With inflation, the cost of basic necessities, and taxes on other products rising, it’s no wonder many people can’t afford what they need. In most families, each parent must work at least one job to make ends meet. This becomes difficult to maintain when a family faces a health crisis, children have to attend different activities, etc.
But even in this economy, there are ways to stretch even a shoestring budget. Because we’re so used to getting what we want, it’s easy to forget that there are ways to meet our basic needs, cut back on necessities, and spend less. Every budget can trim a little fat by cutting unnecessary spending. It all depends on what you are willing to do to cut costs and save more. Here are some ways I’ve learned to stretch my monthly budget:
Lite entertainment
Although my mortgage makes up a significant portion of my monthly budget, you may be surprised to know that entertainment apps, streaming services, and computer apps also make up a significant portion of my money. While some apps are must-haves, especially given my job, I don’t need every entertainment app I subscribe to. Hulu and Netflix are great for binge-watching a favorite show, but I don’t need more where there are only one or two I like. It’s areas like this where I can make sacrifices, cancel some streaming apps, and not drain my bank account as much.
While I don’t play a ton of games on my phone, I do have a few that I can easily get rid of to cut down on some expenses. If things get tough, I can cancel cable and use the streaming apps for TV.
Although I sacrifice a lot by getting rid of entertainment apps, it could be a great opportunity to spend more time with loved ones, read books, and do other activities that I would like to do but never do. For example, I might take a walk, do a craft, call my kids, or read a book that’s on my to-read list that I’ve simply never read.
Use only one car
While this may not be feasible for everyone, if times are tough, I can sell a car and only have one car to use. While it takes a little ingenuity and creativity to accommodate my husband’s work schedule, we can certainly cut costs significantly if I need to, to make ends meet.
This will not only help me put extra money in my savings account, but will also save on gas, maintenance, and insurance, among other things. Although having two cars seems like an accessory in today’s world, it is a luxury. Anytime we own something that is a luxury, it can cost us a lot in maintenance costs and other hassles that can cost more in the long run to keep than to sell.
Host date nights at home
Instead of eating out, using DoorDash, or doing other activities outside the home, I can cut costs by having more date nights at home. For example, I might spend time playing cards, playing a board game, doing a craft, watching a movie at home, or creating a copycat version of our favorite restaurant dish. While it’s easy to go out or do things after a long, hard day, it can take a little time and thought to create great date nights which, when used well, can be just as enjoyable as an expensive activity.
Reduce food expenses
Although many areas have been affected by inflation, groceries top the list. Grocery costs have increased by an average of $100 per week for a family of four. It’s difficult for families to prepare healthy meals if food costs much more than it did just a few years ago. Although this can be difficult, this is an area where significant savings can be made.
We live in an age where we open our refrigerator, put a prepared dinner in the oven, and have dinner ready in less than an hour. However, past generations have had a different story. Many of our grandparents suffered from the Great Depression. This forced them, among other things, to significantly reduce their food costs. This is because they didn’t have enough money to buy a lot of food. While it’s comforting to have a pantry refrigerator stocked with food, we don’t always need all the food we buy.
Take inventory of the food you eat versus what ends up in the trash at the end of the week. Do you find that you spend money frivolously on food only to find that it goes into the trash when it hasn’t been eaten at the end of the week? If so, you’re wasting more money on something that appears to be a need but, in essence, is a want.
Although it can sometimes be difficult, try to only stock up on the essentials: meat, dairy, bread, eggs, and toiletries. Eliminate excess cereals, high-sugar treats, and other desserts and snacks, such as chips, cookies, and candy. While these things are fun frivolities to have throughout the week to accentuate your dinner dining experience, you may quickly find that not only are you saving significantly on these items, but you may also lose a few pounds, your waistline is a little slimmer, and your family is healthier as a result.
Try cutting fifty dollars from your budget and see what happens. Choose to only purchase items from the outer perimeter of the grocery store. Most healthy foods and essentials are strategically placed around the outer perimeter of the grocery store. It’s the middle aisles that are filled with processed and junk foods, as well as other unnecessary items.
For a month, try ordering only perimeter food and see what happens. Can you find more creativity and ingenuity by just doing this and making simpler, healthier meals? Do you find that you often indulge in the convenience of a TV dinner or other fun meals like pizza or burgers when you could make them from scratch?
Although saving money may cost you more time and mental effort, the savings may be worth it. Look into putting all the money you save from the suggestions above into a pot and see what happens. At the end of the year, see how much you’ve saved.
Although it seems like a sacrifice now, think about what you could do with saving even fifty dollars for the next eleven months? What would this do for your budget? What would that do for your savings? Think about what you could do with the money you’ve saved by simply not wasting it on frivolities that you don’t necessarily need but have gotten into the habit of having for convenience.
Saving money is always a struggle. Monthly budgets must be continually re-evaluated to ensure effectiveness. However, by following the suggestions above, not only will your savings be a little bigger at the end of the year, but you may also find that your body, soul, and spirit are healthier because of the sacrifices you’ve made in your finances.
Photo credit: ©Getty Images/David Sacks
