10. Consider dropping life insurance
One place to cut expenses could be your life insurance premiums. But drop life insurance only if, after careful consideration, you find that it no longer benefits your family. For example: if your spouse and children will not need the protection because the children are grown and are financially independent, and your spouse will inherit a home and sufficient retirement savings.
If you are unsure what to do, get expert help from a fee-based financial planner. Do not accept financial advice from an insurance representative or from anyone else who stands to gain from your decision or could sell you products.
