How to Survive When Your Wages are Lowered Due to the Economy
Several things can happen to lower your income in a slow economy. If you are a salesperson, your commissions may be smaller, or you may be part of a layoff from a job you have had for years. Whatever the reason, living on less money is not easy and takes some adjusting and discipline. However, there are a few things you can do to re-evaluate your budget and spending so you can survive a bad economy.
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Instructions
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Assemble a list of all of your expenses. Put everything on the list including dog food and charitable contributions, even the cup of coffee you buy on the way to work. Cross off anything you can reasonably eliminate.
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Reduce your grocery bill by 20 percent. Buy store brands and eliminate junk food. Replace candy and cookies with fruit. Learn to cook with cheaper cuts of meat to stretch your weekly wages.
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Re-evaluate any fees you pay. If your bank charges high checking fees, transfer your account a bank with cheaper or no fees. Consolidate high-interest credit cards to a low interest card.
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4
Recalculate your weekly taxes to pay less each week. This will put more money in your weekly wages, but will reduce your tax refund at the end of the year.
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Shop and compare prices on both car and home insurance. Take a higher deduction in order to get the price down.
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Reduce or eliminate your cable television and cell phone bills. Get rid of movie channels and extra cell phones. Keep the house phone and have a prepaid cell phone for emergencies only, or keep the cell phone and get rid of house phone. Do whichever method is the cheapest.
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Stick to a budget. Constantly re-evaluate your spending and keep track of every dollar to survive a bad economy.
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Tips & Warnings
Use discipline when shopping.
Buy used when possible.
Remember, small purchases add up.
Always put money each week into savings.
References
- Photo Credit shopping list image by Warren Millar from Fotolia.com
