*This is a collaborative guest post
Tips For Budgeting Family Expenses
Budgeting for a family isn’t always an easy task. Too often there are times when you get to the end of the month and there just isn’t enough money left. If you’re struggling with your household expenses here are some tips to help you with budgeting.
- Set up an spreadsheet with different sections for your main household costs such as – household bills, travel, leisure, groceries and set a budget for each one a month. Have this document as well as a budgeting app so you can easily see where your money is going. A handy app for this is Pocketguard.
- Make savings where you can – some top tips are bulk cooking and planning your meals, use appliances (e.g. your washing machine) at night when the rate is cheaper, get a smart meter and look at your fuel consumption and switch from main brands to supermarket brands – more often than not you can rarely taste the difference.
- Always put a percentage of your income into a savings account – even if it is a small amount, it adds up – you could also have a separate savings account which could go towards your children’s future such as education expenses.
- Make sure you’re not spending more than you need to on energy bills – you might want to switch energy suppliers in order to get the best deal.
- Shop for kids clothes in charity shops, in the sales or ask for hand me downs from your family – there’s no point in spending tons of money on clothing for your kids if they’re going to grow out of it in months. Schools often have second hand uniform sales and local Facebook groups are great for second hand clothes too.
- Take advantage of family discounts before you go to a restaurant as a family or do a family activity check online to see whether there are any family discounts/vouchers you can use.
- Look at your monthly bills and insurance premiums and see if there is a way you can cross quote or lower the costs.
Do you have any tips you would add?