Where would you cut?

iVillage Member
Registered: 01-08-2009
Where would you cut?
110
Mon, 03-04-2013 - 12:19pm

With all this talk of cutting budgets in the air, I am wondering what options people have considered if their families were forced to cut expenses.  What changes in your spending would you make if you had to cut your spending by thirty percent?

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iVillage Member
Registered: 06-27-1998
Mon, 03-04-2013 - 10:27pm

mycherubs wrote:
That is because this question is not black and white Jam like some think it is.

It was and is a pretty black and white question, I don't know why the tap dancing is needed, although quite amusing.  :)

PumpkinAngel

iVillage Member
Registered: 08-24-2006
Tue, 03-05-2013 - 3:55am

I work two part time jobs by choice. If I were to lose one I would be able to get full time hours at the remaining job easily. The biggest issue for me would be if I got an injury that was going to take me more than a couple of months to heal from. My short term disability plan only pays out about 50% of my income. So that situation would definitely require a budget cut. There is no such thing as light duty at either of my workplaces.

My husband's job is a much bigger concern since his is one that could potentially be outsourced, and he is not in a field with a very high demand for workers like I am. Making matters more difficult, he is blind and cannot just work any old job, so it generally takes him longer to find work than it would take most people. In addition he carries health insurance for our whole fasmily through his employer. If he were to lose his job it would certainly be a big deal. I could fill in my schedule all the way and be working 60 hours a week easily, which would help a lot but I can physically only keep that up for a couple of months at a time. DH is working toward getting certified as a personal trainer by the end of this year,  and will be keeping his day job as well, so that will help insulate us against job loss quite a bit.

So to answer the question: If I am the one not working then the weekly massage appointments would go. If he is the one not working they would stay because it would certainly be a requirement for me to function working that many hours a week. I might be able to do some trades with other massage therapists I know to lower the costs though. I'd probably stop buying clothes, makeup, nail polish, etc. I have more than enough to last me for a while. I would cut back to paying the minimums on my student loans and the couple of credit cards I have. I could cancel Netflix, expecially if my DD was at her dad's at the time. She is the only one who uses it and right now she's only here 25% of the year. I'd still try to put some money into savings, though probably not as much, if that were possible. I could cut a lot out of the grocery budget. This is one area where I currently don't really set limits at all. I could not renew our membership to the science museum, though this would be one of the last things to go, as it winds up being a really cheap source of quality entertainment at only 100$ a year. We would definitely eat out much less, and go to less expensive places when we did. DH and I would cut out any gifts for each other. I would do handmade gifts for others and/or give the free stuff I get from the salon I work at as gifts when they are needed. DH would need to stop buying pro-hormones, testosterone supplements, cutting drugs, etc. though he probably has enough at this time to last him a year. Once he becomes employed as a personal trainer he would realistically probably need to keep up much of that expense though. I could stop paying for my short term disability policy if I were not working, unless I am not working because I am disabled short term, and thus drawing on it.

What we couldn't cut: Child support. Obviously. Travel costs for DD to go between here and her dad's. I may have to sacrifice a couple of days of visitation to cut ticket costs by several hundred dollars each trip though. Rent cannot be realistically any lower than it is without us all moving into a studio apt. DH's cats and my aquarium would stay, along with all of their associated costs. We don't do much traveling besides taking the train or Greyhound to visit nearby family a couple of times a year, but that would have to get cut out or reduced. We cannot cut transportation costs any more unless I were the one not working. DH walks to work. I get a monthly pass for public transportation to and from work. If you ride more often than 4 days a week it is cheaper to just get an unlimited pass. We don't have a car or want one. Cell phones and internet are realistically a necessity for us. Cable would likely stay, but could be cut if it were dire. My annual license renewals and liability insurance would never be cut unless I were long term disabled and not able to ever work in those fields again. Health insurance is a must have for my DH no matter what. If anyone had to go without it, it would be me, but that would have to be dire straights as well. We're not big drinkers at all, but we'd stop buying any alcohol anyway.

I am probably forgetting something, but that's all I can think of right now.

iVillage Member
Registered: 10-01-2010
Tue, 03-05-2013 - 8:04am
Oh and Jam while no job is 100% secure, we just got our yearly raise, got our personal day checks and profit sharing money. I am very lucky I work for a company that is growing and not have to cut many jobs or have furloughs.
Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Tue, 03-05-2013 - 9:58am

rosenylund wrote:
Not really Bord. As I said I have cut everything down that I could and have savings as that is more important than having the extra cable stations, dvr, newspaper, etc. that I have cut out of my budget. :)

No, you've cut everything you're WILLING to cut. Not everything you COULD.

 

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Tue, 03-05-2013 - 9:59am

rollmops2009 wrote:
For us, that would be simple. We eat out a lot and I buy a lot of shoes :) Both could be cut without any real pain.

 

Nooooooooooooooooooo, not the shoes!  Wink

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Tue, 03-05-2013 - 10:03am

Ooh, I like this list. Good checklist/reminder.

 

  • You have revolving balances on your credit cards. -- Nope.
  • You rely on payday loans to cover your bills each month. -- Nope.
  • You've been turned down for a consolidation loan. -- Nope
  • You're hiding your spending behavior from family members.-- Nope.
  • You finance your vehicle for more than five years.-- Nope.
  • You get more than one late notice per year.-- Nope.
  • You bounce more than one check per year. -- Nope
  • You need a co-signer to get a loan.-- Nope
  • You find yourself borrowing from your family and friends.-- Nope
  • You lack an emergency savings account of at least three months' living expenses. -- We don't have quite that much. Some, but not a full three months' worth.

 

Whew! Safe! lol

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Tue, 03-05-2013 - 10:08am

mycherubs wrote:
That is because this question is not black and white Jam like some think it is.

The original question was VERY black and white. If you were forced to CUT EXPENSES by 30%, what would you cut? (paraphrasing)

Savings, severance, unemployement, etc is irrelevant.  Becasuse the question isn't "how would you pay your bills", the questions is "what expenses would you cut if forced to."

It isn't that we (figuratively) don't like your answers. It's that you're not even answering the question.  

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

iVillage Member
Registered: 12-07-2003
Tue, 03-05-2013 - 10:14am
Fun money, eating out, smart phone, extra savings.
Avatar for rollmops2009
iVillage Member
Registered: 02-24-2009
Tue, 03-05-2013 - 10:26am
"Nooooooooooooooooooo, not the shoes!" ------- True, but shoes are not tithing after all ;)
iVillage Member
Registered: 12-07-2003
Tue, 03-05-2013 - 10:30am
Oh and I could also temporarily stop taking classes. That would save quite a bit of money annually, if it was a long term cut.

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