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Adjusting a Budget to Survive Unfortunately, not everyone can count on a steady income to be able to cover all of their financial needs all the time. The occasional unexpected expense will show its ugly face, forcing them to cut back on their spending a bit in order to make ends meet. The financial repercussions can range from small, to extreme changes in a family’s budget. The situation is always specific, but the solution can often be generalized. The solution is finding ways to cut your current budget to adjust to the change in financial situation. There are a few common ways of cutting down on your spending every week to make ends meet.

VA Refinance or Streamline Refinance your mortgage. If this financial fall hurts you to the point that paying your mortgages is less than doable, then perhaps it’s time to turn to a refinance or VA streamline. Either a normal refinance, or a VA streamline can help you get into a cheaper monthly payment. They can often extend the life and total expenses of your mortgage, but it can keep you from having to foreclose while cutting immediate budget needs. Paying more might just be worth the extra costs. Consider looking into a refinance or VA streamline if you’re the current owner of a home. Second, find a way to earn more money. Start a part-time job. Sell your labor or produce something to throw into the marketplace. There’s always a way to make more money when you need it. Consider what talents you have, what time you can spend, and how much extra you need to earn every week. Look for a way to supplement that money for the duration of your unexpected expenses.

Entertainment Third, invest less in costly entertainment and invest more in yourself. When people live comfortably, there are a number of areas of entertainment they spend money on that they don’t realize have cheaper alternatives. The avid movie goer is going to spend $7-$10 on an average movie ticket per person. Seeing a movie every other week for a year costs between $182 and $260 for one person. Bring a spouse and a child and you’re looking at three times that amount. In sharp contrast, when you get in the habit of borrowing movies from friends or merely renting a movie from Redbox, you either pay nothing or just a dollar per movie for an unlimited number of people to enjoy.

There are cheaper alternative forms of entertainment that can save you a lot of money with just as much reward. You can be just as happy discovering an old classic you borrowed from a friend as you can, seeing the newest and greatest in the theaters. Fourth and finally, consider removing your cable/Hulu/Netflix subscription. There’s much more to the world than watching TV. There are so many other ways to enjoy your life. Playing catch, riding bikes, and reading a book are just a few ideas to think on. The moments you’ll remember best are those spent with each other doing something. Not only do you get those times back, but you save on the monthly subscription of a TV service. These are just the beginnings to finding places in your budget to cut. Although it’s not the ideal situation, they can help you get through the rough times until you can improve your current financial situation. Photo Credit: darrendean, kinsum

Adjusting a budget to survive  

If you find yourself in a financial hole it would be wise to give some of these tips a try before giving up all hope.

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