People write to me all the time with questions about how to stretch their dollars. As America’s “favorite cheapskate,” I help all I can in my newsletter and on my website.
Lately, I’ve been hearing from many couples who are going through a difficult transition: one spouse loses a job and suddenly they’re finding themselves living on one income instead of two. For anyone who’s experienced this, my heart goes out to you. I know it’s not easy, but at the same time I know you’ll be okay—and you’ll grow.
Tough times, like lifting weights and working out, make us stronger. My husband and I had to dig ourselves out from under a mountain of debt. Here are some things you can do to adjust to a reduced income.
Cheapskate at Home
Keep track with a detailed record of your spending.
Spend only on essentials. Eating is, but T-bone steaks twice a week aren’t. There is a lot you can do without for awhile.
Don’t tap retirement funds.
You may be tempted, but raiding your accounts before age fifty-nine is expensive—and foolish. See the funds as out of reach right now.
Pull back.
If you’re currently paying more than required on your mortgage and credit card bills, pull back to a lesser amount. Many credit card companies will renegotiate interest rates. And don’t charge more!
Give.
Giving back to God even when you are the neediest demonstrates your faith in his promise to supply all your needs. In my own times of need, I’ve seen what a difference it makes.
Cheapskate at the Market
List it.
Without a list, you’re a spending binge waiting to happen. Plan your meals around what’s on sale. Find this week’s flyers at mygrocerydeals.com, a free site that posts all the major markets’ flyers and has a list-making option too.
