Do you dread the moment your partner pulls you aside and says you need to do your monthly finances? You’re not alone. Financial literacy is a complex topic that you may just want to avoid altogether. But if you notice that your accounts are hard to manage, it’s probably time to buck up and make a monthly budget along with long-term savings goals. Here are six strategies you can use to perfect the art of the family budget.
- Streamline Your Mobile Plan
If you’ve had a mobile plan with the same company for many years, then it might be time to explore how you can streamline what you spend. In fact, if you’ve recently started your family, you could look into switching mobile phone companies to take advantage of introductory savings and cheaper offers. What’s available now might surprise you compared to ten or fifteen years ago.
Mobile phone payments represent a significant portion of your family’s budget, and you can’t avoid this necessity. If you’re truly struggling and you already qualify for Food Stamps, you may qualify for a federally supported free mobile phone plan. The Federal Affordable Connectivity Program offers unlimited texts and calls along with 7GB of data. This could be one option to help you save money on your phone and put your financial resources where you need them most.
- Use a Free Financial Planning App
Financial planning and budgeting apps are yet an innovation in technology that you should take advantage of. There are plenty of free options, so there’s no reason to avoid this helpful tool.
The most time-consuming part of using a budgeting app is setting it up. But after that, you’ll be able to sync your accounts and track your spending with the click of a button. Plus, with all your spending information displayed in the palm of your hand, you’ll be more empowered to stick to your monthly budget. It’s accountability and convenience all in one.
- Get Coupons in Your Email or In-App
A quick and easy strategy to stick to your family’s budget is to sign up for coupons in your email or through apps provided by stores such as Target, Walmart, and more. The days of coupon-cutting from the newspaper are gone, and app-delivered or email-delivered coupons are not only more convenient, but they’re also easier to keep track of. Every cent you can save on groceries, clothes, and other necessities will allow you some flexibility for other spending, such as for emergencies, healthcare, entertainment, vacations, and more.
- Reach for the Store Brand
Another great money-saving shopping strategy is to reach for store-brand goods instead of the name brand. Just about every category of item in a grocery store has a store-brand alternative that costs less than the name brand. The majority of the time you’ll find that the quality difference is minimal, and the amount you can save on your grocery store run will help you stick to your budget.
- Prep Freezer Meals for the Week
Prepping your family dinners for the week is a simple and effective way to stay on budget. One of the fastest ways to bleed money is by going out to eat. But if you don’t have food ready to go at home, then you might be even more tempted to pick up dinner at the drive-through. Freezer meals are a quick and easy way to avoid going over budget on restaurants and fast food.
You can prep three to four freezer meals before the week starts and then pop them in the oven, slow cooker, or microwave when you need a quick dinner solution. Here are some ideas for delicious freezer meals:
- Hearty three-bean chili
- Spinach and cheese lasagna
- Chicken enchiladas
- Bagel breakfast sandwiches
- Cheesy hashbrowns potato casserole
- Include the Kids in Goal-Setting
Your children may have a hard time understanding the concept of sticking to a budget, so it’s important to include them in making the financial goals you set as a family. You may be trying to save up for a family vacation, but your children keep begging for new mobile phones and unnecessary toys. You can just say no, but it’s also an opportunity for an educational moment.
You can even make a game of your finances by having your kids help you design and construct posters that show your progress on saving up for your family trip. However you do it, it’s never too early to teach your children the basics of financial literacy.
Living on a budget isn’t about restrictions. It’s an important way to manage your money while reducing the stress of doing the finances so you can focus on the fun things in life.
Leave a Reply