Running an entire household means being very aware of your money. It’s far too easy to overspend, and in the digital age where you can buy anything you want at the press of a button, the temptations are stronger than ever. As prices continue to rise and wages remain static, the need to cut costs and live a more frugal lifestyle is no longer a trend but, for many, a necessity. If you’re looking at your family expenses and are wondering how to make your money stretch further, then these five tips might help you to have more money left over at the end of every month.
1. Food and Finances
One of your most significant family expenses is going to be food. This is especially true if you have growing teens who think nothing of heading to the fridge and just munching on anything that they see! If you want more control over your food bill, then:
- Have a meal plan set for every day
- Write a shopping list and stick to it
- Pay in cash
- Use reward cards
- Use budgeting apps for food shopping
Make food budgeting a priority and make sure that every member of your family is aware of the need to take tighter control over your shopping costs.
2. Go Secondhand
You don’t always need the latest tech or fashion trends. For growing children, costs like shoes can be an ongoing financial strain, especially when they grow out of them so quickly. Remember that sites like eBay or Gumtree can be very useful, and you could even supplement your income by selling those things that either don’t fit or are unused around the home.
3. Debt Management
If you’re paying a substantial portion of your monthly incomings on debts, then you probably struggle to save. It’s always a good idea to focus on your debts and paying off the ones that are charging you the most interest. Debt consolidation has never been easier, with options like SimplePersonalLoans personal loans you could be paying off a smaller amount each month rather than a lot of smaller payments that quickly add up to a considerable cost.
4. Frugal Entertainment
As much as family outings to the cinema can be fun, it’s also incredibly expensive, even on special offer days. Look for cheaper, more creative entertainment options. The library is a great resource to make use of, and when you can get books, films, and even computer games from your local library, you could end up saving a lot of money. Museums and bike rides are also good options, and the less that you spend on family entertainment, the healthier your bank balance will look at the end of the month.
5. Plan Ahead
If you have a budget in place, then make sure that you know what outgoings to expect. This will make it much easier to ensure that you have the money that you need to pay your bills as they come in. That means that you won’t end up paying excessive interest on your bills, and that can free up much more money than you think.
Spending less as a family isn’t always easy. It’s all about planning and prep. The more that you prioritise the frugal lifestyle, the more control you’ll have over your family costs. That will make it easier to cover emergencies or help pay for those more expensive times of the year.