The recession has hit us hard; do you have any tips on how to stretch a paycheck to make ends meet? Asked by Kris – Salem, OR
These are tough financial times for families. Many people have lost their jobs of many years and our young college graduates can’t find work. We are all in this together, so read below for great suggestions on how to stretch that paycheck!
We have been adjusting our spending as well, and have found some great points of inspiration along the way. These might not all fit for you, but hopefully some of them will help.
- Did you know that over the air TV transmission is now in HD? We have kicked the cable habit with the help of a digital antenna and a used TiVo box. Some upfront costs, but we broke even in 6 months.
- How are you at growing vegetables and fruit? A great way to save money and get a lot of satisfaction at the same time. If you have a farmer’s market in your area, often Master Gardeners will have free seminars on growing veggies at home.
- The library is an incredible resource. Free videos, ours now has free downloadable books, all the magazines you could dream of, it’s a wonderful place to tap into. While you are there, check out “Made by Hand” by Mark Frauenfelder. It will inspire you!
- There are so many ways to make your grocery dollars stretch, but the best rule is to avoid anything that is premade. There are many websites out there to give you ideas (my favorite cook-book along this line: “More-With-Less Cookbook” by Doris Janzen Longacre), but that is a simple way to slim down your budget.
- Any way your family can make do with one car? Public transportation (or better yet: bike it!) is a more economical alternative by a long shot.
- Do you have Freecycle in your area? Look up the website and see: you’d be surprised what people are happy to clear out of their garage for free! Amy C. – 40 something
I’m a big fan of the Economides family, who has so many great tips to offer: http://www.americascheapestfamily.com/. I realize they put a high value on ‘front end time’ to bargain shop, and it really pays off. I wish you the best – these are tough financial times. Take care. Amy B. – 40 something
Back to basics. I know it sounds trite but it really works. No more brewed coffee from Starbucks. Save the $2.00 per day and brew your own that is $10 per week which buys you a pound of coffee that will last for at least 3 weeks. Total savings: $20. Take lunch don’t go out and buy lunch. I figured that alone saved me $10 per day which is $200 per month. It cost me less than $1 per day to bring salad or leftovers and they tasted better. Cut cable to basic: we found that we didn’t miss all the movie channels and saved about $40 per month in the process. Coupon clip, but be sure to only clip the ones that you will really use. Shop the mark down shelf for canned goods and day old bread. Day old French bread is perfect to use for Sunday breakfast of French toast or as the bases of a great bread pudding and a dent in the can doesn’t affect the inside. Helene – 60 something
The old tried and true advice still holds—cut back and cut out. Have a family meeting to set priorities (even young children can be included) and list where you can limit expenses or just plain do without. Adopt the philosophy of “Buy what you need, and need what you buy.” Avoid charging on credit cards unless ABSOLUTELY NECESSARY and discipline yourself to pay down outstanding balances. Set a budget and be ruthless about sticking to it. Learn to economize and shop smart, taking full advantage of sales, discount stores, and coupons only when they are for something you customarily use. Explore less expensive recreation, and get well acquainted with neighborhood parks, beaches, and mountains. Mother Nature offers its playground for free! Limit dining out in restaurants and when you do go, take in a late lunch, get early bird dinners, split plates, or order just a couple of appetizers. Take a brown bag for lunch. Do your own nails! Learn to differentiate between treats and necessities. Instead of a spending lifestyle, make yours a survivor lifestyle. Unfortunately, the current economic woes won’t be ending soon, so take this opportunity to learn how to function in a new way. Keep the changes within your control and you won’t feel so victimized by economic pressures. Marge – 70 something