What to cut back on when money is tight?

amother

Wed, Aug 30 2023, 8:24 am

We are struggling financially.
I have older kids post HS and down to school age.
We have used up all our savings and have high expenses with big kids. We are both working.
I recently cut back on meat and eat vegetarian/ dairy during the week. My husband has health issues so is on an expensive diet.
I canceled my cleaner. I do not buy anything not necessary.For clothing, I have only got myself one $20 top in the past year. For my younger kids, I try to get hand-me-downs. What else can I cut back on without it impacting my kids?
What is the first thing you cut back on when expenses get tight?

amother

Azalea

Wed, Aug 30 2023, 8:41 am

If you have optimum WiFi, call and get your bill lowered by saying you’re calling to cancel your plan because you can’t afford it anymore. You’ll be transferred to someone with the power to really lower your bill. I saved $50 a month this way. Not sure about other internet service providers.

amother

DarkPurple

Wed, Aug 30 2023, 9:31 am

If you haven't renegotiated any of your bills recently (phone plans, wifi, car insurance, etc) see if switching to a different plan or at least threatening would lower the bill.

Buy staple products at chain stores rather than frum stores if you're not already.

Post highschool age kids at home should be buying all of their own extras at this point

Hard to give any more specific advice without knowing your specifics

amother

Ivory

Wed, Aug 30 2023, 9:41 am

I am struggling with this too. I buy food-almost everything on sale/generic/meat for shabbos, chicken we buy for shabbos and have the leftovers during the week, kids get hot dogs and chicken nuggets for Shabbos+leftover night and clothing--mostly closeout websites, WalMart and Costco.

We were finally closing our debt gap--and then all of a sudden this year our credit cards are all maxxed out. Our "Savings" is for our son's tefillin which he needs in a few months.

amother

Burgundy

Wed, Aug 30 2023, 9:43 am

What you need to do (the only way) is to take a monthly income and a monthly expense report and sit down.
Make different categories- the first is fixed monthly payments:
Mortgage
Car payments
Insurance
Tuition (although this can be negotiated)
Utilities
Etc

Next comes necessary monthly payments but not fixed:
Food
Clothing
Cleaning help
Household repairs etc

Next comes extras-
Takeout
Travel
Savings
Etc

You get the picture
Divide your monthly income up with the first categories. If one is variable, like utilities, then consider your largest payment. If one is quarterly or not monthly, then divide the yearly amount and figure out a monthly number to put aside

Then see what you’re left with, that needs to be allocated among the next category. You can then give yourself a budget for each of those categories and stick to it (using cash for those is easiest!! Doesn’t allow you to go over)

The last category is extras, if you have then great, allow yourself either more leeway in the 2nd category or choose something from the third

Makes sense?

amother

Lemon

Wed, Aug 30 2023, 11:54 am

Where are you grocery shopping?
Is it possible to move over to a cheaper store?
Buy household items online, such as detergent, pads, deodorant, makeup

Between carpools posts deals of snacks and other random items every now and then

Not sure if you already do this, no manicures, switch to a cheaper shaitel macher, no store bought coffees

amother

Seagreen

Wed, Aug 30 2023, 12:04 pm

With older kids, how many total cell phones are you paying for? The plan is highly negotiable, especially if you either switch carriers or tell the current carrier you are switching. I saved $60/month.

Also, during the summer our electric bill is so high due to A/C, but changing even 2 degrees makes a big difference. Hopefully that will go down as it gets cooler.

rivkam

Wed, Aug 30 2023, 12:07 pm

Do grocery shopping online. This has saves me so much money. You're way less likely to impulse buy and while you're shopping you keep on seeing your total.
I normally add everything to my cart and then do a review and try to take out things that aren't absolutely necessary before checking out.