Hard Choices in a Tough Economy – Is It Time to Raise Chickens?

In the face of a challenging and uncertain economy, individuals and families across the nation are grappling with tough decisions to ensure their financial stability. As the cost of living continues to rise, an unconventional idea is gaining traction: raising chickens for their eggs.

While it may sound like an old-fashioned idea from a bygone era, backyard poultry farming has emerged as a viable option for suburban families seeking to reduce their food expenses.

A survey on American households by Achieve found that 8% of respondents have raised chickens to produce eggs at home, while 18% are considering it. While it is debatable whether raising chickens is a smart or risky move, there are many ways to weather the financial challenges of today’s economy.

Keep a Budget

In today’s tough economy, budgeting is essential. It helps individuals and families take charge of their finances and make intelligent decisions. With costs increasing and job security uncertain, having a well-planned budget is like a roadmap to financial stability. Budgeting allows people to prioritize their needs, make wise choices about spending, and focus on what truly matters.

Financial advisor Kevin Arquette from WealthPoint Financial Planning states, “During periods of economic uncertainty and increased inflation, it becomes crucial to assess your financial situation thoroughly… In such circumstances, it is essential to reevaluate your spending habits, starting with your budget.”

By keeping track of every dollar and being mindful of expenses, budgeting becomes a valuable tool that gives a sense of control and helps navigate challenging times. Whether you ask for help from a local financial advisor or choose to do it yourself, maintaining a budget is a smart way to stay strong and resilient when faced with financial difficulties.

Timothy Uihlein, CFP at Vincere Wealth Management, echoes this sentiment and recommends that all his clients “maintain a budget, whether on paper, Excel, Google Sheets, a paid service online, or any other means of tracking.”

Pay in Cash

With costs rising daily, a helpful financial tip is to pay in cash instead of using cards or digital payments. When people physically hand over cash, they feel the importance of money and understand its value better. It makes them more aware of what they are spending.

Paul K. Doak, a financial advisor with ID Financial, states, “paying with cash when possible gives people awareness and weight (cost) of the transaction and the value. Paying with a credit card is abstract and, for many people, does not seem real.”

Cash payments are a great way to encourage people to think carefully before purchasing anything. In a time when every penny matters, using cash can be a practical way to manage finances, make smarter spending choices, and take control of money more responsibly.

Gamify Your Finances

Amidst the challenges of today’s economic landscape, a gamification approach infuses an element of excitement and motivation into managing one’s money. By transforming financial goals and tasks into a game-like experience, people can find renewed enthusiasm for tracking expenses, saving, and investing.

This approach encourages healthy competition with oneself, setting milestones and rewards to create a sense of achievement. Whether it involves using mobile apps that simulate financial challenges or creating personal reward systems, gamifying finances adds a layer of engagement and accountability. In today’s economy, where financial discipline is crucial, this unconventional method offers a refreshing and engaging way to stay motivated, track progress, and achieve financial success.

Additionally, gamification can extend beyond just oneself. On this point, Doak states that making finances a game with one’s partner can help the household survive tight financial times.

Doak says to “make it a game – who can save the most on everyday items during the week – the winner gets something nice like a foot massage from the loser or control of the TV that night.”

Manage Cash Flows

As individuals grapple with job insecurities, rising costs, and mounting financial pressures, tapping into the stream of retirement contributions becomes a hard choice that some are considering. While you should speak with a knowledgeable financial advisor or tax accountant first, reallocating a small portion of retirement funds may offer a temporary lifeline for those in immediate need.

Michael Acosta from Genesis Wealth Planning states that “during times of cash flow compression due to higher cost-of-living from inflation, one might consider reallocating their current “cash flow allocation”… specifically, taking inventory of how much of their pay is going toward their “long-term” retirement bucket vs. into their household account. If there is a need for more cash flow to go into the household to “survive and advance” the current inflationary environment then it may make sense for them to reduce what’s being allocated toward their retirement account(s) for this temporary moment with the intent of increasing contributions once the economy recovers.”

This strategy, however, should be approached with caution and only considered after careful evaluation of long-term consequences.

Amidst the tough economy, individuals must weigh the necessity of today’s expenses against the potential impact on their future financial security, seeking expert advice to make informed decisions and explore alternative options whenever possible.

Author Bio

Jeff Fang is a Harvard 2025 student who is passionate about learning, living, and sharing all things personal finance-related. He has experience working in the financial industry and enjoys pursuing financial freedom. Outside of blogging, he loves to cook, read, and golf in his spare time.

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Disclaimer: This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.