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

Is MSG (monosodium glutamate) harmful?
Monsodium gluatamate (MSG) is a flavor enhancer often added to Chinese food, soups, processed meats and canned vegetables. The use of MSG remains controversial despite a Food and Drug Administration (FDA) statement that it is safe. Because of this, the FDA requires that whenever MSG is added, that it be listed on the label.

February 5, 2012 1 Photo
Common-sense job hunting
I spent a day with a high-powered and high-profile friend who mentioned that he has more than 700 people a year ask him to help get a new job.
He’s not in the employment business, but is super well connected.
Every now and then, he gets the right person to the right job.

February 5, 2012 1 Photo
It’s a love thing
“Who shall separate us from the love of Christ? shall tribulation, or distress, or persecution, or famine, or nakedness, or peril, or sword? As it is written, for thy sake we are killed all the day long, we are accounted as sheep for the slaughter. Nay, in all these things we are more than conquerors through him that loved us. For I am persuaded, nor powers, nor things present, nor things to come, nor height, nor depth, nor any other creature, shall be able to separate us from the love of God, which is in Christ Jesus, our Lord.” — Romans 8:35-39

February 4, 2012 1 Photo
Managing the calving season
Providing sound management during the calving season can mean more live calves.
Excessive losses can mean the difference between a year’s profit or loss for a beef producer.
It is important to have a short calving period to allow frequent observation and assistance if needed.

February 1, 2012 1 Photo
Spinach: It’s not just for Popeye anymore
A spinach-loving reader recently approached me to request a column on things to do with her favorite vegetable.
“Favorite vegetable?” You may ask, and rightly so.
When many of us were growing up …and we’re talking Baby Boomers here, the only spinach product known to us was the stuff that came in a can, and it was, in a word, horrible!

February 1, 2012 1 Photo
Topping trees is a bad practice
Topping damages hundreds of trees each year in Kentucky.
Many people are unaware of the detrimental effects of this practice.
Topping involves the drastic removal or cutting back of large branches in mature trees leaving stubs.
Topping can make a tree hazardous and reduce its life.

February 1, 2012 1 Photo
Tips offered for better credit
Many people are aware that their credit score is important, but do not really understand what it is or how to build a strong credit score.

February 1, 2012 1 Photo
Josh Logan to perform in Kirksville
Hello everyone. Josh Logan will perform at Kirksville Community Center on Saturday from 6:30 to 11 p.m. and will entertain you with some great music.

January 26, 2012 1 Photo
Church group to discuss ‘Bad Women of the Bible’
Tates Creek Baptist Church is having a special Coffee Talk Bible Study to discuss “The Bad Women of the Bible” on Tuesday, Jan. 31, at 11 a.m. in the church, located on Boonesborough Road.

January 26, 2012 1 Photo
Preschool screenings and birthday surprises
Hi!
... and the wind blew and blew. Perhaps this is the windy season!
Where is the snow? Students are starting to do snow dances, hoping they can coax enough snow to fall so they can make a proper snowman.
(I'm sure they hope it will fall on a weekend so they won’t have to miss school! lol)

January 26, 2012 2 Photos
More Lifestyles & Community Headlines

Lifestyles & Community

Search Results

Controlling spending

Have you ever attended a meeting of a local government agency or taxing district?

Site Map