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Tips for Radical Cost Cutting
- Go over every bill with a fine tooth comb. See exactly what you are paying for and why. Eliminate the extra mortgage products (life insurance, disability, etc.). Drop any phone company services that you don't need (call waiting, caller ID, three-way calling). If you don't understand what a certain charge is, call the company. In my experience, they have been more than happy to explain their billing.
- If you must keep a cell phone, drop down to the lowest minute plan you can and then be vigilant about staying under the minutes. Most phones have a call time record that you can access to see what your usage is that month.
- Drop high speed and opt for dial up. Or, if you have a library close by, drop the Internet all together and then use the library service.
- For homeschooling families, look into state funded virtual academies (such as K12) that provide a computer, Internet access and lessons plans (done on the computer) for free.
- Comparison shop. Take a Saturday and compare the prices of paper, plastic and personal hygiene items at a discount store, grocery store and dollar store. Use the cheapest one you can get that has the quality that is acceptable to you.
- Figure out how many meals you will need to make from payday to payday, accounting for what is going on with your calendar. For instance, I need eight to nine meals between each payday. I don't like to cook on Sundays after church. We also have church on Wednesday night, and hubby has softball on Tuesdays and Thursdays. For those days, I plan a super easy meal so that we will not need to grab fast food. A Sunday meal may be a crockpot meal that I assemble the night before and plug in before church. Our Wednesday night meal may be baked potatoes, and on softball night, I broil frozen chicken patties and make them into sandwiches in a few minutes.
- Do you have more pets than you really can afford to feed? I know this may hit a giant nerve, but pets cost money to feed and keep. The people I know who are in the worst financial situation have two large dogs and three cats. Yet, they have almost lost their house twice and are constantly behind on their power bill and threatening shut off.
- Soda, beer, alcohol, smokes and candy add up fast, especially when paying gas station prices. By the way, a gas station owner once told me that he makes little to no profit on the sale of gas. The vast majority of his profit is from candy, soda, beer, cigarettes and other impulse sales in the store. Cutting these things out will not only make your wallet smile, but also your body will thank you.
- When you have to radically cost cut, turn it into a positive. Instead of "we have to cut back because we don't have the money," make it "we are choosing to make positive changes for our family."
My Story" is a regular feature of The Dollar Stretcher. If you have a story that could help save time or money, please send it by mailto:MyStory@stretcher.com
Take the Next Step
- See if you qualify for lower payments or interest rates on your credit cards. One call to our friends at Cambridge Credit Counseling could help put your budget back in balance. (sponsored link)
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