Everyone needs a few penny pinching tips on occasion to help make ends meet, but especially those families trying to live on a single income.
We work hard to get great deals and work on ways to save, but there may still be some days when there is too much month at the end of your paycheck. These penny pinching tips are designed to help you realistically save money and make ends meet even when it seems impossible.
Use simple frugal meal plans.
I mention meal planning all the time, but it really is a huge way to save money on your grocery budget. Generically I can tell you that a meal plan will save money, but let’s look at some real facts about how it can.
If you plan, you will be using things from your pantry, fridge and freezer that you have bought already. When I get lazy with meal planning, I find I throw away much more rotten produce than if I were to take a few minutes to plan some meals around the produce (and other items) that I bought.
- Planning what you will have each day will help you to use things like leftovers for lunches, or help you to use a large pot roast for not just one meal, but two or three. Turn that roast into stew, soup, beef dips, or even tacos.
Eating out for a family of four can cost $20-$50 easily. $20 twice a week is already $160 a month. The same $160 can feed your entire family for more than a week with your meal plan in most cases. Over the course of a year, you can save over $2000 just by not eating out twice a week.
- Using free or low cost items from your pantry that you have bought with coupons or on sale, can work easily into your meal plan and save even more money.
$5 Meal Plan
If you find meal planning to be a struggle, I suggest you take a look at$5 Meal Plan. It happens to be my favorite meal planning service.It’s just$5 a month (the first two weeks are free!), and you get menuplans sent straight to your emailalong with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This service allows you to save time because you won’t have to meal plan anymore, and it will save you money as well! If you are interested in joining for free,click here.
Evaluate your housing situation.
Where you live is important for many reasons, but there are a lot of single income families that can easily downsize. It’s one of the hardest penny pinching tips out there. But putting aside the idea of a bigger home for a time so you can focus on saving that extra money for paying off debt or putting into savings can be beneficial. Here are some easy ways to make a smaller home work for your family:
Have kids share a bedroom to save space
- Consider selling larger furniture pieces that aren’t needed or make your space feel overcrowded.
Declutter any items you don’t use regularly that can easily be replaced. (gym equipment, guest room furniture, clothing, toys, electronics.)
Use attic and garage space for storage.
Change how you view necessities.
I’ve also talked about this a lot, but this tip is vital to financial success for anyone who is really trying to learn some penny pinching tips.
What you feel you have to have, is not always a true necessity. For example, do you really need Netflix? Could you watch shows on YouTube instead?
Look at your budget, your regular expenses and how you spend your money. There are many things you may be able to cut out, make on your own or even replace with something less expensive, even temporarily.
Grow your own food.
A backyard garden or even raising chickens, may seem crazy, but it can save you tons of money.
A garden is a smaller investment way to have your own food available. It can be a family effort and learning experience for everyone. Along with your garden bounty, you may want to venture into canning and freezing your excess produce so you can enjoy it all year long!.
While you may not have a farm for raising animals, you will find that many areas have farms that sell a side of beef at a much lower price per pound than your grocery store. It’s a large up front investment, but the overall savings is significant enough to really be worth your money.
When it comes to following basic penny pinching tips, you really have to look realistically at what you are spending, and then find unique ways to change the costs. Whether it’s stopping the spending habit all together, or finding something new to replace it at a lower cost, it’s vital to your ultimate financial success.
If you’re a single income family, what are some ways that you have changed your family’s finances for the better? I’d love to read in the comments below!
You might also enjoy:
- 7 Frugal Living Tips for Single Income Families
- A Day in the Life of a Frugal Person
- How to Cut Back on Household Expenses in 15 Minutes
