Dear Chuck,

We have to cut our spending this year, but I really don’t know where to begin. When I bring up the subject, my spouse always has an excuse. If we don’t get things under control, we are going to face eviction from our landlord. 

Cash Crunch 

Dear Cash Crunch,

I’m so glad that you wrote to me and are ready to make some big changes. My hope is that if you set a clear direction, your spouse will be inspired to join in the effort. Forced eviction is devastating emotionally; it is expensive and wrecks your credit score. Let’s work hard to avoid it!

Some of the obvious ways to reduce spending include eliminating the big expenses, like a car payment or rental/living costs in excess of 40% of your net spendable income. Look at both of those expenses closely, and determine if you need to make any changes. If not, there are some not-so-obvious ways you can save money each month that really add up over time. Cutting what seems like a necessity may seem impossible, but over time, the sacrifice will prove rewarding. Here are a few examples I want you to consider.

Do You Really Need Amazon Prime?

Membership fees jump for new members on February 18th. Renewals take the hit on March 25th. The annual cost will be $139/year plus taxes or $14.99/month plus taxes. An alternative is to keep a shopping list until you reach a total that qualifies for free shipping from Amazon or other companies. You may have limited shipping options, but this leads to better planning and less impulse purchasing. You can also use Amazon gift cards to limit spending since a credit card is not linked to your account.

Do You Really Need That Streaming Service?

According to The Streamable, in 2021, the average viewer had five or more subscriptions. The top five include Netflix, Amazon Prime, Disney+, Hulu, and HBO Max. In May 2021, Bloomberg reported that the average streaming consumer spends $40 per month. That comes to $480 per year! Different streaming prices can be seen here. The average cost of cable TV comes in at $64 but can run from $11 to $127 or more per month.

Do You Really Need Audible or Spotify?

Free audiobooks are available via Overdrive and Hoopla with a library card. Spotify and other small monthly fees that seem insignificant can really add up. Nothing is too small to eliminate to help you avoid eviction!

There’s More

Look at your spending with a critical eye. What could you realistically eliminate? What are your real needs? What do you need to reprioritize? Small daily purchases can add up quickly.

Analyze what is spent on subscription services, fast food, coffee, bottled water, shoes, clothes, gym membership and gear, house plants, manicures, pedicures, tattoos, haircuts and color, lottery tickets, toys for children, etc.

Challenge

Ask your spouse to join you in tracking all spending for the next 30 days. When Ann and I did this years ago, we found that recording each dollar spent made us more aware of our actions. We realized that we had some costly habits. Write down your expenses. Don’t leave anything off your list so that you know where your money is really going.

After 30 days, come together and share what you learn. It may only take a few days before a heightened awareness sets in. Prayerfully discuss what you could sacrifice for six months or a year. I suggest you gently educate your spouse on the long-term benefits. Can you agree to get the help of a mentor or come under the accountability of trusted friends? How about planning a reward when reaching your goal? You can likely cut back on your spending 25% by just changing some of your habits.

Once you get your spending under control and avoid eviction, there are many other reasons people decide to better manage their money. Reduced spending builds the habit of saving, and with the help of automatic deductions, people learn to live without. The possibilities can include:

• Building an emergency fund
• Paying off debt
• Saving for retirement
• Giving more generously
• Having funds for vacations, a move, a business, education, holidays, births, deaths, etc.

Years ago, a woman confided in my wife that she was tired of her husband limiting her spending. She felt like she was being treated as a child. Ann listened and then asked, “Have you considered the possibility that he loves you so much that he wants to protect you and save for your future together?” The thought had never entered the woman’s mind. It changed her entire perspective and opened the door to healthy dialogue about their finances.

We enter marriage with a philosophy of money. Most often, we marry an opposite. The goal is uniting around God’s principles regarding our finances. Pray about how to lovingly communicate with your spouse. Treat him/her with respect and love so you can make progress. My desire is to see God’s people free and marriages united, strong, and thriving. We must recognize the errors in what the world has taught us about finances and have our minds renewed by God’s truth. With Valentine’s Day just days away, consider this effort to lead the way out of this crisis the best gift you can give your spouse.

If credit-card debt is a source of frustration in your marriage, consider contacting Christian Credit Counselors. They specialize in assisting people with getting out of debt and on the road to financial freedom, and they are a trusted source of help.

This article was originally published on The Christian Post on February 11, 2022