver. You could also start your own business, or pick up some freelance gigs on the side. Increasing the number of monthly income streams is a crucial way to build wealth.
4. Put Your Savings To Work
If you have savings already, you’re off to a good start. Be sure to put any cash savings you might have in an interest-bearing high-yield savings account. These online savings accounts typically bear higher interest rates than the savings accounts offered by traditional brick-and-mortar banks. Your money will be better shielded against the effects of inflation and your wealth will grow thanks to the magic of compounding.
5. Stick to Your Grocery List
Groceries aren’t cheap. It can be easy (and sometimes tempting) to throw a few extra items in your grocery cart, items you probably don’t need. By sticking to a set grocery list each week, you can keep your expenses under control and stay within your budget. You could also commit to only buying the cheaper version of the items you need or only buying items on sale.
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