Becoming Finanically Stable on One Income

Thank you GEICO for sponsoring this post.

Like I wrote about in this post, I've been going through a LOT of life changes recently! Becoming a single mother has really changed the way I spend money. I have been learning how to budget this month, and also finding how I can save for our future. Living on one income isn't always easy, but I make it work for us. I'm finding what is important to spend extra money on, and what I can cut from my monthly expenses. Here are five ways that I am becoming financially stable on one income:

SPENDING LESS, SAVING MORE
The first step for me to be financially stable was to cut my everyday spending. Prior to this month, I had no idea how much money was coming in and out of my bank account (guilty!). When I went through my bank account and created my budget, I realized there was a lot of things that I was spending money on every month that I didn't need to be. I cut down on unnecessary subscriptions, budgeted less money on going out, and came up with a spending allowance for things that Aimery and I need. I have a budget for everything, from clothes for Aimery to going out with friends. 

SAVING FOR AN EMERGENCY FUND
The next step was setting up an emergency fund. It is important to me to have a decent amount of money set aside for emergencies in case anything may happen. Before having Aimery, I never really worried about having a savings account because I knew that I would be fine eating ramen and having five dollars in my checking account (shoutout to my first year in college!). But now that I have Aimery, I want to be more responsible and not only have enough money to make ends meet every month, but also have some saved for things like medical bills, car maintenance, etc.  

BUYING A RELIABLE CAR
Something else that was important to me was buying a new car. For the last year, I've been driving an older car that wasn't reliable. It would break down on me all the time, and something ALWAYS needed to be fixed. I have been spending so much money to keep it running! Finally, the driver side door stopped closing and I decided it was time for something more reliable. It took me a few months to save for, because every car-owner knows that it isn't just the car you're saving for, but also the insurance! But buying a reliable car was one way that I was able to be financially stable, since I'm no longer paying for new car parts every month.

PAYING OFF STUDENT LOANS
Paying off student loans on one income is NOT easy. It's hard enough providing everything Aimery and I need to make ends meet every month. But it is really important to me to get my student debt down so I can be financially stable one day. Some months I only pay my minimum payment, and some months I make a huge dent into my loans. I just take it month by month and do the best I can to pay them off!

SAVING FOR A HOME
I have decided that I really want to become a homeowner within the next year. I have decided to settle Aimery and I here in Pennsylvania, and I think buying a home here would be a great financial decision for us. I have been looking into everything I'll need once I'm ready to buy a home! Everything from how much I need to save, to how I'm going to decorate, and most importantly what home insurance I'm going to get! I absolutely love GEICO car insurance because they are always quick to take care of any little thing that comes up! So when I found out that the GEICO Insurance Agency can help me with homeowners insurance, it seemed like a no-brainer to also have them insure my
home. GEICO saves me money and time by giving incredible service, not to mention peace of mind knowing my home is protected! They also provide helpful information for homeowners, including resources on spooky house noises you should never ignore and house cleaning hacks to get your home guest-ready in minutes.

Over the last few months, I have really been able to save for Aimery and I's future. By following these tips, hopefully you can do the same on one income! Comment how you save money as a single parent or while on one income. 

Some discounts, coverages, payment plans and features are not available in all states, in all GEICO companies, or in all situations. Homeowners, renters and condo coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, Inc. GEICO is a registered service mark of Government Employees Insurance Company, Washington, D.C. 20076; a Berkshire Hathaway Inc. subsidiary.

I was selected for this opportunity as a member of CLEVER and the content and opinions expressed here are all my own.