How to Cut Back Spending When You're Short on Cash
What's the first thing you do when you're struck with the realization that you don't have enough cash to get by until your next paycheck? Do you panic? Ask for help? Give up and go shopping (on credit)?
Whether you're dealing with a sudden emergency, unpaid child support, or a job loss, there are some things you can do to gain control of your finances and bounce back when you're short on cash.
Begin by eliminating all non-essential spending. Most likely, this will mean that some people in your life--like your kids, your friends, and your extended family--will be disappointed when you start saying "no" to purchases and opportunities to go out and spend money. That's okay. Remember that it's far more important to protect your family's financial stability than it is to make sure everyone is happy. And frankly, when you can see that you don't have enough money to get through to your next paycheck, there is no other option.
For additional tips on how to survive a temporary financial setback, read the full article How to Cut Back Spending When You're Short on Cash.
Related: Manage Your Finances | 5 Ways to Save Money on Groceries
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Comments
This is some sound advice. Cutting back on all non-essentials is difficult but really does help. And in this economy, we need to save up on money to be safe. I also recommend shopping around and looking for the best price, a lot people just pay their bills without wondering if there is a better deal out there. One example that was my case was in my cell phone bill. I recently switched to prepaid phones and it has saved me a lot of money. I only pay for the minutes i need and i dont have to worry about all those fees. And with my tracfone the service charge is only like 7 dollars a month compared to like 30 when i was in my contract.