Saturday, December 21, 2024

When my husband, Michael and I decided it was time for me to quit my full-time job, the first thing we did was pull out our family budget and go over it with a fine tooth comb. If I was going to quit, we knew we had to cut our expenses to the bare minimum until his then-new business was up and running.

People trim fat from their budgets for various reasons. Sometimes after the birth of a child, the new mother just can't face putting her baby in daycare as she originally planned. Maybe a family car dies an untimely death and payments on a newer car are higher than expected.

"Fat" in your family budget is very much like the extra pounds around your waistline: it sneaks up on you! Those little, seemingly insignificant expenses here and there add up to big chunks of your income that could be used otherwise.

If you're looking to put your budget on a diet, the first step is to realistically look at where your money is going. The following is a list of "extra" expenses (spending over and above necessities like food, transportation, utilities) that are easy to overlook. Some of the items on the list are necessary (such as haircuts and oil changes) but can be done less expensively by doing them yourself. When looking over the list, ask yourself if any of these could either be eliminated by altering your spending habits, or reduced by substituting something low-cost or by doing it yourself.

As you work to trim the fat from your budget, start by eliminating the expenditures that bring you the least amount of pleasure first. Gradually work up to those that you would truly miss if you cut them out. As you look over the list, be creative. Look for ways to get the same enjoyment for less.

	Special Occasions
	Family birthdays, anniversaries, Valentine's Day
	Christmas gifts
	Gifts/showers for coworkers, friends, church members
	Greeting cards and postage
	Postage to mail gifts to out-of-town friends and relatives

	Entertainment
	Eating out/ordering take-out
	Movies (renting or going to theater)
	Cable TV/satellite service
	Internet service
	Book, video or music clubs
	Hobby supplies, equipment, and magazines
	Magazine subscriptions
	Sports-related expenses (equipment, fees, memberships)
	Spectator sporting events
	Added grocery costs of entertaining at home
	Music tapes and CDs

	Kid-related Expenses
	Sports or school activities that require equipment, dues
	Allowances
	Birthday parties (their own and those they attended)
	Fundraisers (things your kids and other people's kids sell)

	Pets
	Pet food, treats, toys, cat litter
	Veterinary bills
	Kennel, grooming and obedience services
	Personal Grooming
	Haircuts, perms, hair coloring
	Cosmetics, skincare and hair care products
	Manicures, nail care products
	Hosiery, clothing accessories
	Services
	Lawn care services
	Car washes, oil change and tune-up services
	Housecleaning
	Home maintenance and repair services
	Home delivery of newspaper
	Miscellaneous Expenses
	Additional services on phone
	Impulse buying when shopping
	Dry cleaning, alterations and repairs
	Home decorating items
	Kitchen gadgets or power tools

As you looked over this list, you probably were reminded of a few of your own expenses that weren't listed here. Remember that this list is not meant to pass judgment on any expenditure as "good" or "bad". If you're looking for ways to save, simply use this list as a starting point to help you brainstorm ways to accomplish your goal.

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