The dollar seems to have shrunk, at least for people like us who have to maintain a family. Truly, rising cost of food items and education have left very little option for us. It seems that we have to find some way to magically stretch the dollar to accommodate our ever-increasing demand list. To make things better, I have collected these tips which will definitely help you to handle your family budget and also create room for something exotic (you know, things that we women love?). So, just read on.
Do some basic planning
Managing your family budget does not call for knowledge of rocket science. Simple practical knowledge of excel sheet is enough to manage your finances in a better way. To start with, jot down your take home income and the heads on which you spend it. There will be some fixed items like house rent/mortgage, car loans, grocery, insurance and entertainment etc. Now, as you create this list, you will find out several items which are not necessary but eat into your money. The next task is to find ways to avoid them.
How to save money
I know you are most interested in this part. Well, there are several ways of stretching every dollar and I will share a few of them here. Let’s take the food first as we tend to always overspend on it. Always take a stock of things and create a list before grocery shopping. Having a meal plan ready will save you time and money too. Buy perishable items in small amounts to check wastage. Make most of the sales by buying in bulk. Things like cereal and sauces can be stored for months and can help you to cut down on your total expenditure. You should also pay attention on how you store items as spoiling food means wasting money. Perishable items like apples, strawberries and lettuce should be stored properly to increase their life. Eating out is one thing that we all enjoy. You can always restrict this to a once a month affair. Interesting meals can be planned at home too and enjoyed equally.
Create a financial goal
It is important to have a financial goal and create a plan to achieve it. You can aspire to buy a new home or go for a luxury vacation. Having a goal in mind will help you to cut down on cost and practice restraint when you go out shopping. How about planning to buy a piece of personalised jewellery like the Infinity DOME? I know it sounds too tempting. So, go for it. Plan your budget and save and build up a nice coffer to indulge yourself. With a little bit of planning, you can definitely tighten your purse and indulge in things that you have always wanted too.