Before you review your expenses, we want you to consider becoming more thrifty. The thought of skimping on things is unattractive to many of us. Who wants to go without or give less to others? Generosity is something we value highly. The problem that arises during your career transition is that your resources are limited. If you can learn to live on less, you may reduce your fears about making ends meet. Losing your job doesn't have to mean you'll be out on the street.
Ideas to Consider for Reducing Expenses
During your career transition, you'll need to develop a spending plan. Here are a few questions you might want to ask yourself:
Here are some other suggestions to help you save money:
Review all of your ideas. Go back and see where you can trim out some of the fat in your cash flow statement. But remember, all you have done so far is to put down ideas—make sure you take action.
Now review each item in the outflow section of your cash flow statement and categorize each type of expense as either fixed (f) or discretionary (d), and can be reduced (r). A fixed expense is an expense that you are committed to pay, such as rent or mortgage payments, that generally remains the same from month to month. A variable expense is a flexible, changeable expense, for example the amount you spend on clothes.
Expense Record for:
Type (f, d, r)
Elimination or Reduction Ideas
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC. Insurance products are offered through LPL or its licensed affiliates. Premier America Credit Union and Premier America Investment & Retirement Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Premier America Investment & Retirement Services, and may also be employees of Premier America Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Premier America Credit Union or Premier America Investment & Retirement Services. CA Insurance License #0759204, TX Insurance License#1643255.
Securities and insurance offered through LPL or its affiliates are: