Sooner or later, every couple finds themselves in a one-income situation. Offset the loss of that second income with the money that can be saved by curtailed spending and by the wise and industrious use of time. The stay-at-home spouse can make it his or her job to save money while taking care of house and family.
Thrift Is Like Money Earned
The spouse who stays at home needs to adopt the "penny saved is a penny earned" philosophy. The spouse who continues to work outside the home needs to support and encourage the stay-at-home spouse's efforts, because taking care of a house and kids and finding ways to save money is very hard work indeed.
If the stay-at-home spouse is seeking employment outside the home, a good portion of time each day should be devoted to job hunting, but the rest of the time at home should be spent in cost-saving work. Do not think of this time as an enforced vacation. Think of this time as an exercise in frugality.
Eliminate Expenses
Cut spending by eliminating luxuries. Get rid of add-on television options beyond basic service. Cut telephone and cell phone features to the bare minimum, and if that is not enough, consider eliminating non-essential phone services altogether. There are many other services or activities that can be cut during a cash shortage, such as visits to the hairdresser, eating out, movies or movie rentals, sports activities, and memberships to non-essential groups.
Limit each child in the family to one extracurricular activity per season; if money is too tight even for that, sports or music lessons will have to wait for more prosperous times. When children complain about this, remind them that if money is not saved, the house could be lost (for example) and they might have to live in a different school district. If it comes to that, downsizing has saved many a family from bankruptcy.
Develop Creative Skills
A great deal of money can be saved by cooking from scratch, making bag lunches instead of buying, repairing broken items around the house, mending old clothes, and even making crafts or gifts using leftover paint and supplies in storage. Of course these creative activities take a lot of time, but this is part of the "job" of being a stay-at-home spouse. It can also be a source of pride and fun.
Visit the library and take advantage of all the "Do It Yourself" books. Call up organizations offering free advice on various subjects and get informed. There may even be free classes to teach money-saving skills.
Make Full Use of Possessions
Take stock of everything owned, and make full use of what is already in the house. Go through the garage, attic and storage areas, looking for items that could be fixed, cleaned or repurposed. Have a garage sale and sell off extra items to get some ready cash. If a working lawnmower is available, consider offering lawnmowing service to less active neighbors for a reasonable price, or offer fresh produce from the back-yard garden.
Spend Frugally
Shop for groceries at a warehouse store, where the selection is limited but the quantities are large and the prices are low. When cooking from scratch, it makes sense to buy in bulk, then go home and divide up the bulk items into smaller quantities for storage. Local orchards offer fresh produce "seconds" and even "thirds" at a much lower price. Once bad spots are cut out, the remaining fruit is perfectly fine for cooking, canning and preserving.
Watch for garage sales - be on the lookout for things that are regularly needed, and grab them up at a garage sale. Go back and check the various sales again on their final day, since many items are marked down or free by that time. Examples of useful garage sale items would be replacement kitchen utensils, pots and pans, school supplies such as paper, binders, spiral notebooks and backpacks, and outdoor tools such as rakes and shovels. Remember that "flea-market" sales might look like a really big yard sale, but the prices are much higher.
Shop for clothing at second-hand stores - newer, stylish items can be found mixed in with everything else, and older children can be convinced to shop there when they realize that their little bit of money will purchase four or five times the number of items compared to retail. Watch for "bag sales" when shoppers can fill up grocery bags full of clothing for $1 per bag.
When one thinks of money saved as money earned, it is good for self-esteem as well as good for the pocketbook. It sets a good example for youngsters in the family. It creates an attitude of independence. Be thrifty by eliminating expenses, developing creative skills, making full use of possessions, and spending frugally. Stretch the employed spouse's income as far as possible, making sure they see how it's done, and they will have respect for the efforts of the stay-at-home spouse.
Charlotte Walters - Degree in Music Education. Member of performing group "Good Company". Designer of educational games for all ages.
