Stretching Our Money In Today’s Economy

Stretching Our Money in Today’s Economy

There’s no denying that prices have been on the rise over the past few years, and for many of us, our incomes have struggled to keep up. It feels like money just doesn’t go as far as it used to, whether we’re talking about groceries, gas, or daily expenses. For my husband and me, this has been a reality we’ve had to navigate, especially considering our roles in education—fields that, unfortunately, don’t offer high salaries. I’m a public school teacher, and my husband serves as the Transportation Manager for the same district. While we are both grateful for our jobs and the community we work in, the financial struggle is real. Here are a few strategies that have helped us stretch our dollars in today’s economy

Downsizing Our Vehicle Situation

Not everyone may be able to do this, but for us, it was a game-changer. We previously owned two vehicles with two monthly payments, amounting to $1,000 per month, not including insurance. Since my husband and I work for the same school district, we often commute together. Even on the days when we each needed to drive separately, we didn’t always have to. Selling one of our vehicles allowed us to eliminate a monthly payment and pay down some of our debt. While we’re planning to buy a second vehicle in the future, we won’t go back to a two-vehicle payment situation. Instead, we’ll either wait until our primary vehicle is paid off or purchase a more affordable vehicle with cash. This decision alone has saved us $1,000 a month, which has significantly improved our financial flexibility and allowed us to build our savings each month. It feels good to have that breathing room in our budget.

Sam’s Club for the Win

We’ve found that shopping at Sam’s Club has been a major money-saver. While it’s a bit of a drive (about an hour and 20 minutes away), we make the trip every other month to stock up on essentials. As Plus members, we also enjoy the benefit of free shipping, which is a huge bonus. When we go in person, we focus on buying meat and frozen items in bulk. In between visits, we order pantry staples and canned goods online, which saves us both time and money. Having a stocked pantry and freezer not only helps us avoid unnecessary takeout but also ensures we eat better and spend less. It’s been a win all around.

Planning Ahead

A few years ago, my husband’s job required him to travel frequently, which, while financially rewarding, took a toll on our personal lives. We rarely saw each other, and when we did, it was often on my days off. Eventually, we made the decision for him to come off the road, even though it meant a significant pay cut. However, we were determined to find ways to make it work and maintain the lifestyle we wanted. One key strategy was planning ahead for larger, predictable expenses. We started setting aside money each month for things like Christmas, vacation, and property taxes. By calculating our yearly expenses and dividing them by 12, we knew exactly how much to save each month. Since we are paid once a month, I made it a priority to transfer that amount into a separate savings account right away. This strategy has allowed us to cover these expenses without relying on credit cards. It was an adjustment at first, but it’s been incredibly relieving to have those funds set aside and never be caught off guard by these annual costs.

The Power of Budgeting

We take budgeting seriously, and it’s made all the difference. I created a simple Excel spreadsheet with a monthly breakdown of our income and expenses. Since we both have salaried positions with fixed incomes, this part is relatively straightforward. On the side, I list all of our bills, including savings and spending money. The goal is to allocate every dollar, so we’re left with zero at the end of the month. I leave just enough in our checking account to cover the bills and keep our spending money at home. This method ensures we don’t overspend, as we know exactly how much is available for discretionary spending. If we still have money left near the end of the month, we might decide to enjoy a nice dinner out or treat ourselves, guilt-free. This approach has helped us avoid the temptation to swipe our cards mindlessly, and it’s made us more conscious of where our money is going. We no longer feel deprived because we’ve included spending money in our budget, and the result is that we save more while feeling more in control of our finances.

From Financial Stress to Financial Control

When my husband left his high-paying but demanding job, we had serious doubts about how we’d make it work on his reduced income—he now makes about a third of what he used to. But looking back now, over two and a half years later, I can confidently say that we’re actually in a better financial position than we were when we had more income. It hasn’t been easy, but with a lot of planning, sacrifice, and strategizing, we’re now at a place where we feel empowered and in control of our money. We know exactly where every dollar goes, and that peace of mind has made all the difference.