One of the hardest aspects of being a parent is managing your family’s finances. In order to take some of the guess work out of managing your family’s finances simply continue reading to discover a few invaluable budgeting tips.
5 Family Finance Tips:
Offer each of your children an allowance:
If your children are constantly asking your for expensive electronics, video games, clothing and toys, you may want to give each of your children a set allowance which they’ll be able to save towards purchasing luxury items which aren’t in your family’s budget. As that way each time that one of your kids begs you for an expensive item, you’ll be able to help them open a savings account, which they’ll be able to use to save for their dream item.
As an example a young child may want to save towards purchasing a new toy, while a teen may want to save their allowance towards purchasing a brand new smart phone or a pair of branded sneakers.
Not only will you be able to avoid splurging on items that your kids beg you for but you’ll also teach your kids valuable life lessons about how important it is to manage their finances and to save for big ticket items.
Make sure to budget some luxury items for yourself into your budget:
As a parent it can be easy to put yourself last and to spend all of your disposable income on your family. However, it’s important to put some money aside each month to put towards items that make your own heart sing. As an example one month you may want to treat yourself to a spa day, while the next month you may want to treat yourself to a new pair of shoes. Remember that if you’re happy, your family members are far more likely to be happy and that it’s not selfish to treat yourself to items which you love. As long as you keep your personal spending under control.
Make sure that you have your own personal savings account:
Even if you’re married, it’s important to ensure that you still have your own personal savings account. Which will give you a bit of financial freedom and independence. As there will be times where you’ll want to treat yourself to an item, that you don’t want to have to justify to your spouse or partner.
Make sure to log onto your online bank accounts at least once a week:
In order to make sure that you’re sticking to your weekly budget, it’s a great idea to log onto your bank accounts on a weekly basis so that you’ll be able to check each transaction which you’ve made and to keep an eye on the balances of each of your savings accounts.
Purchase your groceries online:
The easiest way to avoid temptation and to purchase all of your family’s groceries without exceeding your allocated grocery budget is to create a list and to shop for all of your weekly groceries online. Which is also a whole lot more convenient if you hate dragging small children around a large grocery store.
So if you’ve always found managing your family’s finances a bit of a challenge, it’s well worth using all of the brilliant budgeting tips listed above to help you successfully manage your family’s finances.