New York, NY (PRWEB) October 05, 2013
Money Mermaid revealed 3 tricks to reducing household spending with a focus on cutting nonessential expenses in family financial planning. Cutting costs requires some sacrifice, and is therefore a matter of determination and devotion to the practice of lowering monthly spending. These tips were released on the heels of Business Insider’s September 26th article, entitled "This Guy Managed to cut $1,000 from His Household Expenses in 10 Weeks." The article discussed a man’s decision to cut his spending habits after experiencing a serious job loss. Money Mermaid encouraged readers to follow suit to avoid future financial panic or hardship.
Mandi Woodruff published her (Business Insider) article about Brian O’Connor, a man who was forced to reevaluate his personal spending habits after economic difficulty and a job loss. O’Connor reduced his expenses over a 10 week period, gradually reducing the amount he spent on unnecessary items such as cable and necessary items such as rent and car payments. Though these changes were spurred by necessity, O’Connor has since wrote a book and continues to embody the lifestyle he was forced to adopt one bleak day in 2005.
Money Mermaid offered 3 tips to cut household spending, with a focus on families and the potential for unnecessary expenses.
1. Budget, Budget, Budget. The most essential step in cutting costs is developing a family budget and sticking to it each month. When developing a budget, seek expenses that are not necessary, including entertainment and unneeded personal expenses.
2. Search for deals. Using coupons, sales papers, or even online deal sites such as Groupon, seek out discounts on food, entertainment, auto expenses and general living expenses.
3. Cut out non-essentials. For a young couple without children or with jobs close to one another, two cars may not be necessary. If a family lives in a home with several spare, unused bedrooms, consider downsizing to cut down on rent. Reduce expenses such as eating out, going to movies or concerts, or even film services such as Netflix.
Personal budgeting and cost cutting is important, not only as a means of saving money but also as a step toward getting rid of debt altogether.
Mandi Woodruff is a regular contributor to Business Insider, composing articles involving personal finances. She has worked as a writer and editor for numerous publications, including The Wall Street Journal.
Following an article discussing one man’s life upheaval, in which he eliminated monthly expenses totaling $1,000, Money Mermaid revealed 3 tips to effectively cut costs and shave down the family budget. Though the steps may seem simple, they do require a serious personal commitment that has to be renewed each month, or each day at the sign of trouble or the temptation to renege on the budget parameters. Cutting costs is not only for those who have recently suffered from the loss of a job or significant financial distress, however, but is a practical means of saving money and improving one’s financial health and condition. For more info on taking steps to restructure debt or eliminate it altogether, MoneyMermaid.com encourages readers to look at DebtConsolidation.com.
MoneyMermaid.com is an online resource for consumers to learn more about healthy financial behavior, and how to function under the restrictions of a self-imposed budget.