Creating a budget for the family is always a difficult job, regardless of how much money you’re bringing in. If you’re overspending, you’re going to struggle to make ends meet so you need to be on the lookout for areas where you can make cutbacks. These are the easiest places to make savings in your family budget.
Every family needs a car to taxi everybody around and you’ll probably end up spending quite a bit of money on it each month. In fact, you’re probably spending more than you need to but luckily for you, there are some simple ways that you can save. The first thing to consider is buying the car in the first place. If you go in there without a budget and agree on the first price they give you, you’ll end up wasting a load of money. You need to make sure that you set a strict budget beforehand and never accept the first price. Tell them that you’ll think about it and let them stew for a while, they’ll come back with a better price 9 times out of 10. You also need to make sure that you’re not buying an unnecessarily expensive car; think about what your family’s needs are and make sure that you’re just buying a car that gets the job done.
After you’ve got the car itself, you need to buy insurance. So many people end up paying over the odds because insurance companies can be a bit tricky. Letting the policy renew automatically is the easiest way to waste money. Instead, you should shop around and find cheaper deals. Look out for companies like Safe Auto that offer discounts when you switch over to them to get it even cheaper.
Another area where most of us are wasting money is food. In fact, the average household is wasting around $2000 worth of food each year. That’s a staggering amount of money and that wastage can easily be avoided. The weekly shop has become the norm for most people but it’s not the most economical way to buy your food. If you’re buying all of the fresh produce at the start of the week, some of it will go off by the end of the week. If you do a few smaller shops throughout the week instead, you won’t end up wasting as much money.
Single Use Items
Single use plastics have come under fire recently because of their impact on the environment but single use products are also a huge waste of money for families. One of the best examples is paper towels. You can spend $1 on a roll and throw them away every time, or you could spend the same amount on a pack of reusable cloths and only spend that money once. If you adopt this mindset across the board and stop spending money on single use items, you’ll make huge savings over the course of a year.
Follow these simple tips and you can make massive savings on your family budget in no time.
Disclosure: This is a collaborative post.