My sister-in-law and her family have in the last year had some huge financial things happen to them. Both her and her husband lost their jobs and their finances took a huge blow. After this happened and they were able to get new jobs, they sought after the advice of a financial planner. His advice to them “trim the fat”. He went through all of their expenses and explained where they could trim to lighten their financial load. Here’s the advice he gave them. If you are in a similar situation or just want to get rid of some monthly expenses, this may help you.
1. Get rid of the kids extracurricular activities. This was the hardest for them because their kids loved their activities, but this was the first to go. These are just extras in the month and the kids will be ok without it. It’s even a good example to your children about budgeting properly and making sacrifices for the family.
2. Recheck your insurance premiums. A lot of people or overinsured thus paying too much for their insurance. This is an easy thing to check and can save you money every month.
3. Don’t eat out. He couldn’t say this enough and we say it a lot here. Eating out is so expensive. Simply taking that money and spending it on groceries will keep you at home more.
4. Start doing it yourself! If you have someone cutting your lawn or cleaning your house, start doing it yourself. These are expenses that can easily be hundreds a month.
5. Cancel your club memberships. Gym? Cancel it. Country Club? Cancel it. Tennis Club? Cancel it. Anything that’s extra that you pay for, for fun, it needs to go. It may not be forever, but it will help in the long run.
What are you doing to trim the fat in your household?
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