Welcome to Day 19 of 30 Days To Your Financial Freedom Challenge!
Even if you’re a business owner who keeps business finances and family finances separate, any type of crisis is going to rub off onto your entire family. Therefore, it will help to get the entire family involved in generating income and lowering expenses in order to get through a financial crunch.
What Activities Can Be Given Up or Changed to Save Money?
You don’t want to give up activities that are investments in the future if you can help it. It really does depend on your budget during the crunch but give a lot of thought to the purpose of the activity before canceling it if it’s possible. Perhaps you can still be involved but cut expenses instead in some way?
What Skills Do Family Members Have That Can Be Put to Use?
What are the skills that your family members have that you may be able to put to use within your business or elsewhere to bring in more money? For example, if one of your children is good at taking pictures, can they create picture packages to sell online via sites like Etsy.com, Deviantart.com, and others?
What Are You Outsourcing That Can Be Done “In House”?
If you outsource tasks to business owners that can be done in house by you or your family members, give notice and switch. It’s hard to do, but you have to put your household first in these cases. Maybe you can pay a severance and give them a timeline of when you may be able to bring them back on. Write an amazing recommendation for them and tell others that they’re available. Don’t forget the home tasks that you outsource, too, such as cleaning, hair care, massages, and childcare.
What Ways Can Each Person Cut Expenses?
Each family member spends an amount for their care even if it’s not noticeable at first. Try to pin down how much each family member costs and ways that they can each cut back. For example, if you currently let your kids eat unlimited junk between meals, that’s one easy cut. Remember to determine the long term effects before you cut something. For example, a child in high school involved in sports for scholarship purposes should stay in those sports if at all possible.
The best way to get the family involved is to know what you want to talk to them about prior to the family meeting, then arrange a formal family meeting to discuss the new plans for your family during the financial crunch. It can be made into a fun challenge. Maybe your 16-year-old son turns out to be an amazing budget meal planner and shopper. You won’t know what’s possible until you try new ideas.
Please leave any comments or questions below.
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