living on one income

6 Surprising Myths About Living On One Income

It can be tough living on one income but not impossible. One of the challenges of being the sole provider of a household is the belief that there is no money left for fun and that it will never get any better. Attitudes about money can hold you back from achieving a quality life, even on one income. 

Living on one income can be done. It was the standard 50 or so years ago when most families were two-parent households. The world has changed and many are single parents, a family where one spouse lost a job, or are single living on one income. 

The first thing to realize about living on one income is the misconceptions about gaining any possible wealth.

Myths That Hold You Back

Once you figure out what is holding you back and keeping you from gaining wealth, you can make the necessary changes. 

myths about living on one income

Myth #1 I Don't Make Enough To Save

It's easy to look at your paycheck and think that there isn't enough left over to put into savings. Ten percent of Americans admit to having nothing in savings and 13 percent claim to have less than $100 in their savings. Another 14 percent report having between $1,000 and $5,000 in savings. 

Saving is a habit and the only way to start it is to put money in savings first before paying anything. A good way to do that is to have the bank automatically turn a specific amount over to savings on payday. Start small with 3 percent of your paycheck.

Myth #2 It's Too Late To Start A Retirement Plan

It's always best to start a retirement plan when you are in your 20s because the money gets compounded interest. It may be discouraging if you don't have one but you should start one anyway. 
Any retirement plan is better than none so start one up even if you are older. 

Myth #3 A Budget Doesn't Allow For Fun

Setting a budget is critical for a one-income household. Many on a sole income think they don't make enough money to create a budget. The truth is any little bit helps, and no matter how much you are able to save, you will end up with more than you started with. 

A budget sets your priorities and makes you think about how to spend your money. A budget can help you create a high-quality life. 

Myth #4 I Can't Have A Good Life On One Income

This is probably one of the worst myths about single-income families because it is so limiting. Spending money and living a quality life are not synonymous. You just have to be creative in using coupons and discounts and find ways for inexpensive fun.

Myth #5 Tracking What I Spend Is Enough

Tracking your spending is a good start to figuring out how money is being spent and what you can change but it isn't all you must do when you're living on one income. You also need to set a budget.

Myth #6 I Can Never Have Wealth

Living on one income doesn't mean you will never acquire any wealth. Investing, buying real estate, and building a retirement account will help you become financially secure. You may need to start small but making good choices will help.

calendar marking payday loans

What If I Need Money For An Emergency?

Sometimes, unexpected events happen before you are financially secure with savings. That is stressful but not insurmountable. Having a backup plan to pay for emergencies in between paydays is important. 

One option is a payday advance from Idaho Title Loans, Inc. This company offers payday loans from $100 to $500 and, many times, that may be all you need until payday. 

This lender only requires three things to apply for this type of loan. You will need your most recent pay stub, a legal ID like a driver's license, and a blank check from a checking account that's active and listed in your name. 

You can find out more about this short-term loan option by filling out the online request form they have available. Once you’ve done that, someone from a nearby store will call you to provide more details about the loan process, answer any questions you may have, and explain the documents that are needed to qualify. After that call, bring the documents into the store for the formal application. The final steps of applying for the loan take about 30 minutes to complete. Those approved can get money either that same day or the next business day. 

A couple of advantages of getting a payday loan is that even those with bad or no credit can apply. And it is paid back on your next payday so you won't have any long-term debt with this type of loan. 

Find Out More

You can find out if you qualify for a payday advance with Idaho Title Loans, Inc. by filling out the form. A loan representative can answer all your questions before you apply. The form doesn't require pulling your credit and isn't reported to the three major credit bureaus. So, you don’t have to worry about damaging your credit.

Submit an online inquiry form to see if this is the right loan option for you!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.