Reducing your family expenses might seem like an impossible task, regardless of how many kids you have. Buying food, paying bills, and replacing clothes can take up a huge portion of your earnings, and there are always unexpected bills and payments coming in, too. However, below you’ll find 12 things you should do to reduce your family expenses. Take a look and see if you can implement any of these strategies to create a healthier financial future and improve your outlook.
- Track Everything You Spend
Tracking everything you spend might seem excessive, but it can help you to understand your spending habits better. Once you start, it becomes second nature. You could do it in your notes app to get a better idea of how much you’re spending on certain areas of your life. Even better, if you can link your bank account to one of the trusted financial apps out there, it should do it for you and help you to see what you’re spending your money on in pie chart form.
- Take A Long Look At Your Regular Outgoings
Make a list of your regular outgoings and see if there are any subscriptions you can cancel. If you don’t use the gym, cancel it. You don’t need a gym to lead a healthy lifestyle. Maybe you could reduce the TV package that you buy, cancel Netflix, or get rid of a magazine subscription. Things like this could help you over time. Keeping your outgoings as low as possible is the key. Don’t let them creep up!
- Negotiate With Your Suppliers
We all have to pay bills, but that doesn’t mean we need to pay a fortune. See if you can negotiate with your suppliers for a better deal. If they won’t offer you the best car insurance, for example, go with a different supplier as soon as you can. It’s easy to compare and contrast online, and some suppliers will want to match the best deal you find. If they won’t treat you like a loyal customer, don’t be afraid to leave. It’s much less hassle than you think.
- Come Up With A Budget You Know You Can Stick To
Having a budget you know you can stick to with a little leeway can make sticking to your budget far easier. Know how much you have to spend on things like food and entertainment, and do your best to stick to your numbers. Giving yourself a small amount to spend on miscellaneous items can make you feel less restricted.
- Be More Eco Friendly At Home
Being more eco friendly at home is better for the planet, and it will also ensure you aren’t spending too much money. You can turn down your thermostat and throw on a jumper instead – if your house is cold, a cosy blanket or even a blanket hoodie like the oodie can keep you super warm even in the coldest house! Reduce your water usage by only running the tap when necessary, and take showers rather than baths. Here are some more suggestions that can help you to be more eco friendly at home.
- Give Kids Responsibility
Giving your kids a little responsibility for their own finances can teach them valuable lessons for the future. Rather than buying them things when they ask for it, give them a set amount of pocket money and encourage them to think carefully about how they want to save/spend it.
- Consolidate Your Debt
If you’re in debt, a financial advisor could help you to come up with a good plan for getting everything paid off. If you have numerous debts and paying them off stresses you out, you can consolidate this into one payment. This could bring down your interest and help you to pay off your debts faster.
- Eat Out Less
Eating out is expensive, let alone for whole families. Make this a once in a while treat, rather than something you do each week. Cooking delicious meals together is far cheaper and can be a great bonding activity.
- Always Go Shopping With A List
Going shopping without a list can force you into aisles that you never would have visited, and it could even tempt you to buy things only to waste them. Go shopping with a list and you’ll keep your budget low. Better yet, cooking similar things each week can help you to batch cook and prep food so that you save even more money and make your life easier to boot. Being able to grab a meal you have prepared in advance can make it even easier to avoid quick fixes like take out food.
- Use Loyalty Cards, Coupons, and Cashback Sites
Whenever you shop, make the most of loyalty cards, coupons, and cashback sites. It’ll make a big difference over time.
- Use Public Transport
You may need a car, but using it less could help you to save money on fuel, as well as wear and tear on the car. Public transport is far cheaper.
- Create Capsule Wardrobes
Capsule wardrobes eliminate the need to keep on buying clothes, and give you plenty of options – providing you choose items that you can mix and match in a myriad of ways. It might seem restrictive, but doing this can be a lot of fun and make your mornings a breeze. You can also afford to buy higher quality pieces that last longer because you’re not putting your money into fast fashion that deteriorates in just weeks or months.
It can be a good idea to arrange regular family meetings, whether this is once a week or once a month. This can give you all the opportunity to discuss any upcoming events, payments, or things you might need to buy, as well as discuss whether you are on track to meet your financial goals. Family meetings can help everybody to stay on the same page and improve communication overall, so look into them if you haven’t already!
Which of these things are you going to do to reduce your family expenses? Let us know in the comments!
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