How to Cut Your Costs When on an IVA Plan

If you are on an IVA plan, it means that you are paying off your debts and have sufficient money left to meet your monthly requirements. The first and foremost is not to incur any more debts. Avoid getting new credit cards or loans from any source.

You must list down your monthly expenses, As to how much are you spending on paying utility bills, children education, groceries, transportation, rent, etc. You can cut down your utility bills by using utilities more judiciously, like turning off unnecessary lights and appliances, when not in use, turning down the thermostat on air conditioners.
You cannot compromise on the education of your children and rent or mortgage payments. But, what you can save on is groceries. Prepare a shopping list before you go the supermarket or grocery store. Only buy what you need and curb impulsive shopping. Try and avail any discounts that you can get in supermarkets.
Transportation is another area where you can cut your costs. You can use public transport to and from your place of work. You can stop making unnecessary trips in the car. When you plan a trip, try to achieve the maximum in a single trip.
You and your family know that you all are going to be strapped for cash till your debts are cleared. You can also make them aware of the fact that costs need to be minimized. You may be presently surprised by some of the ideas such a family meeting can result in.
If you or your spouse is a compulsive shopper, you will have to put this habit on hold. Buying things just because you thought it was a good bargain will not help. It may add something to your closet or household, but it would not cut down your expenses. Only purchase necessary items and avoid everything else.
You can also cut back on entertaining and entertainment. If you like entertaining and partying, you will need to curtail this. If you enjoy going to the cinema, pubs or restaurants, you will just have to shelf this for the time being. When you are on IVA, you are on a very thin rope, and you can end up in a lot of trouble if you do not stick with the IVA agreement.
Maintaining a monthly account of expenses can help you find ways of reducing expenses. You can also search around for cheaper places to shop at. Moreover, you do not need to buy items that have a well-known brand name on them. At times, super market products are fresher and tastier than big brand name items. Cutting down on unnecessary expenses are not very difficult. All that you will need to do is to spend wisely and not impulsively.