Times are hard and very strange. There's no shame in trying to cut back here and there. But where and what are the best ways to cut back to get the best value for your family?
I'm the Bloke on a budget and here's 7 super simple ways to save on the family budget.
1. Batch cooking for the week will give your family budget a boost
Its as simple as it sounds, but it does take some planning ahead. On of the biggest expenditures my family has is lunch. The amount of money I've spent on snacks and ready made lunches over the years is amazing. However I've learnt that with just a little planning ahead, a few plastic food tubs and a freezer, that my family can save crazy amounts on food each month. We cook all our lunches for the week on a Sunday afternoon and put them in the fridge or freezer, so we can just grab them on the week day mornings and go, (obviously if they frozen you should defrost the night before). We also buy all our snacks and soft drinks at a discount supermarket and share them out over the weekdays meaning, we don't have to spend money on pricey confectionery in overpriced shops. Its astonishing how such simple things as food prep can make such a big difference to a family budget!
2. Don't be snobby about second hand goods
There was a time the thought of second hand goods disgusted me. But I've learnt that second hand doesn't mean dirty, old or gross. You can find some amazing items that people don't want anymore that can help you save on the family budget. Visit your local charity store and spend enough time there and you will for sure find some great items that you may have otherwise had to spend full price on. Of course its not just physical retail stores that have great bargains, online spaces such as Facebook Marketplace are great for finding hidden gems. Recently i found a site called Freegle. Its literally a site where people give away free things. If you can pick it up, its yours. Great stuff.
3. Have family fun days at home
This might sound a little redundant in 2020, but cutting down on how much you spend on family outings can make a real difference to your budget. Instead of a night at the movies (not that there's any movies out), why not try having a family movie night on the couch. Buy all your popcorn and snacks from a discount supermarket and you will be in the money. Instead of night out in a restaurant, why not have a family cooking night where the whole family can get their hands dirty and cook a great value family meal. Personally our family are suckers for Monopoly, if were not out and about were trying to financially destroy one another. Good times. The pandemic has somewhat forced us to think of family life differently, but why not make the best of it and save yourself a little money at the same time!
4. Change the way you food shop and save!
Its time to stop being snobby about discount supermarkets. Now I know what you are thinking, low price means low quality. That may have been true at one point but not anymore. Discount supermarkets such as ALDI and LIDIL offer quality products at a fraction of the price of the giants. I was pretty resistant at first but after my first visit to a discount supermarket I realised that this was the way to go. Sure they don't have many 'brands', but after doing your first monthly shop at one and seeing the way it can help your budget, you wont go back.
5. Learn to budget for the entire month
Plan ahead! Budgeting for the month is incredibly important if you want to gain control over your finances. Look at exactly how much money you will have to spend this month. What percentage will go on bills, food etc. After just a few months of doing this you will start to see where exactly your money is going and where you can cut back. Its a vital tool for anyone looking to get their budget under control. I give away budgeting freebies every two weeks that can really help plan ahead. Sign up for them here.
6. Try a 'no spend month'
Now we don't mean you will be starving the family out obviously. Buy your usual monthly shop at the beginning of the month, but plan out your meals for every day including snacks and drinks. In theory you should have every thing you need to get your family through the month. Now here's the tricky part. Apart from the necessities like travel etc try your absolute best not to spend a single penny. I think you will be very surprised how easy it can be if you plan well enough at the start of the month. This has made a real difference to my family budget. The good news is that you don't need to do it every month. Just doing it 3-4 months a year will help you with your spending discipline, but most importantly the money you save can be used to treat the family on the months that you are not 'no spending'.
7. Face your debt head on and change your families life
Its a hard but simple lesson that I had to learn the hard way. Don't ignore your debts. They can seem overwhelming but pushing them to the background will only make them worse. If you owe a company money but are struggling to pay phone them up and talk to them and explain the issues you are having. The thing is, companies want their money, but they will be willing to wait a little longer to get it than not get it at all. Be honest and explain exactly how much you can afford. They will more than likely to let you skip a payment or even set up a payment plan. I know it can seem scary talking to giant companies asking for relief, but remember that they want you to pay the money no matter how long it takes and most importantly they need you to be in a position where you can be more regular with your payments.
Remember if debt does really start to get on top of you sites such as StepChange can help with advice as how to get back in control.
Thanks for reading and I hope you find these tips helpful.
Just a reminder that I give away budgeting freebies every month. Simply sign up here and hopefully they can help your family's budget get under control.
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