Cut! Cut! Cut! (pt 3)

Step 2: Be a Better Steward

Can being a better steward of your money can actually be more profitable than working outside the home? Here I will show you some things we did to get creative financially in order to make staying at home as a mom make sense.

Can Saving Money Be a Job? My Surprising Inspiration from Childhood

When I was young, my parents had just picked us up from my grandparents’ house and were regaling us with tales of their trip to San Diego. I remember feeling offended out that I wasn’t included in this grand adventure—we had barely been out of our small rural county, let alone across the country!

My mom tried to explain, “But we couldn’t take you! Daddy won this trip from work, but it was only for two people.”

I remember wondering how someone could “win” a trip at work. My dad explained that his company held annual contests where employees could submit ideas to save the company money. Whoever saved the most would win the prize. At the time, that seemed so strange to me. but when I did the math as I explained in Part 2, this memory came flying back to me.

What if this could be my “job”!

+++

Rather than working just to hand my paycheck to someone else, I started looking at how I could either earn from home or save money more efficiently. I remember thinking about the salary I was making after doing my math (see my last post), “I could make this same amount of money babysitting someone else’s kid if I really needed that money to make ends meet.” Armed with that fact, I felt freedom to explore. First things first, I fine-tuned our budget and spending habits.

Here’s are 5 ways you might find helpful in your exploration:

1. Rethink Your Cars

Sacrifice. I learned later that the word Sacrifice means to “Make Holy”. There were a lot of sacrifices during this time, but one of the harder things included our cars.

I loved my car. It was a purple convertible and it was brand new. My husband also loved his car, also new, (but red, not purple). We had some higher lease payments that, if we went to one income, would simply have to go.

We discussed how we did not live that far from work so if I needed a car, I would simply drive him. Ok, so 1 car, but which car? Ultimately, instead of choosing, we would trade them both in for a practical family car.

We got a minivan.

2. Track Every Expense

And I mean every expense. It is difficult to talk to someone about how expensive life is when they are holding a Starbucks cup with beautifully manicured nails.

Take a notebook and make 2 columns. Each day, jot down money spent in column and money NOT spent in another. By money not spent I mean when I go into a store and resist the temptation to purchase something. These small “no’s” add up!

3. Audit Every Bill

Check your statements every month. Be sure you understand what each one is charging for and pay attention to any abnormalities.

• Did your cable bill go up? Call and ask for a better deal — or better yet, cancel it altogether. Streaming services make it cheaper and more flexible, ensuring you are only paying for what you want to watch.
• Watch out for sneaky subscriptions. Those “free” trials often get forgotten and can sneak on to your credit card bill. I once accidentally signed up for a calculator app that charged $5 per week! Thankfully, Apple refunded it, but if I hadn’t auditing the bills, I could have lost a lot of money.
• Don’t be afraid to call the bank or credit union to see about getting fees reduced or reversed.

By auditing your bills each month, you can regularly ask, “am I using this” or “is there a less expensive version of that”, cancelling and adjusting as needed. All of the money saved can easily add into big savings!

4. Use Credit Cards Wisely

We use our credit card for most of our incidental expenses and pay it off each month. I regularly go through each transaction-line by line. Some tips:

• Check each an every transaction.
• Set up autopay to cover the full balance every month. Do not ever pay interest on Credit Cards!
• Take advantage of rewards programs. My credit card gives me cash back on each transaction. However, this is only beneficial:
  • if I pay off my credit card each month
  • if the place I am using does not charge a Credit card fee.
• If you ever miss a payment, call the company! Be polite, apologize, and they often waive the fee. I used to forget to pay my Kohl’s card all the time — and every single time, they reversed the late fee when I called.

Remember, your credit card is a tool to make life easier! Do not ever pay money to use it!

5. Shop Smarter

Groceries can be a huge area of savings. Coupons, online shopping promos, store comparisons, programs and meal planning make a big difference. (I hope to write a future post sharing with you the ways I saved (made) 100’s of dollars.)

Once you have implemented the above, add the totals all together. How much did you “earn” by saving money?

Looking at your family’s spending with fresh eyes can feel overwhelming at first — but it quickly becomes empowering. When you take control of your money, you gain freedom to align your life with what matters most.

In my next post, I’ll share the most important part of our decision to live on one income: trusting God to provide.

Be sure to sign up for my email list, not only will you get my e-book of 15 simple morning prayers, but you will also be the first to see my future posts!