By Carley Hibbert

In two years, the Hibbert family went through three job changes, a back surgery, the birth of their third child, two moves, multiple car repairs, and her husband’s return to college to finish his degree. How did they manage, then, to also buy their first home and reduce their debt?

My husband and I bought our first home last summer. A month and a half later, we paid off our last credit card. These are not small accomplishments for us, especially considering the past two years. We scrolled through our checkbook and were amazed at the miracles that happen in tough times.

When things were tighter than we’d ever experienced before we reduced our debt and bought our first house. All this considering that we lived off one income—and an unsteady one at that. How did we do it? We gave up conveniences, used our resources wisely and relied on our savings.

Let It Go

If you find yourself having to live on less than enough, ask yourself, “What do I need to give up? What do I need to survive? And if I need this to survive, can I survive on less?” The first things to go are things like eating out, cable/satellite, movies, magazine/newspaper subscriptions, extra telephone lines—anything that you don’t really need or can do much cheaper. We had three months where we actually stopped spending money completely because we had only enough money to pay our bills ($10 left over, which I wasn’t about to spend.) Here’s how we survived those three months:

• We parked our car and walked. My husband walked to work three miles one way, which also helped in his post-back surgery recovery. Our double stroller that we bought on clearance years earlier turned into the best investment we ever made. We actually created family time by walking to church. Sundays are typically crazy days, but a thirty-minute walk gave us time to talk and to notice so many beautiful things you can miss in a car. We built memories for our children and incorporated exercise and stress management into our lifestyle.
• I started line drying my clothes. Using hangers, I hung my wet clothes up in the windows, shower rods and closet doors which allowed my laundry money to last twice as long.
• We gave up cold cereal. For what it costs to buy one or two boxes of cold cereal, that lasts a few days, I can buy enough oatmeal to feed my family breakfast for a month.
• We turned the heat down to 65 degrees during the day and 60 degrees at night. We covered our drafty windows with blankets or sheets when the temperature starts to drop.
• I found a free parent/child class for my three-year-old to substitute for pre-school.

If you start looking you can find lots of small ways to save, but sometimes a few big changes can be the most effective. We moved from a three-bedroom, two-bath home we were renting into a two-bedroom, one-and-a-half bath apartment. This was perhaps the best decision we made. We easily saved more than $700 a month because we were willing to sacrifice space and quality for a few years. The location of the apartment also allowed us to walk to the grocery store, school, work, pre-school, library and even church. Before that we moved in with a relative and managed apartments, which allowed us to pay off huge chunks of debt.

A temporary sacrifice can save you money long term and actually add to your quality of life. When you make these sacrifices, you find amazing blessings in the “gaping holes” left behind.

Know Your Resources

Look at your resources for assistance. Here are a few simple yet resourceful ways we saved:

• Get assistance from your state agencies. My children have Medicaid, so I can keep up their vaccination and pay for their medications. And after having gone without steady health insurance for my family for years, having medical coverage has eased a huge financial worry for our family.

• Accept help graciously. We were at our poorest the month I had my third baby and, miraculously, for the first time ever, we had multiple meals brought in that lasted us several weeks. We were overwhelmed by people’s generosity. Once you know what your resources are, you need to use them efficiently. This means budgeting and looking to the future. You’ve heard the old saying: “Hope for the best, plan for the worst.” There’s definitely truth to that.

• We live close enough to friends generous enough to let us do laundry at their house since we didn’t have a washer or dryer.
• Don’t forget about the library as a resource. Besides books, magazines, movies, they usually carry local papers or computers with Internet access, among other resources.
• Save, save save! When things are the tightest is when I’m usually the most serious about savings. It is amazing how effective a little savings like $25 a month can be. When you’ve had to pay your bills from your savings and it’s kept you alive, you begin to view your savings as sacred. I know it’s there, but I’m not pulling it out to buy a dress. Of course, you can save more than money. Don’t forget about food, diapers, medicine, clothes, fuel, or toilet paper you have stashed away in your home; they’ll let your money savings last a lot longer.
• Eliminate those monthly payments. Credit card or car payments, expensive rents or mortgages, and other forms of debt, once eliminated can save you hundreds or thousands of dollars a month. It is worth tightening the belt and doing without to avoid adding to your debt and working to seriously pay them off.

Remember to Serve

I also believe that when we give to others, we receive more ourselves. I’ve received needed gifts from people and, knowing their value, look for opportunities where I can give back. When things are tight, I feed the missionaries. I give a can or two to the food bank. I offer to babysit. I look for small acts of kindness like an encouraging word or smile. It’s putting spiritual money in your savings account, always a good investment.

Living off of one income has meant sacrifices, but I have found that that world is not really such a bad one. We learn our abilities and skills. We become flexible and empowered. We gain a new vision and compassion for others. Wisdom cannot be bought with money but only through experience. We’re still careful with our money and I plan on continuing that trend. These lessons learned are not just for hard times but to prepare for them so you are ready when they do come, because they always do—whether in the form of wars, famines, plagues, economic changes, or personal disasters.