We are all feeling the financial crunch right now. From trips to the grocery store, at the gas pumps and every stop in between. The cost of living has gone up faster than most of our salaries.
There is a tendency to want to point fingers and lay blame at the feet of another but the rate of inflation is not something that one person, or even one industry can shoulder. We do have things that we can do, and they are the things that can give us a sense of power. It’s easy to feel defeated when things look financially bleak, but women have a tendency to figure things out, to stretch a dollar, to rise to the top when things begin to feel tough.
Start with a Positive Mindset
Frugality is not just about cutting back on the things you can’t live without, it’s also finding smart ways to save money so that when life does happen and we’re faced with a financial squeeze, you’ll be able take care of your family without worry.
Recognizing that we are in the middle of a financial squeeze, but instead of ignoring it, instead of pointing fingers of blame, we are in control of what we do with our money and our lives. We are the decision makers in our lives, and that my friend, is your superpower.
For many people they really do need to bring in more dollars, that is the harsh reality. For many more, perhaps we just need to do a better job at reallocating what we have. Either way, we need to take total ownership of our lives and not just be thrown around by circumstances.
One of the most freeing messages for me was that no one is coming to save me. We are going to have to do it ourselves.
Track your money
One of the best things that you can do is make a habit of tracking your spending. Where in the world is your money going? Most of the consumer debt that we accrue is the little ten and twenty dollars here and there that wind up taking such a big bite out of future earnings. Figure out where the drip drip dripping is coming from and plug up that hole.
Before the cost of gas doubled, picking up a pack of gum and a pop (yes, my Atlantic Canadian is showing) at the gas station might have been the habit, but now the cost of essentials are going through the roof. You need to evaluate whether those mindless purchases are worth making.
There are a few ways to do this, print off your last three months bank statements… Yes, I did say print them out. Do the same with your active credit cards. Now with a highlighter, look at your expenses. Go through and highlight all of your food purchases, or cash withdrawals, clothing, beauty supplies, apps, online courses…
This is not for you to judge, it is what it is, but knowing where money is leaking will give you absolute power over your cash flow. Are you paying for services, or apps, streaming services that you no longer need? Are you buying things online with that convenient click button? Are you paying too much for insurance or not enough as the case may be? It is time to take control and evaluate everything.
Make a Plan
There is an old adage, that (S)he who fails to plan, plans to fail. I really believe this. When we don’t pay attention we become victims of circumstance. Take ownership of our lives and our money. Budgeting is just making a decision about where the money that you worked hard to make is going to go. Don’t let it dribble away. Decide how you are going to spend that money and do it.
Planning is key! It’s easy to get caught up in the day-to-day, but if you take an hour or two every week and plan what will happen with your money then it can make a huge difference. I know that sounds like common sense (and who doesn’t love some good advice), but too often people neglect their own interests because we are distracted, or we just feel like it is too hard.
Make a Meal Plan
Food is probably the biggest expense that most families have. Just like we did with our money, we need to take stock of what we have and what we need. Go through your kitchen and take inventory of what food items are in your kitchen right now–from pantry staples like canned tomatoes and cereal and pasta, to freezer items and refrigerator items.
Do you have meat in the freezer you could use up, how about eggs or cheese? You might do a quick inventory and realize that you only have to buy one or two items to make it through the next week.
Write down a list of potential family favourites that you can prepare using what you already have. Perhaps you can get by this week with only buying milk and bread. At the very least, you won’t be tempted to stop for fast food, because you already know what you are eating, and have that food prepped. In the last few months I have been trying to gamify it and see if I can do a no spend week every other week.
DIY or Making Do
Do-it-yourself projects are a great way to save money while still getting the things you want or need. By thinking outside the box, you can often find ways to get the things you want without spending a lot of money.
I will tell you a little secret, my cat has destroyed the upholstery on my sofa. It has great bones and to replace it would have been costly and as long as I share my home with Charlotte, there is absolutely no way I am going to spend money on another couch. I was able to cover the pillows in beautiful prints and reuse a set of curtains and lace tablecloths as couch covers. I absolutely love the result.
DIY projects can be a great way to add your own personal touch to your home. Whether you’re painting a piece of furniture or sewing a new curtain, DIY projects allow you to put your own unique stamp on your space. So if you’re looking to save money and add some personality to your home, consider what you already have.
Get yourself Organized (everything needs a home)
Do you ever have a hard time trying to find things in your home? Our closets are crammed with clothes we never wear, our drawers are overflowing with junk, and our garage is so packed that we can’t even park our car inside. This lack of organization can be costly in more ways than one. Not only does it lead to frustration and wasted time, but it can also cause us to spend needlessly on duplicates of items we already own but can’t find.
One way to save both time and money is to implement a simple organization system in your home. How much money is wasted because we just can’t find what we need? Have a home for everything, and take stock before heading out to the hardware store.
Invest in some labeled storage containers for items like seasonal clothing, holiday decorations, garden tools, and sports equipment. And don’t forget about the ever-important filing system for important documents like bills, tax returns, and birth certificates. A little organization can go a long way in saving you both time and money.
Women have always stepped up to the plate when times have been hard. We know how to stretch a dollar, we know how to create peace in our homes when things around seem to be chaotic.
