When you have a family, you just have to be conscious of your spending and make sure that there is a portion saved for rainy days. Each dollar spent must be for something that you really need especially when someone is depending on you. It’s also difficult when your income is not sufficient hence the need to stay on budget.
Staying on a budget does not mean that you starving or depriving yourselves of any form of luxury. It’s about sticking with the basic commodities while rewarding yourself once in a while. At times, it wouldn’t hurt to pamper yourself or buy something for the kids or your spouse, or a new appliance for the house. But in order to do so, the following should be done.
1. Minimize Eating Out
Eating out is a great way to bond with family and friends, however expensive. Often times, a single dinner at a restaurant can be the equivalent to half the price of the week’s groceries. Eating out is fine especially when there’s something to celebrate.
But as much as possible, reduce your trip to restaurants by making home-cooked meals or bringing packed lunch at work. It’s cheaper, healthier and the servings are not compromised.
2. When Shopping, Go for the Classics
In buying clothes, go for a classic look since it can be mixed and matched with the current items you have in your closet. Purchase something which you can use for both work and casual occasions. But when there is an important event you have to attend to, nothing is wrong with buying a new suit or dress.
But don’t overdo it and use cash because you might find yourself drowning in credit card debt.
3. Involve the Whole Family, Including the Household Helpers.
When you want to stay in budget, everyone in the household should be involved. If the family is used to an extravagant lifestyle where eating out and shopping has become a habit, members of the family may have a hard time adjusting to the new set up. Explain to the kids the importance of staying on budget and the possible consequences if there are no savings.
At the same time, helpers should be trained since they have the tendency to take advantage of overusing utilities because they don’t have to pay for it.
4. Don’t Bring Your Kids in the Grocery
If you want to stick strictly on budget, don’t bring your kids to the supermarket. They will most likely point at something unnecessary and throw a fit whenever they don’t get what they want.
In line with grocery shopping, stick to your list by buying only the essentials.
5. Use Cash
Who would want to live a life full of debts? No one! So if you can, avoid using credit cards which you can’t pay in full come billing period. Plus, credit card companies tend to charge you with interest if you are unable to pay the amount due in full.
So the next time you feel like buying something, ask yourself first whether you are capable of paying it in cash. If not, then don’t buy it.
There are many other ways to stay on budget. But by sticking on these 5 tricks, you can definitely make a lot of savings and such money can be deposited in your emergency fund so you have something to use in case of unforeseen events.