LET’S TALK MONEY. PART1: MODIFYING EXPENSES
Money is a big issue in the adoption world. Thus, I am going to cover this topic over 3 consecutive blog posts. Consider this post the first. They’ll be divided into 1) Modifying Your Expenses 2) Saving Funds and 3) Stocking Up Essentials.
Today, let’s talk Modifying Your Expenses.
As you know, raising kids costs money. One thing I’m preparing myself for is the financial expenses of parenthood. So, what I’ve been doing is dissecting my finances and modifying my expenses. I made calls and negotiated better rates on as many services as I could. In light of COVID-19, many service providers are willing to comply and offer lower rates to retain their customers. For example, I dropped my cable and home phone service and opted for internet only. I have Netflix, YouTube & Amazon that we can use for programming instead.
Currently the interest rates in the housing market are super low. Consider contacting a lender to see if you can qualify for a lower rate. It could save you a bundle off your mortgage payment every month. I think it’s worth a try anyway.
Also, if you have mounting student loan debt, definitely take advantage of the programs being offered right now. There are programs where your loan can be completely forgiven, deferred for over a year, or significantly lowered.
In summary, I made a list of all my monthly expenses and either paid some stuff off or renegotiated rates. Everyone didn’t comply, but some did. Now I did most of this during the beginning of COVID when many companies were offering special rates, but it wouldn’t hurt to try right now. You’d be surprised how things could tip in your favor. Just try.
We’ll talk about Saving Funds next post. See you then!
~Banessa
