Do you know that most people in India live on a single income whether it is a business daily labor workers an awesome sort of Corporate job most people depend on a single income for their lifetime.
It is difficult to live with a single income but it is not impossible because from ancient times people used to do farming which is again a single source of income and they used to live a great life with that single income Today we are going to explain how to live on a single income.
First of all, we have to create and detail the budget for our expenses and income per month and allocate funds for essential and non-essential things. essential in the sense of groceries, Healthcare, housing, and nonessential things such as going out with friends having dinner in your fancy restaurant, and so on making a clear budget for it.
The biggest disadvantage of having a single income is that we do not have to save our emergency funds. That is why start with a small and great emergency fund.
Try to reduce the housing costs like buying an affordable home are negotiating the rent if you are living in your rented place it is always recommended to live a simple life when you have a single source of income
The use of gadgets which are not necessary can be cut out. Online subscriptions to some online platforms such as Netflix Amazon Prime Hotstar can be cut out if not necessary.
A single source of income also means that you have to place smart in everything such as doing smart shopping like groceries online shopping etc Make sure you do not visit frequently a fancy restaurant to have dinner with the family in a state visit a month.
there is a high possibility that you can cut out the money are the expense of transportation because there are a lot of public transport that can be used to save a lot of money.
try to visit a government hospital instead of Private Healthcare to save money if not necessary but if necessary you have to take Private Health Care advice and make sure it is affordable.