Welcome, visitor! [ Login

Post an Ad

How to Decrease Your Expenses

Financial recovery November 30, 2024

Decrease Your Expenses

If you struggle to figure out how to begin decreasing your spending:

  • Start small by reducing or eliminating one new expense every month or two
  • Eliminate or reduce expenses that are wants and desires versus needs
  • Think twice before spending or purchasing items that do not help you reach your financial recovery goals
  • Plan and save for certain items rather than using your credit card

 

 

Scenario

Dedra and her husband, Leon, had always lived within their means. Then their world was turned upside down when Leon passed away. A year later, Dedra is still struggling with the loss of her husband, large medical bills, and the need to provide for her children. While she received some life insurance money, she cannot maintain their previous lifestyle, and she has some difficult decisions to make.

 

She has been watching her spending and thinking of ways she can cut expenses or save money. For instance, going out to eat is now a special treat rather than a regular occurrence. Dedra cooks more and has started making grocery lists and menus based on sale items to save money. She has also eliminated extra telephone services (e.g., caller ID and call waiting), and reduced her cable and Internet service plans.

 

If Dedra is tempted to buy something, she considers whether the purchase is a “want” or a “need,” how it fits into her financial goals, and whether the purchase will impact those goals. If Dedra determines she or her children really need something, she no longer goes straight to the store to purchase it. She shops at thrift and consignment stores, yard sales, or goes online to find the cheapest deal.

 

 


No Tags

1432 total views, 2 today

  

  • Debt Collectors -Recovery Services- MA

    by on October 30, 2024 - 0 Comments

    Entity Address Telephone Bonded Collection Corporation 49 Winter Street, Weymouth, MA, 02188 (312) 279-8300 GC Services Limited Partnership  GC Services 5230 Washington Street, West Roxbury, MA, 02132 (405) 621-6414 Western Mass Credit Corp. 70 Post Office Park, Suite 7011, Wilbraham, MA, 01095 (413) 596-9977 United Collection Bureau, Inc. 15 Union Street, Lawrence, MA, 01843 (419) […]

  • Debt Collection FAQs: A Guide for Consumers

    by on November 8, 2024 - 0 Comments

    Debt Collection FAQs: A Guide for Consumers If you’re behind in paying your bills, or a creditor’s records mistakenly make it appear that you are, a debt collector may be contacting you. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from […]

  • Credit Counseling & Auto and Home Loans

    by on 23 hours ago - 0 Comments

      Credit Counseling   If you aren’t disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling service. Your creditors may be willing to accept reduced payments if you enter a debt repayment […]

  • 5 Tips for Getting the Most From Your Credit Card

    by on September 14, 2024 - 0 Comments

    Pay on time. Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your […]

  • Job Scams: Work-at-Home Schemes

    by on October 24, 2024 - 0 Comments

    Work-at-Home Schemes Be part of one of America’s Fastest Growing Industries. Be the Boss! Earn thousands of dollars a month from home! Ads like this are everywhere — from the telephone pole on the corner to your newspaper, email and favorite websites. The jobs might be different, but the message is the same — start […]