Fredericksburg Parent

Winter 2018

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30 Fredericksburg Parent and Family • Winter 2019 30 Fredericksburg Parent and Family • Winter 2019 Life is expensive. Life with kids is even more expensive. So how do some parents who rely on one income not only survive, but still find ways to create a happy, well-rounded life for their families? According to Leah Ingram, a money sav- ing expert and author of Suddenly Frugal: How to Live Happier and Healthier for Less, hous- ing, transportation and education are the larg- est expenses facing today's families. If you can reduce spending in one of those areas, you'll live more comfortably on less, she advises. "For most Americans owning a home is the American dream. But for so many people, espe- cially families with children, renting in a good school district makes more sense than buying a home in a lower-quality school district," Ingram says. Thinking about leaving your job to stay home with your children? First, create a spreadsheet that compares the costs of commuting and childcare versus how much you'll save on those two expens- es once you're down to one income. "Sometimes it actually makes more sense for both parents to continue to keep working," she points out. According to Pew Research, 31 percent of families live on a single income. Although many families make the choice, others are forced into the position. Surviving and Thriving on a Evaluate Your Evaluate Your Evaluate Your Biggest Expenses Biggest Expenses Biggest Expenses Single- Income WRITTEN BY CHRISTA MELNYK HINES

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