Having been through some rough times financially and now on the count down to my partner retiring I’ve been collecting tips on how to stretch the budget. My husband’s philosophy is “have money, will spend”. Mine is, and has always been, to put a little away for a rainy day.
Years ago I found myself a single mother, with a young child, paying rent that was more than half my income. I learnt how to make the budget stretch then. Also years later when my husband had a period of unemployment we existed on my minimum wage. We had two children still at home and a mortgage to pay. We managed on my wage for that time. It was tough, but we survived.
Each fortnight, my sister and I (along with friends sometimes) go on an excursion to a different place. We take a packed lunch and use our Seniors cards for the travel. Our day out costs us $2.50 and we sometimes buy a coffee. We have a wonderful time on a very limited budget.
Here are my tips on surviving. Please add more of your own in the comments below…
1. I am a firm believer in the ‘envelope system’. Document your spending over a few months. Each pay put an average of what you think you will spend into an envelope. DON’T touch this for other things. An example might be one for food, one for bills, one for medications, one for household expenses, one for clothes and shoes, one for entertainment etc.
2. Plan your meals. Have a large shop on your pay week, but put aside an amount for perishables the following week. Have a fortnightly list of meals and shop for these meals only. Do not shop on an empty stomach. Put aside some time for a cook up so that you are not using your oven each night. Cook in bulk and freeze. Vegetables that are plentiful and cheap can be blanched and frozen. Cut down on meat. The internet has a great variety of vegetarian dishes that are tasty and healthy. Keep a can of tuna or salmon and a packet of long life milk in the pantry for times when you may run out. Make your own biscuits and cakes. You know then how much sugar, salt and fat you are consuming. Also make your own household cleaners. There are recipes on the internet for cleaners. You can see some of our Starts at Sixty recipes by clicking here.
3. Grow your own. I must say that although I do grow my own vegetables I am finding that weather conditions have caused a lot of failures. I’m beginning to think that the cost of fertiliser, mulch etc and the fact that my crop may be ready and get hailed on, or flooded or burnt to a crisp is not making this a viable exploit in saving money. I do however, persist as I enjoy gardening. Fruit trees are wonderful. We have a variety and I make jams, marmalades, fruit leathers etc with the glut that I inevitably have.
4. Saving on electricity: I’m sure everyone has heard all these before. Bake all at once rather than in batches. Turn off lights and appliances when not in use. Use your washing machine only when you have a full load. Don’t use a dryer. Use your dishwasher only when it is full. Don’t use air conditioning (we have ceiling fans). Rug up rather than turn on a heater. Close blinds and curtains to keep the heat and cool in your home. Get a rainwater tank so you can save on water for the garden.
5. Volunteer. I volunteer at a community garden. All of the vegetable disasters I have at home can be supplemented by taking home some of theirs. Volunteering gives one a sense of wellbeing and friendship. The skills you have can be transferred to others and sharing brings happiness. Also you learn skills from others. To volunteer costs nothing but your time. Also joining some groups. Most aren’t too costly.
6. Exercise. There are places about that cost nothing to join an exercise class, others only a small fee. Walk the dog. Ours demand to be walked for an hour each day.
7. Insurances. Firstly those funeral insurances that are plastered all over our TV. I wouldn’t go there but if you feel you want to, do research first. Save for your own funeral and maybe go directly to the director and plan your own before the event. Also burial plots can be pre-purchased. Secondly, pet insurance. One of our dogs has pet insurance. Luckily it is the one who has the most illnesses and accidents. We insured him as a puppy when we first bought him and within a month had a $2,000 bill. Money well spent as they paid all bar $100. Shop around, they are not all the same and the most heartbreaking thing would be to have your pet put down because of the cost of vet fees.
8. Sometimes you need to spend a little to save. Next week I am going to a cheese making workshop. Last month I went to a soap making workshop and also a home-made skin care product workshop as my skin has allergies to perfumes. So I will be making my own soaps and skin products. This, in the long run will save me. I have a yoghurt maker, yet to use it but it will no doubt get a good run as I eat a lot of yoghurt. I get my hair cut by students at TAFE for $5 and eyelash & brow tints for $7 from there also. If you live anywhere near a training place for students you can get discounts. Op shops are also great. I tend to buy one new item of clothing a season and the rest op shop clothes. If you are in dire need contact one of the charities that will help with food and vouchers.
So, when the going gets tough, don’t fall into a miserable hole… Instead, turn to some smart moves and let your cash survive for longer.
What money saving tips and tricks can you share with the Starts at Sixty community? Tell us in the comments below…