The following steps can help you to develop a plan for reducing family spending:
- Start by cutting back in one or two problem areas at a time and work on those areas for several months. Once your new spending habits become an established part of your routine, you can tackle additional problem areas.
- Involve everyone in the household. You are more likely to be successful when everyone in the household participates in accomplishing the same goal.
- Ask family members for suggestions and encourage everyone to come up with a suggestion for how to cut spending.
- Develop an action plan. Review the suggestions and select several to implement. Whatever you decide, write down your action plan and have everyone in the family sign it.
- Post your plan where everyone in the household will see it so it is a constant reminder of your common goal.
- Evaluate your plan and your overall spending periodically. Every few weeks sit down with family members to see how you are doing.
- Make sure everyone in the family enjoys the rewards.