Waiting for your next payday before you’ve even reached the end of the month is unfortunately a common aspect of modern family life. As bills, food and cost of living goes up it gets harder and harder for families to have any money left at the end of each month. Because of this, families have to make sacrifices on health insurance, savings and even family expansion. But by scrutinising your incomings and outgoings you may be able to find a way to have a little left over once all necessities are paid for.
Cut down your bills
Simple things like unplugging the television at night, turning off all lights when not in the room and only switching on the heating when it is really cold can help cut down your electricity and gas bill even slightly. While it won’t make a huge difference, you have to remember that every little helps.
Cut down your shopping bill
Avoid buying a load of fruit and veg if you know it will just end up going off. Write down a meal plan and then you can create your shopping list accordingly. This will mean you won’t end up just throwing something into the trolley unless you absolutely need it. Skip the biscuit and treat aisles – you’ll save money and feel better for it.
Stop using your credit card
Now is the time to really cut back on your credit card usage. Only use it for emergencies and if you can, cut it up. This will mean that if you don’t have the money for something you simply can’t get it. This might include not being able to pay for afterschool activities or going to certain places but you need to make sacrifices – you will always be chasing your tail is you are raking up debt on your card.
Downgrade your car
The car is one of the biggest expenses for a family when you factor in fuel, motor tax, insurance and repairs. If you need the car for getting to and from work, you can’t simply get rid of it but perhaps you could downsize it. The same can be said if you are a two car family – do you really need both or could one of you take public transport or perhaps cycle.
Cap excessive spending
If you are living month to month you are highly unlikely to be spending a fortune on frivolous items, but even random trips to the shop for sweets or magazines can add up. Try to put a cap on any non-essential spending – it will be tough but worth it.
