Family is your biggest supporter and they are the ones who support you through the thick and thin of your life. Fulfilling the needs of the family to meet ends and save for contingencies is itself a herculean task. Moreover if you are on shoestring budget things get tougher. The family needs to stay together happily and manage in low budget, and here are few tips that can help in the same.
Plan your budget
A family budget is essential to manage money. Spend things wisely on your needs, and save some amount aside for the wants. Apart from the two categories set aside some money for unforeseen expenses like the roof could leak and need repairing. Important, fact is that one needs to stop accidental overspending, certain luxuries may tempt you but when on shoestring budget those expenses need to stop. The budget can be drafted on weekly or monthly basis.
Plan the budget
The key to a strong and useful budget is that there is a to spend less than what you earn. List the earnings that you have and then write the expenses that are unavoidable. Looking in the past list of bills and salary statements can help in deciding the figures. Make sure that plan has reserves for the contingencies. Review your spending and figure as much as you can save.
Try to save
There are fixed expenses and irregular ones. The fixed expenses are rent or mortgage, utilities like gas, electricity, school fees, taxes, health and transport. Variable expenses are food, entertainment, holidays, medical, repairs and some more. Try to figure where you are overspending or the places where you can save like if planning a restaurant visit then try going during happy hours. For rent or mortgage try looking for houses in interior location rather than prime locations. There are several ways that can help in saving. Also at the same time with the help of an investment analyst invest your funds, the golden rule is that money attracts money and for this making right investments are crucial.
“Tough times don’t last but tough people do”, and it is only love and unity that can help in sailing through the tough times.