Dealing With Tough Financial Times
Prices are increasing all around us on almost everything. Inflation is at highs we haven’t seen in years. Rent/Mortgages, Interest rates, tuition, various bills & even groceries have significantly increased over the last year. My husband and I are doing our best to stay on top of our financial situation, continuing to pay off debt, investing & saving money wherever we can. We have found various ways to save even though it is much more challenging. Do not be afraid and do not be disheartened by everything that you are seeing all around you. God is still in control and despite what you are seeing and experiencing we are not without hope.
Dealing With Tough Financial Times
Before I get started with some great ways to help you save money I want to share something even more important.
In the bible, the Lord discusses a similar situation in the gospel of Mark where He shares a very important reminder for us all today.
Matthew 6 24 - 33 NLT
24 “No one can serve two masters. For you will hate one and love the other; you will be devoted to one and despise the other. You cannot serve God and be enslaved to money.
25 “That is why I tell you not to worry about everyday life—whether you have enough food and drink, or enough clothes to wear. Isn’t life more than food, and your body more than clothing? 26 Look at the birds. They don’t plant or harvest or store food in barns, for your heavenly Father feeds them. And aren’t you far more valuable to him than they are? 27 Can all your worries add a single moment to your life?
28 “And why worry about your clothing? Look at the lilies of the field and how they grow. They don’t work or make their clothing, 29 yet Solomon in all his glory was not dressed as beautifully as they are. 30 And if God cares so wonderfully for wildflowers that are here today and thrown into the fire tomorrow, he will certainly care for you. Why do you have so little faith?
31 “So don’t worry about these things, saying, ‘What will we eat? What will we drink? What will we wear?’ 32 These things dominate the thoughts of unbelievers, but your heavenly Father already knows all your needs. 33 Seek the Kingdom of God[e] above all else, and live righteously, and he will give you everything you need.
God cares about every area of our lives including our finances. He has told us in His words that we are more important to Him than the birds who He feeds without them worrying about what they will eat.
Today I wanted to share some ways we have found to cut costs and save money over these challenging past few years. Some of these ways will work for you and some of them will not work as well. The purpose of this post is to offer some ideas to help you make some changes at this time that can hopefully make a difference in your finances.
Best ways to save money with rising costs
Canceling unnecessary subscriptions - This is such an obvious one yet many of us continue to pay these monthly subscriptions and never think twice. I had a few subscription services that I found myself not using as often and not really needing. Canceling these helped free up consistent funds monthly that could be better used elsewhere.
Rethink where you do your shopping - When you are starting to notice the prices rising it is time to start price comparing. This might seem overwhelming but don’t allow it to overwhelm you too much. I will give you a few examples. Looking for better prices on baby diapers, paper products, household goods, or food items? Find your local Aldi and give their food a try I am almost certain you will love them as we do. If you are looking for better prices on clothing, shoes, or even furniture? Check this link and discover the best thrift stores near you. You will be surprised at the value for the cost at thrift stores and you can often find brand-new items too. It takes more time to search for thrift store deals but it can be worth it.
Shop for cheaper cell phone coverage - My husband and I use Patriot Mobile and it has saved us hundreds of dollars just this year. We actually choose to use basic phones with no data plans which saves us so much money. Patriot mobile has both basic phones and smartphones and very reasonable rates on all phone plans.
Call around on better insurance rates - Do you think you might be overpaying on auto, renters, or homeowners insurance? My husband and I call at least once a year to shop for the best rates for our insurance needs. You could be very surprised at the savings if you just make that call. You can check out my story here and find out what company we used to shop for the best rates and ended up with a savings of over $600.
Start using grocery and gasoline money-saving rebate apps - There are many apps that can help you save money on everything from groceries to gasoline. A few of my favorites are Ibotta, Fetch rewards, Upside, Receipt Hog & Shopkick.
Utilize your local library - Libraries are not only a wealth of knowledge but also a great way to save money. Your library can provide you with free Wi-Fi, books, audiobooks to borrow for free, movies and music for free, various free classes and they often have free activities for the kids.
Shop Local - During the summer and fall, local farmer’s markets and pumpkin farms are a great opportunity to save money and support a local business. Some local farmers also sell meat and although it usually costs more upfront the discount can be significant for wholesale meat in bundles from a local farmer.
Have you tried a dependent care or healthcare FSA? - If you have upcoming healthcare costs or a child currently in childcare a flexible spending account if offered by your employer can be huge savings. For a flexible spending account for either healthcare or childcare, the money is set aside before taxes from your or your spouse’s paycheck which can save you a lot every year.
Buy more whole food rather than pre-packaged food - Preparing food from scratch can be harder but it can be cheaper and much healthier too. For example, you can buy a bag of carrots for approximately $1.50 which can be used in salads, cooked as a side, and cooked into various dishes. Another example: If you buy a salad kit for $4 -$5 for just the salad kit it will serve you 1 meal. However, you could buy all of the ingredients for close to the same price and make multiple dishes using the same ingredients throughout the week.
Buying Bulk - Buying items in bulk can save you a lot of money on certain items depending on what you buy and how often you use them. My husband and I have a Costco membership we review each year at Christmas time we shop frequently throughout the year but always for specific items and with purpose. Be mindful when you shop in bulk and be careful not to overspend on items that you do not need.
Do not get discouraged trust God with your finances
There are so many ways that you can still start saving money all around you even in an economy that’s not as strong. When things are starting to get discouraging and prices are going up you can start getting your budget in order and even find yourself saving more money than before. This will not be easy but can be so important during times like this. to stretch your budget and keep you out of further debt.
I believe that the best way to learn how to effectively manage your finances today requires dedication, determination, patience & prayer. As a Christian, you must realize the importance of committing your financial life to God and finding contentment where you are right now. Rediscover what it means to give your financial life to God and watch Him transform your heart and financial life just like He has done for me.
