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:
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
Whether it's cutting back on unnecessary expenses, finding ways to reuse or repurpose items, or hunting for the best deals and discounts, adopting a frugal mindset can help you stretch your dollars further and build a solid financial foundation.
According to a recent study of data from the IRS and U.S. Bureau of Labor Statistics, households that earn $652,657 or more per year are in the top 1% of earners in the nation. But the income you need to earn to be a "one-percenter" varies quite a bit on a state-by-state basis.
Insert a penny–with Lincoln's head face-first–into a tire tread groove. Check if Lincoln's head is covered and no longer visible between the grooves. If you can see all of Lincoln's face sticking out of the tread groove, then your tire treads are 2/32 inches deep or less.
Sometimes, it makes sense to pinch pennies and save as much as you can. However, there are times when saving the extra money costs you in a number of other ways. Carefully consider all the costs involved before making your spending decisions. Sometimes, the non-money costs outweigh your savings.
Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.
“Retiring on $2,000 per month is very possible,” said Gary Knode, president at Safe Harbor Financial. “In my practice, I've seen it work. The key is reducing expenses and eliminating any market risk that could impact your savings if there were a major market downturn.
Community assistance is available to those who need it. For example, don't be afraid to ask for help at the food bank or at your place of worship if you're struggling to make ends meet.
Include both taxable and non-taxable Social Security income. Enter the full amount before any deductions. Don't include Supplemental Security Income (SSI). Include most IRA and 401k withdrawals.
Household Income. Household income is the adjusted gross income from your tax return plus any excludible foreign earned income and tax-exempt interest you receive during the taxable year.
How much do you need to earn to be in the top 1% income bracket? To be in the top 1% of earners, you're looking at an average annual income of $819,324. The top 0.1% of Americans earn an average of $3,312,693.
uncountable noun. Penny-pinching is the practice of trying to spend as little money as possible. [disapproval] Government penny-pinching is blamed for the decline in food standards. Synonyms: meanness, selfishness, parsimony [formal], stinginess More Synonyms of penny-pinching.
Penny-pinchers can be divided into frugal kids vs. tightfisted kids. Frugal penny-pinching kids feel emotionally rewarded by saving money when making purchases and by getting a “good deal” for their money whenever possible. Bargains give them joy.
Since 1992, 1ps and 2ps have been made out of copper-plated steel instead of the previous alloy of copper, tin and zinc. Steel is magnetic so pennies made after 1992 will be attracted to the magnet when it is close to them.
I thought that that comment was a bit mean and penny-pinching because we have given a great deal. I hope that he was not here to carry out a penny-pinching exercise. The penny-pinching that has gone on here is highlighted by the foolishness we find in so many other aspects.
Address: Apt. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398
Phone: +26417467956738
Job: District Marketing Strategist
Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports
Introduction: My name is Prof. An Powlowski, I am a charming, helpful, attractive, good, graceful, thoughtful, vast person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
