5 Smart Tips for Family Budgeting

5 Smart Tips for Family Budgeting

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Sustaining a family economically is by no means an easy feat, a fact that we learn only when we have our very own family to support. Many people find themselves facing a crisis once they tie the knot, not being able to figure out where the money is slipping off despite both spouses earning.

Money related issues can cause terrible strain on your family life. To avoid these situations, begin by planning a budget for your family. Now while family budgeting might sound like a miserly thing to do at first, you will soon notice the benefits of planning ahead as you rarely fall short of money. The easiest way to do this is by setting a specific amount for monthly expenditure and trying to live within it.

Now obviously there will be months when you meet an unforeseen expenditure like a holiday, or sudden purchases. In that case, you will have to balance the excess expenditure with the budget of the preceding or following month.

Keeping within a restricted budget might seem impossible, but with these tips right here, you can sail smoothly through the month without noticing any constraints.

1) Use an online money manager

Make use of online portals like mint.com that points out the areas where you’re spending most of your money, so that you can check yourself and make changes in your expenditure accordingly. Family budgeting has little meaning if you cannot keep tabs on what you’re spending the most.

2) Plan out your regular meals

Yet another point that might make you uncomfortable – budget our meals too!? You would be surprised at how much you can save if only you put a little thought into planning out your meals instead of leaving it till the last minute when you’re so hungry you simply pick up the phone and order.

In fact, avoid eating out on a regular basis and try preparing your meals at home. This not only saves you money but does a world of good to your health as well!

3) Buy second hand goods and shop smartly

With the internet at our disposal, shopping smartly should come naturally to most! Make use of the web giants like EBay and Amazon to find the best deals that suit your family budget.

With a little patience and time you can look up free coupons and shopping vouchers online that can reduce your otherwise heavy expenses considerably.

You can also check out this link (http://www.makeuseof.com/tag/3-cool-online-thrift-stores-save-fortune/) for cool online thrift stores.

4) Save for your holidays

Instead of beginning your saving after you have decided on a vacation, why don’t you keep aside some money every month for a possible holiday? That way the burden of a vacation’s expenses will feel less heavy on your family.

5) Keep a diary

A little tedious this one, I know, but maintaining a diary with logs of your daily expenditure can be an excellent way to keep track of where all your money is going. If keeping a diary is too passe for you, try one of the Apps available on your Smartphone.

Family budgeting is easier than it sounds. All it takes is a little awareness of all the resources at your disposal that can do wonders to cut down your expenses.

The end goal is to see whether you succeeded in reducing your costs from the previous year’s expenses. Any extra money saved (and you will save if you follow a smart family budgeting plan) can be added to your monthly saving or your holiday piggy bank.

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