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When you have a big family, it can be hard to properly manage your finances. Here are some tips on how to create a proper family budget. Saving money isn't easy. This is a challenge we all face. No matter how many hours you work each week, there never seems to be enough money to cover everything.
One of the best ways to make the most of every dollar you earn is to create a family budget. You'd be surprised how much difference it can make to take the time to sit down and crunch the numbers.
In this article, we take a look at the steps you need to make a budget that is easy to follow. Keep reading to see how simple it can be to come up with a plan to keep more of your paycheck.
Determine Your Financial Goals
It can be exhausting working hard every week to watch your money evaporate into thin air. This can make it feel like you're spinning your wheels but not getting anywhere.
As with anything else in life, the key to making progress is to have a plan. You set goals in other parts of your life, such as fitness, career, spending time with family, or losing weight. So why not have financial goals as well?
Financial goals give you something to aim for. And once you have a target, you can create a strategy for hitting that target.
Make a Budget
Creating a budget is a simple matter of adjusting your spending habits to make the most of your income. To do this, you'll need to gather your bank statements and take an honest look at the amount of money you're spending each month.
This is the stage where you need to make some tough decisions. After all, it's going to soon become obvious where money is being wasted. The good news is that once you see where the money is going, you can make adjustments.
Cut back on unnecessary costs and learn to enjoy saving money more than spending it.
There are obviously unavoidable costs associated with everyday life, but you'll be amazed at how many areas you can cut, and then stash that cash away for retirement and other needs.
It's no secret that debt is a killer. Credit cards provide convenience purchasing power, but those bills eventually have to be paid. Between credit cards, home mortgage, and car payments, it can often feel like you're working to pay down debt.
One of the smartest things you can do is to focus on eliminating debt from your life. We encourage you to cut spending in other areas and apply that money to pay down debt in order to be as close to debt-free as possible.
Try to imagine a world in which you got to keep the majority of the money you make. For most of us, that would be like getting a huge raise. Once you've established your budget and are able to see where you're squandering money, make the decision to invest in a strong financial future.
The best strategy is to first pay off high-interest credit cards, then auto payments, and then your home mortgage. You cannot begin to imagine how liberating the experience of eliminating debt from your life will feel.
Prepare for Emergencies
Financial emergencies tend to pop up when you're least expecting them. After all, that's why they are called emergencies.
Perhaps your car breaks down, a tree falls on your house, or someone breaks a leg or needs emergency surgery. These kinds of events often come out of nowhere and can be financially devastating.
The best strategy for dealing with sudden unexpected expenses is to plan ahead by saving money each week specifically set aside for emergencies
Having even a few thousand dollars allotted for repair costs or doctor visits can provide tremendous peace of mind.
If you're interested in other sources of money for financial emergencies, be sure to read this article.
Reduce the Amount You Eat Out
Most people have very busy lives. After a hectic and exhausting day at work or school, it's much easier to eat out than to make dinner at home. This is also a source of unnecessary spending.
The simple reality is that eating meals out is expensive. It might feel convenient at the moment, but it takes a major bite out of your budget.
Do yourself a huge favor by buying groceries and eating meals at home. This will help save money that you can apply to other needs like paying down debt. You'll thank yourself in the long run.
Control Your Spending Habits
There's no denying that buying new stuff is fun. We all love getting new clothes, electronic gadgets, going out on the town during the weekend, seeing movies, and indulging in other costly activities.
But again, these types of spending habits cut deeply into your budget. It's hard to save for the future when you're spending today.
When it comes to spending habits, small changes can have a significant impact. Such as packing a lunch for work rather than eating out, or staying home for family time rather than going out for dinner and a movie.
Habits are just that...they're habits. When you learn to change your priorities, you'll soon discover that your quality of life will improve as well.
Save for Travel
Everyone loves going on vacation. Yet when funds are limited, it can be hard to justify taking a trip. This is why we recommend factoring in vacation expenses into your monthly budget.
Setting aside a little money each week will add up in the long wrong. Instead of buying a candy bar when cravings hit during the afternoon at work, put a dollar in your vacation jar. You'll be pleasantly surprised how small savings can add up over the course of the year.
The Value of a Family Budget
Creating a family budget doesn't have to be complicated. It's actually easier than most people imagine. The key is to sit down with a paper and pen and to be honest about your financial resources and learn to spend money wisely.
Click here to see budget-friendly home improvement tips and tricks.
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.
One of the most annoying, frustrating and stressful situations to be in is debt! Reducing that debt is even worse. You might feel like there is no way out of the situation. Thankfully, there is light at the end of the tunnel! Nationwide Debt Reduction Services can help you settle your debt!
Mu husband and I are currently in the process of taking control of our financial situation and are working on our debt reduction. We have been doing our research and found that Nationwide Debt Reduction Services is the company that is the best to suit our needs.
Thankfully, our debt isn't that huge, but it is substantial enough that I would like help in finding out the best options and solutions to help us effectively reduce it. It makes me feel good to know that there is a company that can help us to figure this out.
Why choose Nationwide Debt Reduction Services?
- They customize a plan that is unique to your situation
- They help you to settle your debt, and you are chanrged zero fees until your debt is settled
- Give them a call at (888) 987-1325 and a member of their debt settlement team will be happy to assess your situation and discuss a custom plan that works for you.
Here's how it works (in six easy steps!)
Step 1: Call or e-mail us for a for free debt consultation. We will assess your financial situation, consult with you to understand your goals, and evaluate your situation to design a customized program that fits your needs.
Step 2: We will work with you to determine the appropriate monthly dollar amount you can afford to save towards negotiated resolutions of your enrolled debt. This monthly savings amount is usually much less than your current minimum payments, and goes toward resolving your debt (not simply paying credit card interest charges). These monthly funds will be saved every month in a new dedicated savings account that you set up and control. The only fees we collect are those associated with debts we actually resolve for you. Once we determine an affordable monthly program payment that meets your budget, you will get an estimate of your program length. Typical programs are 36 months, although individual programs may vary.*
Step 3: Once you enroll in the program, we become your credit negotiator, working on your behalf. You are requested to avoid using credit while on the program so that we can work to resolve your debt.
Step 4: After funds have accrued sufficiently, we contact your creditors to negotiate resolutions on your enrolled debts. During the settlement and resolution phase of your program, we stay in contact with you to keep you apprised of the situation. You will have the opportunity to approve each settlement. Please note: Actual time to reach settlements vary by program. We are typically in a position to negotiate a successful resolution once you have saved at least 30% of an enrolled account’s balance.
Step 5: Once a settlement is successfully negotiated with a creditor, you will be asked to authorize the settlement. After the settlement is agreed to and payment is made towards that settlement, you pay only the fee associated with that individual debt.
Step 6: When the full settlement amount is paid, your creditors may report to the credit rating bureaus that your accounts are “settled in full,” “settled,” “paid,” “paid by settlement”, or “settled for less than the full amount.” Either way, you no longer owe on this account and we will continue working hard on your other enrolled debts until they are all resolved!
What a relief! I will be giving Nationwide Debt Reduction Services a call tomorrow. This is one more step in the right direction in getting my debt under control, and getting me back in the driver's seat of my financial situation. (Sometimes we just need that little extra help in life.)
Call (888) 987-1325 today!
Being terminated from your job is a serious issue to deal with. Wrongful termination can lead to a lot of headaches, not just for you but for the
entire family as well. The situation is even trickier to handle when you are the sole breadwinner. Taking steps to protect the future and wellbeing of your loved ones is a must.
Before you take those steps, however, it is important that you take a step back and understand the situation. Only then can you decide the right moves to make to deal with the wrongful termination. Here are some of the things you need to do to get started.
View the Situation Objectively
Understanding the situation from an objective point of view isn’t as easy as it appears to be. After being wrongfully terminated, you may find
reviewing your situation without feeling angry or disappointed is tricky. That said, this is a step that you need to take to get a clear picture of where you stand.
If an objective review isn’t something you can do on your own, get loved ones involved in the process. Remember that you have your partner and the entire family on your side. Inputs from your partner or close relatives can help you understand – and accept – the situation better.
Another great step to consider is hiring the best settlement agreement solicitors early in the process. Most solicitors will help review your situation for free. The goal of this review is to determine whether you can make a claim against your employer for the wrongful termination. Go through the review and be more prepared for the next step.
Know What You Sign
Most employers will offer terminated employees compensations along with a settlement (or termination) agreement to sign. This is a process that could begin way before the actual termination date. In the case of wrongful termination – and other legal cases – you must understand exactly what you sign before agreeing to anything.
Remember that most settlement agreements come with a clause that prevents you from making future claims, in any shape and form, against your former employers. Unless you want to waive this right, signing anything is a big no.
It is also important to understand that you have the right to negotiate a better agreement, especially in the case of wrongful termination. You are the party with more bargaining power and you can shape the settlement agreement to better suit the challenges you face.
Make a Claim
Filing a claim against your employer must always be treated as the last resort. Unless you cannot reach a suitable agreement, a settlement agreement is a more effective way to go. It allows you to get the compensation you deserve quickly and without having to go through tedious legal proceedings.
When you do have to file a claim, cover your basics carefully. Make sure you still have the right to file a claim and that there is enough evidence and supporting facts to back the claims you are making. Add this to the tips we discussed in this article and you can deal with even the most difficult circumstance of wrongful termination.