Discover 10 useful money-saving tips that can boost your family budget

In a monetized society of ours, it’s quite expensive to raise a family. Therefore, it’s about time we became more cautious with our spending and inculcated the value of thrift in our children. We also need to stop our bad spending habits that ruin the monthly budget.

  1. Make a monthly budget and plan your purchases: Don’t worry if you have no head for figures. You don’t have to go through a number-crunching exercise. Take out your cell phone or open an Excel sheet and write down your monthly budget. This will help you in keeping track of your expenses and in stopping unnecessary spending. Plus, every purchase has to be planned. Planning your purchase will never let you go broke.
  2. Make the most of what you already have: We usually tend to throw away groceries, clothes, toiletries, etc. while they could still be used or consumed. This behavior has to be altered. We can make dinner out of the groceries that are already at home. Don’t discard your bottle of shampoo or the tube of toothpaste when you can still use them for at least a couple of days.
  3. Why don’t you cancel a service? You can save a lot of money by cancelling a service. Think about it! ‘Can we cancel cable?’ ‘We can do without two or three cell phones, can’t we?’
  4. Start a campaign to save money: A penny saved is a penny earned, as they say. Thus, mount an in-house campaign to save money. Charge one pound sterling or a dollar if any of your family breaks a resolution. If any one of you forgets to switch off the light while leaving his or her room, ask them to pay the price.
  5. Teach your family how to save money: Teaching your children the virtue of thrift can be an effective way of dealing with hard times. Teach your children that impulse shopping is an emotional problem. It can destroy our budget and jeopardize our financial prospects.
  6. Plan for the future: It is a good idea to buy things in bulk. And it is also an intelligent option to buy things from the sales. These measures will allow you to get fine goods at a lower price than usual. However, don’t be a hoarder of things.
  7. Guard against being a victim of glitzy advertisements: Don’t allow emails from stores and bargain circulars to spam your Inbox. If you’re constantly bombarded with deals, chances are you may give in. Before buying anything, ask yourself: ‘Do I really need this?’ ‘Can I afford it right now?’
  8. Say no to borrowing, and plastic: You must be receiving messages or encountering marketing people that want you to accept the offer of loan or a new credit card. However, don’t give in. Save money. Make sure you don’t end up frittering on credit in the long run.
  9. Look for the best deal: Don’t just visit a store to buy anything. Shopping around can get you the best available deal. Go online and search relevant sites to compare products and prices. Make an informed choice. Hopefully, you’ll get the best offer.
  10. Get over status anxiety: There’s no shame in living on a tight budget. Therefore, get over status anxiety. Don’t ever be bothered about what others might be thinking of you. There’s nothing embarrassing about receiving hand-me-down clothes, toys, etc. And, yes, it’s of no use keeping up with the Joneses. Be honest.

Latest apparels and lavish excursions don’t necessarily make a happy family. So, be realistic and keep things in perspective. Plan. Prioritize. And be frugal.