It’s near impossible to go a day without spending money when you run a family household, as there’s always something that requires you to open up your purse or wallet and cough up some cash. Losing control of your finances is so easy, but the effects of such a scenario can have a dramatic impact on the way that you and your children are able to lead your lives. Learning how to take back control of your family finances needn’t be as difficult as you might think, as there are a few key areas in which you can focus your efforts to achieve the perfect balance. So, if you would like to find out more, then read on to uncover some of the best tips and tricks that you can make the most of today to improve your financial health in no time at all.
Reducing Your Bills
There are several constant bills that you must shell out for as a family each and every month, the biggest of which being your food and utilities. Feeding yourself and your children is often an enormously expensive task, especially when you fall into the trap of multibuys, ready meals and other poorly priced products that can see your funds dwindle. Changing the way that you and your family eat can have a huge impact on your monthly spend, as there are many great ways that you can start to save some money without having to lose out on taste! First of all, purchasing dried foods such as pasta, rice, beans and pulses can be far cheaper than fresh and tinned alternatives. Making your own meals from scratch is often far more affordable than splurging on a pre prepared microwave dish, and it can be far healthier too! The next big bill that you have to fork out for is gas and electric, as having hot water, heating and all manner of technology inside your home usually isn’t cheap. When the cold winter months roll around, invest in a wide variety of thick rugs, faux fur blankets and fluffy pyjamas that can keep your family warm without the need to bump up the heating. Always make sure that plugs are turned off when not in use, and set an alert on your phone or laptop that lets you know when charging is complete so that you don’t use more electricity than you need to. Sometimes there’s nothing more atmospheric than relaxing around the fire with a good book lit by a few candles, and it doesn’t cost a thing!
Banish Debt & Build Savings
Unfortunately it’s all too common for families to get into debt for a number of different reasons, but no matter what happens you must remember that there’s always something that can be done to move forward and make amends. You can consolidate your debt with a certified support team that can provide you with the full funds required, which can be paid back on a more manageable monthly basis. Attempting to build your savings is something that you should really aim for, as even if you manage to gather as little as £10 each week this will build up over time to a considerable amount. The money that you save by cutting your food and utility bills can be filtered into your savings, along with any extra disposable income that remains at the end of each month. Making a specific savings account that offers a higher interest rate will help your savings to grow and grow, whilst restrictions such as no access for 12 months can help to ensure you don’t end up spending your hard earned cash on something that isn’t particularly worthwhile.
Learn To Say No
It can be very difficult to say no to your children, as they know exactly how to pull your heartstrings in order to get what they want. Learning to say no to your little ones can help you to save a whole heap of cash, as splurging on things like sweets, disposable toys and other small, essentially useless items will only bring joy for a matter of seconds. Explaining that you wish to save some funds for a more exciting treat like a holiday in a different country will help your children to understand why they have to miss out every now and then. Try to save presents for special occasions such as birthdays and Christmas, and offer rewards that don’t relate to material items.
I hope these tips will help you if you are a mum or dad looking into taking back control of your family finances.