I was exposed to an extravagant life-style. Now my income has dwindled yet I can not curb my expenses.
2007-03-14 06:13:04 · 7 answers · asked by Justanian 1 in Business & Finance ➔ Personal Finance
Cut back on your lifestyle. Spend on what is really necessary , water, rent, lights and then go from there. What you make think is necesity does not mean it is one.
2007-03-14 06:23:46 · answer #1 · answered by Lauren1980 3 · 0⤊ 0⤋
If your income has become too low to cover your expenses, and you cannot actually reduce your expenses you have only two choices.
1. Bankruptcy to remove some of the expenses.
2. Increase income through another job or advancement at current job.
Are you still living that extravagant lifestyle? If you are, and you "can not curb your expenses" - what the heck are you paying for? CC payments on a hot tub? Driving a benz? What's the deal? More information= better answers.
Be blessed,
2007-03-14 13:39:46 · answer #2 · answered by Ethan 3 · 0⤊ 0⤋
It won't be easy, but you will have to find a way or you will be miserable in massive debt.
Don't outlaw all luxuries... pick your favorites. I don't know how extravagant a lifestyle you're talking about, but say if you were used to eating out a lot, cut back on it and basically pick your treats. Take bagged lunches to work and then you can go to dinner a couple of times a month and still be saving money. If you like designer clothes and handbags pick a few staple pieces (like a Gucci wallet), but buy cheaper jeans. Basically you want to enjoy some luxury, but save on the items that mean less to you. Drink tap water instead of bottled water, don't buy coffee outside, etc. If you must pick one vice, then only have one. I have a penchant for expensive clothes & handbags, but I don't smoke, drink, or buy Starbucks daily.
It's all about moderation. As long as you realize that you won't be happy in debt, you'll slowly get used to your new lifestyle. No it won't be easy and yes you will be tempted to spend, but it's all within your control. Find the biggest sources of your expenditure, think of what you can cut back on, splurge on the things that really matter to you, and you should be in much better shape. If you have an expensive car, get rid of it. Good luck =)
2007-03-14 13:55:53 · answer #3 · answered by Principessa 5 · 1⤊ 0⤋
well, you are gonna have to find another income then, a legal one. Cause if you go to jail your life style wont be anywhere near extravagant, or even stylish.
2007-03-14 13:19:14 · answer #4 · answered by tomhale138 6 · 1⤊ 0⤋
If you keep spending like you have money, you're eventually going to have to pay up. You can't keep on borrowing or living on credit cards and expect to get away with it. It used to be that you could declare bankruptcy and get out from under. Unfortunately they got wise to that and now you still have to pay off your debt.
2007-03-14 13:26:18 · answer #5 · answered by Glennroid 5 · 0⤊ 0⤋
get all your bills together with your income. Then with your income subtract your expenses. and u should only buy things u really need... Hope this helps
2007-03-14 13:44:13 · answer #6 · answered by shorty21 5 · 0⤊ 0⤋
Create a budget for yourself and stick to it.
2007-03-14 13:28:33 · answer #7 · answered by countrychic 3 · 0⤊ 0⤋