Lets go over some of the important expenses.
- utilities/car and health insurence
- car payments
- credit cards(debt in general on miscellaneous things)
First of all, credit cards, and random debts should be priority to pay off. these are unnecessary expenses. I would say to make sure to stay out of debt(like im sure most already know), and if it is too late for that, just make sure you get out as fast as you can(I will give some suggestions later on in the blog).
Car payments are sometimes necessary. I have however been able to buy multiple cars in cash, allowing me to have no car payment. I never have made a lot of money, being a full time college student and having my wife be a stay at home mom. Through living cheap I was able to not have car payments. In order to cut expenses and save it is a good idea to at least have one car with good gas mileage, and have that be the main car for driving around.
Utilities, gas, and food. With the utilities… I sometimes spend more than i have too, because I like it cold, so i run the AC a lot. We can save on bills also by turning off lights. Insurence is rough, if u can get it through work that is nice. I am getting kicked off my dads insurence in a couple months when i turn 26, so ill have to find a good yet cheap insurence plan… Which may be hard(some expenses you cant really lower, especially when it comes to your health). FOOD!— ok this one is a definite necessity. I have seen many ways to cut it down. Extreme cuponing is one way. My mom does this, and has taught my wife. It really does work. I will see if i can get some of those cuponing secrets up here in a future blog post. I find rice and meat and some kind of veggies for meals tend to be cheap, taste good and keep my budget low. U can flavor it and make it all different ways. With 2 kids, My wife and I have only spent 70-80 dollars and that will prolly get us through another week(we dont feel like we are starving… We eat good too!)in total this month will probably be at about 100-120 for groceries. For a family of 4!
This one is the biggest factor in my opinion in living a good flexible, easy, and enjoyable life–RENT. I had debt when I got married. Debt from buying the wedding ring, and car debt. We moved in with family for a little while. For about a year. We paid off my car, we paid off the ring, we bought a new car in cash, and we got totally debt free. Then we moved. It took months to find… But i found a 2 bedroom basement apartment in california to rent for 500 a month. This helped me to save more and quit the job i had to do more flexible things and have a FUN and better life. Then i realized things were working good. And i moved to another apartment. I looked for rent as cheap as possible without risking a dangerous area for my family, this is the best way i believe to live the “good life”.
The less money you need to make the more freedom you will have in life. And the more money you will have for vacationing.
It is worth a little uncomfort to live with family or do something a little crazy like that for a temporary time to pay off debt. Just remember to actually save and pay off debts while doing it, so you can have an easy future, and not just one easy year.
I have been able to live comfortably with just my income, with our family while i go to school full time with renting apartments with only 1500 a month. I am now up to 2200 a month to live comfortably(due to our move)