In the current climate, it has never been more important to keep on top of our finances. But as a parent, this can be even more difficult. Not only does your money need to spread further, but you also have more people to care for. There are ways to make things easier for yourself, though, so have a read through our tips below and start making changes in your life today.
Set A Budget
No matter what your financial situation is, you should be keeping a monthly budget and sticking to it. They are the key to avoiding overspending and coming up short at the end of each month. Start off by working out what your normal monthly spends are, and divide them into categories. You may be shocked at how much you are spending on certain things, such as fuel and clothing. When writing your budget, you need to be practical and reasonable about how much you will spend, setting unreasonable targets will only lead to failure. Make slight adjustments and start of small, cutting takeaways to once a month maybe.
There are many spreadsheet templates available; some require you to log every individual purchase, while some are more simple.
Make Savings Where You Can
When you’ve got a budget set, it’s time to start savings in all areas of your life. Look for vouchers and coupons, and use them while shopping in-store and online. Be aware of deals and offers, but only use them if you really need the produce. Many deals can be created to entice you to buy an item you wouldn’t normally buy, just because it seems like a bargain. Make sensible choices and shop around for the best price.
Set a family meal plan, with healthy and varied meals. This will make shopping much easier as you can follow a shopping list which will cover ingredients for all the meals. Avoiding mid-week shopping trips can save you a fortune in the long run, and mean there is no last minute rushed meals put together.
If you find you are still struggling at the end of the month, there are secured debt consolidation loans available. Be careful to keep up with monthly payments with these, but they are very handy for smaller and short term loans.
Put Money Aside For The Future
Building up your savings is something everyone should be trying to do. Try to set up a standing order to put money aside each month, and incorporate this into your budget. Savings will come in handy in case of emergencies and act as a financial cushion. If you are planning a holiday or more expensive month, such as Christmas or birthdays, your savings will cover additional costs.
Create Good Habits
Breaking bad habits can take a while, but if you keep at it, then better habits will become routine. You may have to cut back on family treats and luxuries, but being more aware of your spendings will help everyone in the long run. Your children will pick up on your money management and carry this into their lives. Make them aware of what you are doing, and pass on your knowledge and experiences that you have learned.