Bangalore: The recession has affected almost everyone in this country. From job losses, to retirement portfolios decreases people are struggling to recover and come out ahead. The unlucky ones who were laid off in 2009, finally found a part-time job in 2011. Whether by layoff or by lifestyle choice more families are facing the chance of life on one income. The very thought of living on a constrained budget, a single salary can be really daunting. Because we have become preoccupied by the concept that earning two incomes is the only way to preserve a family and a good financial life. Raising a family on one income calls for certain sacrifices and some smart budgeting. Give below are a few financial tips for family living on single income, that will reduce their financial stress and help them have a secured future. Save Early You should actually start saving as soon as you have some kind of income, whether it is a regular income or not. Because if you do not start saving early in life, your dreams have a little chance of fulfillment. You are forced into taking wrong decision of availing a loan to satisfy your dreams. And certain loans are 'wealth-killers'. Loans are bad for financial health. You got to make a sincere effort in saving money. Use certain smart and creative methods that will help save a little on monthly basis.