As much as we would like to save money every month and live comfortably when it comes to family there are some points to consider.
In a household of parents and kids, there are specific expenses to be addressed.
A family budget is usually stretched to the limit. For parents, the responsibility of providing the essentials and the extras leads to decisions that can impact finances significantly.
Here are some ideas to keep your finances in order, to compromise and bring joy to the family:
Get involved in the expenses:
Each adult should take a section (ex. Utilities, credit cards, loans)
Each person should let the other person know what is going on
If only one person runs the budget then they should let the other person know what is going on or
the other person should check out the budget to know what is going on.
Prioritize your bills: basic utilities, rent, transportation and food should always come first. Make sure your fixed and variable costs related to need expenses are paid and organized.
Look for Sales and Coupons: being part of any program that allows discounts or bonus points to reduce your expenses. The use of coupons and buying in bulk are ways to economize and improve your monthly cash flow.
Thrifty stores: they are great places to find awesome deals. Don’t underestimate them.
This is a real time saver! Giving out allowances spreads out the task of budgeting and responsibility for expenses. It also means that not every expense needs to be accounted for. A budget item would then be the husband’s allowance - $250. That’s much simpler than trying to account for all of his expenses. If he goes over budget, that’s his fault. Kids can also learn from allowances. They will learn how to save and spend properly including overspending. When funds run out, there is no more.
Teach your kids about money: Show them comparative prices, critique what they want to buy: is it useful? But also remember they are kids, they want some fun and toys so make sure you are being reasonable.
Encourage savings: teach everyone the benefits of saving money to buy something they really want. You will start their minds around the importance of planning and saving for the future. Piggy banks are a great way to encourage your children.
Go easy on Credit Cards: when you are a parent and a family budgeter, sometimes credit cards may seem like salvation. Be careful to not create lots of debt to fulfill a wanted item from your family. Learn how to control the plastic wonder.
Sometimes “No” is all you can say: don’t be afraid to say “no” to your family. You will need to do it so your finances won’t suffer. You can deny a request or a craving as long as you explain why. It is part of the learning behind finance control.
If finances are a problem, then each month’s bills should be checked and paid off and remaining balance checked.
We hope your budget improves with these tips. Use the internet to learn more about savings methods and great deals to reduce your expenses.
There is an array of possibilities out there!
Review: KJ/DB