Cut Backs
With only a few days in the ranks of the unemployed, I'm reminded of what things are financially essential. Financial set backs can actually be very valuable in terms of the lessons they teach us.
The reality is that what we have in cash alone would sustain us for at least six months without severance or unemployment (which has already been approved). However, we have chosen to go on a spending freeze of sorts until I have secured employment.
We certainly won't be helping the overall economy with our spending. Some of the main things we are working on cutting back on include:
- Eating in More. Eating out Less.
- Bringing lunch rather than buying it out.
- Only buying essential clothes - i.e. I had to buy a new suit after returning from Kabul.
- Skipping the coffee out - at least more often than not.
- Waiting for household purchases - like a couple of chairs we need.
- Less presents at the holidays.
- Being conscious of spending.
Of course these are all things that can be practiced even in more prosperous times. It's a good reminder of what is important to spend on. Despite cut backs, we are doing our best not to be in a deficit mindset. We are lucky that we have planned and have enough.
Best,
Miel
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5 comments:
Miel, DINKs is one of my favorite blogs. I read it every day. I am so sorry for your job loss. I know it may end up being a good thing--a learning experience, a chance at a better job, etc., but the timing (while it is never a good time to lose a job) is terrible as the holiday season is upon us. Best of luck to you and Happy Holidays!
Miel needs to hurry up and get a job...freeloader...especially since we know that you guys have a good cushion. j/k ;o)
if you can live off of unemployment or pay most of the bills to limit your drawing on your emergency fund, that is great.
some of the cutbacks you recommended seem foreign to folks with higher income. well, at least i find it amazing people think so of us. every sunday, my wife prepares her lunch for the week. even several months into the worst of the economic troubles, people find it odd she brings lunch from home rather than buying lunch. my can of soup for lunch cuts my lunch costs in half. i'm a bit lazier than my wife, because i buy a salad from work to accompany my soup. it's amazing how much one spends on lunch, and i think that is the biggest cutback you can make.
Tim - I think you are absolutely right about lunch. It certainly takes a bit of an extra effort, but you can really save a lot of money by bringing your lunch. You can also end up eating better as well. James has been happy to have me around to get his lunch together in the morning. Some of the perks of being back.
Miel
sounds like james and i are just as lazy, too.
Eating in is more fun (and usually healthier) anyways. Well, at least when it's not alone.
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