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Overcoming the challenge of money to set up your self-reliant life
Time to complete this lesson:
Video: 12 minutes
Workbook: 10 minutes
Total time: 22 minutes
Today, we are going to get into some nitty gritty details that will help you find the money you need to live the self-reliant life you’ve always wanted.
Let’s face it, it costs money to get things set up on your little homestead.
- You want to install a few raised beds to expand your growing space
- Add a chicken coop and finally get those 6 hens you’ve dreamed of
- Grow a fantastic garden so you can preserve more food
- And purchase an extra freezer so you can stock up on meat
And that’s just the beginning – Whew, where will you get the money?
There’s only so much of it to go around and now that you’ve identified your time properties from lesson one, you’d like to have more money to put these things in play.
It really is possible, once you learn to tell your money where to go!
Here’s what you’ll learn about the challenge of not having enough MONEY:
- What the “living with a lack mentality” does to your psyche.
- How to prioritize your self-reliant goals and give them a realistic price tag.
- The dreaded B word.
- The difference between frugal and cheap, and when to choose one over the other
- 10 painless ways you can free up extra money in your budget
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Watch the Video:
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As you can see, with just a bit of effort you can reclaim money in your budget and put it to work on your self-reliant life.
Please leave a comment below!
This is how we all continue learning. What was your biggest takeaway from the lesson? What are your best suggestions to free up money to become more self-reliant?
Next in the course: How to get the knowledge you need to live your self-reliant dream. We’ll see you in a few days!
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Rootsy Founder’s weigh in:
How do you free up money in your budget? Do you have a story about the difference between a frugal and cheap purchase on your homestead?
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When I saw the price tag for fencing for our goats, I bought the cheapest one I could get. $150 was still a tough amount for me to spend since we’re a one income home. After just three months, and the birth of three goat kids, we had a problem. The adults would lean on a wire of the fence, bust the welds, and the kids were escaping. I still didn’t want to invest more. I patched up the holes figuring it wouldn’t be an issue once the kids grew. Unfortunately, as the kids grew, so did the holes. I ended up investing the $400 for a proper fence and it was SO worth it. I didn’t need to worry about lost or injured goats.
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Whenever possible, we opt for quality over quantity on our homestead, but it’s also important to know when quality matters, and when it is less important. For instance, we prioritized buying quality cookware for our kitchen. We invested in Le Creuset dutch ovens, high quality chefs knives, and a reliable food processor. But for cutting boards, stainless steel bowls, plates and bowls, and even cast iron skillets, we hit the thrift shops. We were able to save hundreds of dollars buying these items used.
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Unless something is an absolute need (meaning a hole in the roof or a flat tire) we wait on every purchase. Sometimes doing this means we end up deciding we don’t need it or want it after all. We also look for the best deals – we search for used locally and online. We research and make sure we’re getting the best bang for our bucks.
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We prepare almost every meal ourselves rather than eating out. Example: in a 3 month period, we may eat out once. For the two of us, an average meal out (salad, entree, and drinks) would cost us about $40. We also skip the coffee shops where we would spend at least $3 each. Instead, we buy a good quality bean coffee, grind it ourselves, and brew it ourselves. Delicious!
Also, we also make reduce/reuse/recycle items rather than buying new. Example: I have a nice bamboo utensil that came apart at a glue joint. Rather than tossing it out, reglued the joint and put a clamp on it until the glue finished drying. We will walk through alleys (we are in town) and will pick up items that people have put out for the trash haulers. One time, we picked lumber out of trash cans that still had the price tags on them. We rarely go shopping (other than for groceries). We view shopping as something that is done out of necessity rather than a leisure activity.
I look through FreeCycle at least once a week to see if there is something that we can use instead of having to buy a new item. We built our chicken coop with about 90% of the materials from FreeCycle. I also trade items with friends. When we do buy new items, we spend money on quality.
We do not use credit cards unless it is for high ticket items… such as a hotel room. And when we do use a credit card, we pay it off that same month rather than carrying a balance which then leads to paying interest. We pay cash for almost everything (tickets, meals, garden/house supplies). This reduces our exposure to someone stealing our credit card information.
Oh… and instead of buying every book that I would love to own, I go to the library.
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We try to just use what we have instead of buying new thing but if we do need to buy something we buy the highest quality we can afford. Cheap stuff doesn’t usually save money in the long run.
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We are diligent about making a budget each month. Every dollar has a name and is spent for the necessities. This one practice has helped us to get out of debt, save for emergencies, and be hyper vigilant about the monthly bills that need to be paid. When you are aware of how much water, electricity, or cable should be costing you, any extra expense will stand out and is an opportunity to save money.
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Deborah C
Sunday 9th of April 2017
I am unable to work so I have been trying to make some money online. It's surely not a get rich quick scheme. It's hardly any money at all but it has helped out a little.
I have also been using rebate apps to save money on groceries and supplies.
My chicken story is a long one but to make it short, I bought 7 chicks a couple years ago, 6 of them ended up roosters, I sold them bought 3 more chickens, 2 of them died because they were old, my uncle was dying so he gave me 2 wounded chickens that he had found and was taking care of, 1 of them died a week after he died, the other is fine now (she's my lucky hen), my cousin gave me 1 chicken that he had left (his other chickens were killed by a fox or something), then my daughter moved and gave me 6 of her chickens. So I now have 10 chickens which are overwhelming me with eggs so I will be selling eggs after Easter.
I'm NOT doing this now but I was helping my mom's friend with a garden and we shared the fruits of our labor but he passed away. An idea for someone that don't have room for a garden. I didn't at the time but I also wasn't able to take care of a big garden by myself and neither was he so we did it together. (saving for raised garden beds now)
I make my own laundry soap, first aid ointment, chapstick and household cleaner. White distilled vinegar, water and a few drops of essential oils do wonders and it goes a long way.
I have a budget now since my husband started letting me know how much money he makes and I have been paying the bills, buying groceries and our supplies. Within 3 months he is surprised at how much food and supplies we have stocked up. Before, we were always out of everything and hardly ever had groceries. I also have the bills caught up and a month a head. Which we only have 4 bills to start with.
Over a year or 2 ago they cut my husbands hours at work and we didn't have the $120.00 per month for our home phone, his cable and my internet. So we had to get everything cut off. I talked him into buying a Roku box, a Magic Jack and just getting internet. When the income tax money came in I went with him and we bought the Roku box for $50.00, a Magic Jack for $65.00 ($65.00 is initial start up and then $35.00 a year afterwards) and had the internet turned back on. So we started paying $40.00 per month (versus the $120.00) for internet, his TV, and a phone. Since I started paying the bills I ordered Hulu for him for $7.99 per month which he watches from the Roku box and he is happy as a lark because he has better TV to watch now.
Teri Page
Tuesday 11th of April 2017
I'm sure it feels amazing to be ahead of bills, Deborah! And to be stocked up on food too!! Congratulations!
Bonnie
Thursday 6th of April 2017
I have often thought about bartering for food or livestock etc. I love that idea !! But how do you go about that kind of thing in an organized, productive fashion with appropriate compensation between parties. Our worst fear is that someone feel 'taken' or cheated :-/
Kathie Lapcevic
Friday 7th of April 2017
I think the key is to be clear about what you're offering and seeking. Once someone makes an offer - don't accept the offer if it's less than what you want. For example, you offer a bushel of apples for trade and someone offers a pint of raw honey from their hive. They feel the honey is worth the apples - do you? If yes, go for it. If no, pass. It's truly a matter of just being clear. That doesn't mean someone might feel bad but seeking clear expectations cuts down the chances.