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You might not be staring at unemployment - though millions still are without work - but it's always good to review ways to cut expenses so your money will last to the end of the month.
You might not be staring at unemployment - though millions still are without work - but it's always good to review ways to cut expenses so your money will last to the end of the month.
Some "easy ways to cut back on spending every day" are collected by Maitland Greer, a blogger at Manilla.com. Most are common sense, but we need constant reminding. Carry your lunch to work and eat out less. Don't buy a lot of "dry-clean only" clothes. As far as possible, don't buy cable-TV services you never watch. Go to the movies at home instead of at the cinema, where a ticket and popcorn can cost you about $20 these days.
With unemployment still high, the specter of losing a job still hangs over many workers. Bankrate.com has an outline for downsizing household costs over a four-week period, written for families hit by a layoff. First, it says, "sit down as a family and discuss the job loss. Express feelings of anger, sadness or worry. Once you've done so, get down to the business of saving money." Then, "react quickly" by applying for unemployment on Day One. After that, job hunting and thrift are the goals. By the fourth week, big-ticket savings are in order: Consider selling vehicles, renting out spare rooms, and taking on part-time or low-paying work to meet the bills.
"Painless" expense-cutting may be in the eye of the beholder. But this post at DailyFinance.com suggests there are painless ways to cut expenses in retirement. When traveling, for example, take cheaper midweek and off-peak vacations, check out alternative accommodations like B&Bs or stay with the kids, and ask for senior discounts.
"Trimming the fat" is the title of this older post at TheSimpleDollar.com. It lists 40 ways to cut monthly bills, starting with car expenses that can be trimmed dramatically by eliminating an extra vehicle, sharing rides, keeping tires inflated, and shopping around for a better rate on insurance. Other insurance advice includes raising deductibles and switching to term life insurance from whole life policies. For additional savings, the post says, smoke and drink less, examine your cellphone bill for less costly options, and cancel the lawn and house-cleaning services.
If you run a business and need to trim expenses, the legal-information site Nolo.com provides alternatives that range from cutting discretionary spending to cutting jobs. "Cutting jobs and showing loyal employees the door is never a pleasant prospect. But for many businesses where payroll is the biggest cost, it's the only realistic way to achieve needed savings," the post says.