Are your family finances feeling a bit strained this year? You’re not alone. Traditional budgeting practices—like setting up automatic bill payments, establishing monthly savings goals, making bulk purchases, and reducing dining out—are becoming less effective.
A recent survey conducted by CNET Money found that 93 percent of American adults are worried about inflation. Nearly three-quarters of respondents reported delaying long-term financial goals or significant purchases due to increasing inflation and rising costs of goods. It’s not only food prices that are climbing; costs associated with children’s extracurricular activities and travel are also on the rise. Here’s how our family is adjusting our budget amid inflationary pressures.
Keeping an Eye on Our Spending
The method of tracking your expenses is less important than the act itself. Monitoring your expenditures frequently results in two key insights: recognizing where your money is going and spotting areas of overspending.
There are many effective apps that assist in managing expenses, including Mint and YNAB. I also find RocketMoney particularly helpful for overseeing bills and subscriptions, which represent a surprisingly large portion of our budget.
Opting for Biweekly Grocery Shopping
As a mother of two boys and a husband who loves to eat, our grocery costs have skyrocketed. Weekly grocery deliveries, meal subscription services, and unexpected trips for forgotten items had us spending nearly $400 each week on food.
To reduce our grocery bills, I switched to biweekly grocery deliveries, which encourages us to use up the leftovers in the fridge, even if they are not favorites. This change has helped to minimize both impulsive and duplicate purchases while also cutting down on food waste, something I find particularly troubling. Additionally, I discovered that our meal delivery service cost us $10 per person per meal, so that’s the next expense I plan to eliminate.
Cutting Back on Extracurricular Activities
I have always believed in limiting my children to one sport or activity per season, and this autumn was no exception. As my youngest wasn’t particularly enthusiastic about any sport this fall, we chose to skip it altogether.
In our area, the price for popular sports like soccer or t-ball is around $200 per season, not including expenses for equipment, clothing, and transportation to the fields. There’s also the opportunity cost of dedicating Saturdays to these activities until mid-November.
By scaling back on sports, we’ve saved hundreds this fall, and it’s a frugal and sanity-saving measure I intend to continue, even when our financial situation improves.
Forgoing a Major Vacation This Year
For me, summer is synonymous with travel. However, when considering hotel stays, airfare, dog care during our absence, and other vacation costs, taking a big trip just wasn’t realistic within this year’s budget. Instead, we arranged a week-long visit to my parents in another state.
We transformed the journey into a road trip, using hotel points for our accommodations both ways, making it feel like a true getaway. We also brought our dog along, which not only saved money but proved to be quite fun (for the most part).
Exploring Free Family Activities
I can easily finish a book in a weekend; the joy of opening a new hardcover and flipping through its clean pages fills me with excitement. Lately, instead of buying books, I’ve been utilizing free resources like Libby, Amazon Kindle Unlimited, and, of course, I regularly visit my local library.
This summer, I’ve adopted a similar strategy for my children. I alternate between pricier outings and free activities, such as trips to the playground, visits to community pools, and bike rides. If I anticipate multiple trips to the same place, I invest in an annual pass. Though it may require a larger initial expenditure, it often leads to long-term savings. And don’t underestimate the fun that a garden hose can bring in your backyard.
