Managing a family is not at all an easy task. And that too is saving money with lots of distractions like movies, shopping and kids around! It really seems like a nightmare! Keeping a home budget is absolutely necessary as it keeps a check on spending money. But still, you can do a lot of things to cut down your costs:
- Cut back costs on regular affairs like shopping for groceries. Always make a list beforehand about what to purchase. Buying the season’s produce can be cheap. Having a kitchen garden can also benefit. Do not fall prey for eye catching items which you would love to have but not necessary. They only clutter your home. Always stay ahead to use food coupons and keep an eye on sales and discounts. The same rule goes on for children’s stationeries. Buying in bulk really helps. But storing them properly away from fungus, mildew and moth is equally necessary too. Try to give children small treats instead of pocket money for helping around the house.
- Internet, phone and other related services can be sought from one provider who gives you an opportunity to save more. Things like caller id can be tossed off. They aren’t really necessary, are they?
- Save energy, save bucks: Yes! Why not do a two in one item: simple things like switching off household electrical appliances when not in use, taking public transport, carpool and cycling to nearby supermarket-whenever possible. They will make you an energy efficient person. Use solar appliances for cooking. They are expensive, but useful in the long run.
- Be a time bound person: pay your bills regularly.
- Being frugal can be agitating sometimes, but some little tricks can make your fun doubled. For example, instead of buying an expensive toy for your child, won’t it be better to take her on a trip to zoo? Watch rented DVDs. Go on for picnics instead of eating out. Make a library subscription instead of purchasing the book.
- Try to have a better insurance rate. Check out for latest discounts like student discounts. Save and invest automatically with a bank or mutual fund; so that your money is saved before you try to spend it. Limit your ATM money withdrawal. Resist your temptation for going to movies and other expensive stuff. Reward yourself with little treats like a candy bar! Toss your spare change and see how much money you get in no time. After all, keeping a piggy bank isn’t bad.
- Collect your ATM, credit card bills and other regular bills and keep in a shoebox. They keep a check on your expenses. So next time you go shopping, you would be more careful.
These small tips, though insignificant, can boost up your savings. You can then put your savings for better investments or for financing your kids’ schooling and marriage. After all, being a financial planner is advisable in the long run. So it has been well said: An early bird catches the worm.