Controlling spending

August 5, 2009

Gina Noe The Richmond Register Wed Aug 05, 2009, 09:19 AM EDT

When the family faces reduced income, take immediate action to stop all excess spending. Whether your situation is temporary or extended, you need to get the most for your money.

Studies have found that many families do not adjust their lifestyle for about six months after their income is reduced. That six months of ignoring the situation can bring disaster. When you take charge of your financial situation immediately, you are making a positive contribution to your family’s well-being now and in the future.

Following basic money management principles can reduce stress and help you adjust to living on less income. Make a list of the family’s most important expenses while you have less income. This means taking a tough look at needs vs. wants. Explain that, for awhile at least, needs may be all your family can afford. Things like cable or satellite, eating out, and expensive phone plans may be among the first things to be cut.

Make a family spending plan to decide where your money will go. The first step in making a budget or spending plan is determining where you money is going now and then making adjustments. Once you make a plan stick to it. With less income each spending decision is critical.

Most people give high priority to fixed expenses such as rent or mortgage payments, insurance premiums, car payments and installment debt. Flexible expenses such as food, utilities, clothing, and household expenses can be more easily adjusted to fit your income. Most people find it easier to cut back on flexible expenses.

As you make your plans, ask how spending can be reduced:

— Can we substitute a less costly item, or do without it completely?

— How can we conserve resources and avoid waste?

— Are there opportunities to cooperate with others by trading or sharing resources?

— Can we save if we do it ourselves?

All family members need to work together to reduce spending. When everyone pulls together, you are more likely to succeed in living on less.

In future articles, I will be sharing specific money saving tips. If you would like additional information now, call the Extension Center, 623-4072.

Educational programs of the Cooperative Extension Service serve all people regardless of race, color, age, sex, religion, disability or national origin.

Text Only

Lifestyles & Community

Happy are they who finish what they start
Happy is that people, that is in such a case: yea, happy is that people, whose God is the Lord.
— Psalm 144:15

May 26, 2012 1 Photo
Looking at various things
During my eight years away from home (Richmond and Madison County) the post office tower was a beacon welcoming me home.
Today, the the stone edifice completed in the 1892 as a post office and federal courthouse is the Madison Hall of Justice.

May 21, 2012 1 Photo
Things are different than when we were young
I was just thinking the other day about how confused we seniors are most of the time. Things are so different than when we were young. We find it hard to understand much of what we are confronted with.
Some things like this happen to us frequently. We begin a conversation with, “In my day.” We look so old we are followed around by archeologists. We tell our kids that old age causes us to become wiser and they tell us, “Then you must be a genius.” We no longer look forward to a wild evening out, but look forward to a dull evening in.

May 21, 2012 1 Photo
We are heirs and joint-heirs to His kingdom
“For as many as are led by the Spirit of God, they are the sons of God.
“For ye have not received the spirit of bondage again to fear; but ye have received the Spirit of adoption, whereby we cry, Abba, Father.
“The Spirit itself beareth witness with our spirit, that we are the children of God:
“And if children, then heirs; heirs of God, and joint-heirs with Christ; if so be that we suffer with him, that we may be also glorified together.
“For I reckon that the sufferings of this present time are not worthy to be compared with the glory which shall be revealed in us.
“For the earnest expectation of the creature waiteth for the manifestation of the sons of God. — Rom 8:14-19

May 18, 2012 1 Photo
How little exercise is necessary for good health?
How little exercise is necessary for good health?
That question was the subject of a recent investigation by a team of exercise scientists at McMaster University in Hamilton, Ontario, and the answer seems to be a lot less than we might think, as long as we’re willing to put in the effort.

May 12, 2012 1 Photo
A mother’s love never stops
A mothers love will always be there. Even when everyone else stops to rest, her love for her family continues. She is always working, carring and sharing what she has with her children, even if she has to do without for herself.

May 11, 2012 1 Photo
Start planting your hot weather vegetables now

Hopefully, the unusual spate of unseasonably warm weather we had earlier this spring did not fool you, and you’ve been patiently waiting to get your hot weather veggies, such as tomatoes and peppers, into your summer vegetable garden.

Now is a good time to start planting these delectable goodies.

May 7, 2012
Rethinking the benefits of crunches
I’ve been doing crunches all my adult life and it may be one of the reasons I have back problems. Research from the University of Waterloo in Ontario has found that repeated bending of the spine, such as occurs when doing crunches, can contribute over time to damage of spinal discs. The results are presented — along with a lot of other useful information — in the book, “Ultimate Back Fitness and Performance” by Stuart McGill.

May 5, 2012 1 Photo
Is 401(k) good for America?
Internal Revenue Code section 401(k) is the only section of the US tax code that average people can cite.
They know it has something to do with whether or not they can retire with dignity. Or retire at all.

May 5, 2012 1 Photo
He is there when you need Him
Whither shall I go from thy spirit? or whither shall I flee from thy presence?
If I ascend up into heaven, thou art there: if I make my bed in hell, behold, thou art there.
If I take the wings of the morning, and dwell in the uttermost parts of the sea;
Even there shall thy hand lead me, and thy right hand shall hold me. — Psalm 139:7-10

May 4, 2012 1 Photo
More Lifestyles & Community Headlines

Lifestyles & Community

Search Results

Controlling spending

A recent health ranking listed Madison County as the 20th healthiest county in the state. It measured factors such as exercise, access to health care and smoking. Do you smoke cigarettes?

Site Map