By Susan M. Keenan
A change in your status as a married person, whether due to the death of your spouse or a divorce, is going to necessitate some financial changes in your lifestyle, particularly if children are involved. Although it has been said that two can live as cheaply as one, it really isn’t so. If you are finding yourself in a bit of a financial bind, try to follow some of the following tips and strategies to make life a bit easier on the wallet and checkbook. Realize that not all of these tips may apply to your situation, and use the ones that do.
Bills, bills, and more bills
• Prioritize your bills. If you have a monthly mortgage payment or rental bill, that needs to be at the top of the list.
• Always pay necessary expenses first. If you live in an area where public transportation isn’t available, then your car payment is a necessity; otherwise, it’s a luxury.
• This eliminates the added cost of late fees. It also lowers the interest charged to your account.
Children’s needs versus children’s wants
• Incorporate an allowance for the children. Put the children in charge of paying for the things they want rather than need. In fact, now is a good time to explain the difference to your children.
• Always buy what the children need before you buy the new game or pair of sneakers that they just have to get. Remember that eventually they will stop whining about it, simply because they will have a new toy or CD they just have to get.
• Teach your children to save and have the cash before they make a purchase.
• Always tell your children how much you love them and how proud you are of them. A happy child who feels loved is going to demand that you purchase fewer frivolous things.
Personal needs
• Forego eating out with coworkers most of the time, but squeeze it in occasionally. You still need time with the adults.
• When you feel the need to splurge, make it something practical. If you are going to purchase something frivolous, purchase something that will get a lot of use or that can take the place of something that you need anyway.
Short-range goals
• Incorporate a temporary decrease in spending in as many areas as possible.
• Consider getting a part-time job.
• Take in a boarder to help with expenses. Try to advertise through friends and family and get a referral.
• Always shop during sales and try to use coupons whenever possible. Paying full price should be a thing of the past.
• Shop in bulk and stock up on good buys that you use frequently.
• Skip expensive brands and purchase generic brands.
• Borrow daily newspapers, periodicals, and novels.
• Pass up chewing gum, mints, and lottery tickets.
• Look for ways to decrease spending, and then use them, no matter how small the savings.
• Exchange services such as babysitting or car washing with neighbors that you know. Not only will you save money, but also you will get what you need done.
• Avoid clothes that require special care such as the dry cleaners.
• Temporarily disconnect satellite or cable television.
• Disconnect your Internet service or go back to dial up service.
• Eliminate features such as call forwarding and call waiting to your telephone service completely.
• Turn in your cell phone.
• Plan economy meals several times a week or all week if necessary.
Long range goals
• Develop a realistic budget. It may take a few weeks to get it in motion, but it will be worth the effort.
• If your income is going to remain at a basic level that requires frugal spending, consider putting away a monthly portion of large annual bills such as property taxes, homeowner’s insurance, and car insurance.
• Plan around incidental expenses such as doctor bills, prescription costs, dental bills, and clothing and shoes. Make room in the budget for these items.
Leave pride out of it
• Ask for a temporary personal loan from family members.
• Visit a food bank.
• Seek governmental help if you qualify.
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