Saving money is the first step to true financial freedom. You cannot live life financially free if you need to borrow money often or are creating more debt than you can pay off. The problem so many families have, is finding a way to save that works for them. There are so many different methods, and it sometimes takes learning the tips and tricks of the trade, trying, and failing a few times before you find a way to save as a family. If you’re in this together, you are more likely to succeed.
Pay Yourself First
If you’re trying to save money as a family, try paying yourselves each a salary each time you’re paid. This is the first expense you pay each pay period. You put that money directly into savings, and then you pay your monthly expenses. You get to have fun with whatever is left over. This guarantees you save since you can’t spend money you don’t have on fun things. Apply this principle to the kids as well. Pay them a little allowance and if possible, ask that they save this money for a future purchase. You can utilize apps like Homey as well that help to keep track of earning and spending allowance money.
Create a Smaller Budget
If your budget makes you uncomfortable, get together as a family and discuss how you can break it down and make it more affordable. Do you all need to have a satellite box? Considering your kids can stream their favorite shows on Netflix on their computers and tablets, get rid of those boxes and save money. Let the family come up with fun ways to minimize the bills together. If possible, contact your utility providers and see if you can’t get a few expenses bundled together or minimized in some way. According to Low VA Rates, there are plenty of options from cash-out refinancing to a debt consolidation loan that can help get your mortgage back on track. You can even get lower interest rates in your banks if you know where to look.
Hold a Weekly Meeting
If you as a family are trying to save more money, have a family budget meeting. These meetings will be confusing and a little awkward at first, but they will get easier the better you become at budgeting. When everyone is in the loop and on track, you work better as a team. It also helps to have accountability partners to help you save more money. This meeting is also the place you go when you want to discuss a big purchase, a small purchase, or any purchase outside the budget. Teamwork does work well when it pertains to budgeting.
Your family can work together to really make life more enjoyable by focusing on frugal living while you work on paying off debts and saving more money. You can create different ways to have fun that don’t involve spending money, you can come up with new recipes to save at the store, and you can get as creative as you want with your new savings tips. That’s what makes budgeting so much more fun.Tags: Family, finance, loan, money, saving, Tips