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Recession On The Rise? What To Do When You’re A Single Income Household

We’ve all been seeing the news and the headlines lately…are we in a recession, is one on the horizon? It’s hard to keep track anymore. But one thing is for sure, inflation is at an all time high, many companies are going through first and second round layoffs, and many households are feeling the brunt of it. Most people want the security of having a cushion, a little wiggle room, to help during these uncertain times. Whether that’s a certain amount in the bank, a second partner's income, or a side-hustle.

But what happens to families who are in a single income household? In speaking with a friend, who is a stay at home mom to a 3 year old and a six year old, I realized this was a real burden and issue for her. Her husband works in construction and is the primary breadwinner. She also works hard, but unfortunately, her work is not tied to an income. She does not get paid a salary for cooking, cleaning, keeping the children safe, happy and healthy. Instead, she and her boys rely on her husband's income to support them. So when inflation hit an all time high, and groceries were nearly double what she was seeing on shelves just two years ago, you can imagine that it crossed her mind more than once that she may need to dust off her resume.

But then she got into thinking - how much will childcare cost? Who will take care of my child? So what can you do if you’re in this situation?

For one, leverage repurposing. Whether that's clothes, toys, or appliances second-hand is not only cost effective, but it’s also great for the environment. Look at facebook marketplace, ebay, or your local savers, and purchase items at a fraction of the cost. Also - don’t shy away from apps like offerup or Letgo for larger purchases.

We also recommend tracking your spending to a T. If you usually go out to eat multiple nights a week - set a strict budget for yourself, and start buying and cooking in bulk. Take advantage of end of month deals at your local grocery store, and don't shy away from freezing things that you get on sale to use at a later date.

And my last tip is don’t be ashamed to have to make cuts in your household. Maybe that means not everything you buy can be brand name, but that’s ok. Maybe you can’t sport the latest shoes, or bags, like others in your circle, but you and your family come first. Off Brand and generic may not be our preference, but they do help save a pretty penny or two.

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