Now is the time when everyone is cutting back. Americans are in a deepening recession, or at least, so says the news media. So by in large, people are finding ways to cut spending and save money. I thought I would share the ways in which me and my family are getting creative. I will say, the Lord's blessing has been on us, that despite a lay-off for my husband and a cutting of my part time job hours, we have not felt any of the effects of the financial strain. Perhaps that will change soon and our creativity will have to go further, but for now, here are some of our ideas.
1) Tithe. We truly believe Malachi 3:10. When my husband and I got married, despite our inconsistencies as individuals, we vowed to be faithful givers of the Lord's money. And we have seen the blessings come our way and our needs have not ever gone unmet.
2) Coupons. A dear friend of mine introduced me to coupons and showed me how to make the most of our grocery budget. Finding great deals is now an exciting game I love to win on a weekly basis. Some weeks are better than others, but I have not saved less than 35% on my grocery bill since I got serious about my coupon shopping.
3) Clothing. It is a necessity. For a long time, being a single mom, I just wouldn't buy clothing for myself. I also had a huge influx of clothing for Jonathan that I didn't have to purchase very many clothes for him either. But this year I have to get creative about clothes shopping. I used to think if I shopped at Target and Wal-Mart, I could get the best deals. However, I have learned that just like groceries, the best deals are not always at the cheapest places. Thrift stores and outlet malls are great! Warehouse stores like Sams and Costco can have good deals from time to time. Bargain racks at department stores can sometimes yield great buys. But better yet...shop out of season. It's tough to guess for your kids what size they might wear of a particular season, but typically, you and your spouse are roughly the same size in many of the things you wear. Shop out of season and you'll have great deals...maybe not the latest fashion, but hey....I hear that thrifty is very "IN" right now!!! Lastly, learn to sew. If you can, sewing for yourself instead of tossing or having someone else sew a torn item will save you money. I have saved a couple of pairs of pants for my son just because I didn't have to throw them out...I turned them into shorts for this summer.
4) Gas. Fuel is also a necessity, but there are tons of ways to cut fuel consumption. My husband drives slower than the speed limit and saves a ton of fuel each week. I cut my trips to the store to once a week. I don't leave the office for lunch. I try to plan trips around traffic to avoid idling in traffic for long periods of time. And the biggest savings in the long run, I think, is properly maintaining your vehicle. Keep your oil changed, your radiator and fuel systems flushed, your tires properly inflated and rotated. It may seem like that costs you more than it saves, but "experts" say otherwise! :) Also, purchase fuel at places where you can get a discount for shopping there. My favorite place is Kroger. I find so many great grocery deals there that it is easy for me to rack up the fuel discount points and I get a $0.10 discount per gallon for it!
5) Bills. Pay them on time. Late fees and higher interest rates can hurt, so make sure to pay your bills on time. If there are unnecessary, or as I like to call them, "luxury" items. Cut them off. If you haven't been to the gym in years and you're still paying monthly dues, financial crunch time is not the optimal period by which to get gym-gusto! Can you cut minutes on your cell phone or shut off a rarely used home phone? Do you really need Internet at home if you can use it at the library or check email on your lunch hour at work? What about cable? I think we could have lived without it for a lot longer. While we have it now, I can't guarantee we'll be keeping it beyond our contract! :) Also, if you can, pay your car/house notes bi-monthly or weekly instead of monthly. I have saved a lot of interest on my car because of making payments every two weeks instead of monthly...plus, it works out to an extra payment every year!
6) Sell stuff. If you're like us, you are the typical "indebted American". We have lots of foolish debt we are paying off from our years of lacking financial wisdom and discipline. Credit cards, loans, student loans, car notes. They tax your money like Uncle Sam never could...well...we are in a new administration, I may eat those words...but that's for another blog! So if you're in debt...sell your stuff. Movies, CD's, clothes, dishes, electronics (You seriously do not need a TV in every room of the house...luxury! not need). We have sold movies, CD's, miscellaneous furniture, electronics and are about to sell formal gowns, a guitar, fish tank with accessories, and some more electronics and movies. We have paid off all but one card that way. Plus, it creates a lot of space in our apartment.
7) Increase income. In a time when people are getting laid off, they are having to get creative with jobs. Thankfully, Shea and I have great part time, personally-owned businesses. His entertainment business still provides a steady income. And I love the flexibility of my Mary Kay and Housekeeping businesses. Providing a service or good could be your ticket to obtaining a new stream of income. Finding ways to work overtime if possible can help as well.
Other ideas: Seal doors and windows. Keep your thermostat set at a regular temperature to avoid your heater/ac coming on too often. Plan meals with similar ingredients (cuts grocery costs). Walk or use a bicycle instead of driving. Wash your car by hand instead of at the car wash.
All in all, I think the biggest help to us financially is a basic commitment to handling our money according to the Lord's guidelines and understanding the difference between a "want" and a "need". Everything else is just creative application!
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