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.
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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 an investment banking analyst in Toronto. He wrote personal finance articles for Wealthtender while studying at Harvard University, where he earned a B.A. in Economics and Slavic Languages and Literatures and captained the men’s varsity golf team. He also founded and ran The Financial Pupil, a personal finance blog. Outside of work, Jeff enjoys cooking, reading and golf.
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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.
Frequently Asked Questions
Does raising backyard chickens actually save money on eggs?
It depends on your setup. Startup costs for a coop, birds, feeders and fencing, plus ongoing feed, bedding and any veterinary care, can take a long time to recover through egg savings, especially if store prices fall. Many people keep chickens for fresher eggs, garden benefits or enjoyment, so it helps to run the numbers for your situation before treating it as a money-saving move.
How many eggs does a backyard hen lay?
A healthy laying hen typically produces about six eggs a week during her most productive period, according to University of Minnesota Extension. Hens usually start laying around six months of age, and production is highest in the first two years. Laying slows during the fall molt and as daylight hours shorten, and it declines as hens age.
Is it legal to keep chickens in my backyard?
It depends on where you live. Some cities require a permit, some limit the number of birds you can keep and some do not allow poultry at all, and many homeowners associations have their own rules. Check with your city or town government and your HOA before buying birds or building a coop.
Should I lower my 401(k) contributions to cover rising living costs?
Reducing retirement contributions can free up cash, but it has real trade-offs. Contributing less than needed to get your full employer match means giving up money, and you also lose years of tax-advantaged growth that can be hard to make up later. Revisiting your budgeting and cutting other expenses first is usually worth trying, and a financial advisor can help you weigh the options.
About the author
Contributing Writer, Wealthtender
Jeff Fang is an investment banking analyst in Toronto. He wrote personal finance articles for Wealthtender while studying at Harvard University, where he earned a B.A. in Economics and Slavic Languages and Literatures and captained the men’s varsity golf team.
He also founded and ran The Financial Pupil, a personal finance blog. Outside of work, Jeff enjoys cooking, reading and golf.