Saving a Living: Cutting Costs for Financial Freedom

One of the goals for just about any homestead family is to become self-sufficient. And that is often tied directly to how far you can stretch a dollar.

During the Central Arkansas Homestead Conference, Tim and Amy Kinnard shared the way they were able to leave their professional careers to become full-time homesteaders with a family of five children.

You can learn more about The Kinnards by visiting their website at www.TheKinnardHomestead.com Click on Resources to learn more about their journey into full-time homesteading.

While most concentrate on making money, the Kinnards put as much or more emphasis on ways to save money. Tim and Amy entitled their presentation “Saving a Living,” a direct take off on the phrase “Earning a Living.”

The Kinnards came up with a strategic 10-year plan to wean themselves off the traditional 9-to-5, and it has been a success. In a nutshell, Tim and Amy said that while most people believe the key to financial freedom is in earning more money, they’ve found the real secret is in controlling your spending.

Quoting from Lydia Maria Child in her book The Frugal Housewife, originally published in 1829, the Kinnards explained “The true economy of the home is simply the art of not wasting, whether time or money. Whatever be the size of a family, every member should be employed either in earning or saving money.”

Here are some of the tips Tim and Amy shared in their presentation:

Housing Costs

The average American spends about 30 percent of their income on a mortgage. In Arkansas, the average price for a home is about $203,000. So, if someone where to finance a home for about $200,000, the actual cost once interest is figured in will be about $388,000 – almost twice as much as the original price!

If at all possible, Tim recommended paying off the mortgage as soon as possible. Make accelerated principal payments, apply your pay raise at work to your mortgage, lower your standard of living – basically, do what you can to get it paid off.

Another home expense is utilities, which can take up to 10 percent of a person’s income. Decrease your energy bills through improved insulation, installing thermal curtains, using cross ventilation for cooling and a wood stove for heating. He also recommended drying your clothes on a clothes line and any other ways to reduce your energy consumption.

The Kinnards also learned a lot of Do-It-Yourself (DIY) skills, which really came in handy while they were building their house. He said YouTube is a great source to learn the basics of electrical work, plumbing, carpentry and more.

On the subject of DIY, he also discussed learning how to butcher to process your own livestock and save seeds from your garden for your next crop.

Food Costs

After Tim explained how a family could save in its largest expense category—housing—Amy jumped in to talk about how to save in food costs, which inflation has also made expensive.

Her advice was to shop strategically by shopping your own pantry or freezer at home first. Browse the sale flyers from your local grocery stores and buy only at the lowest prices. Of course, always look for coupons!

Amy recommends shopping at a minimum of three stores to get a better idea about prices. She said she keeps a price book of the things she typically buys and then compares per unit pricing.

And for homesteaders, it’s a good idea to learn how to grow things, and to learn which crops are best eaten fresh or can be preserved.

Food preservation goes a long way in reducing your food costs. Food can be preserved through fermenting (which also promotes gut health), canning (especially pressure canning), freezing and freeze drying, though she admits there is some expense associated with those last two. She also suggested researching the old-time ways people use to store food.

Amy also emphasized making food last as long as it can. For instance, she recommended keeping milk at the back of the refrigerator where it will be colder, and noted that foods with higher fat content spoil slower.

Also find ways to use food when you might typically throw it away. For instance, when bread becomes stale, make croutons, turn it into bread crumbs or simply feed it to the chickens.

General Household Costs

While Amy has built a business out of making household products (see her products at www.thekinnardhomestead.com), she encouraged people to learn how to make some of their own everyday household products like soap, cosmetics, and deodorant.

With haircuts costing about $15, learn how to cut hair. She also suggested to learn how to use a needle and thread to make your own clothes or repair those that have been torn.

As for clothing, she discussed buying used clothes and taking advantage of year-end sales by putting a focus on the future sizes your children will need. And, of course, don’t forget the hand-me-downs.

­Healthcare

One great way to cut down on healthcare costs is to prevent getting sick! Amy suggested eating healthier and getting exercise.

She also recommended trying natural remedies by seeking out those who have knowledge about the subject. One book she recommended was Be Your Own Doctor by Master Herbalist Rachel Weaver, M.H.