Simple Ways to Stretch Your Monthly Budget
Finances
Audio By Carbonatix
8:00 PM on Monday, March 2
By Michelle S. Lazurek, Finances
With rising inflation, the cost of necessities, and taxes on other products, it's no wonder that 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 sustain when a family faces a health crisis, children need to attend different activities, etc.
But even in this economy, there are ways to stretch even a thin budget. Because we are so used to getting what we want, it is easy to forget that there are ways to stretch our basic needs, pare down to the necessities, and spend less. Every budget can trim some fat by cutting unnecessary spending. It's just a matter of what you're willing to do to cut costs and save more money. Here are some ways I learned to stretch my monthly budget:
Slimmed Down on Entertainment
Although my mortgage takes a huge chunk of my monthly budget, it may surprise you to learn that entertainment apps, streaming services, and computer apps also take up a large share of my money. Although some apps are necessities, especially given my line of work, I don’t need every entertainment app I have subscribed to. Hulu and Netflix are good for binge-watching a favorite show, but I don’t need others where there is just one or two I like. It’s areas like this where I can make some sacrifices, cancel some streaming apps, and not have so many cluttering up my bank account.
Although I don't play a ton of games on my phone, I do have a couple I can easily get rid of to trim down some expenses. If things get tough, I can cancel cable and use the streaming apps for television.
Although I'm sacrificing a lot by getting rid of entertainment apps, this could be an excellent opportunity to spend more time with my loved ones, read books, and do other activities I would like to do but never get around to. For example, I could take a walk, make a craft, call my kids, or read a book that's been on my to-be-read list and that I've just never read.
Use One Car
Although this may not be feasible for everyone, if times get tough, I can sell a car and have only one car to use. Although it takes some ingenuity and creativity to work around my husband's work schedule, we can certainly cut costs in a big way if I need to, to make ends meet.
This will not only help me put some extra money into 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's a luxury. Every time we have something that's a luxury, it can cost us in maintenance fees and other difficulties that may cost more in the long run to keep than it is to sell.
Make Home Date Nights
Instead of going out to eat, using DoorDash, or doing other activities outside the home, I can cut costs by having more in-home date nights. For example, I can spend time playing cards, playing a board game, making a craft, watching a movie at home, or making a copycat version of our favorite restaurant dish. Although it's easy to go out or do things after a long, hard day, it may take a bit of time and brainstorming to create some good date nights that, when used well, can be just as enjoyable as an expensive activity.
Cut Food Expenses
Although many areas have been affected by inflation, groceries are at the top of the list. Groceries have gone up on average by $100 per week for a family of four. It is difficult for families to make healthy meals if food costs so much more than it did just a few years ago. Although it may be difficult, this is an area where significant savings can be achieved.
We live in an era where we open our fridge, put a pre-made dinner in the oven, and have dinner made in less than an hour. However, generations past had a different story. Many of our grandparents suffered through the Great Depression. This forced them to cut their food costs significantly, among other things. This is because they didn't have enough money to buy much food. Although it feels comforting to have a fridge in a pantry full of food, we don't always need all the food we buy.
Take an inventory of the food you eat versus what ends up in the garbage at the end of the week. Do you find that you are spending money frivolously on food only to find that it goes in the trash at the when it hasn't been eaten at the end of the week? If so, you're wasting more money on something that seems like a need but, in essence, is a want.
Although it can be tough sometimes, try to get only the essentials: meat, dairy, bread, eggs, and toiletries. Cut out excess cereal, sugar-filled treats, and other desserts and snacks, such as chips, cookies, and candy. Although those things are fun frivolities to have throughout the week to accentuate your dinner eating experience, you may quickly find that not only do you significantly save on these items, but also you may find you lose a few pounds, your waistline is a little trimmer, and your family is healthier as a result.
Try cutting fifty dollars from your budget and see what happens. Choose to buy only items from the outer perimeter of the grocery store. Most healthy foods and necessities are strategically placed around the outside perimeter of the grocery store. It is the in-between aisles that are filled with processed and junk foods, as well as other unnecessary items.
For one month, try ordering only food from the perimeter and see what happens. Can you find more creativity and ingenuity by simply doing that and making simpler, healthier meals? Do you find that you often bow to the convenience of having a TV dinner or other fun food like pizza or hamburgers when you could make them from scratch?
Although saving money may cost you more in time and mental effort, the savings may well be worth it. Seek to put all the money that you save from the above suggestions in a jar and see what happens. At the end of the year, see how much you have saved.
Although it seems like a sacrifice now, think about what you could do with a savings of even fifty dollars for the next eleven months? What would that do for your budget? What would it do for your savings? Think about what you could do with the money you have saved by simply not throwing it away on frivolities that you don't necessarily need but have gotten into the habit of having out of convenience.
Saving money is always a struggle. Monthly budgets must be continually reevaluated to ensure they are efficient. However, by following the suggestions above, not only will your savings be a little fatter at the end of the year, but you may also find your body, soul, mind, and spirit are better for the sacrifices you've made in your finances
Photo credit: ©Getty Images/David Sacks
Michelle S. Lazurek is a multi-genre award-winning author, speaker, pastor's wife, and mother. She is a literary agent for Wordwise Media Services and host of The Spritual Reset Podcast. Her new children’s book Hall of Faith encourages kids to understand God can be trusted. When not working, she enjoys sipping a Starbucks latte, collecting 80s memorabilia, and spending time with her family and her crazy dog. For more info, please visit her website www.michellelazurek.
