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Kid friendly budgets


However, our treasure chest of 5 quick tips on how to save money with kids will come to your rescue.

1.       Shop Smartly

Browse and budget in detail when it comes to shopping – be it grocery or clothes, make sure that you shop smart and save up on unnecessary indulgences. Having children can make you an impulsive buyer, worse still they might have a huge impact on what brand you pick – but you have to be certain that the final decision is made by you.

2.       Fuel Conservation

Having kids around, means games consoles, TVs and lights left on, extra air conditioning and more!

Even small families can face huge fuel bills, leaving many worrying about how to save money.

Little do they know that a lot can be saved if only we had the smartness to change and be optimal with our fuel options.

3.       Entertainment Alternatives

Taking the family to movies every weekend or to the mall can turn out to be expensive!

Make sure that you include Museums, and visits to the Zoo or the park on the list. It’s not only easy on your pocket but it also makes sure that entertainment becomes educational to your children.                                     

4.       Proper Family Budget

Like we insist in all of our posts, make sure that you include your children while you budget. Making sure that they know the family income and expenses will make it easier for you in the end.

5.       Insurance and Wills

Life insurance is well worth considering if you've got kids.  Level term life assurance is one of the cheapest ways to protect your family's income if you die, because it will pay a fixed amount to your dependants.

If you've assets such as savings or a house, and others you'd like to look after, consider making a will. Although it’s a sobering question, it’s always better to be ready with an answer to, ‘If you die, what'd happen to your kids?’

 

WRITTEN BY:   BALAKARTHIGA. M

READ ALSO:  MAKING YOUR CHILDREN FINANCIALLY INTELLIGENT

FIVE WAYS THAT WILL HELP YOU SAVE MONEY EVERYDAY!



As we have insisted several times earlier, saving money is one of the most crucial elements of personal finance. You must make sure that you never compromise on this part, because your savings that will not only rescue you during those rainy days and but will also help you achieve those dreams and aspirations that you hold for yourself, be it the beach house or the sports car that you always wanted to buy.  

First step, should be this. Always have a goal. Let’s say you plan on saving 15% of your income every day, the next step should be to figure out how you can reach this goal.

So, here are five sure ways that you can adopt, so that you save money every day.

1.       Go green

Yes, it’s great for the planet, but it’s also great for your budget. Turning of the fans, lights and A.C when not in use is going to save you big chunks of you bills. Recycle your old clothes and rags by making them into home furnishing fabric. Consume less petrol and diesel. Going green is surely going to add on to your Karma as well as your savings!

2.       Buy in Bulk

Buying in bulk much, much less expensive than buying individual units. If you have a big family, go ahead and make bulk purchases. You’ll be surprised at how much cost you will be able to save. But just make sure that you properly store the items that you buy, so that you don’t end up throwing most of them away. 

3.       Quit those addictions

We’ve talked about this before, too. Addictions can be expensive. The financial benefits of quitting bad habits can be incredible. If the health issues are not enough to make you quit, the fact that you will gain financial benefit by quitting these habits sure will be inspiration enough.

4.       Pay your bills on time

Do not take your bills for granted. Do it routinely and do it on time. You will be able to save a lot of money, if you can eliminate the late fees and the penalty charges on your credit card. Although the amount might look marginal at the time of paying – especially for the experienced procrastinator, doing this repeatedly will make the prices climb high.

5.        Be content with what you have

Last, and definitely not the least, being content with what you have, is not just a great way to save, but also a great way to live. Do not let greed, pride and jealousy ruin your peace of mind and your budget.

Being content is the first step to being rich. 


Posted by

Balakarthiga