As a mom, one of your main priorities is to take care of your family. We are constantly trying to keep our children healthy, happy and away from harm. However, with rising inflation rates and cost of living, many families are being faced with the ultimate question every month: How do we make our limited budget last? The average household in America is carrying approximately $137 000 in consumer debt.
Interestingly, Americans aged 35 to 54 are the ones carrying the highest levels, aligning with people expanding their families and houses or paying college tuition for their children. With the rising debt costs, mortgages and costs of childcare it may seem impossible to manage family expenses on a tight budget much less to have some spare cash left over. However, with a few simple tricks, you can be better equipped to guide your family towards sticking to your budget.
Don’t Underestimate The Value Of Research
Often, we can get caught up with the convenience and ease offered by products or services. We see it in the grocery stores as we shop, when renewing our car insurance or even with our mobile phone contracts. Sometimes it can feel much simpler to get those prepped meals or renew with the same broadband supplier rather than take the time to shop around. However, those few minutes spent doing research and looking at other deals on the market can pay off, and in a big way.
The 2016 labor Statistics figures show that Americans spend 12 percent of their income on insurance and pensions alone and with record levels of student and credit card debt, more people are living beyond their means. Take some time to research the offers on your expenses including utilities and approach your current supplier to inquire about matching your quotes. Make use of the variety of online comparison websites to not only compare great deals but also keep on track with your credit score and finances. Finally, be sure to get a range of quotes so you are sure to make an informed decision and do not be afraid to negotiate!
Embrace The Environment
It may seem like an odd tip. How does becoming environmentally friendly filter into helping your family stay on track with a tight budget? Well, becoming environmentally conscious can mean great savings in many departments. While items such as plastic water bottles or disposable lunch storage containers can often seem like the cheaper option, in the long run, they do not work out that way. Reusable products may carry higher costs but it is also an investment for the future. With disposable items, you would have to continue spending cash on that items repeatedly. Before you know it, these items would have repaid their costs and more.
While we are on the topic of reusing, consider buying second hand as well. Garage sales and thrift stores are great sites to find second-hand kids clothing, toys and books. Often, there is a misconception about buying second-hand items but in truth, as long as the item is in good condition then the fact that it is preused is irrelevant to its function. Another benefit: you save a lot of cash by buying second hand, allowing you to put it to better use.
Spend More Time In Your Kitchen
Get to know your kitchen again. This room in your home is one of the most useful and best places to help you stay within your budget. The average American family can spend approximately 12.5 percent of their budget on food purchases while eating out accounts for about 43 percent of their annual food expenditures. To put that in numbers, that equates to about $7000 each year. Making changes in the food department is one of the most impactful and immediate ways you can stay on track.
Cooking at home tips such as batch cooking and meal planning are great ways keep busy families fed and save cash at the same time. As a bonus, cooking together with your kids can be a fun bonding experience for you both. However, be smart about your food usage and waste less. The United States of America is one of the country leading the food wastage epidemic currently. Sticking to a budget does not have to be overwhelming. With a little planning and a few handy tricks, you and your family can lead a healthy happy life, all on a budget.
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