Having your family on the same page in regards to spending and savings is a great way to get ahead. Please see Family Budget, Simple Budget Tips and More Simple Budget Tips on the needed steps to setup your own personalized family budget.
Below is the third installment of various tips which can help reduce your variable expenses in any given month to give your overall bottom line a much needed BOOST!
1. Repair Clothing
Any parent with young school-aged kids has experienced magical holes that appear in brand new pants. Or shoes that have rips and tears.
To minimize the expense of always buying new, two options exist, end the root cause or fix the result. With the latter being much easier to complete. Sewing or iron patches for knee holes is a cheap fix. Additionally, your children can help select the patch to make them happy with the end result.
Finding the root cause for holes in pants is simple. It typically means the kids are out running and sliding around. This is next to impossible to end.
For shoes, glue is a magic fix for early tearing that appears. For us, we were able to figure that the damage to the shoes was caused by the kids playing on their PlasmaCars. An easy fix was to ensure old shoes were worn when playing on these swivel cars.
2. Free Entertainment
Every city offers various free entertainment. And it is up to you to find and utilize.
Whether it is a movie in the park, free movies at Cineplex or museums having a cheap admission day. You can plan accordingly.
Please see the following article for a long list of Budgetwise Family Summer Activities.
3. Grocery Shop by Reading the Unit Price
When comparing options at a grocery store, a lot can be said by the bottom line of the identified price. This is even more glorified when there is an advertised deal on a certain item.
But do not be fooled. When comparing options, always use the information provided by the store. Typically in the bottom right corner of the price tag will be the cost per unit measurement.
This is the be all to bargain shopping. The overall cost may be a bit higher but if the quantity is that much more, it is definitely worth it!
4. Don’t Shop Hungry & Bring a List
Shopping before a meal is not a good idea. It is a recipe for disaster that I have fallen victim to many times before.
Not only do you leave the store with many items that were not on your shopping list, you also gather many unhealthy options.
Shopping after a meal with a specific list in hand is a great way to keep your budget in check.
5. Potlucks over Nights Out
Enjoying your personal time does not need to be erased to keep on budget. Rather than planning a night out with other friends, simply have the get together at your place.
Nobody will object to saving money and simply request that everyone brings a dish and BYOB. It is a win-win for everyone and you won’t need a cab ride at the end of the night.
6. Consolidate Debts
I am not a financial planner but to see the ability to save money by consolidating debts is amazing. If you are struggling to pay off your student loans, mortgage, car payments, credit cards, etc…this is an option that needs examination.
Not only will your overall debt payments decrease each month, you will only need to worry about one monthly payment.
If the credit cards are your source of concern, you must remember to rip them up once you remove your debt. Consolidating may be a great option once but it is not a way to continually spend above your budget.
7. Birthday Freebies
Similar to free entertainment that you should be taking advantage of, you should also use what you can on your birthday.
Those on a tight budget may only have a few nights out every year. So why not plan them on your special day and reap the rewards. Getting a free meal, drink, appetizer or desert simply reduces the cost of the overall night.
Keeping up with some of these options will result in a lowered bottom line and the ability to pay off any existing debts at a faster pace.