Lifestyle changes families can make to combat rising cost
Our economy is very cyclical. I recall the economics class that I struggled thought during my Masters’s program and how discussed various economic conditions. I started my Master’s degree in Business Administration around the 2008 Economic Crisis. As a result of economic conditions, I was laid off from my very first job out of college. The economy was not looking so hot. I started graduate school full-time in 2009. Those were the best of days and worst of days financially. As I reflect, I wish I would have practiced better financial stewards ship during that crisis.
Fast forward to today, 2022, our economy is experiencing inflation and many predict that a recession is impending. Thankfully, I now know better and am positioned to do better when it comes to financial stewardship for our family.
In today’s post, I am sharing five (5) lifestyle changes families can make to combat rising costs and become better stewards of other finances during inflationary periods.
Economic Cycles
“An economic cycle, which is also known as a business cycle, is the circular movement of an economy as it moves from expansion to contraction and back again” (Economic Cycle, By the Investopedia Team) Economic Cycle Definition (investopedia.com).
What we are experiencing with the economy is not new news. Regarding our family’s financial situation, we should remain vigilant and in tune with what is going on in the world and in our country. From there we should govern ourselves accordingly. Think about the term “rainy day fund” which dates back to around 1977 during that recessionary period.
You see, there is really nothing new under the sun (Ecclesiastes 1:9)
Financial Stewardship
I am a huge advocate of budgeting and getting to a stable place financially. My family and I have been in debt, paid it off, started investing (lightly), and have grown to a place where we are looking to generate alternative streams of income. No matter the financial goal, financial stewardship is key.
In my opinion, budgeting is one of the best practices when it comes to financial stewardship.
You can view my latest “Budget Plan with Me” video below.
Lifestyle Changes
Simple lifestyle changes can make a huge difference when navigating rising costs. Here is what we are implementing for our family:
- Cutting food costs by shipping sale items
- Cutting dining out by enjoying DIY and copycat recipes for our fav restaurants
- Reducing flexible expense by monitoring usage
- Reducing gas by traveling less
- Reducing minor expenses by re-evaluating usage
These are just a few ways we are adjusting our lifestyle and spending habits to accommodate rising costs. Let me know what you and your family are doing to save more, spend less, and live well during this time.
I will share more tips on my YouTube Channel and here on the blog so make sure you are subscribed to both!
Check out my post, How to Create a Simple Budget – Career Mom Community!
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