7 Creative Family Budget Tips
Having a family can be extremely expensive, especially if you have a lot of kids, but you can get by on even the tightest budget with some savvy moves and careful planning. The following ideas will help boost your family’s finances and put an end to those constant money worries.
1. Track Your Spending
Unless you are keeping track of your money you will have no chance of controlling it, so start by establishing a simple budget and carefully tracking your progress. Whether you write down your expenses or use software to manage your finances, make it a habit to record every purchase, because you may be amazed at how much money you are wasting. Centralising your spending can also help prevent your money from leaking away, and don’t forget to keep your receipts so you can maximise your deductions at tax time.
2. Utilise Local Resources
Most communities have a wide array of free local resources, such as play areas, parks and a library, all of which will help keep your kids entertained for free. During holidays, concerts, activities and workshops are often organised by local councils, and even shopping centres sometimes put on free family friendly events. The best way to find out about the local resources in your area is to research online or call your local member of city council.
3. Compare Prices Online
The internet has made it extremely easy to find the best deals, so before you spend money on anything do a little online research first. Regardless of what you are looking for, you can buy almost anything online and price comparison websites make it quick and easy to find the lowest prices available. Be sure you are reading reviews on those products or services as well, because low prices won’t always mean you are getting a good deal.
4. Shop in Bulk
Buying in bulk can save you a considerable amount of money, especially when you are shopping for food. To save the most money keep an eye out for deals and go in on bulk purchases with friends, family or neighbours. To avoid bulk perishables from going bad, cook up large batches of your favourite meals and freeze them. Learning how to can, jar or pickle is also a good idea as you can save food for months or even years.
5. Get Crafty
You can save a huge amount of money by taking a do it yourself approach and these days you can find a YouTube video offering simple instructions for making almost anything! It is amazing how easy some things are to make, so why not have a go at making your own Christmas Cards, laundry powder or even your own perfume? Getting crafty will not only save you money, but it will also provide a fun activity to do with your kids.
6. Share with Other Families
Sharing is a fantastic way to cut down on costs, especially if you know of other families who have similar expenses to yours. Taking a more communal approach to toys, books, sporting equipment and even clothing can save everyone involved a small fortune. Sharing responsibilities can also mean saving money, for instance taking turns looking after each other’s kids can cut down your babysitting costs dramatically.
7. Throw Away your Credit Card
If you are on a tight budget, credit cards can be extremely tempting, but for the sake of your long term financial health you are better off without them. Unless you can afford to make a purchase with your own money, you really can’t afford it, especially considering the enormous interest rates that credit card companies charge.