Anonymous wrote:When we had to cut back I went through old credit card bills and identified patterns of expenses to cut. Food is a big one - obviously avoid eating out (including fast casual) but also cook recipes with cheaper ingredients (eat more beans -- and make them from scratch). Try not to cut back on things that save your sanity (once a week exercise class is fine if you need it, but try to mainly walk/bike/run).

This one made me realize: does everyone not track their spending? Our funds are all in quick books, and every cc bill broken down. I can tell you what we've spent on electricity every month in our home (25 years). Same for cable and food and, well everything. This helps us a) know where to cut back when necessary, and b) how much we need to retire to live at our current lifestyle

Anonymous wrote:Do your own housework, yard work, haircuts, car wash.

WTH? Are you insane? Is that even legal?

Buy low and sell high inside of Roth. You can make 10% easily on volatile stock. Take out what you put in if it's been 5 years.

Do your own housework, yard work, haircuts, car wash.

When we had to cut back I went through old credit card bills and identified patterns of expenses to cut. Food is a big one - obviously avoid eating out (including fast casual) but also cook recipes with cheaper ingredients (eat more beans -- and make them from scratch). Try not to cut back on things that save your sanity (once a week exercise class is fine if you need it, but try to mainly walk/bike/run).

Question every expense. Join us for the no spend January.

https://www.ynab.com/moremoneychallenge

When spouse was laid off, we started by cutting back everything except kids activities, mortgage, groceries and utilities (electricity, water, cable/internet). And, when we approached 6 months, we told each other in another 3 months, the kids activities would have to go as well. We didn't get that far, as spouse got an excellent job at that point. And, from day one, we made it a priority to have one-year of reserves on hand going forward, so we hopefully never have to go through that again!

Take inventory of your kitchen cabinets and freezer and meal plan around what you already have in-house. We are trying a low-spend January and that is one of the better tips I've read.

How does that reduce expenses, though? I get that, using food that you have and not replacing it will help temporarily with cash flow, but you'll eventually need to replenish that stock, right?

Always eat at home. Meal plan so you use everything you buy. Eat less expensive foods. Only drive when necessary. Check if you can fit back your auto insurance if you’re driving less. Cut out childcare. Get rid of streaming services and cut back cell service to the basics. Turn the heat down in your house. Get rid of gym memberships or put them on hold. Use the library. Do only free activities.

Anonymous wrote:Take inventory of your kitchen cabinets and freezer and meal plan around what you already have in-house. We are trying a low-spend January and that is one of the better tips I've read.

LOL, I just cleared out my pantry and found stuff that expired in 2015.

It’s hard to say without knowing your expenses.

Take inventory of your kitchen cabinets and freezer and meal plan around what you already have in-house. We are trying a low-spend January and that is one of the better tips I've read.

Cable is a big one.

If you have two vehicles, try and cut back to using one. Maybe even store one vehicle in your garage (if you have a garage) and cancel the insurance this vehicle.

Go through your credit card bills and look for recurring charges and assess their value. Fitness membership? How often do you go, could you go to a less expensive place. All the streaming services - can you reduce. Land line phone - do you need it? Look at everything you spend money on and see if you can cut or pare back. Also, consider having your partner sign up for Uber or Lyft as a way to quickly generate some income while looking for a job.

Partner's last day is in mid-January. What are some low-hanging spots to cut back beyond the very obvious (cooking at home more, reducing random subscriptions)? Thanks.