Tips on Cutting Expenses


There are only three ways of making more money doing family child care:

1) Take care of more children

2) Raise your rates

3) Reduce your expenses

Of the three, reducing your expenses is prob ably the easiest to accomplish. Here are some suggestions on how to do this:

When you shop, you may be able to reduce your spending if you follow this advice: shop along, use a shopping list, bring a limited amount of cash with you, set a limit on how much time you will spend in the store, eat just before you shop for food, and don’t shop if you are in a bad mood (because some people will try to improve a bad mood by spending more money).

Reduce the number of times you eat out with your family. When you do, don’t buy drinks at the restaurant. Have a drink at home when you return.

At least twice a year go through your home to determine what items can be sold at a garage sale or given to a charity.

Do you have seldom-worn jewelry that could be sold to pay off a debt?

Request an energy audit of your home to get ideas on how to improve energy efficiency.

Drive your car until you own it, and then keep it as long as you can after that.

Before buying anything, ask yourself whether the item is a want or a need.

Tired of getting all those offers in the mail for credit cards? To remove your name from pres-creened credit or insurance offer mailing lists, call 1-888-567-8688. They will contact major credit card bureaus and you will no longer get direct marketing offers. There is no fee for this service. You can also fill out an on-line form to opt out.

Spend less each year than you make.

Pay off all credit card debt.

Don’t be afraid to start saving small amounts. They add up. The act of saving begets the habit of saving.

Purchase insurance to protect against major catastrophes: life, disability income, health, long terms care, business liability.

Teach your children to save.

Tom Copeland –


Image credit:

Money Management smallFor more information, see my book Family Child Care Money Management and Retirement Guide.

Categories: Money Management, Money Management & Retirement

Tags: , , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *