Most of us have endured seasons and times in our lives when we were forced to “live on a shoestring,” an old expression that means to live prudently and economically—and usually more tightly than we want to. I’m sure you’ve gone through occasional unexpected and harsh seasons of life where you were driven to cut back drastically in your budget and spending and to live as frugally as possible. In today’s economic times, with rising costs and inflation challenging us at every turn, most of us are searching for ways to economize whether we want to or not.

Moving up in finances is always easier than moving back. We celebrate moving forward, making more money, advancing in our careers and lives, but we bemoan the times when we have reverses. But easy or hard, we have to keep moving on, to make the changes needed to accommodate hard times and to create new beginnings. John Wooden wrote: “If we fail to adapt, we fail to move forward.” What we don’t want to do is value ourselves only by our money and position like the wealthy who leaped from buildings, committing suicide, in the Stock Market crash of 1929. It’s sad to think that anyone would rather die than to face a decrease in their way of living. Better to follow the words of Joseph Kennedy: “When life gets tough, the tough get going.”

Obviously with any income cutback, you have to sit down and look realistically at your financial situation and figure out how you can cut expenses and sometimes, how you can make a little more money to offset the losses faced. Where to begin? I think you start by looking at the basics in your life and seeing which of those you can adapt. For most, the basics are housing, food, transportation, clothing, and critical bills like water, electricity, phone, and other monthly expenses that can’t be eliminated easily. We tend to think these basics are “set in stone” when there are ways we can reduce many of them. Often we can move to housing that is less expensive, we can sell a car with a big car payment for one with a smaller one.  Too many times we wrongly think our homes or cars or other possession define us when they do not. Marcus Aurelius wrote: “It is not our possessions or external circumstances that define us, but rather our inner strength and moral integrity.”  Frequently, if we will admit it,  too,“We buy things we don’t need with money we don’t have to impress people we don’t even like” [Chuck Palahniuk].  That attitude change is a part of the adjustment we need to make in economizing, to change our views about possessions and their meaning in our lives. We are too often possessed by our possessions. But we can change.

Studies show regularly buying too many clothes, shoes, bags and accessories is a widespread habit in America. People often don’t shop because they need anything but mostly for social and emotional reasons, and most people buy more than they can afford in clothing and other items. This is a quick area we can all change our spending habits in to economize. We can make do with clothing we have without buying more until totally necessary, and we can learn to thrift shop for needed clothing items, going to charity sales or thrift stores, and heading first to the half-price sales rack for clothing needs. Vivienne Westwood wrote: “Buy less, choose well, make it last.” When you need to buy clothing, buy good basics that don’t go readily out of fashion or out of style. Buy clothing items that easily mix-and-match which provide more versatility. Change out of your nicer clothes when you come home from work, school, or being out of the home and put on older clothes for around the house and yard. Keep in mind that children grow fast. Don’t spend excessively on their clothes or shoes, knowing they will soon outgrow them. You’ll often find great clothes, shoes, baby items, and children’s toys at garage and charity sales, too. Keep in mind that it is adults that are often “hung up” about brand names and clothing status, not little kids, unless you teach them those values. Teach them instead to “smart shop” finding quality clothing and brand names at thrift prices. Be especially watchful today of mindlessly shopping online and being lured to buy and charge unneeded items you’re tempted with.

A recent 2024 study found that 42% of Americans report they are not able to live within their means with much of their financial concerns due to “overspending.” What causes this? The desire to keep up with the Joneses, letting expenses unintentionally creep up, shopping by impulse and for escapism, refusing to readjust budget spending for inflation, and slipping too easily into debt with the overuse of credit cards. The latter is especially scary and every individual should sit down and realistically find a way to avoid any credit card debt and to get out of any existing card debt. Our rule at home is to seldom use credit cards at all and if we do to pay them off as the bill arrives. We recently misplaced a small credit bill from a local department store and the interest tacked on for it being late added as much as the original item price to what we had to pay. Credit card interest rates have grown astronomically, making incurring card debt a budget threat to anyone. As Benjamin Franklin once said: “He that goes a borrowing goes a sorrowing.” Getting out of debt and avoiding debt are two of the best ways to see that your budget woes do not increase.

After sitting down to realistically figure out ways to cut and save in basics … it’s time to look at all the little non-essentials that steal from our income. A Lending Tree 2023 study found that 77% of Americans say it’s essential for them to buy and have the latest technology products and gadgets, like phones, computers, smartwatches, televisions, gaming equipment, and tech accessories, and they won’t hesitate to go into debt to purchase these products, even when their current products are in good condition. This excessive purchasing habit trend affects all generational groups and income levels. Additionally, more than 28% of Americans surveyed said they’d prioritize these purchases over other needed financial obligations, even rent and bills. This area needs some moral and character analysis. As S.W. Straus said: “Thrift is not an affair of the pocket, but an affair of character.”

Other nonessentials that Americans overspend on include exercise equipment and gym memberships, entertainments like movies, shows, and expensive concerts, sports events and season tickets for sporting events, yard, garden, and home furnishings, tools, and other items. Additionally, Americans spend an excessive amount of their budget on restaurants, bars, and eating out. One recent study found that the average American eats our five to six times a week either in restaurants, or via ordering takeout or delivery. A MinnPost survey found Americans overall spend about $70 billion eating out every month. The reasons people give for this spending trend is mainly that they don’t feel like cooking, that eating out is more convenient or more social. It is also more expensive to the budget and eating out frequently can lead to increased weight and higher medical expenses due to the large food portions, the additional calories, sugar, and unhealthy fats in restaurant portions. One study noted the potential expense of eating out versus cooking at home costs the average American $300 more in finances every month.  A way to quickly save money and to benefit your health is to eat the majority of all meals at home. The average home meal costs $4.23 per person versus over $16 per meal out by the time drinks, tips, and taxes are added in. A Penn state research study found that people who dined out frequently tended to underestimate what they spend and to rationalize their reasons for eating out, causing this pricey habit to destroy their efforts to budget successfully. All too often these meals out get paid with credit cards, and in the third quarter of 2024, the average American household had about $8,871 in credit card debt.

Healthcare sits in the middle between being an essential expense and a nonessential expense. According to a study in the American Medical Association, the annual cost of wasteful spending in healthcare has ranged from $760 billion to $935 billion in recent years. This waste could be services and processes that are either harmful to or don’t provide real benefits, with excess costs that could be replaced with services or products with cheaper alternatives. We get caught up in this excessive spending, following unwisely along, incurring too many elective doctor visits and elective surgeries, and readily accepting too many prescription drugs when life changes might be a better alternative. Additionally, four in ten adults have medical debts and pay huge monthly costs for drugs. According to multiple studies Americans are also considered to be highly overmedicated. Consumer Reports called it “America’s Love Affair with Prescription Medication” and Forbes reported that America leads the world in high rates of unnecessary elective surgeries. Spine and orthopedic surgeries and joint replacements lead the list with studies suggesting 50% of these surgeries unnecessary. This is a troubling trend. But we participate in these problems, cooperating eagerly to schedule surgeries and fill yet more prescriptions. As Andrew Weil wrote: “Modern American medicine treats almost every health condition as if it were an emergency.” Be watchful about overspending in the medical arena.

Vacations and holidays are another area where people habitually overspend. According to a recent Deloitte study Americans are expected to spend about $1,638 on gifts, travel and entertainment this holiday season despite ongoing economic challenges, and most of this money will be in consumer debt to be paid off in the new year. For many that is over a week’s salary and the average American has not put away that money in savings in preparation. A LendingTree research report explained that an estimated one-third of American adults go into debt to pay for holiday expenses. Even sadder, a new survey from WalletHub found that 46% of American are still paying off the debt from last Christmas as this Christmas approaches and will probably soon add to that debt even more. An answer here is to bargain shop more carefully for Christmas gifts, to put away money for Christmas all year, or possibly to make gifts for many. Watch, too, lavish ticket costs to go to Christmas productions and instead attend the many fine Christmas shows and concerts free at local churches and area schools and facilities. The answer is not to quit giving but to find a way to plan holiday giving more wisely.

We all individually, and as a family, need a break and a vacation from our hectic work and everyday lives. Vacations are healthy for individuals and families, but they can add another economic strain to a tightening budget. A recent 2024 study noted that about 90% of Americans plan a vacation each year and the average cost of the one-week vacation they will take will cost between an average of $1,991 to over $5,728 … with the cost rising for families. Many will stay in motels or hotels, all of which have gone up in price to closer to $100 per night or more. Food will cost more adding about $58 per day per person and entertainments possibly $55 per day more. Gasoline prices have increased, too, for drivers and campers as have airfares. What’s the answer to avoid going into heavy debt? Research to find places to stay in villas or cabins where you can cook most of your meals in. Many less popular spots and state parks have rentals that will reduce the average vacation stay expenses. If possible travel off season and plan activities that don’t further stretch the budget. Most every vacation arena has nearby free attractions, parks, historic sites, hiking trails, lakes and beaches that are free to enjoy. Even in lean years when the children were small, we found economical places for a family vacation, like at a beach or lake or in the mountains, where we could enjoy time away together to make some good memories without incurring debt.

By our lifestyles for good or ill—by our own choices—we can create either blessings for our lives or more problems. In financial areas, we often create our own serious problems and can be our own worst enemies in creating a fiscally responsible life for ourselves and our families. Catherine Pulsifer wisely wrote: “Being frugal does not mean being cheap. It means being economical and avoiding waste” and Dave Ramsey, an expert on spending, would add, “Budget is telling your money where to go instead of wondering where it went.” We can all budget and live with more wisdom and prudence in our spending, without sacrificing a good and happy life. Calvin Coolidge wrote: “There is no dignity quite so impressive, and no one independence quite so important, as living within your means.”

If you’re a person of faith, a good point to remember is that all your money really comes from and belongs to the Lord. He expects you to be a wise steward of what He has given you and allowed you to earn with your work and life. I believe, too, that a strong faith in God helps us in tempering our natural desires and realizing the things that are truly important. In truth, you either choose to take care of your life, your finances, and your body or you don’t. And even if you go through a dark financial time, God will help you through and out of it.  The Bible is full of good counsel to help with finances and there are many fine books to help you learn to manage your financial life better. Study to find a wise and prudent way to live your life. We each have so much power to change our world simply by being wise and careful in what we buy.

You may be “living on a shoestring” right now, living with very little money, with limited funds to the thinness of a shoelace, but you can work to improve your life and your resources. Never believe that life won’t and can’t turn around for the better. If you read of the lives of all great men and women, you’ll find most all went through some dark and grim times, many worse than any you have ever experienced. So never give up on a better tomorrow, keep hope and work hard to make your future better. “No matter what happens, or how bad it seems today, life does go on, and it will be better tomorrow” [Maya Angelou].  Do your part in turning your future into a better one. Sit down and think wisely and well of all the big and small changes you can make to improve your life and finances. “It’s hard to beat a person who never gives up” [Babe Ruth]. Yes, change is difficult and requires discipline but you can do it. You can make the changes you need to make to create a financially responsible life. A closing thought: “For things to change you need to change. For things to get better you need to get better. The good news is you can change, you can get better and you can start right where you are at and you can go as far as you want to go” [Jim Rohn].

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Note: All photos my own, from royalty free sites, or used only as a part of my author repurposed storyboards shown only for educational and illustrative purposes, acc to the Fair Use Copyright law, Section 107 of the Copyright Act.