Taking good care of your family can often seem like an enormously expensive task, as there isn’t a day that goes by in which you don’t have to spend a single penny. Over time this can creep up to unmanageable levels, as the cost of living is always rising whilst wages stay near enough the same, so you may be trying to think up some productive ways to save a little cash for the benefit of your family’s future. Luckily there are many areas in which you can focus your efforts to regain control over your finances, and it truly couldn’t be easier to get started today. So, if you would like to find out more, then read on to uncover some of the best tips and tricks that you can utilize today to make sense of your money in no time at all!
Revamp Your Food Shop
One of the easiest places to save a whole heap of cash is your weekly food shop, as the grocery store is a nightmare of marketing ploys and targeted advertising which aims to encourage you to spend as much as possible. Recognizing this fact is the first step in changing your ways, as you’ll be able to improve your shop by sticking to your list rather than falling into the trap of 2 for 1 offers and other deals that inspire you to buy more than you actually need. If you find that your family regularly consumes prepackaged snacks and ready meals, opting for home cooked food that’s made from fresh ingredients can save you a considerable sum whilst providing you with an equally worthwhile boost of vitamins and minerals too! Rather than exploring the aisles that are filled with cake bars, potted noodles, crisps and other junk, stick to the fresh food section that houses nutritious fruit and vegetables for a much cheaper price. A punnet of strawberries is less than half the cost of a pack of chocolate bars, yet your family will still be getting a sweet kick (without the nasty ingredients). To add to this, opting for dried goods like pasta, rice and beans are some of the most affordable choices in the grocery store – you can make a number of delicious meals from just one packet, making them a really cost effective way to feed your family. If you need a little inspiration when it comes to money saving meals then do not fret, as there’s a wide range of recipes online that can fit the bill with ease. When it comes to drinking water, it’s not always feasible to take water straight from your tap at home. This will likely mean that you choose to buy bottled water from the grocery store and over time this adds up to an alarming figure, not to mention the amount of plastic waste that you produce at the same time. One way to save money yet still obtain clean, safe drinking water is through a water filter jug, as they are very affordable options that provide you with the same refreshing end product.
Reduce Your Utility Bills
Forking out for your monthly utility bill can often be a nightmarish experience, especially during the winter months when your heating is on full blast, but fortunately there are many options you can explore to combat your utility spend with ease. As winter is the worst season for an increase in utility bills, it’s the best place to start when seeking out cost effective options to maintain a warm and comfortable home without having to spend a fortune! Rather than hiking up your heating to full blast, consider investing in several sets of thick, insulating curtains that can keep the hot air in whilst blocking the cold air out. Windows are the largest areas in your home which allow for such dramatic heat loss, so upgrading to a set of double glazing rather than sticking with a simple, thin one pane version will noticeably change the temperature of any room. You may also find it beneficial to purchase some draught excluders which can be placed at the bottom of your door to stop the cold breeze breeze from wafting in. If your home utilizes hard flooring like wood or marble, adding a few rugs in regularly used places such as next to the kitchen sink will help to create a barrier between your feet and the extra cold surface below. The initial investment cost of these features may be more than your monthly utility spend, but in the long run they will pay for themselves with the savings that you can expect to receive! It’s a little harder to cut down your electricity cost when so much of modern life relies on power, but making sure that your family knows to switch off lights and turn off plugs when they leave a room can have a big impact on your spend.
Cut Back On Luxuries
Though you may find it hard to say no, cutting back on luxuries for both you and your family will most definitely aid you in maintaining control of your finances. Luxuries can be described as anything which is not essential, from a new pair of heels to a vacation abroad. Splashing out on gifts for yourself or your family will only provide short term satisfaction, especially if you do it often, so it really isn’t worth struggling financially just to have the latest smartphone or something similar. Learning how to cut back on luxuries can be difficult if you’re used to your creature comforts, but the almost immediate savings you’ll notice as a result will definitely motivate you to continue moving forward. Explain your position to your family, and advise them that big treats are out of the question until you’ve managed to gain back control of your finances – you don’t need to stop spending money full stop, as you and your family still deserve a treat every now and again, but you’ll look forward to it even more if you’ve gone without for some time. Say goodbye to high street fashion stores that profit from underpaid workers, and take your money to your local thrift or charity store instead to buy some much more affordable clothing whilst funding a good cause at the same time.
Grow Your Savings
When you have managed to start saving a little money, you should find that you have an increasing disposable income at the end of each month. Rather than taking this as an opportunity to splash out and spend it all, why not find a way to make it grow instead? Savings can be considered a seed, and if you sow it into an investment a profitable plant is certain to flourish as a result. You can choose to keep your funds in a specific savings account which you cannot access for a set period of time, and this will provide you with a small return of around 2-5%. The fact that you cannot access the money for a set period is part of what encourages the higher interest rates, and it will stop you from splurging and spending it all too. This is the safest option to go for, as you can guarantee that your money isn’t going anywhere, however if you wish to seek a larger return then you may consider exploring investment which carries a greater risk. For example, choosing to fund a startup business that’s attempting to break onto the market could be a great success or a great failure, all depending on the entrepreneur you support. If you find a confident and driven brand with a brilliant idea that’s sure to succeed then it’s a chance that can’t be missed, as you may end up with shares in a huge corporation that was built on your savings. To add to this, many banks and financial institutions offer methods of investing which could provide you with a healthy return, and though they do carry some risk it’s much safer than investing in a business or individual. One important feature that you may wish to use your newfound funds and savings for is your retirement, as you can create an individual retirement account (IRA) to store and grow your money for the benefit of your future. Too few people plan ahead for their retirement, yet it’s almost guaranteed that you’re going to need funds readily available for important things such as care and housing. Using an annuities calculator will show you how saving just a small amount of money each week can become a genuine worthwhile investment, no matter what you choose to do with it!
Finding ways to regain control over your family finances has never been so simple when you are able to utilize the brilliant tips and tricks that have been carefully detailed above. There’s no time like the present to improve your economic position, so be sure to make the most of these ideas in order to benefit both yourself and your children for many years to come.
