Reports show that the cost of raising a family has increased by nearly 40% within the past decade. In fact, families can not expect to spend over $200,000 on each child until the age of 18. So, where does all that money go to? According to the Office Of The National Statistics, one of the major factors of costly household bills includes the high costs of transportation, groceries, and monthly utilities. Not to mention, the costs of education and extracurricular activities.
Many of us find ourselves spending our hard-earned cash on items that are considered less than a necessity. However, that doesn't mean we need to live on a minimal budget altogether. In fact, there are ways though to manage and be able to stretch your budget to fit your family’s needs.
Identify Your Family's Needs
When preparing a budget, you will need to list the necessary stuff before anything else, such as your mortgage, utility bills, insurance, education, food, and other essentials. If you’re having a hard time on what to prioritize, seek help by watching Marie Kondor's method of organization. Not only will you gain more motivation to organize your monthly expenses, but also your home's belongings.
Minimize Monthly Subscriptions
In today‘s digital age, there are plenty of monthly subscriptions that are sure to meet your needs. But how often do you really use these services? If you find yourself paying for a monthly gym membership but only going once a week, you're likely throwing away money.
Get Smart About Travel
If you love the weekend travels but find yourself spending more than you should, maybe it's time to consider other options. There are plenty of ways to travel without spending a fortune. You can plan a group trip with friends and share the costs, save up for one big trip a year, or even use your credit card rewards as a way to save for your trips.
Eat At Home
One of the greatest downfalls for most families is an impromptu trip to McDonald's as a survival method for dinner. However, feeding a family of 4 can cost approximately $25 per meal. By taking the time to plan your family's meals, you can reduce the need for taking out and save more money for other necessities.
Saving money with your family doesn't have to be rocket science. In fact, incorporating these simple methods can make a huge difference for not only your monthly allowance but also your yearly savings.
Wife, mother, grandma, blogger, all wrapped into one person, although it does not define her these are roles that are important to her. From empty nesters to living with our oldest and 2 grandchildren while our house is rebuilt after a house fire in 10/2018 my life is something new each day.