Saving Money During Inflation- 10 Ways to Live More on Less

#How our family of 6 thrives on one teacher’s salary.

Times are tough, and unfortunately getter tougher by the minute. But what if I told you, there was a way (or 10) you could save money even now?

First, let me give you a little background about myself and my family. My husband and I live on about 9 acres in a 100-year-old farmhouse in Central Illinois. We met almost 10 years ago when we were both teaching high school. When I was pregnant with our second child, we decided that I would quit teaching and stay home with our two youngest. For those of you who are or have been stay at home moms, you know the struggle is real! It was rewarding, but also a lot of hard work!

In 2019, I got an offer to teach Family and Consumer Science at a nearby Middle School. This was a dream job for me, and one that does not come along very often. My husband was burned out from 20+ years of teaching and we were used to living on one income, so I convinced him to trade places. We had many, many discussions before he decided it was okay for him to work from home and for me to go back to school. In the fall of 2019, I began teaching and he began staying home with our then 1 1/2- and three-year-old youngest. It was an adjustment, but one that has worked out extremely well for our family.

By now you’re thinking, that’s cool, but what does that have to do with me saving money? In order for us to live well on one (not very large) teacher’s salary, we do things a little differently than many people. Here is a list of 10 ways we reduced our expenses that have helped us live more on less. They could work for you, too!

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1. Track Expenses – Write down every penny you spend for a month. You may be surprised to find out how quickly those “little expenses” add up. After tracking your spending for a month, take a good long look at where your money goes. Cut out unnecessary spending and put that money towards paying down a debt (see #10) or place it in savings.
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2. Research Insurance – We shopped around for the best deal and reduced our auto and homeowner’s insurance by about $250 a year. It might not sound like much, but every little bit makes a difference! Many companies will offer discounts for safe driving records, anti-theft devices, and good grades (for student drivers) so make sure you ask for those as well,
3. Say Goodbye to Satellite TV- As I am typing this, that phrase sounds a little silly. Is it still called satellite television? I’m not sure, but I do know whatever it’s called, we don’t have it. No more monthly bills for cable or other TV services in this house! We save about $75 a month by watching the channels we get from our attic antenna and by streaming free shows on our Amazon Fire Stick.
4. Stop Eating Out – Plan your meals ahead and save money. When you track your monthly expenses, check out how much of your extra spending goes to local restaurants. Take this a step further and strive to eat made from scratch meals and snacks. I love to meal plan and always make extra, so I have lunches for the week, too. Not only will you save money, but you will also be healthier.
5. Buy a Berkey– This is a fairly large expense up front (between $300 & $500), but if you consistently buy bottled water or subscribe to a water delivery service, it will pay for itself in no time. We easily enjoy freshly filtered water at home, and I love that I was able to add a fluoride filter as well. My only regret is that I didn’t buy the largest model to begin with. As my family grows, so does our water consumption. Thankfully, my kiddoes are big enough for me to add “fill the Berkey” to their chore list.
6. No Phone Contract- We switched phone providers and got a really great deal because we brought our own phones. We never finance our phones through the company. It saves money and keeps you from being tied down to one carrier.
7. Ditch the Car Payment- Just like our phones, we always pay cash for our vehicles. Of course, that means we aren’t buying brand new vehicles. We save our money and buy what we can afford. It helps that my husband is a mechanic and can fix anything. Just keep in mind that a new car loses about 10% of its value the second you drive it off the lot. Don’t be tied down to a car payment every month. Buy what you can afford and put your payment in savings so you can upgrade later or pay for repairs should your vehicle need it.
8. Nix the Paper Products- I stopped buying paper towels and napkins a long time ago. It feels pretty fancy using cloth napkins every day. Of course, you can buy cloth napkins, but since I have “I can make that syndrome”, I sewed ours myself. They are extremely simple and inexpensive to make. Ask your family if they have any scrap fabric lying around and I bet someone will load you up! I also use Norwex Cleaning Cloths for dusting furniture and shining windows. The window cleaning cloth works like magic! I don’t even bother to buy glass cleaner anymore.
9. Trade Your Health Insurance for Cost Sharing- Let’s face it, unless you have an amazing employer provided health insurance plan, this is one area where it is hard to save. The school district in which I teach provides health insurance for me for free. However, it would cost over a thousand dollars a month to insure my family under the same provider. That was for sure not an option. Thankfully, we found a cost sharing program that works amazingly well for my husband and kids and it only costs $450 a month for all five of them. I cannot say enough good things about Christian Healthcare Ministries. Not only did it save us money, but it covered all of the expenses when my husband had surgery. We paid zero out of pocket, which would never happen with traditional insurance. You can find out more about CHM here.
10. Get Rid of Debt- If you have credit card debt, a car loan, or student loans, do everything you can to pay that down. Use the money you save by following steps 1-9 to make extra payments on your smallest debt. When that debt is paid off, put that extra money on your next smallest debt, and so on. You will see progress quickly and be inspired to keep going! Being debt free is liberating and opens up doors of opportunity you wouldn’t otherwise have when you’re saddled with monthly payments.

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