It is no secret that these are tough financial times. As the global economy continues to flounder, families throughout the world are struggling to make ends meet. Jobs are hard to come by, many companies are downsizing, and a large percentage of today’s youth are unemployed. Between student debt, the always-rising costs of living, and the volatile state of the stock market, it is increasingly difficult to maintain the standard of living that so many of us have grown accustomed to.
So families today must find creative ways to slash their budgets and save money in every way possible. Fortunately, there are plenty of painless moneysaving strategies out there to help households do just that––many of which have emerged as a result of today’s powerful online social networks. Here’s how to get the most from your family’s tight budget, while also having fun:
Save with Social Media
If utilized properly, social media networks can be great money saving resources. Follow your favorite businesses and brands to receive discount codes, limited time offers, sales notices, and voucher codes; organize friend groups to make moneysaving bulk purchases on everything from sporting tickets to firewood; and reach out to the community, asking questions like “Where’s the cheapest petrol station in our area?” to get budget-boosting tips from friends.
You will also find communities through social media- first time parent groups, sports groups, or meet up groups. These are a great place to find out about money saving deals or tips to help you get by.
Forget New
When something breaks, we all-too-often go out and buy a new one—even when the one we already have can be cheaply repaired. And it is amazing how much money we spend purchasing everything from clothes to cars at full price, when used items of equal quality can be found for a fraction of the price. Instead of buying new, look into refurbished technologies, second-hand clothes, and options for repairing what you already own.
If your children are demanding the latest toys, be creative and make toys and fun from second hand items, or even make your own, it’s great fun and its more affordable.
Stop Spontaneous Buying
Spontaneous purchases are budget killers. In a society where we are constantly surrounded by advertising and consumer temptations, it is easy to be manipulated into buying all sorts of things we don’t need. So stop yourself the next time you get the urge to buy something unplanned, and take a moment to consider where your motivation to spend is coming from.
Lease for Less
When it comes to cars, you can save big by leasing instead of buying. Vehicles always depreciate over time. So why make an investment you are bound to lose? Alternatively, second hand cars are always a strong option.
Tune Out
If you want to save money at home, turn off the tube. Not only will your electricity bill plummet, but your exposure to tantalizing advertisements will radically decrease. You’ll be tempted into fewer unneeded purchases, have more time to spend productively, and reduce your utility bills. Find activities to do with the family- board games, evening walks, reading etc. Find alternative ways to enjoy your evenings as a family unit without intrusive advertising.
Get Creative
When it comes time to give gifts, don’t rush out to the store to buy some unnecessarily expensive present. Instead, find creative ways to make gifts at home for your friends and loved ones. Baked goods, framed photographs, and handmade cards are far more personal and meaningful than store bought gifts—not to mention much cheaper. And if you happen to be short on inspiration, there are tons of great DIY ideas to be found online with a quick search. This is a great activity for children also, so you not only spend time with your children, you are teaching them new skills and completing and activity.
At the most fundamental level, saving money is about accountability. By becoming aware of every activity you do that costs money––whether switching on the living room lights or buying a new sofa––you will be amazed at home much you save. Our consumer society is designed to make spending effortless and thoughtless; so we are constantly being enticed to make spontaneous purchases, buy instead of fix, and spend more on the things we least need. So take control of your budget by taking control of your spending habits, and watch your wealth multiply. Not only will you boost your family budget, but you will also be teaching your children the value of money and ‘things’.
About the author: Kirsten works for money saving site vouchercloud. She loves saving money, and with a young family, finds every small saving helps. She has utilized these tips due to necessity, but found it has helped develop her family bonds. They spend more time together as a family unit doing creative activities. She also finds she learns more skills by making her own gifts and home accessories.
[…] Title: How to Gain More From Your Family Budget […]