For example, if you take a second job, will you also face higher childcare costs? It’s best to consider choices from all angles to be sure they will work for you.
Get a second job in the evenings or weekends
Market any skills you have as a consultant, or give lessons in an area you know (in addition to your full-time job)
See if another family member can get a part-time job
For a short time, contribute less to your 401(k) or another retirement plan
Get a roommate if you have extra space
Rent out a room, garage or barn
Sell an unneeded vehicle, collectible, or other possession
Obtain public benefits for which you are eligible (Medicaid, SSI, WIC, utility assistance, education and food stamps)
Use assistance for medical bills (apply at hospitals and offices for assistance)
Seek legal ways to obtain court-ordered child support
Change your withholding allowance
First, look at where you now spend “out of pocket” cash or debit card money. Do you know how much you were actually spending?
Make coffee at home and take it with you?
Carry your lunch instead of eating out at work?
Wash your own car?
Wax your own car?
Skip a manicure or two?
Do your own yard work?
Clip coupons and use them?
Rent a movie instead of going to a theater?
End either your cell phone service or your landline?
Reduce phone plans to bare essentials?
Eliminate cell phone overtime charges?
Use a low-cost calling card for long-distance telephone calls?
Comparison shop for auto insurance, long distance and internet service?
Cancel premium movie channels?
Cancel memberships you do not use?
Cancel cable, TiVo or satellite television completely?
Refinance your car at a lower interest rate?
Sell a car, because you can carpool or use mass transit?
Reduce child care expenses?
Reduce insurance expenses by increasing deductibles or qualifying for discounts (low mileage, vehicle safety, good student, good driver, accident-free, multi-vehicle)?
Use a grocery list to eliminate impulse buys?
Use bonus cards, coupons, and sales flyers?
Shop more often or exclusively at discount stores?
Limit yourself to one ATM withdrawal per week?
Cancel private mortgage insurance (PMI) because you owe less than 80 percent of the appraised value of your home?
Carefully track your spending?
Reduce the number of packs of cigarettes you buy, if you smoke (or give up smoking)?
Stop playing the lottery?
If either you or your spouse is over age 65 and homeowners, go to your county auditor’s webpage and register for the Homestead Exemption.
Has each family member written down how he/she can reduce spending and costs?
If you need help getting started, please give us a call at the number below to schedule an appointment with one of our financial coaches. We are here to help.