Although not many talk about financial issues when it comes to the loss of a child, it’s true that a lot of families in grief have this problem.
It may be either due to expensive medical treatments that have been done for a child you’ve now lost, or sometimes bereaved parents carry such a burden that they cannot continue working and earning money like before.
If you feel lost and want to get something in order – it’s always a good idea to improve your finances, or better said – to cut down expenses so you can get on the right track again.
Here are some of the most common advice and tips that have helped me and other bereaved parents to cut down on daily expenses, get rid of debt, and make some orders in your bank account:
1. Take one month and write down all your expenses – even the smallest ones. Use a sheet you want and write down all the expenses you have through one month. This will finally help you to see where your money goes – even the daily takeaway coffee counts. You may be surprised how much money you spend on various things you don’t even use.
2. Create a budget. Now that you finally know what your expenses look like, it’s time to create a budget. First, with that budget, you’ll have to cover all those expenses that must be paid (like bills for example). Then you’ll see how much money you have left for other needs, wishes, as well as future plans.
3. Plan ahead. After you’ve created a budget and a list of your monthly and daily expenses, you can now plan ahead. Are there some big expenses coming around soon? Most of the time, it’s easier for people to pay them not at once – but through rates you won’t feel that much on your budget.
4. Get rid of the debt. Debt is never something that can bring you anything good in life, yet in nowadays society it is sometimes even impossible to live without debt. It is okay to have debt, but try to get rid of it as soon as possible. As you’ve realized so far, planning is half of the job. Write down everything related to debt – even the smallest ones count. First, pay the smallest debts and then get to the big ones. Create a plan with a little bit of help from the previous facts – you’ll then know how and when you’ll be able to pay off that debt, so it won’t affect your budget and daily life so much.
5. Pay with cash only. This is a psychological trick yet it’s working for so many people. It’s said that when we pay with cash – then we really feel like we’re spending money. A lot of people who pay with credit cards don’t even have the feeling of spending so much. Therefore, they have higher chances to overspend.
6. Unsubscribe. Unsubscribe from all those apps and newsletters that are taking away your money, and you even forgot that they exist. Don’t let anything you don’t use take away your money.
7. Bad habits. Do you have bad habits that cost you a lot of money? Or do some other family members of yours have one? Check out this article – it will help you to do the needed steps.
8. More time with family. Spend more time with your family and less on eating out. A lot of families still spend too much money on takeaways and prep food and meals. If you, for example, cook together, you’ll not only save time but definitely feel a lot better in these hard times.
9. Think about assurance, Internet, and mobile phone packages. Maybe you’re overpaying these packages. A lot of people forget to take a look at the insurance and mobile phone package, but in the end, it turns out that you’re paying for something you aren’t using anymore. Find the most affordable options that suit you.
10. Earn some money aside. If you have a chance, maybe it’s time to find a part-time job. Or you can even earn some money from your hobby. Do you have some talents, like making jewelry, writing songs, or even drawing? Check out our art section and get inspired!
The Internet is an amazing place where you can share your talents, ideas, and hobbies with others and get paid for that.
11. Cheaper housing options. Maybe it’s also time to rethink your housing options – would it help you to move away to some more peaceful place? It would also be a lot cheaper for you and your family.
12. 50-30-20 rule. In the end, this is also a good trick a lot of people use to spend wisely. What does the 50-30-20 rule mean, when it comes to budgeting? This means that you spend 50% of your income on the needs, 30% on the wishes, and 20% on the debt or savings. This is a well-known rule which helps people to lead a quality life, yet still to manage their finances in a great way.
From your opinion, what other advice related to cutting down on expenses would you like to share? Tell us your experience so we can update our list!
