Handling financial strain at home

In today’s economy with companies laying off employees now and then, it has become important for people to reconsider their lifestyles and how they spend. When you are earning a lot of money, it is easy to fall into the habit of spending most of it without thinking about tomorrow. Most of us wake up when it’s too late! When your job is suddenly lost, it can be hard to abruptly cut back on spending. The good news is that everyone can adjust to living on less income if they really look at their expenses and trim out the extras. Learning how to spend less but still live well takes skill and determination but it can be done! Find out where your money is going. You may be surprised at how you are actually spending the money you earn every month. Tips that will pull you through the rain days Start by separating wants from needs. There are tons of things we want and then there are a few things that we need. After separating the two, any time you’re about to buy something other than food and other necessities, ask yourself if you really need that item. Write down essential monthly expenses. These include any monthly bills such as power, water, rent, and others. Make a shopping list. When you get to the shop or market, stick to your list, also remember to shop alone, other family members may want items not on the list. Visit markets where prices are known to be lower and buy in bulk, but be careful not to overstock items that will eventually spoil. Keep electricity bills low by cutting out on unnecessary expenses. Turn off lights when they are not in use.If you’re renting, re-assess how much the rent is and if it is worth the amount being paid. Many times people rent a bigger place than they really need and end up paying higher rent when they could get along with something smaller and low-priced. Keep track of where your money goes every day, week and month. Go over this spending record periodically and check if it is being spent the way you really want. Lastly, bear in mind that your career is your most valuable asset. Manage it with a higher priority than you would with any other investment. Remember that without this asset, you couldn’t survive. martin.bishop18@yahoo.com