Finance Quick Answers
I have had a drop in my income. What can I do to cut back on my expenses?
Decide where you can cut back. Put on your creative
thinking cap and find ways to cut your expenses. It may
be as simple as taking your lunch to work everyday
instead of eating out or clipping coupons. Assess car
insurance premiums to see if there are coverages on
older cars that could be dropped or if deductibles could
be raised (which will lower monthly payments). Call to
get quotes from various insurance companies to see who
offers the lowest rate. Look for sales on clothing and
food. Avoid waste by turning off lights, reusing items
(such as using coffee mugs instead of disposable cups).
Walk through your house/apartment with family members to
find creative ways to cut costs. Carpool with friends
and neighbors and share services, such as babysitting.
(For more ideas on how to cut costs, see the Extension
guidesheet, "Living
on Less.")
Dr. Joyce Cavanagh, Former Assistant Professor and State Specialist, Consumer and Family Economics
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Last update: Monday, July 14, 2008
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