7 Ways We Make Ends Meet
7 Ways We Make Ends Meet
Pew Research recently issued a list of top concerns of Americans. Inflation ranked the highest. Rising prices are placing pressure on families to make ends meet. We don’t know yet the effects of the President’s tariffs on future prices of goods we purchase.
My wife retired recently which means we don’t have her income to count on. A year earlier, when we made our family budget for the coming year, we made it without her income calculated into our budget, a trial run, so to speak. I want to share some of our financial adjustments hoping they will help you as you deal with inflationary times.
First, examine your overall spending. We took a hard look at our expenses and identified several ways we could cut back on spending. Some of the items we cut were hard to do emotionally, including some monthly blow money we were sending to grandchildren. We also asked the question, do we really need satellite TV and 150 channels, most of which we never watched? I researched television streaming services, listing the channels we would receive from them, and considering the channels we really did want. We settled on YouTube TV as our best option, and saved an immediate $50 monthly.
Second, develop a written (or digital) budget. Without a spending plan (budget) you won’t know where your money went. Each year in December we plan an annual budget for the upcoming year, and then monitor our plan monthly. Linda and I know what we are allowed to spend on each budget category, and we stick with those amounts.
Related to your budget, avoid ATM machines as much as possible. Let’s say you need $14. The least you can withdraw from the ATM is $20, meaning you have $6 left over. That $6 will be blown in no time and you will have no idea where that money went.
Third, use an envelope plan. This idea comes from Dave Ramsey. Linda and I have been “Dave Disciples” for years. Make an envelope for items for which you tend to pay cash, like groceries, eating out, gasoline, recreation, haircare, and the like. Each month fill the envelopes with needed cash according to your budget. When an envelope is spent, then your spending for that item has ended until the next month. Sounds harsh, but the plan works.
Fourth, avoid credit card debt and monthly installment payments. When you depend on credit cards you will find that those card payments eat up a good portion of your monthly income before you ever start the month. Consider paying off credit cards, and use a debit card, instead.
Fifth, watch your grocery spending like a hawk. This budget category is the one where you will have flexibility. Plan your menus weekly before you go to the supermarket. Never shop without a grocery list, and never buy what is not on your list. Otherwise, you will fall victim to impulse shopping. Buy bulk when it saves you money. Follow store ads and purchase items on sale. Use coupons, although coupons are harder to come by these days.
Sixth, sell stuff you no longer need. We have sold pieces of furniture and other items. We are planning for a yard sale sometime this fall.
Seventh, trust God to meet your needs. He has promised to do so. “God will meet all your needs according to the riches of his glory in Christ Jesus” (Philippians 4:19). Through the years we have discovered God to be faithful to this promise. Trust Him as you seek to make ends meet.
