Tips on Reducing Your 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

Reducing your expenses is probably the easiest of the three to accomplish. Here are some suggestions on how to do this:

* When you shop, you may be able to reduce your purchases if you follow this advice: shop alone, 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. 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.

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

* Drive your car until it's paid off 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.

* Follow the advice of these providers:

"Stop spending money on your business - it's too easy to 'nickel and dime' away your cash for new things that you don't really need. I have updated my equipment and environment with quality items - but it's the little stuff that really adds up without adding much to my business."

"Save, save, and spend only what you need to. Reduce, repurpose, reuse, trade. You do have to be creative, but kids don't need expensive toys to be happy and keep learning."

* Lastly, teach your own children to save. By teaching others we learn as well.

What ways have you used to reduce your expenses?

Tom Copeland - www.tomcopelandblog.com

Image credit: https://www.flickr.com/photos/gotcredit/45832410955For more information see the Family Child Care Money Management and Retirement Guide.