Managing on one income

Question: My husband and I have five kids and he is the only one working. We can’t seem to get out of debt and have money left to go out and do anything fun. What would be your advice?


Answer: First off, any family that has five kids and a stay-at-home mom does have both parents working — and working very hard. We know — we’ve been there. It’s tough, but the rewards never end.


We won’t lie to you. Eliminating debt requires self-evaluation and discipline. But the more you practice new habits, the more success you’ll have and the more addicting debt-reduction will become.


First, you need to establish a realistic budget for your lifestyle and update it regularly (read about this in our book).


Second, you’ve got to get the whole family on board. Even young kids can be involved with new money-saving habits if their parents lead by example.


Third, sell off anything you don’t really need and use the proceeds to pay off debt.


You can have fun as a family without spending money — kids do it all the time. Borrow movies from the library, play a board game, go to a park and throw a Frisbee, take a hike, go to the Heard Museum on a free day or go to a free concert at Arizona State University, a community college or a high school near your home. Visit deals.azcentral.com for more ideas. If you want a little romance, plan a candlelight dinner at home without the kids. Use your creativity, not credit.


By the way, we don’t mean to pick on you, but you sent this question from a BlackBerry. If money is tight, do you need this high-tech gizmo or would a prepaid cell phone serve your needs? Question every expense and watch your debt evaporate.