We are Family: Budget Tips for The Whole Family

By ,  Friday, June 22nd, 2012

Budgeting

 

Budget Tips For The Whole Family

If you are in charge of creating the family budget, chances are, you’ve had the unfortunate experience of having a brilliant budget plan that isn’t executed well. This happens to many families and couples, and with a little attitude tweaking, you can solicit the help of your family in making your budget work.

Family Vision

Create a family budget vision. Talk to your spouse and children about whatever budgetary constraints you are facing, or whatever financial goals you intend to set. By being completely honest about the bills and loans you have to pay, or your intention to save a certain amount of money for a family emergency fund (or an education fund, for that matter), you can help your family understand better your collective financial situation. This will allow them to change their perspective on purchases they make, and will help you make sure that whatever money crunching strategies you utilise won’t be counteracted by a subsequent spending spree by your teenager.

List Your Normal Expenses

Another good technique is to create a list of usual expenditures per member of your family. Together, identify which items you can do away with in order to save up some extra money from your monthly income. By doing this altogether, you are making your family participate better and see the contributions they can make into making your family’s finances better.

Should a child have the habit of continuously asking for money for minor and oftentimes unnecessary purchases, you can let your children learn to manage their own week’s allowance. With their limited money to budget, they will realise the value of money.

Put a cap on the amount of expenditures you make in a week. The best way to do this is set aside a fixed amount of cash that you will spend for a week. By putting this limitation on your spending, you are forced to prioritise spending on the most essential over other things.

Think About That Extra Coffee

Make it easy for your family to save more. How often do you eat out? Most family budgets are blown over because of the frequency of dining out and the accompanying exorbitant expense of that activity. Eating at home will reduce your expenses, not to mention may allow for your family bonding over cooking at home. Do you spend on routine purchases like coffee and newspapers? Cut back on the latte and the paper, and put aside the amount you would otherwise spend. You really will be surprised by your family’s collective saving!

There’s More Than One Way To Do A Lot Of Things..Including Your Driving Habits

Lastly, create your most efficient driving route.  While you’re at it, group together activities into one car trip. This way, you’ll not only save a lot of time..you’ll save on fuel and car expenses too!

 

Kind Regards

Mark McInerney

0400 590 040

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