Tonight, we (husband and I) are going over our budget. We are looking to see what else we can cut out of our budget and reduce our cost of living. I want to make our money stretch as far as possible. I am a natural penny pincher.
Now, more than ever, it's important to reduce your expenses as much as you can and live below your means. You don't want to be in the category of living above your means (on credit cards & loans). If you fall into the second category, you may have to make some tough choices in order to dig yourself out from the hole. It won't be easy, but it will be worth it in the long run.
Decide what your goal is. Do you want to be debt-free, build up a buffer for emergencies, or pay cash for something you want, such as a down payment on a house or buy a car with cash?
Cut out services & subscriptions that you don't need or use. We just cut cable because we literally never used it.
Call your creditors and see if you can get a better deal. There's no harm in trying and the worst they can do is say no.
Begin tracking your expenses for a minimum of three months. This will be an eye-opener as to where your money is really going!
Create a plan to achieve your goal. Regardless of whether it's paying off debt or building savings, don't cut yourself short in the process. Then, you'll be forced to use credit or dip into your savings to get yourself out of a bind which kinda defeats the purpose.
Celebrate your successes no matter how small! Be proud of your progress....it all counts!
What are your money goals?
