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Budgeting Tips

Keeping a budget and sticking to it is more important than ever.

Budgeting Tips

Household Budgeting Tips

Budgeting tips

With the cost of raising children steadily increasing at a rate of around 4% each year, it’s now estimated that parents are spending $250,000 per child from birth to age 18. Think that sounds absurd? Consider the amount of money spent on food and clothing alone. That doesn’t even include shelter, education and other expenses like childcare and the increased cost of insurance. It’s pretty easy to see how quickly expenses add up, making it nearly impossible to save money each month.

Here are a few simple tips to help save you some money. Even the smallest changes can really make a difference.

  1. Plan out your meals. By planning ahead, you remove the excuse of not knowing what to have for dinner. With no meal plan, it’s easier to make a decision like picking up overpriced takeout on a weeknight.
  2. Shop smart. This doesn’t necessarily mean you need to be an extreme couponer, but it is best to make a list and try to stick to going to the store one time a week. Fewer store visits results in less impulse buys (especially if you have the littles along for the ride)!
  3. Arrange for a staycation. Check out what you can do close to home for cheap or even free. You could look into a day trip or two that would still be cheaper than going away for a whole week.
  4. Invest in reusable items. Rather than waste money on things like paper towels and plastic water bottles, buy items that are reusable.
  5. Shop around. With the internet at our fingertips, it’s easier now than ever to shop around for the best deal. And don’t be afraid to buy secondhand. Sometimes garage sales and thrift shops have gently used items for only a few bucks compared to the big ticket you would pay for something brand new.

Remember, that in order to save money it doesn’t always require BIG, DRASTIC steps and you have to start somewhere. A good rule of thumb to try to work toward is the 90% || 10% Savings Rule. Financial Experts suggest trying to live on less than 90% of your income and putting 10% into your savings. This will help to build up that emergency fund, too. Watch out for those small expenses, like your daily coffee shop purchase.

We’d like to help you prepare for your financial future. Stop in or call any office to speak to an expert.