Three Kids, One Income: How I Make Raising a Family Work

Cherish is a guest contributor. She is a content creator and mum of three who writes about budgeting and everyday money decisions. This is her personal experience of managing debt while raising a family on one income. It is her story, not financial advice, and not typical results.

Raising three kids on one income has taught me to look at money very differently.

When I was single, I was already learning some difficult lessons about money. At that time, I had credit card debt and a personal loan, partly because I was helping my parents financially. I wanted to be there for my family, but I also learned that helping others can sometimes put pressure on your own finances.

That experience with debt taught me lessons that I still carry with me today.

Now that I have three children, every financial decision feels different. There are groceries, bills, school expenses and all the little things that come with raising children. With one income supporting the household, I have learned to be much more intentional about where our money goes.

My First Experience With Debt Consolidation

When I was single, managing my credit card and personal loan became difficult because I was dealing with multiple repayments and high interest.

I had different due dates to remember, and I always had to keep track of which payment was coming up next. If I missed a payment, I could incur penalties and additional interest, which added more pressure to an already difficult situation.

I remember feeling stressed about keeping up with everything. It was not just the debt itself, but having several payments to think about and making sure I did not miss a due date.

I decided to consolidate those debts.

For me, the biggest difference was the simplicity. Instead of worrying about multiple repayments, I had one debt to focus on.

It did not make the debt disappear, and I still had to make my repayments and manage my spending. But having one repayment made it easier for me to understand where my money was going and plan my budget.

I felt more organised and less overwhelmed because I knew exactly what I needed to set aside for my debt payment. I no longer had to keep track of several different due dates.

That experience made managing my day-to-day finances feel much easier, and it is something I still think about today.

Would I Consider Debt Consolidation Again?

Now that I am raising three children on one income, life has become more challenging financially. I have to be more careful about managing everything, from our everyday expenses to our debts.

Because of my previous experience with debt consolidation, I am considering doing it again if it makes sense for our situation. This time, I would take the time to compare my options and look for a lower interest rate and terms that would work better for our budget.

I also know that a lower monthly repayment does not necessarily mean I will pay less overall. If I were to consolidate again, I would look at the interest rate, fees, repayment period and total cost before making a decision.

For me, it would be about finding an option that could make managing our finances easier without creating a bigger financial burden in the long run.

The Savings Lesson I Wish I Had Learned Earlier

If there is one thing I would change about my financial journey, it is that I wish I had started saving earlier.

When my children were younger, I thought there would always be more time to build up savings.

Now I realise that even a small amount saved consistently can be valuable.

I do not think you have to wait until you have a lot of extra money before you start saving. Starting small can help build the habit, and that habit becomes especially important when you have a family depending on you.

There will always be another expense.

That is why I would rather make saving part of the plan than simply hope there is money left at the end of the month.

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What Three Kids Have Taught Me About Money

Having three children has made me more aware of the importance of planning ahead.

I cannot control every expense, and I cannot predict everything that will happen. But I can control how carefully I manage the money we do have.

For our family, that means focusing on needs rather than wants. We do not usually get takeaway or dine out. We cook at home and choose meals with ingredients that are affordable.

We also try to use less energy around the house to keep our bills manageable.

We are also careful about subscriptions. We keep only the ones we actually need or use instead of paying for things that may only be used occasionally.

These choices may seem small, but they have become part of how we manage our household.

Ultimately, raising three kids on one income has taught me that managing money is not about being perfect.

It is about making intentional choices.

Sometimes that means saying no to something we want. Sometimes it means finding a cheaper way to do something. Sometimes it means looking at our debts and asking whether there is a better way to manage them.

And sometimes it simply means remembering that every dollar has a job.

I am still learning, but I know now that the small decisions we make today can give our family more breathing room tomorrow.

This article is general information only. It does not take your objectives, financial situation or needs into account, and it is not a recommendation of any particular credit product or strategy. Cherish's experience is her own and individual results will differ. If you are thinking about consolidating debts, compare the interest rate, fees, repayment period and total cost of any option before deciding. WeMoney Pty Ltd (ABN 88 633 007 860) holds Australian Credit Licence 526330.