How to Tell You Can't Cut Your Budget Any Further

I'm a regular reader of about a dozen personal finance blogs like the popular GetRichSlowly.com.Not only have blogs like this increased my understanding of money, but they've helped me drastically reduce my credit card debt over the past two years and inspired me to stay on the right track from a personal finance perspective.Without question, raising awareness on where you're spending money is one of the easiest and fastest ways to begin the arduous climb out of debt.While cutting out the daily trip to Starbucks or bringing a sack lunch to work can serve as low-hanging fruit to improve your finances there are only so many holes to plug in your monthly budget.No matter how frugal you learn to be you'll still need to buy food, pay rent, and put gas in your car to get to work.In my opinion Andrea Whitmer at SoOverThis.com does the best job of illustrating this point in her post How Do People Survive on Minimum Wage?Here, she tries to calculate whether or not it would be possible to live on $7.50 per hour (a whole 25 cents more than the minimum wage in the United States depending on the state).Spoiler alert. She couldn't do it. Not even with a paltry $200 per month being budget for food. Needless to say cable, internet, and eating out wasn't an option either.Common Signs There's Nothing Left to CutI've easily read over 100 articles on cutting costs to get out of debt in the last two years. This doesn't make me an expert on the topic of personal finance... far from it.But I can sa...
Source: Dumb Little Man - Tips for Life - Category: Life Coaches Authors: Source Type: blogs