money-saving-tips – Susan's Reflections

5 Changes To Instantly Save Money

Inflation has slowed to 7.1%. Still, Moody’s Analytics estimates that the average family spent $396 more per month this fall than they did in 2021 for the same goods and services. The Census Bureau calculated the median household income at the end of 2021 as $69,021. The average worker received a raise of 4.8% in 2022. For a family earning $69,021, the raise was $3,313 for the year, or $276 a month. That translates to a take-home increase of about $201. After paying $28 tithe on the extra salary, they have an extra $173 per month. That’s a nice sum, but it falls $223 short of the average increase in monthly costs.

If you are in this situation, now is the time to rework your budget and try to cut $223 from your normally re-occurring expenses. If you manage your money well and live below your means, you likely have some room in your budget. However, it is still important to examine your expenses and make cuts where you can.

Here is a plan to cut on spending without feeling deprived.

Cut back on technology expenses. Most home today have an internet and cable television plan, in addition to a cell phone plan, and perhaps a landline telephone. The average household spends $116 on internet and cable and another $114 on cell phones, and many spend much more than that. This is a good time to research your options and see if you can find a more economical plan. Tom’s Guide offers an analysis of the best cell phone plans for 2023 to help you make a wise decision (https://www.tomsguide.com/best-picks/best-family-cell-phone-plan, and cabletv.com has analyzed the best home internet plans (https://www.cabletv.com/blog/best-cheap-internet-packages). Let’s assume for this example that you are able to reduce your technology expenses to $170 per month, saving $60.
Reduce streaming services. Two-thirds of all American households subscribe to Netflix, sixty percent to Amazon Prime, and nearly half to Hulu and Disney+. The cost of these plans is about $42 per month, plus the costs of any movie rentals that are not covered by a plan. When you are researching cable television packages, try to find one that includes free movies that you enjoy. If you do so, you can cancel these subscriptions and save $42 per month. Even if you don’t find a plan with free movies, you can cancel two or three of these subscriptions and save up to $27 a month.
Reduce food waste. RTS (Recycle Track System) estimates that the average household wastes $1,866 in food each year. That’s more than $155 per month. The biggest culprit is produce which goes bad. Meat and dairy products are also highly perishable. Reduce food waste by planning meals before you shop and making a point to use perishable food items in a timely manner. We will assume, that with some effort, you can reduce food waste by $80 per month.
Unplug appliances and electronics when not in use. Estimates are that the average household could save $15 per month by unplugging the coffee pot and other kitchen appliances when not in use.
Reduce money spent eating out. Fast food prices jumped about 15% in 2022. The average lunch out now cost more than $11 for one person, while a sit-down lunch will run closer to $20 with tip. If you cut out two fast-food lunches and one sit-down lunch per month, you will save $42 per month.

These five changes will save you enough money to make up for the loss of purchasing power from inflation. If you find that you need, or want, to reduce your spending more, coffee and beverages on the go are another source of potential savings. A large soda or a cup of regular coffee at a drive-up restaurant will cost you $2 or more, while a specialty beverage could cost you $4 – $6. If you buy one beverage each workday, you are spending between $44 and $132 per month. This amount could be significantly reduced by brewing coffee at home and buying other beverages at the grocery store.

God expects us to be faithful stewards of the financial resources He entrusts to us. Money allows us to meet the needs of our families and bless others. However, it can be a cause of great stress if it is not managed properly. Prayerfully ask God to help you budget and manage your money, and rely on Him to meet all your needs.

To learn more about how to honor God with your money and build treasure in Heaven, please click the Finances categories tab to find many blogs on money management, budgeting, and stewardship. My book Honoring God with Your Money is a great tool for financial money management. Click here to sign up for my quarterly newsletter on managing your money: newsletter signup

If you have never accepted Jesus Christ as your Savior, you may not understand what it means to rely on God to meet your needs. Please click on Basics of Salvation in the tool bar above to learn how you can accept the wonderful free gift of salvation.

Honoring God With Our Money: Practical Money-Management Tips (Part 3)

This week’s lesson on honoring God with money focused on practical money-management tips. These ideas have been culled from books, magazine articles, and internet sites, including Crown Financial Ministries and Christian Financial Concepts.

Today’s tips focus on ways to save on vacations and recreation, gift-giving, as well as general savings tips.

Saving on Vacations and Recreation:

Take a stay-cation. Take days trips to sites of interest in your general locale, go on picnics, visit museums, etc.
Consider a camping vacation to avoid motel and food expenses. Christian friends can pool the expenses of camping items.
Use Netflix or Redbox instead of going to the movies. Also, saves on popcorn and soda.
Have family games nights.
To reduce expenses and increase fellowship, consider taking vacation trips with two or more families
If flying, use the least expensive coach fare (i.e., late night or early morning usually saves 10 percent to 20 percent).
Check out books and movies from the library.

Ways to Save on Gift-Giving:

Shop ahead for birthdays and anniversaries. Look for sales.
Make gifts. Learn new skills, such as sewing and knitting.
If your family is large, draw names. Or only buy Christmas gifts for young children and immediate family members.
Help children earn money to shop for gifts.
Consider sending cards rather than gifts.

General:

Look for things you need on Craigslist.
Take unwanted items to consignment stores.
Have ‘planned’ leftovers for lunches and dinners on busy nights.
Use your curtains and/or blinds to hold in heat in the winter and keep out heat in the summer.
Wash clothes in cool or cold water. Washing in cold water rather than hot water saves 60 cents per load.
Don’t buy bottled water or $3 cups of coffee.
Hang clothes out to dry.
Cut out or reduce cable expenses.
Reduce cell phone expenses. Consider eliminating your land line.
Down pay for music downloads—burn CDs at the library
Eliminate magazine subscriptions and look for articles online.
Dishwashers save more water than hand washing dishes.
Take reusable bags when you go shopping.
Reduce, reuse, and recycle.
Frame your own photos and art work to hang on the wall.
When ordering online, look for free shipping.
Don’t spend change. Put it in a jar and cash it in at the end of the year.
Put half of birthday money/gifts in savings.

Will your family be taking a ‘stay-cation’ this year? What fun activities do you have planned?

What other tips do you have for saving money?

Honoring God With Our Money: Practical Money-Management Tips (Part 2)

Today’s tips focus on ways to save on clothing and medical expenses for your family.

Saving on Clothing:

1)      If you can sew, consider making clothes.
2)      Make a written list of clothing needs and purchase during the “off” season when possible.
3)      Select outfits that can be mixed and used in multiple combinations rather than as a single set.
4)      Frequent the discount outlets that carry unmarked name-brand goods.
5)      Shop at authentic factory outlet stores for close-out values of top quality.
6)      Select clothing made of home washable fabrics.
7)      Use coin-operated dry cleaning machines instead of commercial cleaners.
8)      Practice early repair for damaged clothing.
9)      Learn to utilize all clothing fully (especially children’s wear).
10)   Check out Goodwill and the Salvation Army for clothing.
11)   Have clothes swapping parties. Works for kids’ clothes and grown up clothes.

Reducing Medical Expenses:

1)      Prevention is cheaper than treatment.
2)      Teach children to eat the right foods and clean their teeth properly. Good diet, rest, and exercise will most likely result in better health.
3)      Ask doctors and dentists in advance about costs.
4)      Shop for prescriptions and use generic drugs when possible.
5) Be sure to use doctors and labs that are in your insurance network.

Honoring God With Our Money: Practical Money-Management Tips (Part 1)

One of the most important tools in managing one’s money is to track monthly expenses. In the past this was generally accomplished by either keeping a small notebook handy to write all expenses in, recording expenses on an Excel spreadsheet, or using the ‘envelope’ system. The envelope system involves dividing one’s paycheck into envelopes, each for a designated purpose; when the envelope is empty no more money can be spent on the category of expenses until the following month.

In today’s digital world, tracking expenses can be accomplished more easily by downloading an app onto one’s phone, ipad, Kindle or other electronic device. Since we tend to have our devices with us at all times, it is a handy, easy way to track expenses. Regardless of the method you use to track expenses, it is very important to consistently track expenses for at least several months so you can identify where your money is being spent.

Grocery sticker shock — Grocery bill sticker shock

Today I am providing lists of ways to save money on groceries and on eating out. In other posts this week, I will provide lists of other ways to save money. I hope that you will find at least a few new ideas for saving money in each post. Please feel free to add your own money-saving tips in the comments.

Ways to Save on Groceries:

1)      Always use a written list and stick to it. Plan meals for the week before shopping.
2)      Avoid taking your children grocery shopping.
3)      Never shop for groceries while hungry.
4)      Shop advertised specials, especially for nonperishables.
5)      Shop in bulk, if it makes sense for your family.
6)      Use a calculator, if possible, to total purchases.
7)      Reduce or eliminate paper products.
8)      Avoid processed and sugar-coated cereals. These are expensive and most of them have little nutritional value.
9)      Avoid prepared foods, such as frozen dinners, pot pies, cakes. You are paying for expensive labor that you can provide.
10)   Determine good meat cuts that are available from roasts or shoulders, and have the butcher cut these for you.
11)   Try store brand canned products. These are normally cheaper and the same products as name brands with a different label.
12)   Use manufacturer’s coupons and rebates only if you were going to buy the item anyway and it is cheaper than another brand would be without the coupon.
13)   Do not buy from convenience stores except in case of emergency.
14)   Avoid buying non-grocery items in a grocery supermarket except when on sale. These are normally “high mark-up” items.
15)   For baby foods, use normal foods processed in a blender.
16)   Check every item as it is being “rung up” at the store and again when you get home.
17)   Consider canning fresh vegetables whenever possible. Make bulk purchases with other families at farmers’ markets and such. (NOTE: Secure canning supplies during off seasons.)

Eating Out:

1)      Make eating out a special occasion.
2)      Know where kids eat free and take advantage when eating out.
3)      Order lunch size meals OR order dinner size meals and take leftovers home.
4) Groupon or other restaurant special coupon deals–only buy if you eat at that restaurant.
5)      Avoid buying desserts at restaurants.
6)      Skip the ice cream shop and buy ice cream in the grocery store.
7)      Rather than eating out, throw a potluck party with family or friends.
8)      Make coffee at home; invest in inexpensive pot for the office.
9)      Bring your own snacks to work; take snacks in the car when running errands.
10)   Pack lunches for work.

What are your best tips for saving money on groceries and dining out?

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