Strategies for spending less

When your family faces reduced income, take immediate action to stop all excess spending. Whether your situation is temporary or extended, you need to get the most for your money.

Studies have found that many families do not adjust their lifestyle for about six months after their income is reduced. Those six months of ignoring the situation can bring disaster. When you take charge of your financial situation immediately, you are making a positive contribution to your family's well-being now and in the future.

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    Related resources

    America Saves — Includes information for families on how to save and build wealth.

    Minnesota Department of Human Services — Provides information on Medicaid/Medical Assistance, MinnesotaCare insurance, or General Assistance Medical Care.

    Sharon M. Danes, Extension specialist and professor, Department of Family Social Science

     

    Reviewed in 2018

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