Families are finding themselves in a bit of a crisis with their financial circumstances. This is not only caused by the cost of living increasing, but also with our busy hectic days at work. The free moments are spent trying to relax and be with our family in the evenings, and as a result, budgeting usually gets placed on the back burner and is more often than not, forgotten. It is a really good idea to put some time aside to bring those finances back to the front burner and review your expenses. There are a lot of simple things you can do to improve your finances and you may not really notice that you are eventually cutting back.
Budgeting on Food
One big area that puts a huge dent in your finances is the budget for food. On the average, a family will spend an estimated $2434.00 per annum just eating out. Usually, a family of four buys lunch away from home every day during the week: with the children eating in the lunchroom and spouses dining out during lunch hours. Imagine, if just one of the four of you were to pack a lunch one day a week, you would save an estimated $400.00 a year! That adds up to a lot if your whole family would pack lunch even just once in a week. Can you imagine the savings if this is done more than once? You could go on that wonderful vacation you had been wanting and not even have to miss out on other luxuries while saving!
Home Financing
Checking into refinancing your home could save you a lot of money too. You could find a better interest rate or be able to shorten your mortgage length. If refinancing is not right for you, paying just a bit more a month towards your mortgage can really add up and save you quite a bit on interest in the long run. Taking a glance at your utilities is a good idea too. Weather stripping your home or adding solar paneling to your windows could put a dent in your electric bill. Making sure you stay on top of the basic upkeep on your home can have an effect on your utilities. Ensuring that sinks don’t drip and toilets don’t run is a good thing to check. Installing a thermostat with a timer could help you also as you can set it to a higher temp while your family is not at home.
Transportation Budget
The rising cost of transportation really puts its mark on our finances. The price of fuel has really sky rocketed the last couple of years. There are many things you could take into consideration to try to cut your transportation costs. Below are just a few to consider:
- Carpooling: This is an option that not everyone finds ideal. Driving to work with your spouse once in a while might be a viable option that could save a bit of gas and mileage on your other vehicle.
- Combine Errands: If you can combine a lot of your errands, do so. This way you are not making so many trips to town, you can save loads on gas, not to mention save your available time and spend it with your family.
- Keep An Eye For Specials On Gas: Some convenient stores for example will offer $ 0.05 off the fuel price per liter on Tuesdays if you pay by credit card or fill up your tank completely. Taking advantage of these deals is an easy way to save a little bit. Remember, saving a little bit now will add up later.
- Maintenance Schedule Of Vehicles: The upkeep of your vehicles is very important. Regular oil changes and filter changes helps on gas mileage along with making sure your tire pressure and tread are correct.
Banking Issues
Making sure that you are with a bank that offers you a free checking account or low cost checking with free bill pay can save also. Paying bills this way will also save you on time, envelopes, checks and stamps. If you prefer an interest yielding checking account over a free checking, make sure that the fees do not outweigh the interest you will get.
Credit Card Issues
Go through your credit cards. Try to transfer outstanding balances to low interest cards. You can save a lot by cancelling high interest cards or cards that charge annual fees. It is in your best interest to always pay your balances in full every month, but if this is not a possibility, make sure you have a card with the lowest interest rate available to you.
HealthCare Finances
Let’s face it. A huge cost and worry in any family is healthcare. A lot of times you cannot cut costs in this area but you can look out and take advantage of special offers available to you. Your place of employment might offer a flexible spending account. This would give you the ability to place money into this account tax free to spend on your medical costs. This would include prescription and over the counter drugs, along with dental and vision care. A lot of pharmacies now offer a prescription savings plan where if it is allowed by your physician, you could save by getting generics.
Insurance Policies
Another place to review is your insurance policy for you and your family. Comparing rates on your home, car and life insurance could save you money. A lot of companies offer incentives to switch to them. You can receive bonus discounts through some companies if you have your home and car insurance through them. Make sure that you give your current company the opportunity to provide you with a better rate in order to keep you. A lot of times they will give you a special rate for being a loyal customer and being with their company for so long too.
Budget on Communication
Believe it or not, a big chunk of your money goes out to the cost of communications in your household. Between home phones, cell phones, internet usage, and cable or satellite TV. Sit down with your family and discuss your needs for these items. A lot of cell phone companies offer family plans that can save you money and free long distance. This would save you money by using your cell phones to stay in touch with friends and family out of state than by using your home phone. It might also be an option to get your home phone, cell phones, cable TV, and internet through the same provider. They offer big discounts to customers who use them for all their needs.
Budget on Shopping
When shopping around to save money on your expenses, you must be assertive. Don’t waiver or be shy when talking with companies. They are there to offer you a service or a product and you are or could be a customer of theirs. You have the right to ask questions and get the answers you are after. Searching on the internet can save you time and help you find great deals. Take advantage of this. It will be worth your while. You may also find that you can get coupons for things you buy everyday online. This can help you save too. Without looking online, you would not get this perk as this is only for their online customers.
A lot of the areas we have just covered would not alter your lifestyle very much at all and would be easy to take care of. The benefits of altering some of these items can really add up. Being able to put money aside for the future of your family will also give you a great sense of stability in your daily lives.
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