Thursday, October 15, 2020

Saving the Family Finances


Pexels - CCO Licence

If 2020 has been the year that you’ve come to realize your family finances aren’t quite as solid as they could be, you are certainly not alone, and there is no indeed to panic because there are lots of pretty simple things you and do to better manage your money and save the family finances once and for all...

Create a budget

Whether you already have a family budget or you’ve never had one before, now is the perfect time to draft a fresh new spreadsheet that takes into account the actual state of your finance at this very moment. Work out how much you have coming in and going out, and then work out how much you have to play with. Save as much of the excess as you can, and in no time at all, you’ll be in a much healthier financial position.

Deal with debts

Dealing with debts can be difficult, but you may want to try using the debt ladder to make the whole process more manageable, or you could even look at this DTSS review to give you a few ideas if you’re more seriously in debt than you can manage. Whatever your situation, taking action, contacting your creditors, and working to pay as much as you can as fast as you can, is going to put you and your family in a much better financial situation in a year from now than ignoring the problem ever could.

Start meal planning

Food is often one of the biggest costs for any family, so it makes sense to see where you can cut corners in this regard. A good way to do so without significantly lowering your own food standards is to meal plan and batch cook. That way, you only buy the ingredients that you will actually use, and virtually eliminate waste.

Buying in bulk, if you can afford to do so is also a pretty good strategy because bulk food often comes with a decent discount, and it also means that you never run out of food to feed the family.

Teach your kids the value of money

If you teach your kids the value of money not only are they less likely to get into financial trouble themselves in the future, but right now, they will have a better understanding of what it takes to buy all the nice stuff they want, which means they are less likely to bug you for lots of expensive purchases that you can’t really afford and more likely to be happy with the simple stuff in life.

Buy used

Buying used is not as bad as you may think. There are lots of perfectly good items in excellent conditions to be found, and if it means you can spend a little less and have more money left over to pay towards bills, well so much the better.

Build an emergency fund

Putting as much money as you can aside for emergency situations such as car or appliance breaks down, vet’s bills, or even medical costs is sensible. It gives you breathing space and means you don’t have to rely on credit when times are tough, which will take the pressure off the whole family.

No comments:

Post a Comment

Talk to me!