{"id":1057,"date":"2017-03-28T08:40:23","date_gmt":"2017-03-28T06:40:23","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?post_type=right_responsibility&p=1057"},"modified":"2025-07-20T20:07:54","modified_gmt":"2025-07-20T18:07:54","slug":"stop-excess-spending-now","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/stop-excess-spending-now\/","title":{"rendered":"Stop Excess Spending Now"},"content":{"rendered":"\t\t
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Managing Finances During Tough Times: Practical Tips for Families<\/h3><\/span><\/div>
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Immediate Action on Financial Reversal<\/h3><\/span><\/div>
Many families wait as long as six months to adjust their lifestyles after a reduction in income, making matters worse as they hope for things to get better. In doing so, they waste valuable time as well as money according to consumer and family economics educators.

\n\nThey advise families to act immediately to stop all excess spending when they experience financial reversal.\n\n
\u201cBuy only what you and your family really need,\u201d<\/blockquote> they say.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Prioritizing Fixed and Flexible Expenses<\/h3><\/span><\/div>
When money is tight, people should give priority to paying fixed expenses, such as rent or mortgage payments, insurance premiums, car payments and credit card debt. They need to keep a roof over their head, a vehicle to drive, risks covered, and their credit in good standing. It\u2019s better to cut back on flexible expenses \u2013 food, utilities, clothing and household expenses \u2013 as much as possible.

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Questions to Evaluate Flexible Expenses<\/h3><\/span><\/div>
Ask yourself the following questions about your flexible expenses:

\n\n1. Can we substitute this item\/service for a less costly one?
\n\n2. How can we conserve resources and avoid waste?
\n\n3. Are there opportunities to cooperate with others by trading or sharing resources?
\n\n4. Can we save if we do it ourselves?
\n\n5. Can we do without it?

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Saving on Food Expenses<\/h3><\/span><\/div>
To save on food expenses, shop with a list of planned items and look at food advertisements for good deals. Make as few trips to the supermarket as possible; don\u2019t go when you\u2019re hungry; give yourself plenty of time to make selections; and leave the kids at home if you can. It\u2019s hard to say no to your children\u2019s favourite foods when they go along. Lastly, there are also low-cost protein foods such as dry beans, eggs, peanut butter and chicken, amongst others to help save your wallet.

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Saving on Utilities and Household Maintenance<\/h3><\/span><\/div>
To save on utilities and household maintenance, turn the thermostat down 5 degrees and wear warmer clothing, find and fix air leaks and insulate where you can, close doors to unused rooms and shut off heat to those areas. Take shorter showers.

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Reducing Transportation and Medical Costs<\/h3><\/span><\/div>
Carefully plan the use of your car to reduce the amount of driving you do and minimise medical aid claims by staying healthy through exercise.

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Cost-Effective Recreation<\/h3><\/span><\/div>
For recreation, consider activities that are free or inexpensive. Hiking, picnicking, and free concerts or museums, or entertaining at home are great ways to socialise without having to break the bank.

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Alternative Gifting and Services<\/h3><\/span><\/div>
Make gifts instead of buying them and donate services or time instead of money. Offer to babysit, take care of an elderly person, house watch, pet sit, or mow the lawn.

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Eliminating Costly Habits and Setting Allowances<\/h3><\/span><\/div>
Also, think about eliminating costly habits such as smoking and drinking alcoholic beverages, and set a reasonable amount for children\u2019s allowances, making sure there\u2019s a definite understanding about what they cover.

\n\nAdapted from:
\nhttp:\/\/www.ToughTimes.illinois.edu<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Summary<\/h3><\/span><\/div>
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How to Adjust Your Lifestyle After a Loss of Income<\/h3><\/span><\/div>
Many families wait too long \u2014 sometimes up to six months \u2014 to adjust their spending after a financial setback. But delaying change can make matters worse. As soon as income drops, cut all unnecessary spending. Focus on the essentials and be proactive.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Prioritise Fixed Expenses<\/h5><\/div>
Keep paying for the things that protect your stability:<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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  • <\/span>Rent or mortgage<\/li>
  • <\/span>Car payments<\/li>
  • <\/span>Insurance premiums<\/li>
  • <\/span>Minimum debt payments (e.g. credit cards)<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    <\/h5><\/div>
    These are critical to keeping a roof over your head, staying mobile, protecting your assets, and maintaining good credit.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Re-evaluate Flexible Expenses<\/h5><\/div>
    Ask these 5 questions before spending:<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    • <\/span>Can we substitute it for something cheaper?<\/li>
    • <\/span>Can we reduce waste or use less?<\/li>
    • <\/span>Can we share or trade with others?<\/li>
    • <\/span>Can we do it ourselves?<\/li>
    • <\/span>Can we do without it?<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Save Money on Food<\/h5><\/div>
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      • <\/span>Plan meals and shop with a list<\/li>
      • <\/span>Look out for specials in store flyers<\/li>
      • <\/span>Shop alone \u2014 avoid impulse buys from children<\/li>
      • <\/span>Buy budget-friendly proteins: beans, eggs, peanut butter, chicken<\/li>
      • <\/span>Cook in bulk and freeze meals<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        Cut Back on Utilities<\/h5><\/div>
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        • <\/span>Lower your thermostat and wear warmer clothes<\/li>
        • <\/span>Fix leaks and insulate your home<\/li>
        • <\/span>Close off unused rooms<\/li>
        • <\/span>Take shorter showers<\/li>
        • <\/span>Unplug unused electronics<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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          Rethink Transport & Healthcare<\/h5><\/div>
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          • <\/span>Combine trips to save fuel<\/li>
          • <\/span>Stay healthy through exercise to avoid medical costs<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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            Affordable Recreation<\/h5><\/div>
            Try free or low-cost activities:<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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            • <\/span>Walks, picnics, hiking<\/li>
            • <\/span>Public concerts or museums<\/li>
            • <\/span>Game nights or potlucks at home<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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              Save on Gifts<\/h5><\/div>
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              • <\/span>Make homemade gifts<\/li>
              • <\/span>Offer services like babysitting, pet sitting, house-sitting or errands<\/li>
              • <\/span>Swap gifts for time or help<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                Break Costly Habits<\/h5><\/div>
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                • <\/span>Quit smoking or cut back on alcohol<\/li>
                • <\/span>Set a reasonable allowance for kids and explain what it covers<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

                  Managing Finances During Tough Times: Practical Tips for Families Immediate Action on Financial Reversal Many families wait as long as six months to adjust their lifestyles after a reduction in<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":""},"categories":[425],"tags":[],"class_list":["post-1057","post","type-post","status-publish","format-standard","hentry","category-rights-and-responsibilities"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/comments?post=1057"}],"version-history":[{"count":7,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1057\/revisions"}],"predecessor-version":[{"id":35871,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1057\/revisions\/35871"}],"wp:attachment":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media?parent=1057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/categories?post=1057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/tags?post=1057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}