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: 11-14-2011
Mon, 03-04-2013 - 6:30pm
What?
iVillage Member
Registered: 10-01-2010
Mon, 03-04-2013 - 6:28pm
Thanks Peachy. No over here on all of them :)
iVillage Member
Registered: 01-08-2009
Mon, 03-04-2013 - 6:18pm

lifespeachy wrote:
<p>I wasn't asking where your money goes.  You said that you don't have anything in your budget that could be cut.  Then you said that you would be just fine if one of you lost your job.  Unless you ware living off of just one income, if one of you were to lose your job, you would need to adjust your spending, or risk depleting your savings.  It was a reasonable question in context...not a personal one. </p><p>By the way, did Rosie forget her password or something?</p><p> </p>

I give up.  I don't think she understands the question.

iVillage Member
Registered: 11-14-2011
Mon, 03-04-2013 - 6:17pm

"Many layoffs, no stability for awhile, unemployment, using savings. We are aware of what could and does happen."

Well, it seems, according to earlier posts, that you aren't too concerned about it.

"Well, we would use savings and unemployment until he found another job. Unless it was a dire situation where we could not pay our main bills or eat we would continue to do what we normally do. We don't have a one income family so there would be another income coming in also."

iVillage Member
Registered: 11-14-2011
Mon, 03-04-2013 - 6:13pm

I wasn't asking where your money goes.  You said that you don't have anything in your budget that could be cut.  Then you said that you would be just fine if one of you lost your job.  Unless you ware living off of just one income, if one of you were to lose your job, you would need to adjust your spending, or risk depleting your savings.  It was a reasonable question in context...not a personal one. 

By the way, did Rosie forget her password or something?

 

iVillage Member
Registered: 10-01-2010
Mon, 03-04-2013 - 6:08pm
Litlmiss, it seems the ones who think that they are "safe" or that thier jobs are secure are the ones who are blindsided. Even when families have savings, If spending isn't adjusted, the savings goes quick. I always try to plan for the worst case scenerio (and hope for the best).- ---------------we were victims of the recession. Many layoffs, no stability for awhile, unemployment, using savings. We are aware of what could and does happen.
iVillage Member
Registered: 10-01-2010
Mon, 03-04-2013 - 6:06pm
Both you and your husband woh....Do you live off of just one income? " I think that is a personal question to ask of where our money goes" Except that no one asked that.... THIS is what you asked and my answer. THAT is the personal question.
iVillage Member
Registered: 11-14-2011
Mon, 03-04-2013 - 6:03pm

Here is a list from an artlical I read on MSN...

http://money.msn.com/credit-rating/article.aspx?post=7dc0a23d-785d-478f-911f-eccb4e9ab344

10 signs your finances are in trouble

  • You have revolving balances on your credit cards.Folks who fail to pay off their credit card bills in full each month, by definition, are in violation of one of the 10 commandments of personal finance. That is, they spend more than they earn. As a result they're more susceptible to defaulting on their obligations down the road.
  • You rely on payday loans to cover your bills each month.This is one of the worst examples of living beyond your means.
  • You've been turned down for a consolidation loan.This is a sure sign you are already overextended and that your debt-to-income ratio is too high.
  • You're hiding your spending behavior from family members.This red flag indicates that you are aware of your personal finance problems but are unable to acknowledge them. Fighting with your spouse is a related indicator, as financial troubles often lead to domestic troubles.
  • You finance your vehicle for more than five years.This is a clear sign that you're buying more vehicle than you can reasonably afford.
  • You get more than one late notice per year.Everybody may let a bill fall through the cracks and forget to pay it once in a blue moon. But if you find yourself getting multiple late notices for bills, especially for utilities, that's a signal that your finances may be in serious trouble.
  • You bounce more than one check per year.Again, most folks have had an overdraft of a checking account. But if this happens to you more than once a year, it's usually a sign of trouble.
  • You need a co-signer to get a loan.Those without a credit history can ignore this warning sign. However, for everyone else, the need for a co-signer indicates that banks no longer find you creditworthy.
  • You find yourself borrowing from your family and friends.Borrowing from friends or family members is a surefire way to sow the seeds of discontent -- especially when you fail to pay the money back.
  • You lack an emergency savings account of at least three months' living expenses.Those who are living from paycheck to paycheck can be completely derailed by even the most modest unexpected expenses, such as the need for car repairs.
iVillage Member
Registered: 08-22-2009
Mon, 03-04-2013 - 5:58pm

During our active duty Air Force years every time we moved we had to do over our budget to reflect the new cost of living.  On one move our  auto insurance went up 4X, on another move our water bill tripled.

  Cable was always the first to go, we always had basic cable but anything above that depended on the budget.  The next things to go was dinners out/entertainment/vacations.

  Luckily we are at a point in life where if our income went down 30% it would not hurt us too bad.  We would probably give up some dinners out/entertainment/vacations. 

  

 

iVillage Member
Registered: 06-27-1998
Mon, 03-04-2013 - 5:07pm

bordwithyou wrote:
<p>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?</p>

I would look at the food budget, I go a bit overboard but I could economize and utilize the garden a lot more.  Maybe get rid of one of our three cars.  Cut out cable and home phone, neither of them are used a ton.  Stop eating out once a week, take more snacks to sporting events.  Cut our annual family vacation.  We have a lot of fat in our budget, lol.  


PumpkinAngel

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