6 Ways to Maintain Your Family Budget

Goals, Kids Savings, Piggy Bank, Savings

For those who have long said goodbye to the singles’ lifestyle, you’ll realise how your needs and expenses have grown as you add your family members. On that note, here are 5 great ways to maintain a family budget:

Big Small Change

There are many things that people spend their money on, which can be avoided with cost-effective alternatives. For example, if you are known to cab/ride-hail everywhere you go, try to cut that down by opting to take the public transport for shorter distances (as a start). Since old habits die hard (and you’ll probably resent it in the end); start with small, baby steps as you transition into the new lifestyle. 

Instead of eating out for every meal, consider cooking one meal each day as a start. And while you’re cooking that meal, you might want to cook more to bring to work the next day.

Shop In The Morning

When you are tired from work, you are more inclined to make irrational decisions to get over the task. This could lead to overspending and or making poor purchase decisions. With that in mind, keep your shopping to after a good night’s sleep as you are more alert and aware of what you really need.

Keep Birthdays Simple

Birthdays don’t have to be an extravagant affair. You can keep the party small, and even make your own invitation cards and decorations. Activities could be a pooled effort such as a performance from a guest or other family members, and you could also bake the birthday cake instead of buying! 

Free Family Fun

Instead of going out to amusement parks and spending loads of money, you can instead build a tent with them at home and learn more about camping. Alternatively, you could paint your nails together or even try out some nail art to expand your creativity at home.

You can also spend an evening at a park which has swings or release the energy with readily-available jungle gym and sand pits.

Money Doesn’t Grow On Trees

Motivate your kids to save their pocket money and also limit their excessive spending by offering them non-monetary rewards (extra telly time!) if they successfully reach the milestone you set for them.

Additionally, you could hold bi-weekly household meetings to keep track of everyone’s spending habits and discuss the areas you can improve. 

One Thing Not to Save – Credit Card  

Delete your credit cards details from e-commerce websites. The convenience of keeping your card details saved makes it easier to make impulse purchases and you tend to spend more than you would have if you didn’t save your card.

Written by

Cheryl Toh

Last updated on

December 12th 2019, 11:52 pm

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