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We never used to put money away towards goals like taking time off work or taking the kids away on a holiday. It’s not easy to live on one pay check and it’s even harder to balance family with careers. Most young families spend enough time working and paying the bills that they don’t keep track of their finances. When things started to get out of hand, what with weekly expenses, mortgage payments and savings funds, we made a few changes in our home just to get a handle on things again:
I noticed how we used to fritter money away on things we didn’t genuinely need; in fact, my husband and I spent a lot of money buying cheap toys and clothes, takeaway coffee, snacks and unhealthy meals. When we sat down to look at our actual budget and compared it with our projected budget, we began to see where we were going wrong on a daily basis.
By making small adjustments, such as packing healthy snacks and resisting the urging to spend all the time, it was possible to save our money for things we really wanted. The attitude extended to our home as well, and by making small changes – for example, exchanging light bulbs with energy savers – it was possible to cut down on home expenses such as utility costs. Another great idea is to compare energy prices at MoneySupermarket.com and switch to the cheapest power supplier.
It’s important not to live a restricted lifestyle, particularly when there are small children in your home. When we tried to cut out weekend entertainment, the kids got bored and restless, and spending time together as a family began to feel strained.
Planning the odd outing or treat was important and it helped us to resist straying too far away from our budget every week. In particular, we took advantage of family nights at restaurants where the kids eat free, but movie specials and trading babysitting services with friends for date nights are some other great ideas. Happy saving!
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This is some very useful advice. I also noticed that certain products, such as cereal bags, cost significantly less than their more expensive brand name counter parts. They also just happen to taste the same. Sites such as Living Social also have some good deals on activities for families for a more affordable price.
I agree with your points. In my opinion, it is the impulsive buying that destroys any budget. That’s why I make it a point not to take the small kids when we are shopping for groceries.