Looking for some financial help? Already put together a budget but still having problems staying on-track? Here are a couple of things that you may consider:1) Eliminate chunks of spending- i.e. cut out something that many already do without (restaurant lunches, stopping at Starbucks in the morning, etc).
2) Don’t add anything not in the budget to the budget. Freeze your spending at the present level and wait for family income to increase or debt repayment to be accomplished before adding to the expense side of the ledger.
3) Convert to using cash for spending. Use cash instead of credit cards and debit cards (yes, debit cards too!). Cash is much easier to manage and budget, it’s accepted nearly everywhere, there are no fees associated with its use and psychologically you’ll want to spend less. It hurts much more when you have to lay your dollar bills down on the table and studies have shown you spend less.
4) Share! - Be creative with the ways and opportunities for family members to share rides, meals. Re-instituting a “family meal” reduces fast-food expenditures and brings the family together. Having single siblings and children back in the same home can work and save housing costs.
5) Plan/Review – Your financial situation is never static but constantly changing. Review your budget often to make corrections and stay on course. There are likely occasional opportunities to celebrate as well as make firm resolutions to get out of debt and to create margin in your financial life. You may want to spend at least 15-30 minutes every week to review where you on on your budget.
