Looking after your family and making family life as safe, secure and yes fun, as it can be is staying on top of your family finances. But, as you will probably know, this can be a lot easier said than done.
However, if you have a family budget in place it can be much easier to manage your money and ensure that it gets spent in all of the right places without spending too much on the wrong things.
If you don’t already have a family budget in place, it would be a really good idea to draw one up, and if you do already have one, below you will find some neat family budgeting hacks that will make managing your money even simpler:
Review each month
Your budget might have been perfectly balanced when you wrote it, but things change. Prices rise, priorities shift and salaries rise and fall. That’s why, if you really want to stay on top of things, you should aim to review your budget each month or at least once every quarter if that’s all you can manage.
Build an emergency fund
Building an emergency fund is a really smart move because it will help you through tough times without you having to break your budget or use credit to get by, Whether you need to replace the car – edmunds has some great deals if that is the case – pay for medical treatment or cover your bills during a period of unemployment, amongst other things, having an emergency fund can be a real lifesaver to get you through difficult financial situations that we all face from time to time.
Shop from a list
If you have noticed that the amount of money you spend on your weekly grocery shop is getting a bit high, then a really great hack is to shop from a list, or even better, to shop from a list online. Why? because when you have a list, you can focus on buying only the stuff on that list, which means you’re less likely to just throw random things in and end up throwing them out because they don’t actually make a meal
Delay your gratification
Next time you’re tempted to buy something expensive, note it down on a list and then leave the store. Review that list of potential purchases after 30 days and if you still feel like buying the times on it, go ahead, but chances are the desire for instant gratification will have faded and you can do without.
Be prepared for unexpected expenses
How do you prepare for the unexpected? By making sure you know what to do in the event of an emergency. The aforementioned emergency fund can help, but having specific defenses at the ready can, too. This can include investing in income protection insurance, as well as having legal help like Dennis Hernandez that you can contact if, for instance, you are injured by someone else’s negligence or accident. Find the ways to mitigate the financial impacts of the unexpected expenses most likely to hit you.
Use budgeting apps
These days, you can get apps that will track every cent you spend and using them is a great way to get a true picture of your finance and identity any unnecessary spending. Download one today ad you might be shocked at just how much you have been wasting.
Armed with these budgeting hacks you can save even more, stretch your money further and build more financial security for your family, so what are you waiting for?
