The world we live in just got hard, and I don’t mean because of the virus, though that is very scary. For my family of 6, we are so thankful to be healthy. We don’t have immune compromised children and we are relatively young. my parents are relatively young and also healthy. So, although we stay home to keep those at risk healthy, we are hopeful that we (my immediate and extended family) are not in a high risk category to suffer medically.
We are very likely to suffer financially though, like so many families out there right now. Having survived financial strain in the past, I want to share some tips and tricks I’ve found helpful.
You must meet your basic needs first.
Your family’s basic needs include food, clothing, and shelter. It’s time to pull out that monthly budget, and do a once over, or maybe a 10 times over. Keep only the basic needs first.
Evaluate your food budget.
If we were to eliminate the expensive food like boxed cereal, prepackaged food, and fast food, we could save a ton of money .Meal plan for every meal. Buy things that have a long shelf life in bulk. Switching things in your diet like cereal to cheaper homemade oatmeal and eggs, lunch to PBJ sandwiches with carrots, and dinner to something with 5 or less ingredients that can be made with pantry staples can save your family a few hundred dollars a month on food and groceries. Start shopping with a plan in your hand (and wash well when you get home!)
Clothing
Many of you know I love clothes. I have a closet full and I love that my children do as well! But now is not the time to stay up with the latest fashion trends. Stick to the staples. Kiddos can survive with 2 pairs of shorts, 1 par of pants, a light jacket (if winter is over for you like it is for us in Texas), 1 pair of shoes, and a few shirts to mix and match. If you have a girl, feel free to throw in a couple dresses. Children often don’t care if they wear the same outfit each day. In fact, mine prefer it! So dig through the hand me downs when you need a bigger size, or buy on sale or from consignment. Stick to the basics.
Another way to swap out the old clothes for something new is to have a friend swap. Wait to do this until it is safe, or do a porch exchange.
Your house is a must.
The last must have is a house. And if you’re like me, it’s a huge chunk out of your budget. Reach out to your mortgage lender if you need help paying, or to explore refinancing options. What’s best for each family will really differ here.
If you are leasing, call the office. Many leasing offices are willing to work with you! It’s cheaper to keep you than replace you.
Shop for new electricity providers or call your provider to see how you can lower your price.
The Leftovers.
Once your done with just staying alive and warm, you can move into the other important parts of your budget. I know many of us are working from home right now. that means we need to have internet. Now might be a good time to shop around for a cheaper rate. The same goes for your cellphone. Your home is connected to WiFi. Maybe dropping your plan from unlimited date to a limited data plan could save you some money. It’s often cheaper to go into a plan with a friend. You could look into doing a shared family plan to lower costs as well.
I know there are so many other optional expenditure in each of our budgets. But most of it would qualify as discretionary spending. Now is the time to stick only to necessities. Cross of the eating out budget, the date night budget, and the monthly allowances.
Remember, like everything in this earthly world, this is only temporary.
Stay safe, and happy budgeting!
