Raising a family is expensive business. What with childcare costs, food, clothing and entertainment to take into consideration when putting together your monthly budget you might discover your family’s finances are stretched a little tight. If this is the case for you on a regular basis, then here are five tips to help you keep on top of your spending:
- Budget
It’s important that the first step you take to financial stability is to examine what you are currently spending each month on the necessities and setting up a new budget for each of these that aims to cut costs but still do the same job. Food shops can be easily trimmed when budgeting, as can entertainment for the month.
It’s also a good idea to keep a small amount of money in the savings account, this is great for surprise costs you might have to pay out for – car repairs, vet bills and higher than expected bills are good examples of such expenses. You can budget this small amount of savings at the start of the month with the rest of your costs.
- Seek help when available
If you can receive assistance when it comes to things such as childcare, why not take it? Working tax credits can help to cover the costs up to 70% for childcare, if you work over 16 hours a week and pay for registered child minding while at work. Click here for more information on how to obtain this assistance.
- Pay off any loans
Whether it’s credit card debts or a payday loan, try to pay these off in full to ensure you are not continuing to make any unnecessary payments each month. Once any debts are paid off you can use the extra cash for your monthly budgeting.
It’s important to note that if you are struggling with debt that you seek help – there are plenty of services out there offering free, impartial advice and solutions. Here’s a list of some reputable services you can contact.
- Take cash out
Instead of using your card for everything, some people find it easier to take cash out at the start of the month and only using this to pay for things after all the essential bills have come out. Having the physical pounds and pennies in your purse might make you think twice before purchasing anything unnecessary throughout the month.
- Always be prepared
Being prepared whenever you leave the house is a great way of keeping finances in check, so this means buying lunch for the week instead of buying takeaway food or ensuring you have a bottle of water with you when you leave the house so you don’t need to pay for one in the shop. These small expenses can all add up so it’s a good idea to always be prepared.
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