First Person: How We Cut Our Monthly Spending by $500
Just like at millions of other households in America, the Great Recession hit my home like a runaway train. A few years ago, I sold a small business and took a job as the national credit manager for a franchised business. My better half was working for a marketing firm, and I still was a landlord for a few investment properties. We were living a good life, and then almost overnight we were both unemployed. I was selling off properties and barely making enough to cover the mortgages. Unable to land new jobs and drawing two unemployment checks, we decided that we had to cut costs before they dried up our savings. Our cost-cutting session started with a walk around the house. We found areas where we could cut costs. We trimmed about $500 per month by focusing on just five things.
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