ways to cut our expenses?

Question

here is our monthly expenses 2 adults 2 kids
Mortagage- 595 taxes and insurance too
car - 277
equity loan- 92
gas- 31
electric- 50
water sewer and trash- 44
land phone and internet- 55
cell (2 lines 500 min.) 60
diapers formula and wipes- 65 all store brand 2 lil ones
groceries 360
misc. household- clothing, shampoo etc- 20
car gas- 300
out to eat once monthly- 30
hair cut- 12
oil change average- 6 a mo.
doctor copay 20 average
Insurance 100 car
slush misc- 150

Answer 1

Don't see much room for cutting.

Can you do away with your land line phone?

Do you get cell phone coverage where you live?

The gasoline seems high. Can you cut down on your travel by car? Is this all work?

I think maybe you need to come at this from a different direction and see if there is a way you can increase your income.

Part time weekend work?

Garage sales?

Baby sitting?

Can you get additional training/education to increase your earning potential?

Answer 2

My guess is that you are not going to like my answer. You haven't stated what the annual income is, but I am guessing that you would not be asking this question if you were not living from paycheck to paycheck. This is nothing to be ashamed of as ALL of us have been there at one time or another. I am making a wild guess that your household income is some where around $33,000 a year and you all are feeling the pinch.

You have a pretty heavy payment on your car, what is it worth? Get out from under the burden and buy a old car that cost maybe $1,000 and pay for it that will put you ahead $277.00 a month, but you will also save even more as the insurance that you would have on an old car would be just the Liability. I am guessing here that your car insurance would be reduced by about half.

Get rid of the cell phones as such and go with the type that you pay for time, use it and then buy some more time. Use sparingly. This will save as much as half the amount a month, about $30.00

You are doing pretty good on your Groceries but I can even give you an idea about how to save a little bit there also. Clip coupons, I know what you are going to say that you already do clip coupons. But when you clip you are selecting which ones to clip. Clip all of them and then with other ladies a Church, friends, ladies group what ever, swap coupons with them. I knew a lady that would not spend over $50.00 a month and they were eating very good but she had her group and she clipped every coupon she could find.

You have something down twice, under two different headings so they may be different to you but no to me. You have Misc. Household and you have Slush misc. the first being $300 and the later being $150.00 put them together and make it just $300 and that will leave you with $150.

With the moneys saved you can start a good savings account and even make your 10% church tithe. God bless

Answer 3

Sometimes it's not a matter of just cutting expenses - it's a matter of how to increase your income. Once you do, be sure to add 10% to a savings account. Don't add any additional expenses for the first 3 months. Put your heads together and see what kind of business you can start on the side.

Answer 4

Your budget seems very tight, so I would recommend focusing on ways to increase your income, as others have said. However, since you asked for ways to cut expenses, I recommend the web site www.stretcher.com. It contains loads of great articles and tips on this very topic! There are also newsletters you can sign up for.

Answer 5

You have a very tight budget! Buy a pair of good sissors and trade haircuts. Thats what we do!