Home & Family
Many households have a fixed income, especially among senior adults. Typically, household income must last an entire month before additional funds are received. Therefore, a spending plan is necessary to make ends meet.
Planning is a key factor in determining how successful a household is in managing and allocating resources. Rather than approach financial decisions thoughtlessly or spontaneously, families should be intentional in their spending.
Planning helps families to have more control over finances as they set boundaries for spending. With a plan to guide them, overspending and impulsive spending are reduced. They can also allocate money to savings and emergency accounts and achieve financial household goals.
While some habits are hard to break, basic financial strategies can make a huge difference in the use of available resources. This video offers simple strategies to aid individuals and families to cut spending and stretch household dollars.
Content below reflects the text in the graphics of the video:
- Cost Cutting Strategies
- Small changes can make a big difference.
- Distinguish between needs and wants.
- Track all expenses no matter how big or small!
- Establish a spending plan, also called a budget.
- Shop sales and use coupons.
- Make a list before shopping to avoid impulse buying.